Sen. Elizabeth Warren (D-MA) went off during a Senate Banking Committee hearing into the fraud at Wells Fargo and demonstrated why she is America’s most valuable Senator as she was able to explain how Wells Fargo executives lined their pockets while screwing the little guy.
Video of Warren:
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During the second round of questioning at the Senate Banking Committee hearing into the fraud at Wells Fargo, Sen. Warren explained how the executives at the big bank got richer while screwing over the little guy.
During the second round of questioning of Wells Fargo CEO John Stumpf Warren said:
You accepted all along as this fraud built up, this massive fraud. You accepted all of the performance bonuses based on the cross selling that is at the heart of this. You watched your own stock go up by more than two hundred million dollars based in part on exactly this massive fraud. You got out, and you pumped it to Wall Street, and you said to Wall Street, ‘Hey, we are dong such a great job cross-selling here at Wells Fargo, you should tell everybody to buy our stock.’
And now you turn around and say I shall remain passive and simply accept what Wells Fargo wants to do. You know, in 2008, Wall Street promised change, but it looks like it is business as usual. A giant bank cheats the little guys, and the executives line their own pockets. Mr. Stumpf, you make it clear that Wall Street won’t change until we make it change.
There are many great Senators and Representatives who look out for the interests of the American people, but none of them possess the type depth of knowledge and expertise about banking and the financial system that allows Sen. Elizabeth Warren to defend the interests of ordinary Americans.
In our current times of great concentrations of wealth at the top and Citizens United-fueled corporate influence of our elections, a true expert and champion like Elizabeth Warren is needed now more than ever.
No one can hold Wall Street and the Big Banks accountable like Sen. Warren, and it’s the reason why she is the most valuable Senator in the US Senate.
Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association