Wells Fargo CEO promises to spend not one cent of the GOP tax gift on investment or wages

Wells Fargo CEO Tim Sloan — who inherited the most scandal-haunted bank of them all this year — reassured his investors in a CNN Money interview that not one dime of the tax savings the GOP will deliver to his company will be reinvested or used to increase wages: instead, it will all go to buy-backs and dividends.

This coincides with a Goldman Sachs report that suggests all the other banks will do the same.

"Is it our goal to increase return to our shareholders and do we have an excess amount of capital? The answer to both is, yes," Sloan told CNN Money. "So our expectation should be that we will continue to increase our dividend and our share buybacks next year and the year after that and the year after that."

Wells Fargo CEO reveals the scam at the heart of Republicans' tax bill [Rebekah Entralgo/Thinkprogress]

(via Naked Capitalism)

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