Wells Fargo scandal: Elizabeth Warren Wants Answers

Wells Fargo CEO John Stumpf is being called on by Senator Elizabeth Warren and her Senate colleagues to testify on his bank's stunning fake account scandal.


CNN | September 12, 2016       Warren joined four other Senate Democrats on Monday in demanding the U.S. Senate banking committee hold "immediate" hearings to "fully investigate the matter."

"This was a staggering fraud," Warren told CNN's Jake Tapper last week.

"The magnitude of this situation warrants a thorough and comprehensive review," reads the Senators' letter to Richard Shelby, the Republican chairman of the committee.

The call for Stumpf to testify comes amid national outrage after federal regulators last week said Wells Fargo (WFC) secretly created millions of unauthorized bank and credit card accounts since 2011. The bank said it has fired 5,300 employees over the past few years for improper sales tactics.

The Consumer Financial Protection Bureau, the regulatory brainchild of Warren, slapped Wells Fargo with a record $100 million fine over the illegal activity. All told, including fines from other authorities, the bank has to pay penalties totaling $185 million.  Read more here.