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Tim Sloan was part of @WellsFargo’s senior leadership during the fake accounts scam – which he got rich off of and tried to cover up. I told him to his face he should have been fired. It took longer than it should have, but he’s finally out as the bank’s CEO.
Tim Sloan was supposed to fix @WellsFargo’s problems. But how could he, when he’d been the former CEO John Stump’s right-hand man for years? After the first scandal broke, I told Stumpf his gutless leadership should get him fired. Days later, he was gone.
I also pushed Janet Yellen to take more aggressive action. She listened. In her final act as Fed Chair, she capped @WellsFargo's growth until it cleaned up its act and announced board members in charge during the fake accounts scam were leaving too. newrepublic.com/article/146952…
That growth cap gave the Fed leverage to force @WellsFargo to reform – because investors don’t like companies that can't grow. Later, I told Fed Chairman Powell to hold a public vote of the Fed Board before lifting the cap, and he agreed. latimes.com/business/la-fi…
But @WellsFargo kept getting caught cheating – on mortgages, car loans, money laundering, and loans to service-members (just to name a few). All the while, Tim Sloan kept trying to scam regulators into thinking the bank had reformed. But we weren’t fooled. bloomberg.com/news/articles/…
I kept pushing the Fed to maintain the growth cap on @WellsFargo until Tim Sloan was gone. @SenSherrodBrown and I told the @CFPB and @USOCC to use their power to fire him. Because the millions of Americans who got scammed deserve real accountability. americanbanker.com/articles/sens-…
I’m glad Tim Sloan got canned, but let’s be clear: if he broke the law, he should go to jail like anyone else. My Ending Too Big to Jail Act would make sure that bank executives can be held personally responsible for their banks’ cheating.
