Ellison Grills Wells Fargo CEO In Congressional Hearing

MINNEAPOLIS (WCCO) — The chief executive of Wells Fargo was once again taking heat from Congress Thursday.

“Let’s call it what it really is: Some of the most egregious fraud since the foreclosure crisis,” Rep. Maxine Waters (D) of California said.

It’s the second time in two weeks John Stumpf has had to appear before lawmakers. He’s being questioned about a five-year scheme in which Wells Fargo employees created fake accounts in order to meet aggressive sales goals.

“I am fully accountable for all unethical sales practices,” Stumpf said before Congress.

Though he’s apologized, Stumpf is still undergoing intense questioning.

“Fraud is fraud. Theft is theft. What happened at Wells Fargo for many years can’t be described any other way,” Rep. Jeb Hensarling (R) Texas said.

The bank fired more than 5,000 employees for setting up accounts customers didn’t request. In many cases, they were charged fees for accounts they didn’t know they had. Other reports show money was moved from real accounts to fake ones.

Minnesota Congressman Keith Ellison was among those badgering Stumpf about the aggressive sales goals bank employees were required to meet.

“Were you aware that each banker was expected to make 100 prospecting calls a day? Are you aware of that?” Ellison asked Stumpf in the hearing.

“That’s the first I’ve ever heard of that,” Stumpf responded.

Ellison questioned Stumpf for several minutes, often calling him out when he couldn’t come up with an answer.

“You are the CEO and you don’t know if there were prospecting lists that each worker was asked to make cold calls on?” Ellison asked.

“I don’t know that level of detail Congressman,” Stumpf replied.

Experts said that if you have concerns, you should contact Wells Fargo and ask to review all accounts in your name dating back 5 years, and check your credit score.

Wells Fargo says they’ve since changed their practices, with plans to end their sales quota system at the end of the year. They’ll also be informing customers when an account is opened in their name.

More from John Lauritsen

One Comment

  1. Norge says:

    What a horses-6o’clock! What I want to know is how much money Ellison fot from his constiuents ripping off the taxpayers for million in the Somali phony child-care billings! Cough up the money Keith, you crooked, corrupt politician!! Why isn’t our liberal lame-stream media covering this???

    1. bulldog says:

      Since the administration of the Child Care Assistance Program (CCAP) is a state level responsibility, what does a U.S. Congressman have to do with this?

      Also, you might want to catch up, more than a year ago the state and county gained vast new authority for the oversight and management of the program resulting is charges being filed against the offenders. You’re complaining about a problem that is already being solved and blaming it on someone who has nothing to do with it.

      OK, you can start calling me names again.

      1. Dan Mack says:

        Keith was responsible for financial oversight as board member on the now bankrupt and defunct Minneapolis Community Development and hid the fraud and theft that finally shut them down for decades. He is no stranger to ripping off the taxpayers. The Somali rip off the public at every level ; federal , state , county, city, and neighborhood block level. He conspired to conceal from the public the numbers of Somali illegally entering the country through immigration fraud. He never once alerted Minnesota that the numbers of welfare Somali admitted and flooding Minnesota welfare and social services far exceeded the quota set by law; numbers required to be divulged by the president to the legislative body. Yes indeed, the enormous costs of the criminal Somali invasion lie upon Keith Ellison’s shoulders, as well as Amy and the the other Socialist Party elite. You forget that the entire purpose of the Socialist Party is to confiscate the taxpayer’s money and re- distribute to those who do not earn it. He is doing a fine job of it and we support him here in the Village.

        1. bulldog says:

          You should try a little to get your facts straight.

          There never was a Minneapolis Community Development organization, There is a Minneapolis Community & Economic Development Board run by the city that Ellison has never been a part of. He did serve as an honorary member of the board for Minneapolis Community Action and Partnership, as an honorary member he attended no meetings, had no input and reviewed no financial statements.

          At least try.

          1. Dan Mack says:

            Board of governance positions are not “honorary”, although Ellison did display a remarkable lack of honor in his malfeasance in executing his duties. He resigned after the crimes were publicly outed.

            “I was personally really appalled,” governor Dayton said.
            Each one has a fiduciary duty to protect that public money, whether they serve themselves or appoint someone to serve for them.”

            Minneapolis City Council President Barbara Johnson, who was on Community Action’s board during the time covered in the audit, said She said she is “dismayed” by the audit’s findings. She appointed an alternate to serve on the board on her behalf, but took responsibility for the organization’s actions.“I think it’s important to recognize that you have responsibility. I acknowledge that,”

            State Sen. Jeff Hayden, DFL-Minneapolis, who was on the board,also resigned, declined to comment. Hayden appointed his wife, Terri, to serve on the board on his behalf. The couple illegally traveled to retreats cited in the audit. Hayden was brought up on Ethics Committee charges and censure. He got off by paying a few thousand dollars of the money back.

          2. Mike Coxin says:

            Seriously, do you post any comments that aren’t complete stupidity?

          3. Mike Coxin says:

            Honorary? Stop polishing the turd otherwise known as Ellison!

            1. Dan Mack says:

              Mike: Racist criminals who blame their crimes upon others are always honored here in the Socialist Village. In any case he has been directed by his Imam to milk the infidels for all they are worth. And that is as it should be. It is only right.

      2. Norge says:

        I think you are in need of following your own advice and “catch-up”. Your comments, again, make no sense, especially in regards to the article posted. Also, I never called you names, I only described you and your comments…..if you can’t keep up, don’t play.

  2. leftofright says:

    more political election year grand standing by the liberal left. I would expect this of Keith, but when Amy did it over the epipens, that one surprised me. I used to have more respect for her as a person of integrity, until that. What did either of you do the past two years?

  3. Dan Mack says:

    John Stumpf brought his core value to Wells Fargo from Minnesota. No-ID-required. Here in the Socialist Village we trust anyone who can point to Minnesota on a map to determine our financial fate. That is as it should be. It is the right thing to do.

  4. Ellison and those other (DFL) Rats should bring up their own Schemes making Big Profits for themselves. So, they point finger at other Rats. When will we ever learn from these DFL tactics? Follow the money! They go in middle class and come out Rich, Dumb and Happy!

  5. Rob says:

    Ellison was so stupid he didn’t pay his parking tickets and his car got impounded.

    And HE is critical of others business practices? The man is a moron.

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