This gripping video speaks for itself in exposing the deep, deep sickness that has infected the banking sector and was exemplified by the recent revelations about Wells Fargo. You can read a live-blog of the full hearing.
“You should resign, you should give back the money you made while this scam was going on, and you should be criminally investigated by the Department of Justice and the Securities and Exchange Commission,” Warren said.
“The only way Wall Street will change is if executives face jail time after committing fraud.”
…Warren said the difference in actions by Stumpf toward lower-level employees and customers compared with Tolstedt made it clear that Wells Fargo’s scandal was just like 2008 in that “a giant bank cheats the little guys and the executives line their own pockets.”
“Mr. Stumpf, you make it clear that Wall Street will not change until we make it change,” Warren concluded.
This is a must-watch video where senator Warren clinically dissects the corruption at the heart of the system.
Stumpf (to self): Send more money to the PACs to make Congress change.
Free market, invisible hand!!!
Whew, got that outta my system.
Can we hang these fuckers?
I’m not normally one to wish violence on people but these assholes are directly responsible for my widowed, elderly mom lowing her home to foreclosure. (By the time it was discovered what had happened it was “too late” to re-rehabilitate the loan).
Crimson Clupeidae@#2:
Old Russian Proverb: The rich can’t eat money.
Marcus’ Proverb: The rich can’t eat money, but the poor can eat the rich.
At around 6:20 Warren is telling him he should give back the money he has a nervous eye flutter. All the rest kind of washed over him like water off a duck’s back but that landed. The idea of giving the money back drew an emotional response.
You go girl.
lorn, it’s the very first Rule of Acquisition: “Once you have their money, you never give it back.”
Those Ferengi knew what they were talking about…