Senator Warren: John Stumpf Is '1 For 3'
Sen. Elizabeth Warren blasted Wells Fargo & Co (NYSE: WFC)'s former CEO John Stumpf and demanded that he resign, return all the money he earned when he was head of the bank during the fake-account opening scandal and face a Department of Justice and SEC investigations.
In a tweet on Wednesday evening the senator proclaimed Stumpf is now "1 for 3."
Stumpf previously faced the wrath of Warren and other ranking members of the Senate Committee on Banking.
In a follow-up tweet, Warren pointed out that if Stumpf is leaving with all of his "ill-gotten million" then it is not "real accountability."
According to CNBC, a Wells Fargo spokesperson confirmed Stumpf would not receive any severance pay, although there are some "retirement benefits." However, these details will become available in six months in a proxy statement. This delay is a "normal lag time."
What If Stumpf Were A Bank Teller?
Warren also tweeted that a bank teller would "face criminal charges & a prison sentence" if they were to steal just a "handful of 20s" from the bank.
She followed up that a bank's CEO "should not be able to oversee a massive fraud & simply walk away to enjoy his millions in retirement."
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