News Worms
News Worms

Wells Fargo CEO to Issue Apology

Wells Fargo CEO to Issue Apology

The bank also charged hundreds of thousands of car-loan customers for unnecessary auto insurance, and allegedly modified mortgage terms without borrowers' knowledge or consent.

Held roughly a year after the discovery that Wells Fargo staffers had created millions of fraudulent accounts to boost their own performance, the hearing gave senators on both sides of the aisle a chance to blast the bank, and its leadership, for repeatedly failing customers. Democratic Senator Brian Schatz of Hawaii said to Sloan's response to a question on why the bank's charter shouldn't be revoked. Republican Sen. John Neely Kennedy asked Sloan. We hear you say, 'We don't know!

As is now Senate Banking Committee tradition, a cold breeze swept through the chamber as Crapo looked down at his notes and an anticipatory silence gripped the room. It also played beautifully against Sloan's freaky lack of preparation and sniveling attempts at painting himself as a victim of persecution.

You may recall the prominent role Sen. More interesting news about Wells Fargo & Co (NYSE:WFC) were released by: and their article: "Wells Fargo's CEO Will Tell Lawmakers of Dramatic Transformation" published on October 02, 2017 as well as's news article titled: "Senators grill Wells Fargo CEO over scandal, forced arbitration" with publication date: October 03, 2017.

"We need to see a cultural change", Heitkamp said. Mn Services Vermogensbeheer B.V.'s holdings in Wells Fargo & were worth $43,154,000 at the end of the most recent reporting period. I'm a very proud shareholder.

Spared from all Warren's wrath are the actual perpetrators of the wrongdoing. Zacks Investment Research raised shares of Wells Fargo & from a "sell" rating to a "hold" rating in a report on Monday, July 10th.

"You enabled this fake account scam, you got rich off of it, and then you tried to cover it up", said Sen.

Wells Fargo is also still under several investigations for its sales practices problems, including a congressional inquiry and one by the Justice Department. But Warren said every board member who served during that time should be removed. "Why should we believe that you're committed to changing your bank's practices and being fair to customers when you continue to use that behind-closed-doors arbitration system that clearly doesn't allow customers their day in court?" he said. At best, you are incompetent. Any way you dice it, a dip below $54.58 a share would be very bad news for WFC's technical picture in the near-term. "And either way you should be fired", she added.

"I apologize for the damage done to all the people who work and bank at this important American institution", he said. "Thank you, Mr. Chairman".

Democratic Senator Elizabeth Warren of MA, a vocal critic of Wells Fargo, called for Sloan's firing.

Crapo pointed out that since Stumpf promised that the bank would do better, it has been rocked by scandal after scandal. Elizabeth WarrenElizabeth Ann WarrenSenate Dems hold floor talk-a-thon against latest ObamaCare repeal bill Trump bets base will stick with him on immigration Dems call for action against Cassidy-Graham ObamaCare repeal MORE (D-Mass.), a rumored 2020 presidential candidate. Essentially, Tim Sloan walked into a bear cave fully prepared to fucking cuddle.

One analyst said Sloan's opening statement will not go far enough to appease lawmakers angry over the scandal. "That is because we have spent the past year determined to earn back the public's trust".

Duke, a former Fed governor, is set to take over from Wells Fargo Chairman Stephen Sanger at the start of 2018.


editors' picks

October 05, 2017
Dividend return and credit rating hint bolster Tesco's recovery
Overall, pre-tax profits rose to £ 562m from £71m (691.5% change) reported in the first half of 2016/17. Mr Lewis said: "We are continuing to make strong progress".

October 05, 2017
Las Vegas shooter's girlfriend Marilou Danley returns to US
Before meeting Paddock , Danley originated from the Philippines but is now a citizen of Australia with a residence in Queensland. Police say Paddock was found with a self-inflicted gunshot wound and multiple firearms.

October 05, 2017
Vermont Musician Reflects on Tom Petty's Music Career, Life and Death
I'd be lying if I didn't say I was thinking this might be the last big one. "This just came along through Herb and Tom Petty ". The reports led to the scheduling of a memorial at Petty's star on the Hollywood Walk of Fame, but that was canceled.

October 04, 2017
Why Jose Mourinho has left Luke Shaw out in the cold
The Portuguese worldwide made a then world-record breaking £80m move to Real Madrid after scoring 118 goals in all competitions in 292 appearances.

October 04, 2017
Putin Offers New Ambassador Condolences Over Las Vegas Shooting
One of his predecessors, Michael McFaul, left the post under a cloud after just two years in Russian Federation . Huntsman, who also served an ambassadorship under President George H.W.

October 04, 2017
Gabby Giffords to Respond to Shooting at 1 pm ET
But Democrats quickly moved beyond well-wishes to call for legislative action, even without full details about the shooter and his motives.

October 04, 2017
United States to expel almost two-thirds of Cuban embassy staff: U.S. sources
Cuba said during the second and third visits, it let the U.S. import special equipment and granted access to all facilities. He said he would not lift the US trade embargo on the Caribbean island until it made "fundamental reforms".

October 04, 2017
Gunman's father was bank robber wanted by the Federal Bureau of Investigation
His son, 64-year-old Stephen Paddock , killed himself Monday as police broke into his room at the Mandalay Bay hotel and casino. Police in Las Vegas say he did not hear his name until the attack, because it was not in their records.

October 04, 2017
Attack on BSF camp near Srinagar global airport, 1 militant killed
Indian policeman stands guard near the site of gunfight between suspected militants and Indian government forces in Srinagar . The educational institutions in the area were closed for the day by authorities as a precautionary measure.

October 04, 2017
Ricciardo revels in double Red Bull Malaysia podium, defends Vettel move
The Dutchman is already the F1's youngest ever driver to win an F1 race at the Spanish GP in Barcelona a year ago . Vettel's last win came at the Hungarian GP before the summer break, moving him 14 points clear of Hamilton.