Jon Tester Montana Politics

Senator Tester Takes Wells Fargo to Task

Written by Don Pogreba
Shares


Apologies for the video-heavy posts tonight, but I think this video of Senator Tester taking the CEO of Wells Fargo task for his role in a huge scandal that saw the banking giant open millions of fraudulent accounts for customers is worth a view:

Senator Tester went as far as to suggest that the bank’s behavior warranted calls to break up the bank:

Senator after senator from both sides of the aisle joined Warren in the pile-on Tuesday. Stumpf’s repeated emphasis that only 1 percent of the bank’s sales force had been involved with what multiple lawmakers called “fraud” lead Sens. Jon Tester (D-Mont.) and David Vitter (R-La.) to invoke the prospect of breaking up the bank.

Esquire Magazine singled out Senator Tester for his direct questioning of the CEO’s weak defense of his company’s actions:

It was Tester who told the single biggest truths of the morning’s proceedings. First, he told Stumpf that a CEO of a major bank who cannot stop 5,300 people from committing two million acts of fraud is “giving a lot of ammunition to the people who want to break up the big banks.” Then, he pointed out that the fraud at Wells Fargo had managed to produce something rare in these politically polarized times.

“I’ve been on this committee for 10 years,” said Tester, “and you’ve done something I haven’t seen in a long while. You have managed to unite this committee, and not in a good way.”

About the author

Don Pogreba

Don Pogreba is a seventeen-year teacher of English, former debate coach, and loyal, if often sad, fan of the San Diego Padres and Portland Timbers. He spends far too many hours of his life working at school and on his small business, Big Sky Debate.

His work has appeared in Politico and Rewire.

In the past few years, travel has become a priority, whether it's a road trip to some little town in Montana or a museum of culture in Ísafjörður, Iceland.

7 Comments

      • LK, yes, not fond of this. We need to tell all, Bullock, GG, and the legislators, “hell no” on the rainy day fund. They only get 30% of the interest generated or a % as determined by a bill approved by Montana’s Congress and the people of Montana.

      • LK, also. food for thought, bottom line Obama’s coal initiative executive order will be immediately revoked if Trump is elected.

        FEB 2016 – In a major setback for President Obama’s climate change agenda, the Supreme Court on Tuesday temporarily blocked the administration’s effort to combat global warming by regulating emissions from coal-fired power plants.

        The plan could transform the nation’s electricity system, cutting emissions from existing power plants by a third by 2030, from a 2005 baseline. The opposition sued to stop what they called “the most far-reaching and burdensome rule the E.P.A. has ever forced onto the states.”

        Note Mr. Obama used his executive authority under the Clean Air Act to implement this. This was not a bill approved by Congress. This will be expeditiously revoked if Mr Trump is elected. If Hillary is elected I will bet no changes will be made, but I bet Denise Juneau would fight hard for us.

  • I wouldn’t believe one word that comes from this banker tool, but then again I’m not a gullible partisan willing to forget the actual votes Tester has made to protect his banker buddies.

    • Blah, blah partisan politics are broken but I can’t stop commenting on them because I enjoy the sensation of smug self-satisfaction it provides being better than the commoners.

      (Sorry, I didn’t actually read the comment. Just guessing.)

Leave a Reply

%d bloggers like this: