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By Megan Leonhardt
September 20, 2016
Sen. Elizabeth Warren questions John Stumpf, chairman and CEO of the Wells Fargo Company, during a hearing of the Senate Banking, Housing and Urban Affairs Committee on Sept. 20, 2016 in Washington, DC.
Sen. Elizabeth Warren questions John Stumpf, chairman and CEO of the Wells Fargo Company, during a hearing of the Senate Banking, Housing and Urban Affairs Committee on Sept. 20, 2016 in Washington, DC.
Win McNamee—Getty Images

The Senate Banking Committee held a hearing Tuesday to look at the unfolding scandal at Wells Fargo.

Earlier this month the bank agreed to pay $185 million to settle allegations by the Consumer Financial Protection Bureau that more than 5,000 employees had illegally created millions of bank and credit-card accounts in customers’ names without the customers’ knowledge or approval.

Wells CEO John Stumpf apologized and took “full responsibility” for the actions during the hearing. But Massachusetts Senator Elizabeth Warren wasn’t buying it. Here are five of the most stinging verbal lashings the senator aimed at the executive.

On ‘gutless leadership’

On cross-selling

Wells Fargo is known for “cross-selling,” which is when a bank convinces existing customers to open additional types of accounts—a checking customer might take out a home-equity loan, say, or mortgage customer might open a credit-card account. Stumpf said Tuesday that the practice is about deepening customer relationships. Warren disagreed:

READ NEXT: Lessons of the Wells Fargo Fake-Account Scandal

On Stempf’s personal gain

On pressuring bank employees

READ NEXT: Here’s How Much the Wells Fargo Scandal Cost Warren Buffett

On consequences

On jail time

 

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The purpose of this disclosure is to explain how we make money without charging you for our content.

Our mission is to help people at any stage of life make smart financial decisions through research, reporting, reviews, recommendations, and tools.

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Our content is free because our partners pay us a referral fee if you click on links or call any of the phone numbers on our site. If you choose to interact with the content on our site, we will likely receive compensation. If you don't, we will not be compensated. Ultimately the choice is yours.

Opinions are our own and our editors and staff writers are instructed to maintain editorial integrity, but compensation along with in-depth research will determine where, how, and in what order they appear on the page.

To find out more about our editorial process and how we make money, click here.

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