House Reps Roast Wells Fargo CEO for ‘Egregious Fraud’
A furious congressional committee grilled Wells Fargo CEO John Stumpf Thursday on Thursday, the latest group to express their ire over the bank’s shady practices, NBC News reported.
Stumpf sat before the House Financial Services Committee to answer questions after Wells Fargo was fined a record $185 million this month for opening fee-generating accounts without customers’ authorization in order to meet the high sales goals.
Representative Maxine Water said Wells Fargo committed “some of the most egregious fraud we have seen since the foreclosure crisis,” comparing it to mass identity theft.
“I want to apologize for not doing more sooner to address the causes of this unacceptable activity,” Stumpf said, but Congress was not appeased.
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