Elizabeth Warren Rips Wells Fargo's CEO A New One
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- čas přidán 28. 09. 2016
- Any fans of big banks out there? Then this story is going to enrage you.
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He made $200 million and got a fine of $185 million? That will show him!
he made $200 mil, but he did not get fined $185m personally. The company got fined $185mil he does not have to pay it with his own pocket.
seperate legal identity
If I'm following this right, it's worse actually. He made $400 mil, first half was with stock options during the fraud, and the second 200 mil as his cash payout for being chief fraud overseer. Not to mention the 5,300 individuals out of jobs because he blamed them for his own policies he set.
***** noted. Trumfp is an asshole...
That same logic is what Trump used when he illegally had the Trump Foundation bribe the Florida Attorney General with a donation of $25,000 to not investigate/prosecute the Trump University FRAUD, knowing that the penalty/fine would only be $2,500. Wow, $27,500 to avoid prosecution and civil lawsuits is a fucking hell of a deal. White collar crime pays. SMH
If any one of us did something fraudulent like this, there would be no question that we would face criminal charges. And that's the problem with this country. This CEO needs to go to prison.
People like him also need to get hit where it'll hurt them the most - whatever they keep their money in. Seize everything they own - *everything* - and garnish whatever income they might have from that day forward. Use that money to recompense people that got screwed over by their sociopathic greed, while those scumbag CEOs live out the rest of their days at subsistence level.
HideousConformity Amen to that!
You stealing money from a bank is a crime. The bank stealing money from you, is not. It's always been that way.
This double standard BS is why the law is getting no respect. It only works one way, from the top down. I could care less if Warren humiliates this guy in public. Who cares, he still skates away with enough money to go on a luxury vacation for the rest of his life, and still leave a small fortune to his children.
Woohoo
Agreed, but simply not buying one brand of junk food in favor of another, doesn't cost the consumer much of anything. Moving your money and/or debt around costs potentially a lot of money and time. Wells Fargo will feel this hardest exactly where this sales campaign was targeting. If someone has one financial product (like a mortage) with them, they are now *much* less likely to add another (checking, credit cards, LTEs, etc). It boggles my mind that they were trying to get each customer into *eight* financial products. I don't think I've ever had more than 3 at one bank.
I'm so proud to be from Massachusetts! go Ms. Warren!!!
Trudy Nguyen Wicked proud of our senator!
Eric Velasquez you obviously haven’t been to the south, where black lives matter demos are met with those Klan confederate flags in counter protest.
You know who else came from
Massachusetts?
THE KENNEDY FAMILY.
Now You know........
The Rest Of The Story.
@@billmurray7473 One brother killed in the war, Second brother a war hero and President, Assassinated. Third took on the mob and crooked union leaders and sure fire President until assassinated.
Trust me they gave more than Bill Murray!
Sooo why are they not arrested for fraud and instead got fined LESS than what they earned ?
welcome to America
Because companies are considered a separate legal entity
You mean: the world.
Because it's called a fine, not a buttfcking.
im glad you asked that question Taylan, simply put ---> USA! USA! USA!
Imagine Warren debating Trump in 2020. She would massacre him.
I'd love to see that. 😆
can't wait
@Anthony Campagnolo no problem... I think if you take it all, add in interest, that would amount to..... Nothing! So said Harvard them self. So shush!
Hello from the future where this is totally a possibility 😄
@@contrapasso fingers crossed 🤞😅 though Dumpty Trumpty would stalk the stage, stomp the feet, throw some tantrum and his base (aptly derived from the word basic) would count that as a victory 🙄...
The beauty of the free world in action.
CEO sets policies for his employees, pressuring them to perform fraudulent acts -- basically robbing his customers.
Makes a shit ton of money out of it.
Gets busted. Blames it on his employees, fires 5300 of them. Does not resign.
Company gets fined for about $185mil. He forgoes $41m, could walk away with around $200m.
Meanwhile, 5'300 people are still unemployed, and customers do not see their money back.
The guy's soul is darker than my black asshole.
It does not really have anything to do with the free world. It's just how humans operate. The leaders in communist Russia were also rich. People with power will always abuse and exploit those without.
I agree and it is just horrible. If he had any sort of a content he would have taken responsibility for this as the head of the company and implemented changes before resigning.
***** yeah, that's the flipside of that coin... None of that grimey, ungodly shit that capitalism brings about would be possible if the politicians were not so eager to look the other way -- or even facilitate things, in some instances
MrAerohank all I meant by "free world" was that we live in a society that's by definition designed to shield the individuals from such abuse, though laws and regulations... Sure, you are right about the rich and their tendency to abuse the poor
...and then the bullied underlings are fired!!!! It's the American way.....
Elizabeth Warren for first woman President 2020!
I would much rather her be the second.
KELLSONIC first? What about Hillary?
he thinks Trump will win but nah.
she's a lizard.
Nope
good on Stephen for covering this
Warren just gave the closest thing to a bitch slap we've ever seen in these hearings.
Esotaric08
Just as long as it's not tramp. I'd have preferred Bernie, but anything's better than tramp.
Watch Warren and Sanders rip into them in the Senate hearings-an American sight to behold.
Doesn't matter. He will laugh all the way to the bank, literally this time, because he made millions of dollars. I wouldn't care if they made fun of me on TV for that amount of money.
+hellcat1988 --- Ohhhhh, yeahhhhh, she reeeeeally showed him. Give me a fuckin' break.
He doesn't give twoooooooooo fucks about what she just did. He still gets to keep Two Hunnnnnnndreddd Milllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllion Dolllllllars for his crimes..... So ,if he should happen to see her walking down the street while he is riding by in his chauffeured Roles Royce limousine, he will simply smile and that will be his, 'Oh yeah, you can suck on THIS.' look. And that is ultimately the Muuuuuuuuuch bigger bitch slap.....
I'd rather not wait for the universe to give them what they have coming. I'd rather they never had the opportunity to rape the planet and destroy this country in the first place.
So we put 17 year old children in jail for years for a non violent crime but these jerks get off free .......nice I live justice
free? no they get paid. :/
orchid Δ.Δ I wish I could like your comment more than once.
@The Resistance LOL "Twitler." I am so stealing that. Thank you!! 👍
@@bobthebear1246 Agolf Twitler. Or Tweetler.
Exactly and they keep getting away with it!
So they fined Wells Fargo for less than the CEO personally made off of this shitfest?
Seriously, wtf?
unnecessary fun fact: stumpf is german and means dull
Yes, as an adjective. As a noun "der Stumpf" is either the thing that rests when you cut down a tree: the stump, or a the rest of a used pencil: the stub.
Well, since you thought he, a person, was a nazi, it makes sense he would take it personal. Since it was personal. And a pretty horrible thing to think of someone if you didn't have any other evidence than "he's German", especially since you say you were also mean to him.
Stumpf sounds like drumpf
Xaviera Achach brothers from different mothers?
As a noun, it can mean "butt", as in the sentence, "Wells Fargo can kiss my Stumpf".
I believe Trump would call what Stumpf did "smart."
He made 200 million. He's a smart banker, and if he didn't pay taxes on it he'd be a smart businessman too.
Drumpf should choose Stumpf as his running mate.
He likes bankers that don't get caught
Strumpf 2020!
Trump & Stumpf for 2016!
we are all outraged.. just not enough to get off Facebook enough to do anything about it
Not only are we not doing anything, but we are discarding the very people, like Bernie Sanders, that are railing against this kind of corruptions. Now, were all of Bernie's ideas winners? No. But he sure as fuck was going to put a bright spotlight on this shit. If we keep waiting for the perfect candidate, we only open the door to crooked politicians to continue turning a blind eye to this kind of shit.
We'll id argue the existence of almost all modern nations beside the US also exceeding US in population happiness and education that all Bernie's ideas are at least decent if not great.
Stop waiting behind your screens for the perfect candidate. Politicians have never changed shit, activism did. By being inactive you are complicit so do not come crying.
joshua garner I closed my WF accounts.
These are the same guys Trump wants to give tax breaks to.
yep after claiming himself smart for not paying taxes.....which make his supporters look like even bigger suckers, they like "yeah hes smart he dont pay taxes so what" whilst they pay taxes, you know secretly they pissed..........they are
these are the same guys Clinton gets funded by.
There's no difference.
Could you remind me when trump said that he wants to give criminals and con artists tax breaks? I don't seem to remember that. Sure would think that the liberal media would have jumped on that one for their headlines. You sir are a typical jackass, putting words in someones mouth that you idolize because of his wealth. So I ask you this my friend (I already know the answer to when he said it, HE DIDN'T) what would you do if all money was decided equally amongst all Americans? Go to the government and ask for tax breaks cause you don't want to give it to all the new comers from all over the world would be my guess.
Shoot yourself, no sense in slowly stabbing yourself in the eye. JACKASS
A flat tax break inherently benefits the rich more than any other class. Proportionally, a person making 750K+ is getting a bigger break than a guy making only 30K. You'd know this if you knew how to do math. But instead you waste time talking tough on the internet, and act like a person who states their opinion is committing a crime. Like the rest of your little cult of Trumplets.
I am from Scotland and I have met no one who remotely understands the Trump phenomenon. Why one of the most privileged countries on earth would hand themselves over to a shallow , narcissistic conman. It beggars belief.
Isn't what Wells Fargo did, technically Identity Theft albeit internally?
Rohit Iyengar at some level maybe
The small crook robs a bank,
the big crook opens a bank.
I don't know if that's original but that's the bumper sticker I've always needed on my car! well played!
A lot of people want Warren on a presidential ticket. I think she can do more good in Congress. Especially if she is given more power to kick-ass.
Agreed.
Today is Dec. 31st, 2018 and Warren announced she will be running for president!! Love it. #HumanRace
Rita Tomei
YES!!!!!
Rita Tomei
Would be a great president but I am afraid she is too rational and intellectual for a lot of US- Americans.
Lots of Republicans and also men who vote Democrats or alternatives are misogynists or sexists and want a bully or, ass they so moronically put it, „alpha males“.
She's an idiot... Like most of the Marxist dumocrat party!
Still one of the best Colbert segments ever!
This woman would be a great president. You know it in your heart.
It's so obvious to anyone paying attention.
What she does in this video is one of the reasons she can never be president. Big money loves Joe Biden, they would kill people to keep Warren out of office.
Very true.
Goddamnit, Warren. Why didn't you run for president?
fffan9391 you meant cot damnit Elizabeth
fffan9391 she had to sellout first
Majax you mean 2020?
Hillary's been planning her takeover with the DNC (Tim Kaine and Debbie Wasserman) since 2008. Like they'd let hippies like Warren and Sanders get in their way.
Senate position is more important than presidency.
I left Wells Fargo in 1983 because they were such a shitty bank. Something like this was inevitable.
Wells Fargo has paid $24,729,165,704 in fines and settlements since 2009 according to my list... but I guess if we are being fair that's quite a bit less than most of the major financial institutions :P.
Ah, and so you were the one who told them about it, huh? Thanks, babe.
Well this was actually a NorWest doing. John was part of NorWest and they bought Wells Fargo in the 90s but kept they Wells brand name. So this wasn't part of Wells prior to the 90s so nice try. All executives that were apart of this were pushing this mentality in NorWest and they let go of the Wells executives during the merger.
I love that that CEO dude's name is LITERALLY just the German word for "dull". Because apparently his ancestors either sold bad-quality cutting tools or were just really, really stupid.
Or it could be translated as "stump" which is honestly just as hilarious.
but if you get caught shoplifting three times, you get life in prison.
Elizabeth Warren has officially got a pair that clank.
The real solution?
Every single Wells Fargo customer should close every one of their accounts.
Yeah, it's 'dramatic.' And yes, it would hurt the low end employees more in the short term.
But it also sends a message to ALL of the CEOs of the other companies.
Until the Feds (less Warren) decide to step up their game and actually do something about these massive criminals (jail time, fines that actually hurt them, etc.), it's kinda up to the average joe to do something.
Take back the stocks from the execs and give it to the customers affected
the real solution? nationalise the consumer banking industry
Syzygy314159 this america we r talking bout. Capitalism and private enterprise is literally what their country is built upon
Could be tricky to close an account you don't know about.....
best solution:
the betrayed customers get the right to:
hunt down such motherf*ckers and cripple them to the point where all their stolen money will be needed to pay the hospitals they than visit for the rest of their lifes...
I do think that sometimes Elizabeth Warren can be overly liberal sometimes, but she needed to run for President. That kind of no-bullshit attitude is so desperately needed.
Done Lostme Okay. 1) She only endorsed her after the primary. 2) Now that the election is over and Hillary is out of the way, Warren can blaze her own working-class populist trail that can propel her to The White House without all the baggage that screwed Hillary's chances.
If you feel that way, Dr. , how do like the 💡 of a
SANDERS/WARREN 🎟?
Can Anyone Else get behind THAT?
I open the floor for response.............
BILL MURRAY I would 100% vote for that ticket
I support Elizabeth Warren, for POTUS for 2020!
I worked for another big bank at the level where you're asking customers to open accounts. There is so much pressure to meet your sales goals from every level of management because they make more money for every account you get. Upper management is the worst, while you don't even make a living wage and they drive around in a brand new Mercedes-Benz and get all expenses paid trips tropical resorts.
why aren't people in jail for breaking laws? Money walks
The board... the board... I hide behind the board
He'd be in jail if it was fraud AND a joint.
Support your local credit union!
if i steal a candy bar i get arrested they steal 100s of millions they get a bounis
...could someone explain to me why we don't punish this crime like they did cattle theft in the Wild West?
Because that would be like throwing stones in a glass house
throwing stones in a glass house??? what??
He is saying that those elite groups run in circles, and in many times are "in bed with each other", under the same metaphorical roof. Those who live in glass homes shouldn't throw stones and break the walls open because everyone will know who "ratted" (tossed the stone) and truth be told these bankers are more like thieving gangsters now a days.... "Do not criticize others if you have similar weaknesses yourself." see wiktionary.org
People who live in glass houses shouldn't throw stones
- A phrase one can say meaning people should not criticize others for faults that they have themselves.
I believe Adrian is saying people in government are committing similar crimes or are in the pockets of these bankers. Hence they wouldn't make laws that can affect themselves or their masters.
They've got congressman, senators and people who can't afford to get them into jail
If only it were Bernie|Warren running...
Warren for President!! Can't wait to see her debate Trump!
Stumpf rhymes with Trump.
Temp User I ship Drumf-Stumpf
In german, Stumpf means either dull or stump. "Trump/Drumpf", "Stumpf"... its funny how german names are seen as "trustworthy" in the US while they sound absolutely stupid to actual Germans. I see why Trumps ancestors changed from "Drumpf", what isnt really a full-fleshed-out term but associates with dullness, to Trump, in german Trumpf, that has a real narcissistic tone to it if you think about it, in fact it describes Donald Trumps mindset perfectly. At least we now where Donalds ego came from.
elizabeth warren trumpfed the stumpf.
Trump is derived from Drumpf
+does it matter As a German, I also like how German-American assholes always seem to have names that no one in Germany has.
I am glad I closed my accounts with them. They asked me why and I told them...fraud.
"Alternate Universe cool Hillary Clinton." Lol. It's funny because it's true.
Joshua Fagan one who didn’t marry bill and instead found weed herself and it’s been dope.
I don't know how Warren can be compared to HILrod. Warren just doesn't play around with these scubag corporations at all, HILrod hooks up with them.
Hillary is COOL you just have to have a brain and heart to see it But God does He sees everything
Blue Moon what makes you believe god is a “he”? )0(
@@dr.trixiecp5651 lol Because He is Our Heavenly Father but I'm not opposed to God being a woman and I will apologize whole heartedly for my mistake
The fine is less than $1 for each fraudulent act
Justice is Blind, she cannot see that someone has placed their thumb upon her scale
And he's not in prison because? Oh, that's right......money
lol they don't even pretend that someone's going to jail.
Americans, your senator Warren is a national treasure.
This is a good example of why you can't always blame people for the problems they have with their banks
You never know when they're trying to pull of a convulted pyramid scheme
I think the moral of the story is we all should be committing fraud.
Believe me TRUMP is trying to make that possible
Warren did when she claimed to be a native american on her scholastic funding application, hee hee hee - what a joke that was !
"Part time fraud". Cracked me up =D
"One Fish, Two Fish, Fraudulent Revenue Fish" is my favorite part of this XD
We need to fix the system by getting money out of politics otherwise this will continue They should be in jail
Nathan Wayde With enough money you can get away with anything.
Pagani202 the money influences the laws made which allows for loopholes that this fraud happened in. Please educate yourself. Banks are heavily invested in politics to protect their profits and minimise tax and employee spending.
Clinton will appoint liberal Supreme Court justices, offering hope for overturning Citizens United ; Trump, in contrats, will appoint more Antonin Scalias who think corporations should have the same rights as citizens.
Maybe it's not clear to you why corporate crooks like Tump see zero jail time - same with Ken Lay and all of the Enron execs who pulled one of the biggest consumer frauds in history by jacking up energy prices during winter in the early 2000's; they'e all connected to senators and congressmen and people of power by either direct financial backing or by investments which are a clear conflict of interest when making public policy.
To witness these people not get indicted and sentenced but also take hundreds of millions on their way out and not see how it's political, well that is truly ignorant of how very corrupt the system is.
We live in a total plutocracy and thanks to Citizens United it's not even hidden anymore.
+Pagani202 first of all you were condescending about a subject you do not understand. Um this has nothing to do with politics... ? Instead of learning you want to be right.
Make bank accounts great again.
Well, Stumpf did ... at least _his_ bank account.
the fine should be ". let's take your payout and apply it to customer refunds."
.. or "we'll pay you your base salary, but take your balloon and give it to those you wronged."
and this is why I refused to work for Wells Fargo.
Whoa...don't try to obfuscate with Ms. Warren around.
She is a watch dog and we should all be so grateful that she stands up for us
"...and stock picture of a banker" :)
"...and alternate Universe cool H.C." :D
Also interesting is the fact that what may seem like a huge fine to mere mortals is actually only .008% of Wells Fargo's earnings last year. That fine was so punnishing that they didn't even notice it. I think that it would be more instructive for Mr. Stumpf to share a prison cell for a few years with a guy named Garage.
So if he's accountable, why isn't he in prison, in texas, on death row? While we have it we might as well extract some justice from it.
Elizabeth warren is a badass
Yeah, she's a boss.
only when she has her tomahawk
I am so proud that we Massachusetts voters did not let the flood of Wall Street money prevent the election of someone who actually fights for justice like this.
We need more people like her on the White House.
So ... why isn't this election Jeb Bush vs. Elizabeth Warren again? Sorry, but I just crawled out of parallel universe where things made sense and I'm still trying to adapt, so be patient with me.
Welp, there's another place we'll need to build a wall.
Run back while you can. And take me with you. D:
Am I the only one who thinks Stumpf sounds like Drumpf?
"I will take that as a no then" ! I love Elizabeth Warren :D
"We told them-- get this-- we told them the wealth would trickle down! And they bought it! You can't make this stuff up."
Daaaaayumumum!....mumumum!!!
New RESPECT for Warren!!!
Elizabeth is right
Thank you Stephen, as ever. Magnificent man! Brilliant mind, extraordinary talent, and loving individual who is one of our finest citizens.
Why is private banking even allowed? Banking should be a business reserved for the public sector.
They'll keep doing this until the penalty is death for the executive in charge.
I can’t stop watching Ms Warren on you tube I want to vote for her for whatever she wants to be
Guys, we have to start using local banks like credit unions, it's the only way to not get completely ripped off
I tried that... a year after I signed up they sent me a letter saying "Congratulations! Xxxx Credit Union is now Xxxx Bank!" and way down the letter in very small font "to provide all the great new financial products we can offer now that we are a bank, we will be introducing a $5 per month account keeping fee". But you are right, I was just unlucky, normally Credit Unions are a good option.
Why would you ever open an account at a bank that has a cowboy theme anyway? lol
Manuel because they were one of the first banks and their picture is that of a stage coach that they actually really used to transport money. Where the word keyed riding shot gun. Meant you weren't guiding but sitting there with an actual shot gun looking for an abuse. History man
so? they could long have gotten rid of that theme.
You clearly don't understand how marketing work. Nor do you get people in general.
SpectreDragon their marketing doesn't really work for me because I would never open an account there lol
Manuel A lot of companies try to present themselves as old reliable companies, because people trust those.
Ex.We have been around for 50+ years so we must be doing something right wouldn't you say?
It also makes them able to tap into national pride: Ex. We are a part of this country's history, we were there to make this nation into something you are proud of.
Also they play to the power of tradition. Ex. My father, grandfather and cousins all use this bank so why wouldn't I?
All with the low cost of a picture of a stage-coach. It's basically psychological manipulation, and a basis of most advertisement. And a logo is the best advertisement product a company can have.
Hahaha "alternate universe cool Hillary Clinton, Elizabeth Warren"
I love her.... She would've tore trump a new one....
If I forget my taxes I can have my entire bank account credit even my house and car taken from me but they can't take the millions of dollars these singular people stole? how does that make sense?
I may not agree with all of Warren's views but god damn do I respect her. She should have run for president. She's awesome.
You're lucky I'm not president Mr. Stumpf.
Elizabeth Warren 2020
So, the "Eight Rhymes with Great" analytically-based business rule was masterminded by Mr. Stumpf. I'm finally beginning to see that in order for a corporation to get the benefit of such astute perception, deep insight and good judgement from its executives you've gotta pay top dollar to get the top talent.
How on earth do these two not have all their millions stripped from them, and given back to the people whose lives they damaged, and the employees they fired. How are they not going to jail? It's fucking obscene!
Elizabeth Warren is great!!!!! 2020!!!!
ARREST THEM, IM SO DONE WITH RICH THIEVES
I just love it that she always calls a spade a spade - This is a scam. You are lying. You are telling lies. Love Ms Warren so much.
How the HELL is Stumpf not headed for prison????
How is this not ID theft??
Make America Eight Again!
Stumpf rimes with Drumpf !😆
"The Hamptons is not a defensible position…eventually, people will come for you."
-- Mark Blyth
If you have a Wells Fargo account close it.
This story has a lot of bad Stumpf going on in it.
when you get a wells fargo ad before the video
And people say government regulations kill business. It's what keeps us safe at night from the real criminal: Corporate greed.
how is this even funny?
why arent people closing their accounts with this bank?
The twelve people that thumbed down this video were Stumpf and the Wells Fargo exec. board
To criminals in the US, these are the people you should be going after.
I agree with Colbert and say to that guy, "Go Stumpf yourself!".
Warren is AWESOME!
Elizabeth Warren 2020
Screw big banks
there it is, I missed that Colbert fire!
Well we don’t have to imagine for much longer