The entire point of the CEO is to be the target of risk in the company. CEOs don’t work, they don’t add value. Generally their job is to be a liability sponge, and they don’t even do that well, with lots of legalistic dodging and resignations with huge profit margins just before they’re actually prosecutable.
No, CEOs should absolutely fall on their swords. That’s the whole point of allowing companies to incorporate.
I really wish that she was head of the SEC.
What “products” do banks sell?
Financial services are not products.
Vomit inducing
I finally watched the whole thing. There was some grandstanding, but she also made a number of very sound points. When she asked the CEO about whether the “retired” executive who was in charge of the employees, who created millions of fraudulent accounts to avoid being fired for missing 8 accounts per customer cross sales targets, should really be eligible for an incentive bonus this year, he tried to defer the issue to mysterious “board” processes that he claimed to be detached from and that he didn’t want to accidentally bias, as if he wasn’t chairman of that selfsame board with a duty to shareholders and the law. She held him to the fire and asked why the hell he should get a paycheck for being chairman if he doesn’t do anything. Accountability is clearly a one way street for this kleptocratic CEO - Upside: all because of him and the bank senior executives. Downside: all because of anybody but senior management.
Warren is right. Until CEOs and senior executives are held accountable for their mismanagement, and go to jail for this kind of massive fraud that starts at the top (5,000 plus low level employees don’t all just do this on their own at the exact same time), then these kinds of crimes will continue unabated.
Elizabeth Warren’s wonderfully brutal takedown of Wells Fargo CEO
I’m glad her brutal take down caused him to go home to his mansion and have a good cry into his money pillow. I have no doubt he will change his ways and stop being a parasite on the economy like every other CEO she has brutalized over the years.
Well, there is a certain rich orange narcacist who does seem to get rather upset by her…
I get stuck trying to imagine that head space.
There should be a Great Purge, in which Warren is made Inquisitor General, with access to the full US torture menu.
(Not for getting info, but just for vengeance, which is all it’s good for.)
I’m glad she used the word “Gutless”. Throughout the entire thing I kept thinking “Christ, you’re a fucking coward” (Mr. Stumpf, not Ms. Warren)
I always love how the “titans of industry” love to puff out their chests and purport themselves to be bold, strong men of leadership as they strive for long drives and eagles on par 5s… then when the time comes to take responsibility for anything under their purview they hide behind lawyers and underlings (the latter of which they use as fodder for a shield). Fucking coward.
Pretty ballsy for the CEO to claim that he couldn’t give an opinion on whether the senior executive in charge of the division should be fired for this debacle or return her bonuses earned based on fraudulent account numbers because one must consider her “body of work,” but he had no problem firing over 5,000 low level employees. Clearly, this special, long process of considering an employee’s body of work only applies to rich people in senior management.
Wells’ senior management and board should all be ousted for unjust enrichment and abrogation of their fiduciary duties.
Well, of course!
“Uhhh, I can’t possibly fire her! We go way back! That would make things very awkward and uncomfortable at the yacht club and on the 18th hole!”
Senator Warren is all out of bubblegum.
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