Wells Fargo

Wells Fargo CEO Taking Heat from Those who Set the Kitchen on Fire

Wells Fargo CEO is getting hit with both barrels.

John Stumpf tried to defend Wells Fargo Bank to the House Financial Services Committee. The allegations are that the bank opened as many as 2 million fake accounts and fired 5,300 workers since 2011. Stumpf may have felt like a guest on The O’Reilly Factor because he was not able to say much other than his prepared remarks apologizing for the scandal.

Rep. Maxine Waters, the ranking Democrat on the committee, said she believes Wells Fargo should be broken up because it’s “too big to manage.”

This is the same Waters who, in 2008, at a congressional hearing of oil company executives plainly stated her agenda: “Guess what this liberal would be all about? This liberal … would be about, basically, taking over, and the government running all of your companies.” Perhaps she feels the same way about banks.  I mean in the United States banking is ONLY regulated at both the federal and state level.

The Wells Fargo CEO dance is with the devil.

Of course to be fair,  Maxine Waters has a strong history with Financial Institutions. The Ethics Committee investigated the California congresswoman’s involvement with One United Bank where her husband held roughly $350,000 in stock he stood to lose during the 2008 U.S. financial crisis.   In the end, the only person found to have committed any wrongdoing was her top aide. I guess she couldn’t control what a rogue “employee” did in her name.

Other than that one lapse in judgement Maxine Waters is of course flawless in her assessment of good leadership

For example, her high opinion of Frank Raines. Do you remember him? He is the guy who misreported Fannie Mae’s earnings in order to receive $90 million in bonuses. Yes the same Fannie Mae whose careless, bordering on criminal, actions led to the housing meltdown. Of course she will not be blamed for that. She ONLY` has the position of senior member of the House Financial Services Committee, at the time on her resume.

I guess her parents didn’t teach her “When you point one finger, there are three fingers pointing back to you.”

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