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.”