Disgraced Wells Fargo CEO Resigns
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- Опубліковано 12 жов 2016
- John Stumpf is stepping down. Cenk Uygur, host of The Young Turks, breaks it down. Tell us what you think in the comment section below. CLICK HERE to become a Wolf PAC member
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“John Stumpf, the embattled CEO of Wells Fargo (WFC), unexpectedly retired from the company on Wednesday effective immediately.
Stumpf's move comes just weeks after he was grilled by two congressional panels over the way the bank handled an alleged scam where upwards of 2 million accounts were created by employees without the knowledge of customers. The accounts were allegedly opened so thousands of employees could meet aggressive sales goals set by management. Stumpf was widely criticized for the way he handled the questioning, pushing the blame to lower-level employees and not holding upper-level executives, including himself, responsible.
Stumpf, 63, is resigning as both CEO and chairman. He has been CEO since June 2007 and has worked for the company for 34 years. The fact that Stumpf, the company's top executive, was also the chairman of the board was another point brought up by lawmakers questioning why the bank didn't act sooner to deal with the widening scandal. The roles are split, now. The company's president and chief operating officer, Tim Sloan, 55, will replace Stumpf as CEO. Sloan was head of the Wells Fargo unit that made loans to large corporate customers and not directly tied to the alleged consumer banking fraud. Stephen Sanger, a former Yoplait USA president and member of the Wells Fargo board since 2003, was named as the board's non-executive chairman.”
Read more here: www.usatoday.com/story/money/m...
Hosts: Cenk Uygur
Cast: Cenk Uygur
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He belongs in prison. Resigning is just letting him get away with it.
Why? HRC armed Islamist militias in Libya. Is she in prison?
He's resigning because the board, mostly made up of inside bankers, are forcing him to resign. Despite all the criticisms stumpf received, he still worked from the ground up. His resignation is more of a sign that bankers on Wall Street are essentially throwing a bone to progressives, while reminding bankers what not to do in front of a congressional committee
Yep, the poor guy will have to take his millions and retire to one of his summer homes or downtown NYC condos.
He lost nearly 60 million in salary and bonds...I'll take that as a consolation prize.
Trenton, nobody is sexually attracted to Hillary. Get real
Elizabeth Warren for president
Bernie would've had him in for life sentence.
I've been saying that for 3 years now. She is so awesome.
Bernie is still better👌
Too bad she sold out to Hillary.
Reagan Orozco Amen!
Elizabeth Warren is the first female president we deserve, but sadly not the one we're going to get.
sgf129 Jill stein for president 2016 👌💚 #Demexit from the democratic party #Feelthebern #Votegreen💚
As the culture that made Here Comes Honey Boo Boo and The Jersey Shore things, we deserve Clinton. We needed Warren.
R Anderson you have some serious anger issues and probably need to talk to someone
@sgf129 - I would never want this woman on a crusade after me. She is BRUTAL in a cross examination. She is
the perfect individual to tear into these crooks. Her BS meter is extremely sensitive when it comes to questions of fraud. What better than a former Professor of Economics at the Harvard School of Business. I’m a staunch Republican, but I would cast my vote for her as President with her on the Democratic ticket. I truly believe this woman has the best interests of the American people at heart.
I like her because she tough.
It would be great if all our senators and representatives worked for us like Elizabeth Warren does.
Agreed. It would be great if they protected you all from each other.
By abandoning you when the fight really mattered, the primaries? Oh yeah, really working for the right stuff there.
Excuse me but how did she abandon you during the fight? Hasn't she always said that she had a job to do and that was fighting for the consumers rights when it came to large corporations and businesses? I am sorry but you're accusing her of doing something wrong and I don't ever remember a time when Elizabeth put Bernie down or ever gushing for Hillary to win. She's still working for you and the right stuff. You have to get over that she let you down for something she never promised in the first place.
It would be great if she didnt support crooked Hillary
She ended up endorsing a candidate that goes against EVERYTHING she has ever fought for. She STILL is endorsing a candidate who is bought and sold time and time again by the very corporations she is against. That makes her a hypocrite. Not a mistake she MADE a mistake she is still making and refuses to acknowledge it as a mistake. So you are wrong that she's letting the people down cause she did something that she never promised she wouldn't do, she is letting people down because she is promising she will fight against those who finance the very person she has endorsed. If she admitted her mistake and stopped perpetually committing the same said mistake and relinquished her endorsement of a candidate who goes against everything she supposedly still stands for, then yes, she would deserve to be forgiven.
If the $134 million runs out he can always be a Wallmart greeter.
fred fox didn't Walmart get rid of its greeters
+ Benjamin Krantz Uh-Oh he's screwed now!
Hey. Watch it. There is nobility in every job.
+Peter Hallett I agree completly. The big difference being that the Wallmart employee has to be honest, diligent and competent in order to keep their job.
Benjamin Krantz yep
But...these are the "job creators".
No one's buying this BS anymore
The only jobs they should create are those for prison guards.
You say they are job creators yet they are more likely to give you prison time than a paycheck. You don't need to be like Stumpf to create jobs and most banking now days is done electronically so you don't even create that many jobs!
I hope everyone knows I'm being sarcastic
*****
Trump hates the bankers because they won't lend money to him because they know how notorious he is for walking away from his debts, "like a bitch."
***** When did we blame republicans in this chat?
As I've been saying, there's more than just the White House at stake, use this opportunity, while Trump drags the entire GOP down with him, put in more Bernies and Warrens in the House and Senate. Even if you hate Clinton for being potentially too right wing or something, vote for a legislative branch that's even more left wing to challenge her on it.
I love you.
Eric Ling I've been saying this since the convention, forget about the White House and support your progressive, Green, or Berniecrarts in local and federal offices.
No, voting for a third party is not the way to go this election. We don't want Trump in.
soulful41 Jill Stein has my vote bo matter what. Lets build the party of the people! !!! #Feelthebern
Don't vote for corruption =Hillary nor for a racists trump!!!! #votegreen💚
+soulful41
That is not what is being suggested.
34 senate seats are up for grabs this election. If you've got a progressive on the ballot, vote for them.
Vote in the midterms as well.
Why can't she be our presidential nominee and the first female president?
That's the question no one wants to answer.
Yes, he resigned and still kept his millions. If you want to call that a victory, sure; I'll only call it a victory when his ass is behind bars.
Do you really want to believe that the politicians are going to punish him legally??
I'll go further:
Put him up for death row and solitary confinement, and seize his legacy
Yay! Big victory! Let me get this straight. He's not going to jail. He's not losing any money. He got legacy money in the bank, thus never needing to work again. The world is in serious trouble if this is what passes for justice.
Unless someone goes to jail then it is meaningless.
Liz Warren is the greatest!
only in your dreams...
Blake Jon how was it a dream when there's video proof of her being so? Looks like you're the only one dreaming.
He should face criminal charges
Why ccouldn't Elizabeth Warren run for Pres?
Now we should prosecute him for being a con man, not a business man...
Exactly
coilltin I'm thinking we start taking the real criminals to jail!
***** you're right you can't. But if there's another crash, which there will be. The pitchforks will come out. I wonder if there's enough lamposts to hang every banker.
This is why I'm totally fine with Warren not being VP. She gets SOO much more done by being one of the top leaders in the Senate.
Getting drunk with Cenk would be rediculous with all the wrestling references
what is he saying when he does the elbow wrestling thing?
Sounds like ''wasikula'' or something. lol
Morgoth that's Randy Savage's finishing move
still didn't go to prison and this is why we need workplace democracy and socialism because a mutual bank wouldnt do this.
Why not both?
t. proudhon
Speaking of Fargo, I believe there's a wood chipper with this guy's name on it somewhere.
that the man isnt rotting in jail speaks to howcorrupt our system is putting a positive spin on it because shes one of the only semi decent democrats doesnt make it any better..only more pathetic
300 million for getting fired? Damn im trying to get fired if it's like that
Down goes Stumpf, down goes Stumpf!
Robert House ZOMBIE
Next is Drumpf
I'm happy he's gone, but it just seems like they roll out one bogeyman every once and a while for the masses to throw tomatoes at, while the rest of them do the same shit and try to convince you it's not the system its self, it's a few dishonest players. NONSENSE.
now class action suit from all the people who lost their jobs
Now all he has to do is serve some jail time...
he should hire sargon to be his defense attorney, since he's been in full damage control over trump.
Eliza M. Sargon of Akkad a youtuber
What! Crime Pays? It does if you are a banker. He should have been left penniless, and homeless.
He must feel so disgraced walking away with Millions of dollars. The hack got away with it and nothing has truly been accomplished. Other then plugging 1 hole in a sinking ship whose hull is in tatters.
Which is why we need money out of politics.
vinnythewebsurfer this countries already fucked
So...how does that benefit everyone that got ripped off?
Did they return the money and compensated for the losses?
300million but its complicated, but he was a somewhat huge accomplice so thei raises the looking eye of the public and goverment on these matters for the future.
It's more or less to raise morale of the people that got fucked
Woohoo! Warren is awesome!
Elizabeth Warren is one of the best. Go Elizabeth, go!
too bad she works for kilary
DOJ should sue and find him $134m
I was a Wells Fargo Home Mortgage employee recruited by headhunters who promised wells fargo had changed after being shut down for predatory lending....... Working out of their national call center, after graduating from their academy (6 months) My calls consisted of homeowners across the country of making payments to postponing foreclosures and every minute I was being told by my superiors that I had a ridiculously amount of time it was 2 or 3 minutes per call before I had to transfer the call to who knows where what desk and or voicemail otherwise" I will be reprimanded"; My answer to those executives was after being pulled into the executive office of why my call times are not improving my answer was 'you want me to do what ? these people are calling because they're on the verge of loosing their home, some of them crying and you want me to transfer them ? didn't you say wells fargo changed ? and excused myself from the meeting and every single person who called not only did I reassure them that no sir no ma'am I'm not going to transfer you I give you my word we will get through whatever problem or issue you are having together even if this is an10 min call or 3 hour call !!! I got fired 2 weeks later but at last I was able to help a handful of people stop or slow the foreclosure and the day I cleaned my desk out I stopped by the academy walked into the classroom and the executive who fired me and said you better add this to your curriculum "Loyalty to your customers" something you know absolutely nothing about.....
Dude literally just walked away with over 200 million this isn't gonna affect him that much
"internal investigation" aka shedding documents
Now let's take down the other -umpf, Drumpf!
What are you so excited about? He just quit. I still haven't heard a thing about the possibility of him being charged with anything.
What a punishment. He only got almost 150 million.
So we are celebrating dirty bankers STILL not going to jail?
Can we use your giant Laaaaazzzzzeeeeerrrrrr on him?
slothkingn1 "Better than nothing" is what allows them to say they did well and stop there.
It's about time all other will follow. They should remove electricity from cell and hot water.
Jail time for fraud!
This is a great advancement. I want to see him jailed still though
Now will he give back the money he stole from those people?
Stumpf will just go home with his $100 million plus and go 'Boo Hoo Hoo." "Well I guess I can take the pain after all, look at my brand new Mercedes Benz."
"My new Condo, new Golden Golf clubs!" Etc. etc.
Resigns with a hefty severance package and zero jail time.
What happened to the audio after around 5 minutes? I could watch but I couldn't hear...?
In addition to pushing for prison time, the public needs to push for punitive damages as well for corrupt CEO's to offset the massive profit and golden parachute incentives to break the law.
JAIL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
His contract has a 183 million golden parachute.
183 million is more like a diamond parachute
In the video they said he doesn't have a golden parachute. They talked about other CEOs', but this guy supposedly doesn't have one
Any lower level employee would have been arrested, prosecuted and sentenced to years in prison. These CEOs and directors reporting to CEOs are paid 1000 times the salary of any typical employee and giving a set of standards and guidelines tilting towards corrupt or criminal - just to turn an illegal profit. They are no better than common drug dealers.
Here in Canada Nortel went bankrupt like 9 years ago and some managers are still being paid and getting "retention bonuses" while employees have been fighting for years to get wages still owed. Shameful all over.
What's with the was sick de la thing. What's it a reference to???
WHERE ARE THE CHARGES? This guy is a crook.
Nothing justifies any human being being paid 350,000,000!
Jail this greedy bastard!
when do i get to catch a break
Isn't fraud illegal?
Stumpf for prison!
what does Jaun Seek De Lawn mean?
Where does Yahoo even get 50 million from? Like who uses their site anymore
He knew he had crooked enough afraid of jail , its these corporate billionaire's and all there money they don't stop until there caught red handed.
89 👎dislikes are the "deplorables" that are rooting for corporate corruption.
Wells Fargo isn't the only company who has issued a mandate if dell to either keep your job or just reach performing status.
what about jail?
We got NOBODY!!! He should have went to jail and had to pay back every penny taken and then some.
loool who came up with the title in the graphics?
"John Stumpf is stepping down." - from Wells Fargo. And to where next? I doubt he'll be on the unemployment line. $134million even he could live on. I bet he ends up CEO of another Financial Institution. After all - he's a Team Player.
she should ran in this election... what a missed opportunity
Sadly positions of power and money will always attrack crooks and greed
The PGA Tour should end the endorsement of Wells Fargo immediately.
Dude, did you say "Hasss Siktir lan" there? Lmao
You can bet he's got a golden parachute stashed away somewhere.
Not enough. Not nearly enough. Seize all his assets, freeze his accounts and throw him in jail. Set an example. Never let him work again in the industry.
Jail time ,where is the jail time
Elizabeth Warren for President.
The SAME reason why big polluting industry continues to violate environmental protections- because the penalties aren't stiff enough. They factor in those relatively minor fines into their operations. They go ahead and make the violations- they even get caught- AND penalized- and they actually STILL walk away with multi- millions. So where is the accountability again???
I want him to loose all his money and go to to jail. So he resigned? He's a millionaire and a free man.
Press charges. Please
prison time should be demanded!!!
I ain't never seen anybody get told like that. 'You a bad man, quit yo job.' 'Okay ma'am.' Whhhaaaatt??? Epic.
I'm glad for what's happened thanks to Warren, but until he's prosecuted the "We got him" statement seems a bit half assed
I agree with all you're saying, Cenk, but getting a share of $50mil for an acquisition isn't "getting $50mil for failing".
Am I the only one wondering if the screen in the background is broken in square or rectangle segments 🤔🤔
The fact that anything other than a ''look the other way'' scenerio happened really warms my jimmies.
Shouldn't all the board members return all their bonuses and be forced to resign? They were all in on the scam and profit off of this
What about Chase?
Sad state of affairs when you celebrate a criminal not going to jail.
Bernie Sanders for President and Elizabeth Warren for VP. A shoe in!!
Excellent news. Terrific reporting. Thanks, Cenk.
As soon as he thought 8 accounts per customer was a great idea. That's how far back he needs $0 compensation per year. How many years ago was that?
Wells Fargo also changed accounts on people without their permission along with other shenanigans. I started with a military account but they decided to shut them down and turn them into regular savings accounts with worse terms. My funds were still adequate but were not balanced between checking and savings in a way that met the new terms so I got large fees every month for a long time before I was able to correct it.
The real crooks though are in their sister company, Wells Fargo Financial. They applied a missed payment to me because the Wells Fargo autopay from a Wells Fargo account mysteriously failed to apply the payment to Wells Fargo one month and they refused to accept it as their own error. This pissed me off since I had taken the loan only to build credit which they were ruining on purpose. Then they stuck it to me again after making a full repayment to close the loan. Despite both verbal confirmation and a mailed statement confirming that it was at zero balance and closed years later I found out they actually retroactively reopened it later on with a 50 cent balance without telling me and started piling fees on. All of this while I was overseas on active duty. They are crooks who use dirty tactics to cheat their customers.
Get the money out of politics! Give us money! Anyone else find that utterly hypocritical?
And he is jumping out of the Fargo plane on a $200m parachute.
I hope those fired whistleblowers, and those that were defrauded, sue Wells Fargo.
Great. I mean... I was happy to hear the brow-beating, but how the heck did that happen? I don't see the causality between Warren speaking sternly and this guy resigning. What happened behind closed doors to make this happen?
Cenk just explained that WF stocks were dipping down. So the resign was a PR stunt more than anything to boost the stocks back up.
Just one question - what do they do with all that money?!? How can any one person (or family) ever spend $200 million!? At that point, it's just bragging rights for them. For the rest of us, it's lower pay and higher taxes.
While working at Fifth Third Bank in central Florida - they were forcing us to do this as well - I quit because of my own ethics ...... I was too young to realize I could have blown the whistle..... they also signed people up for credit protector products without consent
This was 2007-2009
Their stock is down 1.26% now
so if i scam millions of dollars, i mean i wouldnt even give it scammer credibility. its just plain theft. but anyhow if i did it, do i get to keep the money?
I don't know why but the text screens that are read by the hosts really bother me wit the awkward spacing of words...
and they call it WORTHWHILE RISK
Not sure if this guy is actually called John Stumpf or my 'Make Donald Drumpf Again!' chrome extension is going overboard.
so why wasnt he arrested exactly???
Its not wrong that they money for being fired, Its just not right this rule doesn't apply to everyone in the US.