Stumpf Falters, Warren Triumphs in Senate Hearing

Senator Warren questions Wells Fargo CEO John Stumpf Tuesday
during Senate hearing

In Senate hearings held Tuesday, Senators from both sides of the aisle were not shy in sharing their disappointment in Wells Fargo CEO John Stumpf. But it was Massachusetts Senator Elizabeth Warren who seemed to prevail, and many are praising her intense questioning and frank candor. Wells Fargo is being fined $185 million by the Consumer Financial Protection Bureau after it was discovered that "as many as 2 million fake bank and credit card accounts were opened by employees under intense pressure to meet steep sales goals and reap bonuses," according to Victoria McGrane's  article in The Boston Globe.

Senator Warren called for Mr. Stumpf's resignation after asking many pointed questions about Mr. Stumpf's position in the company and on the board, the fate of senior executives, as well as Mr. Stumpf's personal financial gains made from the fraudulent activity. His unwillingness to take responsibility for the actions of his bank rang reminiscent of "not my circus, not my monkeys," except for it being his circus crumbling to the ground and his monkeys acting under the pressure set forth by him, the Ringmaster.

Senator Warren's accuracy in her questioning of Mr. Stumpf and the answers- or lack thereof-  it produced shows us what thorough and detailed research can help uncover and reminds us all that putting in the work can go a long way.

You can watch Senator Warren's questioning of Wells Fargo CEO Mr. Stumpf here, and I can tell you, its worth the 18 minutes.