GOP would kill agency that busted Wells Fargo

Posted by | September 21, 2016 20:03 | Filed under: News Behaving Badly Politics


Welcome to less regulation and more Wall Street shenanigans if Republicans win, as they would do away with the agency that went after Wells Fargo.

Wells Fargo is paying $185 million in fines and fired more than 5,000 rank-and-file employees, but so far nothing has been done to personally punish the high-level executives who reap the rewards when the company performs well.

Senators today weren’t having it, with banker scourge Elizabeth Warren telling Wells Fargo CEO John Stumpf that he ought to resign and face personal investigation. She described his failure to take responsibility as “gutless leadership” and said we may need “tough new laws” to hold executives personally accountable for their misdeeds…

But it featured a surprising level of bipartisan agreement, with committee chair Richard Shelby, a hard-right Alabama Republican, accusing Stumpf in his opening statement of personally fostering “a corporate culture that drove company ‘team members’ to fraudulently open millions of accounts using their customers’ funds and personal information without their permission.”

And yet Shelby, along with his fellow Banking Committee Republicans, is committed to eliminating the entire agency that discovered the wrongdoing in the first place.

 

 

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Copyright 2016 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.

10 responses to GOP would kill agency that busted Wells Fargo

  1. lolana September 21st, 2016 at 20:13

    that’s just strange

    • Larry Schmitt September 22nd, 2016 at 05:12

      But not surprising. They want to get rid of all the watchdog agencies: EPA, CFPB, FTC, SEC, anyone who keeps the poor megacorps from gouging us to the max.

  2. amersham1046 September 21st, 2016 at 21:05

    In the banking meltdown of 2008, it almost destroyed the Icelandic banking system , the banking exes went to jail

  3. Red Mann September 21st, 2016 at 23:15

    Warren was supposed to head the Consumer Financial Protection Bureau, but was blocked by the Rethugs. I can’t believe so many cretins support these unindicted criminals calling themselves Republicans.

  4. Gary Parillo September 22nd, 2016 at 01:35

    trump would eliminate what few regulations there are that keep big banks on a long leash.He is and always will be the 1% of the%.

  5. bpollen September 22nd, 2016 at 03:26

    Republican commandment – Thou shalt not interfere with maximum profits.

    • Larry Schmitt September 22nd, 2016 at 05:14

      They’re the Robber Barons of the 21st century.

      • bpollen September 22nd, 2016 at 05:20

        With that same paternalistic and predatory view of the “unwashed masses.”

        • Larry Schmitt September 22nd, 2016 at 07:08

          Exactly. I’ve got mine, f*ck the rest of them. Which makes it so hard to figure out why those same unwashed masses think Trump is their guy. If they were approaching each other on a New York sidewalk (not that they’d even be in the same neighborhood), he’d have one of his lieutenants knock the guy into the gutter so he could pass. Except for their votes, they don’t exist to him.

          • bpollen September 22nd, 2016 at 14:31

            ” I’ve got mine, f*ck the rest of them.”

            Libertarianism in a nutshell. I realize we weren’t even talking about Libertarians, at least not specifically, but your sentence fits perfectly – Libertarianism in 8 words.

            And you’re right. A human being’s value to Trump is dependent entirely on what he can get out of them.

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