Warren Says Wells Fargo's Stumpf Should Resign, Face Criminal Investigation
Wells Fargo & Co. chief executive officer John Stumpf took fire yesterday from Democrats and Republicans alike, who blasted the executive’s handling of a scandal over the opening of more than 2 million accounts without customers’ authorization, as employees sought to meet cross-selling targets, Bloomberg News reported. “You should resign,” Sen. Elizabeth Warren (D-Mass.) told Stumpf. “You should give back the money you took while this scam was going on and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission.” Warren led a chorus of criticism as lawmakers demanded more accountability from the company’s leadership and made clear the San Francisco-based firm is far from putting the matter behind it. Bank executives are “completely out of touch,” Patrick Toomey (R-Pa.) told Stumpf.
