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.