Elizabeth Warren's wonderfully brutal takedown of Wells Fargo CEO
After Wells Fargo CEO John Stumpf recited a drawn-out No True Scottsman Fallacy disguised as a hollpw apology at the Senate Banking Committee's Wells Fargo hearing, senator Elizabeth Warren tore into him.From CNN:
Warren slammed Stumpf for failing to fire any senior executives linked to the scandal, while Wells Fargo's aggressive sales tactics helped pump up the bank's stock price.
She said Stump's personal holdings of Wells Fargo stock increased by more than $200 million while the fake accounts "scam" was going on, thanks in part to the bank's success in selling tons of products to customers that they didn't need.
"You squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket," Warren said.
Stumpf barely blinked, no doubt thinking that whatever Warren was saying, it was worth $200 million.