Today was not a good day for Wells Fargo CEO John Stumpf, who testified in Congress about the bank’s recent scandal involving the unauthorized opening of millions of customer accounts. Democratic Senator Elizabeth Warren, not known for mincing words, called for Stump to resign and to be criminally prosecuted during the hearing, adding that he personally earned $200 million from “this scam.”
And in one of the most incendiary moments, Warren accused Stumpf of not taking accountability for the problem, saying that he hasn’t resigned or voluntarily returned his personal pay, adding that he’s “gutless.”
Here are just some of her comments, per the C-SPAN transcript (please excuse the all-caps):
NO. OKAY. SO, YOU HAVEN’T RESIGNED, YOU HAVEN’T RETURNED A SINGLE NICKEL OF YOUR PERSONAL EARNINGS, YOU HAVEN’T FIRED A SINGLE SENIOR EXECUTIVE. INSTEAD, EVIDENTLY, YOUR DEFINITION OF ACCOUNTABLE IS TO PUSH THE BLAME TO YOUR LOW-LEVEL EMPLOYEES WHO DON’T HAVE THE MONEY FOR A FANCY PR FIRM TO DEFEND THEMSELVES. IT’S GUTLESS LEADERSHIP.