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Wells Fargo CEO faces bipartisan furor

Joe Mont | September 27, 2016

You are having a bad week when, as a CEO, you are called before Congress to testify. You are having a horrible week when the complaints against you unite Democrats and Republicans.

That daunting display of unity took place last week when Wells Fargo CEO John Stumpf was called before the Senate Banking Committee to answer questions about recent revelations that his bank’s employees opened 2 million accounts and credit cards in the names of customers without their knowledge.

The offenses, dating back to 2011, resulted in the termination of 5,300 employees and netted $185 million in fines from the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and City of Los Angeles.

The root of the problem, according to regulators, were unreasonable sales targets that led the bank’s sales team to both protect their jobs and earn incentives.

The grab-your-popcorn moment of the hearing came from Sen. Elizabeth Warren (D-Mass.), who...

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