Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Elizabeth Warren Costs Wells Fargo Executives $60 Million
Posted
September 29, 2016
Views
245,742
Likes
5,694
Comments
1,065
Engagement
2.75%
September 29, 2016
245,742
5,694
1,065
2.75%
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16:10Now PlayingElizabeth Warren’s public grilling of Wells Fargo CEO John Stumpf has embarrassed the bank enough to dock his pay. It’s a small step in the right direction. Cenk Uygur and John Iadarola, hosts of The Young Turks, break it down. Tell us what you think in the comment section below.
"For the first time since the financial crisis, a big bank is publicly forcing its CEO to give up a small part of his millions in salary and stock ― making him take at least some symbolic, personal responsibility for misconduct.
Wells Fargo CEO and chairman John Stumpf will forfeit $41 million in unvested stock, give up his $2.8 million annual salary (for a time) and get no bonus this year, the bank announced Tuesday in the wake of a massive scandal. Stumpf is hardly at risk of homelessness, though: he still has his job ― much to the consternation of critics ― and another $247 million in Wells Fargo stock he’s accumulated.
The bank also fired 5,300 low-paid workers over the past five years in connection with the scandal, none of whom, presumably, had as comfortable a safety net.
For the unusual fact that a bank CEO is facing any kind of penalty, you can thank Sen. Elizabeth Warren (D-Mass.) who has tirelessly gone after the banking industry since the financial crisis devastated the country in 2008.
Warren, who excoriated Stumpf last week in a blistering and pinpointed series of questions and non-answers at the Senate hearing over the scandal, is largely responsible for the creation of the Consumer Financial Protection Bureau. The new post-crisis regulator finally held the bank to account for defrauding millions of customers. The CFPB and the city of Los Angeles fined the bank a combined $185 million earlier this month.”*
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Hosts: Cenk Uygur, John Iadarola
Cast: Cenk Uygur, John Iadarola
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary)
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