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