Rep. Poliquin to Wells Fargo CEO: ‘You Ought to Be Ashamed of Yourself’
WASHINGTON – Today, Congressman Bruce Poliquin (ME-02) grilled Wells Fargo CEO John Stumpf over the bank’s “gross mismanagement” in the creation of unauthorized accounts, making national headlines in USA Today:
Click HERE to watch Congressman Poliquin question Wells Fargo CEO John Stumpf.
“You know what really bothers me, Mr. Stumpf, along with other things? I'm looking at this pattern of you folks ripping off your customers, getting caught, paying a fine and doing the damn thing all over again.
“We just had on the board a minute ago 13 instances of this in the last six years. You paid a total of $11 billion in settlement fines.
“You just stood here before us and told us several times you know the difference between right and wrong. You’re the head banana over there. I look at you—I look at Wells Fargo.
“I don’t think management, which means you, knows the difference between right and wrong. But I’ll tell you who does: the people I represent in Maine.
“I represent 650,000 of the most honest, hardworking people you can ever find anywhere. They know the difference between right and wrong.
“I don’t know where this is going, but I will not support, in any way shape or form, any kind of bailout using taxpayer money for Wells Fargo. You have to get through me.
“I don’t worry about Wells Fargo. You’ve got 268,000 employees. How many attorneys you got over there? You’ve got a lot of attorneys. I don’t worry about you folks. Somehow, some way, you’re going to make your way through this. You know who I worry about? I worry about our 31 community banks, local banks, in the District that I represent. 31 community banks, 500 branches, 9,200 employees—good paychecks, good jobs, with good benefits. We also have 58 credit unions, 196 branches with 2,250 employees. These folks are relied upon in their communities. They take their paychecks and they trust their teller, and they trust their bank manager. When this happens, it flows downhill.
“The probability will be high that your organization and the actions of you—this systemic pattern of misbehavior and gross mismanagement, and it looks like fraud—is going to find its way to the community banks and the folks that rely on them in rural Maine.
“You ought to be ashamed of yourself.”
Items to Note:
- VIDEO: Rep. Poliquin Questions Wells Fargo CEO
- Rep. Poliquin Sharply Condemns Fraud at Wells Fargo, Applauds Committee Investigation