Sloan, CEO of Wells Fargo, faces tough doubts at an audience March 13, 2019 2:56 AM by admin [ad_1] Wells Fargo's CEO, Timothy Sloan, appeared before the House Financial Services Committee today to testify at a hearing titled "Keeping Megabanks Responsible: A Review of the Model of Child Abuse." Wells Fargo on the consumer. Small reminder: In recent decades, Wells Fargo has probably been the most abusive and abusive bank in America. In recent years, the bank has paid nearly $ 800 million in fines to state and local governments for opening millions of unauthorized accounts and false accounts to meet their sales targets. This is not everything. In recent years, Wells Fargo has been fined for committing wrongdoing involving members of the military (including making them pay higher interest rates, misusing their cars without a court order and by not disclosing them to the courts), many allegations of racism and other consumer abuse. After exposing several cases in which Wells Fargo is scamming vulnerable people, Financial Services President Maxine Waters summed up Wells Fargo's violations well at the hearing. "This long but unbiased list makes it clear that Wells Fargo is a repeat financial institution that creates widespread harm with a wide range of offenses," said Ms. Waters in her opening statement. It was not easier from there. Sloan, the former chief financial officer of the bank who had taken the reins of the firm in the wake of the false accounts scandal, attempted to argue that the culture of Wells Fargo's predatory capitalism is changing, honest . "In recent years we have learned that our business is doing well by doing well. But doing good is not just about fixing wrongs and rebuilding trust, "said Sloan, who was last seen in the corridors of Congress and dragged to hell by Elizabeth Warren. "With all this experience and the time you spent there and the roles you played, you have not been able to keep Wells Fargo safe. You continue to be fined, "Waters told Sloan significantly during his interrogation. She then asked, "Why should Wells Fargo continue to be the size he has?" (Sloan's response that the culture of society is changing and that there is a new "customer orientation" has not satisfied Waters.) Later, Rep. Brad Sherman, another California Democrat, criticized Sloan for "refusing to let people go to court" against the bank for opening accounts on their behalf to which they had never subscribed. During the weekend, the New York Times published an article on Wells Fargo's corporate culture, in which employees claimed "heavy pressure to make more money from their customers", and "saw colleagues bend or break rules to achieve ambitious performance targets ". "And that the bank" disagrees with almost every word of this New York Times Article. " As has often been the case in the past two months, the first-year Democrats in the House have asked some of the toughest questions. Representative Katie Porter, a first-year California Democrat, asked Sloan if his statements about his clients' ability to trust Wells Fargo "meant" something to him, and then posted a sign that Wells's lawyers Fargo, in an ongoing case where Sloan was named as defendant, argued that these statements were "para-ideological [sic] examples of corporate puffery that can not be acted upon, for which no reasonable investor can rely. " "Are you lying to a federal judge, or are you lying to me and this Congress right now if we can trust those statements?" Asked Porter. "Neither one nor the other," Sloan replied. Several Democrats, such as Representative Carolyn Maloney and Ayanna Pressley, used their turn to severely criticize Wells Fargo for his relationship with the NRA and the firearms sector. Republican Alexandria Ocasio-Cortez blamed the bank for dirty mouths on some of the worst human rights abuses in the US, such as private jails, ICE detention centers and the Dakota pipeline. Access. "Why did the bank start financing the caging of children?" Asked Ocasio-Cortez in Sloan. Sloan said they did not participate "directly to that". Ocasio-Cortez asked whether or not Sloan and Wells Fargo should be held responsible for the company-funded pipeline clean-up financing. Sloan replied that they should not, because they were just financing the pipeline and not building it. "Our team looked at the impact on the environment and concluded that it was a risk we were willing to take," said Sloan. Very good answer. It's true that Wells Fargo is the evil comic of the American banking system and is an easy target for Republicans and sympathetic democrats for banks who want to prove they are tough on the sector when they have to. But perhaps because Republicans have controlled both houses of Congress in the past four years, it was extremely refreshing to see some members blame fundamentally on the US banking system and the complete lack of consequences for banks and rulers. [ad_2] Source link