Chairman/ CEO John Stumpf of Wells Fargo
This posting will serve as Part 4 of "Too Big To Fail Ba(n)kery", Part 14 of "Elizabeth Warren", and Part 2 of "Wells Fargo" series of this journal/ blog ... and is a follow up on the Wells Fargo posting that was Part 3 of "Too Big To Fail Ba(n)kery" I done the other day. I was looking forward to hearing John's testimony to the committee, and as usual, it's what I expected, but it's all part of the legal game and show. He really kept his composure well too, which I expected, while some fairly incriminating drilling from senators got put on the grill. It's basically the same old song and dance when you have these hearings ... you have folks like Stumpf that run these entities, but know no one, what anyone is doing under them, are unaware of any wrongdoing, alwayz claims their responsibility verbally, but dont do anything to even be minimally accountable ... but, you have to wonder, how these people are in charge of anything, since they do nothing, see or hear nothing, or know nothing? Even as Chairman of the board ... he claims he has basically no responsibility or much say- so in any of the decision making of the board, it's "unbelievable" for good reason, because it is pure bullshit. Most likely also, during the long termination process of thousands of lower level employees, they were all told to sign statements, admitting to wrongdoing, but promised that no charges will be brought against them if they just sign and walk ... however, that only excludes those employees from the company not taking legal action, the courts can, and subpoenas, depositions, court testimonies or whatever needed if necessary can be legally taken ... while the top crust hopes that all stayz on the low as much as possible so shareholders get minimal info on what's internally going on. In all fairness, it's impossible for a CEO to know everything in every department going on ... but with the heavy gains from cross- selling in particular, and him showcasing it as a prime selling point, he had to know of the cross- selling pressure going on ... also, with their history of previous problems and lawsuits, and what he did know about, he was intentionally negligent ... I just think he tried to sweep it all under the rug.
There was much to hear, and some Senators were far too easy on Stumpf ... you can tell that they just wanted to get this over ... everyone knew what was going on though and what to expect ... and listening to average Americans online, many just throw up their hands and say "nothing will be done about it" ... and you cant blame them, considering history and what they/ we have to put up with. Even though this is no laughing matter, some of the answers Stumpf gave were so ridiculous, I couldnt help to laugh ... such as when Warren told him that cross- selling is to pump up Wells Fargo stock prices ... he actually responded saying "No ... cross- selling is about deepening relationships" ... I couldnt help laughing. But there is a positive to this ... and that's "exposure", and hopefully thousands will take their damn money out of this institution and others like it, there are many other places to put it, besides these behemoth banks. Another positive to this ... is the evidence and documentation here IS enough for criminal indictments beyond doubt, I see no reason why not ... if there isnt any, something is seriously wrong ... a rookie still in law school could make a case for that matter, and you can bet that there are many who would love to get high profile cases like these, great for the resume. It also appears that most or all of senior management people were kept, which is common for a company/ corporation to do, because those are the most valued employees/ assets for business, and they're the primary slave drivers ... and the ones they kept have plenty of reason to be investigated, since they orchestrated, organized and authorized these criminal actions ... this is so clear, I see it as no different than major organized crime. But I selected a couple videos here from Senator Elizabeth Warren (MA) and Senator Jeff Merkley (OR), both done well in questioning Stumpf, and highlighted the importante issues, of course I expected for Warren to really go at it too, she is really good, does her homework and alwayz comes ready to go at the drop of a hat ... Thanx to both.
Word Out ....
Senator Elizabeth Warren questions Wells Fargo CEO John Stumpf at Banking Committee Hearing ... Thanx to SENATOR ELIZABETH WARREN
Merkley Questions Wells Fargo CEO John Stumpf on Illegal Accounts ... Thanx to SENATOR JEFF MERKLEY
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***** PD/ RCJ: "WELLS FARGO" ... PART 1
***** PD/ RCJ: "ELIZABETH WARREN" PART'S 13 THRU 1
***** PD/ RCJ: "TOO BIG TO FAIL BA(N)KERY" PART'S 3, 2 & 1
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***** RANCH CHIMP JOURNAL "WELCOME" POST
***** RCJ MUSIC/ ART'S HONOUR ROLL SOCIETY (my hand- selected music/ arts picks)
***** RCJ/ THOMAS PICKERING: GOOGLE+ (video posts)
***** THE RESISTANCE/ PERIL'S OF THE POWER POSSE (inspiration for hope & change) ... to be viewed as a "profit- see", not a "prophecy".
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