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Cramer Blasts Wells Fargo, Calls It A 'Rogue Bank'

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Cramer Blasts Wells Fargo, Calls It A 'Rogue Bank'

At a time when many people had moved on, forgotten or forgiven Wells Fargo & Co (NYSE: WFC) for its disastrous 2016 account opening scandal, the company released a bombshell report.

Wells Fargo previously estimated it had opened approximately 2.1 million fake bank and credit card accounts that weren't authorized by the client; the company has now revised that figure to 3.5 million.

The new revelation isn't an accounting error or a mistake, CNBC's Jim Cramer said Thursday. In fact, the scandal has been brought back to light and it's not only "embarrassing" but Wells Fargo should be considered as a "rogue bank."

"They thought they got to the bottom of it, but they left out a million accounts," Cramer said. "That does not seem like the bottom of this. This is so outrageous."

Cramer thinks the next logical move would be for the U.S. Congress to summon all of Wells Fargo's board members. It's vital not to "let up on this" situation, he added. Perhaps more important, Wells Fargo's ex-CFO Howard Atkins, who mysteriously resigned in 2011, should also be called to testify in Congress.

Finally, Sen. Elizabeth Warren previously called for the entire board to be ousted due to the fake account scandal and Cramer agrees.

"This is so outrageous I'm actually using my low-tone that I use at home when I'm really outraged," Cramer sarcastically but calmly said. "There's no hyperbole here."

Related Links:

The Lawsuit Over Wells Fargo's Predatory Lending Heads To Appeals Court On Thursday

Jim Cramer Weighs In On Wells Fargo And Darden Restaurants

Image credit: Ildar Sagdejev

Posted-In: banks Congress Elizabeth Warren Squawk on the Street Wells Fargo Scandal Jim CramerMedia Best of Benzinga

 

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