Senator Warren to Wells CEO: Resign
Web Publication: PYMTS.com, unattributed
Pitchforks in hand
The article I’m featuring today highlights Elizabeth Warren’s grilling of Wells Fargo CEO John Stumpf over the bank’s practice of opening accounts in customers’ names and then charging them fees. This went on for quite some time, and Stumpf was finally called in front of lawmakers to account for his ethical and professional lapse of judgment in the matter.
This is a good news story. It is an instance of proper government regulation. It’s a no-brainer in that support for this action has been bipartisan; meaning, there’s been no posturing about an assault on capitalism this time around. Hopefully Stumpf takes Warren’s advice and resigns and Wells Fargo learns a lesson and conducts themselves better in the future.
Even though I don’t agree with all of her political positions, I have nothing but respect for Elizabeth Warren. She appears to be an honest progressive. She is not tainted by the gross lust of power that infects many politicians in both parties at a national level. It’s important to point this out because way too many citizens would dismiss her out of hand simply because she endorses Hillary or has positions they find untenable. This is what’s so wrong with how we interact with government: People buy into policy positions solely based on a party no matter what the merits of the position are.
The hearing described in this article is clear and unambiguous. Read a little bit of good news for once.