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Disgraced Wells Fargo CEO Resigns - YouTube
Channel: The Young Turks
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ELIZABETH WARREN.
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SHE DID IT.
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I'M GOING TO TELL YOU WHAT SHE
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GOT ACCOMPLISHED IN A SECOND,
BUT FIRST I WANT YOU TO REMEMBER
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WHAT SHE SAID TO THE WELLS FARGO
CEO WHEN HE WAS IN FRONT OF HER
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COMMITTEE.
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SHE WAS DONE LETTING
THESE BANKERS GET AWAY WITH IT,
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SO WHEN JOHN STUMPF WAS THERE
HERE'S WHAT SHE SAID.
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YOUR DEFINITION OF ACCOUNTABLE
IS TO PUSH THE BLAME TO YOUR
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LOW-LEVEL EMPLOYEES WHO DON'T
HAVE THE MONEY FOR A FANCY PR
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FIRM TO DEFEND THEMSELVES.
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IT'S
GUTLESS LEADERSHIP.
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THAT NEVER GETS OLD, IT'S
ALWAYS GREAT TO HEAR.
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OF COURSE
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WELLS FARGO DID THIS GIANT SCAM
WHERE THEY SET UP THESE FAKE
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ACCOUNTS FOR MILLIONS OF
CUSTOMERS AND PROFITED OFF OF
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IT, THEN THE CEO AND ALL THE
OTHER EXECUTIVES WERE LIKE,
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WHAT, WERE WE RUNNING A GIANT
SCAM?
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ME, POOR LITTLE CEO, I
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DON'T KNOW WHAT IS GOING ON AT
THE COMPANY.
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OF COURSE EARLIER
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HE BRAGGED ABOUT HOW HE IS THE
CEO OF THE YEAR.
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BUT MORE
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ELIZABETH WARREN.
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YOU SHOULD GIVE BACK THE MONEY
YOU TOOK WELL THIS SCAM WAS
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GOING ON AND YOU SHOULD BE
CRIMINALLY INVESTIGATED BY BOTH
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THE DEPARTMENT OF JUSTICE AND
THE SECURITIES AND EXCHANGE
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COMMISSION.
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GOD, THAT FELT GOOD.
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IT FEELS
GOOD TO HEAR THAT EVERY TIME.
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CNN DESCRIBED STUMPF'S REACTION
IS THIS --
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BUT YOU SEE THE THING IS, THE
REASON HE WAS CAUGHT OFFGUARD IS
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BECAUSE THESE BANKERS THAT HAVE
BEEN COMMITTING FRAUD FOR A LONG
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TIME HAVE BEEN GOING UP TO
CAPITOL HILL FOR A LONG TIME
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WITH THEIR BUDDIES THAT THEY
DONATED MONEY TO AND JUST
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WALKING AWAY SCOT FREE, NO ONE
EVER LAID A FINGER ON THEM.
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SO
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WHEN SHE LAYS AN ELBOW RIGHT ON
TOP OF HIS HEAD HE IS LIKE, WHAT
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HAPPENED?
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I THOUGHT I WAS
SUPPOSED TO GET AWAY WITH THIS,
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DID I BRIBE YOU ALSO I COULD GET
AWAY WITH THIS?
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IT TURNS OUT SHE
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IS NOT PLAYING BALL AND THAT IS
WHY THE BANKERS HATE HER, THAT
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IS WHAT WE DID A STORY EARLIER
THIS WEEK WERE IN SOME OF THE
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LEAKED EMAILS WE FOUND OUT THE
BANKERS WERE TELLING DEMOCRATS
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HATE, YOU HAVE TO KEEP ELIZABETH
WARREN UNDER CONTROL.
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BECAUSE
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THIS IS WHAT HAPPENS WHEN THEY
CAN'T CONTROL HER, WHICH IS
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AWESOME.
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JOHN STUMPF AT THE TIME
SAID I DIDN'T KNOW WHAT WAS
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HAPPENING AT THE BANK, EARLIER
HAD SAID THAT HE WAS, QUOTE --
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INDEED.
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AND REMEMBER THINGS
KEPT GETTING WORSE AND WORSE,
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NOT JUST WHEN THE SCANDAL BROKE
BUT WHEN THERE WAS SO MUCH
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ATTENTION PAID TO IT AFTER THOSE
SENATE HEARINGS, THEN WE FOUND
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OUT AS CNN AGAIN COMES TO REPORT
HERE --
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SO THEY WERE LYING.
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THEY SAID
IT WAS THE LOW-LEVEL EMPLOYEES
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AND WE FIRED THEM ALREADY, THEN
WE FOUND OUT, NO, ACTUALLY THE
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SCAM HAD BEEN GOING ON MUCH
EARLIER, AND WE ALSO FOUND OUT
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THAT THEY HAD EARLIER, WHEN NO
ONE WAS PAYING ATTENTION, FIRED
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THE WHISTLEBLOWERS, PEOPLE WHO
SAID WE SHOULDN'T BE DOING THIS,
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OUR CUSTOMERS DON'T KNOW WE ARE
OPENING UP ACCOUNTS IN THEIR
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NAME, THAT IS TOTALLY WRONG --
YOU'RE FIRED.
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SO THEY KNEW
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EXACTLY WHAT WAS GOING ON.
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SO
WHY AM I TELLING YOU THIS TODAY?
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[LADIES AND GENTLEMEN, WE GOT
HIM.]
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DOWN GOES STUMPF --
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THEY GOT HIM.
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EARLIER WE HAD
REPORTED THAT HE HAD TO GIVE UP
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HIS BONUSES FROM THIS YEAR.
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LET
ME GIVE YOU SOME CONTEXT FOR
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THAT, YOU WILL SEE IN A SECOND
THAT YOU SHOULDN'T CRY FOR
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STUMPF --
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THIS IS WHAT HAPPENS WHEN YOU
HAVE ACCOUNTABILITY.
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WHEN YOU
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HAVE NO ACCOUNTABILITY THEY KEEP
THEIR BONUSES AND JOBS AND KEEP
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ROBBING US.
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WHEN YOU HAVE
ACCOUNTABILITY, I KNOW IT IS A
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SHOCK, WE HAVEN'T HAD THAT IN A
LONG TIME IN WASHINGTON, THERE
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ARE CONSEQUENCES.
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HE LOST ABOUT
$60 MILLION WHEN THEY DECIDED TO
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TAKE HIS PAY AWAY FOR 2016.
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WHEN
YOU RUN A GIANT SCAM SHOULD YOU
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GET REWARDED?
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I HOPE NOT.
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HE
GETS TO KEEP THE 19 MILLION, BUT
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HE IS OUT SO HE WON'T GET TO
KEEP ANY MORE MONEY GOING
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FORWARD, BUT DON'T CRY FOR HIM,
OVERALL AT WELLS FARGO HE MADE A
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--
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THAT IS WHY THEY RUN THE
SCAMS AND THE FRAUDS, BECAUSE
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EVEN IF YOU GET INTO A SITUATION
LIKE THIS WHERE HE DOESN'T GET
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HIS BONUS FOR THIS YEAR AND HE
HAS NO GOLDEN PARACHUTE, ARE YOU
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KIDDING ME?
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EVEN IN THAT
SITUATION HE ALREADY GOT $134
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MILLION.
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IF YOU DON'T PUT THEM
IN PRISON THEY WILL KEEP ON
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DOING THESE THINGS.
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WHY DID THEY
EVEN DO ANY ACCOUNTABILITY AT
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ALL?
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MEANING OKAY, SENATOR
WARREN YELLS AT YOU, BUT THESE
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GUYS, WHAT DO THEY CARE?
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THEY
CARE BECAUSE THEIR STOCK PRICE
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IS DROPPING.
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SO THE GUYS ON THE
BOARD MAKE LESS MONEY, THE
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SHAREHOLDERS MAKE LESS MONEY,
THE OTHER EXECUTIVES MAKE LESS
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MONEY, SO THEN THEY'VE GOT TO
RESOLVE IT.
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SO THE REAL REASON
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THEY DID THIS --
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THEY WERE DIPPING, THEY SAY
OKAY, WE FIRED THE GUY, OR HE
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RESIGNED, AND THEN THEIR STOCK
GOES UP.
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ACCOUNTABILITY, YOU
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HEARD THEM WHERE IT COUNTS,
THEIR POCKETBOOK.
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THAT IS THE
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ONLY THING THEY CARE ABOUT.
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I
DID WANT TO GIVE YOU ONE LAST
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PIECE OF CONTEXT HERE.
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FOR
PEOPLE WHO WERE FIRED,
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OFTENTIMES THEY DO HAVE GOLDEN
PARACHUTES, UNLIKE STUMPF.
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YOU
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MIGHT NOT KNOW IT BECAUSE IT
DOESN'T EXIST ANYWHERE ELSE IN
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THE WORLD OTHER THAN TOP
EXECUTIVES, NONE OF YOU HAVE
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GOLDEN PARACHUTES, NONE OF US
DO, IN THIS CASE THEY EXPLAIN --
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LET ME GIVE YOU A SENSE OF
HOW THOSE WORK --
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I WANT YOU TO UNDERSTAND
SOMETHING, ON THE WAY OUT YOU
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GET FIRED AND THEY ARE LIKE,
SORRY ABOUT FIRING YOU, HERE IS
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$84 MILLION.
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THAT WILL LESSEN
THE BLOW, THAT IS TRUE --
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THIS IS IF THEY WERE EVER
FIRED, THEY ARE NOT FIRED AND
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THOSE ARE RELATIVELY SUCCESSFUL
CEOS, BUT NOTHING JUSTIFIES $300
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MILLION FOR GETTING FIRED BUT AT
LEAST THAT GIVES YOU CONTEXT.
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BUT THERE ARE SOME CEOS THAT ARE
TOTAL FAILURES.
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CALL IT WHAT IT
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IS, MARISSA MAYER YAHOO HAS BEEN
A DISASTER, BUT NONETHELESS --
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NOWHERE ELSE IN THE WORLD DO
YOU GET $50 MILLION FOR FAILING.
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THIS SYSTEM IS TOTALLY BROKEN,
THESE GUYS ARE JUST ALL FRIENDS
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AND THEY JUST PAY EACH OTHER,
THEY GO ON EACH OTHER'S BOARDS
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AND FIX ALL THE LAWS AND THE
RULES, THEY BUY OFF ALMOST ALL
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THE POLITICIANS AND THEY GET TO
KEEP GIVING THEMSELVES GIANT
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AMOUNTS OF MONEY NOT ONLY FOR
SUCCEEDING, BUT FOR FAILING.
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THAT IS NOT THE AMERICAN WAY,
YOU HAVE GOT TO FIX THIS.
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ELIZABETH WARREN DOING THIS IS
WONDERFUL, BUT WE'VE GOT TO HAVE
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MORE ELIZABETH WARRENS, SHE
CAN'T BE THE EXCEPTION.
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IF THEY
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REALLY ARE OUR REPRESENTATIVES,
SHE SHOULD BE THE RULE.
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WOLF-PAC.COM, GET THE MONEY OUT,
GET AN AMENDMENT, MAKE THEM DO
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IT, DON'T ASK THEM TO DO IT, AND
REMEMBER ELIZABETH WARREN.
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HERE
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IS ONE LAST ONE FOR YOU GUYS.
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THE ONLY WAY WALL STREET WILL
CHANGE IS IF EXECUTIVES FACE
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JAIL TIME WHEN THEY PRESIDE OVER
MASSIVE FRAUDS.
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MAKE THEM DO IT, GET THE MONEY
OUT, WOLF-PAC.COM.
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MAKE HER
THE
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RULE.
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