Wells Fargo’s executives oversaw a massive fraud to pump up stock prices & get rich. I'm glad their bank is paying a fine today, but those executives just walked away with a slap on the wrist & a “get out of jail free” card. cnbc.com/2020/02/21/wel…
The Justice Dept & SEC’s settlement with @WellsFargo barely puts a dent in the bank’s $12 billion profits from the fake accounts scam. When big banks can break the law, pay a fine, consider it the cost of doing business, & go back to life as normal, nothing changes. Nothing.
The settlement pins the blame on @WellsFargo's senior leadership. It states they sat on their hands “despite knowledge of the widespread sales practices problems, including the pervasive illegal & unethical conduct tied to the sales goals.” But no one is getting prosecuted.
Executives make decisions, not companies – and it’s no secret who’s to blame here. Three years ago, I told DOJ & the SEC to investigate @WellsFargo CEO John Stumpf’s gutless leadership. I got Stumpf fired, but he’s probably popping champagne tonight.
Then there’s Tim Sloan, @WellsFargo’s next CEO. In his 30 years at the bank, he enabled the fake accounts scam, got rich by bragging about the accounts to investors, & then covered it up. I also got him fired, but he should be throwing a party tonight too.
Giant banks won’t stop cheating until execs fear jail time & regulators show some backbone – & I have a bill for that. My Ending Too Big to Jail Act will hold executives personally accountable for their banks’ fraud & helps regulators enforce the law. Congress should pass it now.
