After Wells Fargo CEO John Stumpf recited a drawn-out No True Scottsman Fallacy disguised as a hollow apology at the Senate Banking Committee's Wells Fargo hearing, senator Elizabeth Warren tore into him.
Warren slammed Stumpf for failing to fire any senior executives linked to the scandal, while Wells Fargo's aggressive sales tactics helped pump up the bank's stock price.
She said Stump's personal holdings of Wells Fargo stock increased by more than $200 million while the fake accounts "scam" was going on, thanks in part to the bank's success in selling tons of products to customers that they didn't need.
"You squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket," Warren said.
Stumpf barely blinked, no doubt thinking that whatever Warren was saying, it was worth $200 million.
A new bill from Senator Elizabeth Warren proposes personal, criminal liability for top executives of companies turning over more than $1B/year when those companies experience data breaches and scams due to negligence (many of the recent high-profile breaches would qualify, including the Equifax giga-breach, as well as many of Wells Fargo's string of scams and […]
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