Democratic Senator Elizabeth Warren, of Massachusetts, is a political firebrand and she reminded the nation why during her evisceration of the CEO of Wells Fargo during a hearing for the Senate Banking Committee. Warren left the CEO, John Strumpf, babbling like a fool attempting to justify his despicable behavior.
During the hearing, Warren asked Strumpf a series of pointed questions. She began, “You have said repeatedly ‘I am accountable. But what have you done to actually hold yourself accountable? Have you resigned?” Strumpf refused to answer the question with a simple yes or no, and Warren cut him off, “I’ll take that as a ‘no.'”
Warren then ridiculed Strumpf’s “accountability” by asking him if he had ever given back the money he earned, to the tune of $19.3 million in 2015. Warren asked, “Have you returned one nickel of the money you earned while this scam was going on?” Strumpf replied he didn’t agree with Warren’s characterization that his business model was a scam, but he did not answer her question directly either.
Then came the hammer blow. Warren exposed Strumpf for building a personal fortune on the backs of everyday consumers who were taken for a financial ride to ruin, “While this scam was going on, you personally held an average of 6.75 million shares of Wells stock. The share price went up by about $30 in that time frame, which comes out to more than $200 million in gains, all for you personally.”
After leaving Strumpf dumbfounded and defeated, Warren told him he should resign his position and that he should be investigated for criminal wrong doing.
Watch the entire glorious episode below: