Wells Fargo's Corrupt CEO Just Retired Free & Rich - And Elizabeth Warren Is PISSED! (TWEETS)

Wells Fargo’s Corrupt CEO Just Retired Free & Rich – And Elizabeth Warren Is PISSED! (TWEETS)

Less than 24 hours after the retirement of Wells Fargo’s corrupt CEO John Stumpf, Senator Elizabeth Warren has taken to twitter to articulate her outrage at the lack of accountability he has shown following his role in the destruction of the US economy in 2008. Taking to Twitter shortly after news broke that the bank’s CEO and Co-Chairman would be stepping down from both roles with immediate effect, Elizabeth Warren stated that:

“As I said: CEO Stumpf should resign, return every nickel he made during the scam, & face DOJ/SEC investigation. He’s 1 for 3. “

The Democratic Senator for Massachusetts found the fact that the Wells Fargo’s corrupt CEO, who was one of the primary architects of the worst economic crash to hit the country since the great depression, was retiring without real accountability utterly reprehensible and did not reserve judgement on the matter:

“If ’s John Stumpf is leaving with all of his ill-gotten millions, that’s still not real accountability.”

Warren, who called for Stumpf’s resignation in a heated and widely viewed congress hearing last month, has spent much of her political career as a senator seeking accountability for the 2008 banking crash. Her commitment and diligence to unearth the truth in this regard contributed significantly to Mr. Stumpf’s decision to retire yesterday and while some senators may have been satisfied with this ‘win’, the Massachusetts representative illustrated why she is no ordinary senator with an impassioned tweet that put into perspective the scale of Stumpf’s crime:

“A bank teller would face criminal charges & a prison sentence for stealing a handful of 20s from the cash drawer.”

A bank CEO should not be able to oversee a massive fraud & simply walk away to enjoy his millions in retirement.”

See The Scale Of The Wells Fargo’s Corrupt CEO’s Actions

Stumpf, along with other leading executives at Wells Fargo, oversaw the illegal creation of millions of bogus accounts from information that the bank appropriated from its customers. The depths of illegality pursued by Wells Fargo with Stumpf at the helm is multi-faceted and varied but is centered around the concept of cross-selling. In brief, cross-selling describes the deliberate policy pursued by Wells Fargo to increase the number accounts each customer had – using the false accounts created from personal information provided to them by their customers. This was done so as to foster the illusion of the bank possessing greater market strength and thereby improving it’s stock price. Aside from the societal carnage associated with this policy in the form of the 2008 crash, it has also meant that innocent Wells Fargo customers have now seen their credit rating worsen because of the existence of these fake accounts.

Late last month, Warren gave a cautious welcome to the fact that Stumpf was in line to face financial punishment for his corrupt role in the 2008 crash, and Wednesday’s development is certainly another positive step in the right direction. However, it is both admirable and re-affirming that the US has a senator as capable and principled as Elizabeth Warren – a senator who is not content with small gains that could be used as for partisan self-congratulation but instead is focused on achieving real justice for those affected by Stumpf’s and Wells Fargo’s corrupt actions.

Photo by Alex Wong/Getty Images

A freelance political writer with a particular interest in writing stories that are under-reported in mainstream media outlets. Especially interested in voting behaviour trends, emerging and marginalized demographics and the impact politics has on culture – music, film, theater. An Irishman abroad, he enjoys sport, guitar music and film.

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A freelance political writer with a particular interest in writing stories that are under-reported in mainstream media outlets. Especially interested in voting behaviour trends, emerging and marginalized demographics and the impact politics has on culture – music, film, theater. An Irishman abroad, he enjoys sport, guitar music and film.

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