Elizabeth Warren Takes on Wells Fargo

Elizabeth Warren Blog - #ShePersisted

A blog about Elizabeth Warren and her Persistence

Elizabeth Warren is speaking out against big bank Wells Fargo.  Bloomberg has the story here.

U.S. Senator Elizabeth Warren renewed her attack on Wells Fargo & Co., urging the Federal Reserve to remove the 12 directors who were on the board when bank employees set up legions of fake customer accounts.

In April, shareholders voted narrowly to re-elect all 15 board members after some proxy advisers and large investors had urged that the majority be voted off.

Unbelievable. A bank can commit widespread fraud and their shareholders still don’t seem to care. At least Elizabeth Warren does. At times she seems like the lone voice of sanity in Washington D.C.

Warren’s real goal probably isn’t to oust the firm’s board, but to use the Wells Fargo scandal as a means of rebutting Republican calls for broad bank deregulation, said Isaac Boltansky, an analyst at Compass Point Research & Trading. ‘‘It’s about defending the regulatory regime,” Boltansky said in a phone interview. “Senator Warren’s big fear is that the call for medium-size and smaller bank deregulation will be used as a Trojan horse” for easing rules against the biggest lenders.

Deregulation after seeing something like the Wells Fargo debacle just makes zero sense.

Yellen said in September congressional testimony that the central bank had initiated “a broad-based review” of compliance regimes and governance at the largest banks. “I think it is very important that senior management be held accountable,” she said at that time.

Let’s hope she listens to Elizabeth Warren and does her damn job.


Elizabeth Warren Takes on Wells Fargo

Elizabeth Warren Takes on Wells Fargo

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