What yesterday's hilariously awful testimony by Wells Fargo's CEO portends for his future


Originally published at: http://boingboing.net/2016/09/21/what-yesterdays-hilariously.html


Watching this video makes me quite glad that Elizabeth Warren is still on the Hill and not out there stumping as Hillary’s VP candidate.


Can’t we have some pity for the old duffer?

Even his grandkids want to do him harm.


On the one hand, it wouldn’t surprise me to find out that the bandaged hand was some sort of PR stunt to elicit unconscious sympathy. OTOH that just might require the CEO to imagine that he might have done something wrong and the he might need sympathy, and that seems not to be the case.


I have no doubt that he genuinely injured his hand.

I also have no doubt that it was an injury not requiring such a dressing.


At what point would the US rescind a corporate charter for malfeasance? How much more would a bank have to screw its customers before that bank lost its charter? They’ve been doing this for at least Five Years, and let’s not forget that in 2011,

Ten major banks [including WF] agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

But yeah, I’m sure firing those 5,000 underlings will make this situation right.


I’d literally give a kidney if I could be one of the staffers that sit behind her and could make a “oh snap!” face every time she dropped a bomb on that guy yesterday.


I liked watching the Wells Fargo executive on the right of the screen give a super-subtle raising of the eyebrows as Stumpf claims “I disagree that this was a massive fraud.”

Much more professional and subconscious than the woman on the left here:


HSBC came close to losing its banking license for its role in the laundering of drug cartel money and later for its part in the Mossack Fonseca scheme. This didn’t happen because the authorities accepted the civil penalties in lieu of criminal prosecution. In the drug money case, there was clear evidence of criminal action, and even an admission from bank officers. So if taking money from Columbian cartels doesn’t do it, then I don’t know what will.


Maybe she should moderate the debates.


“Creative destruction” is for little people, not big banks.


“Your honor…yes, I committed triple homicide last year at the age of 37… but I spent 36 years before that as an upstanding citizen. I think you need to weigh that 36 years vs. 1 instance of murder and ignore the crime”


Insert [sadface.gif] here. I always figured licenses and charters and the like were given in order to retain the state’s power to take them away in the case of wrongdoing. I guess this is where I finally, fully understand the phrase, “Late State Capitalism”.

That’d be true if Wells Fargo didn’t commit any crimes over the last 36 years…here’s a good rundown of their various shenanigans: http://www.corp-research.org/wells-fargo


Yeah, I wasn’t speaking as if that was a truth, I was speaking specifically to Stumpf’s statements at 2:06 and 2:29 where he tries to say he looked at Ms.Tolstedt’s entire record and that it should be weighed against this incident. So even if she had been squeaky clean up to that point, the idea that one would let any instance of fraud “slide” due to a great past history is idiotic.


Hilarious? Risible maybe, but I don’t hear anybody LOLling.


i’m sure he hurt that hand golfing.


No- he hurt if lifting his massive sacks of money into the trunk of his Bentley.

I’d say he’ll end up in jail, but we all know that’s not true…


Rescinding a corporate charter would punish shareholders and staff as much as management. I would strongly suggest criminal prosecution of management for fraud and running a criminal enterprise. That would also imply a valid case for rescinding deferred compensation. And then we can also bear in mind that a successful criminal suit would open to the door to a class action suit on the part of defrauded customers.


Agree entire. Hitler was very good to animals you know.


Cool handle. Its the chef in Titus Groan isnt it?