Elizabeth Warren Costs Wells Fargo Executives $60 Million

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• published: 29 Sep 2016
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Elizabeth Warren’s public grilling of Wells Fargo CEO John Stumpf has embarrassed the bank enough to dock his pay. It’s a small step in the right direction. Cenk Uygur and John Iadarola, hosts of The Young Turks, break it down. Tell us what you think in the comment section below. http://tytnetwork.com/join "For the first time since the financial crisis, a big bank is publicly forcing its CEO to give up a small part of his millions in salary and stock ― making him take at least some symbolic, personal responsibility for misconduct. Wells Fargo CEO and chairman John Stumpf will forfeit $41 million in unvested stock, give up his $2.8 million annual salary (for a time) and get no bonus this year, the bank announced Tuesday in the wake of a massive scandal. Stumpf is hardly at risk of homelessness, though: he still has his job ― much to the consternation of critics ― and another $247 million in Wells Fargo stock he’s accumulated. The bank also fired 5,300 low-paid workers over the past five years in connection with the scandal, none of whom, presumably, had as comfortable a safety net. For the unusual fact that a bank CEO is facing any kind of penalty, you can thank Sen. Elizabeth Warren (D-Mass.) who has tirelessly gone after the banking industry since the financial crisis devastated the country in 2008. Warren, who excoriated Stumpf last week in a blistering and pinpointed series of questions and non-answers at the Senate hearing over the scandal, is largely responsible for the creation of the Consumer Financial Protection Bureau. The new post-crisis regulator finally held the bank to account for defrauding millions of customers. The CFPB and the city of Los Angeles fined the bank a combined $185 million earlier this month.”* Read more here: http://www.huffingtonpost.com/entry/wells-fargo-ceo-punish_us_57ebd62fe4b024a52d2bb2c1 Hosts: Cenk Uygur, John Iadarola Cast: Cenk Uygur, John Iadarola *** The Largest Online News Show in the World. Hosted by Cenk Uygur and Ana Kasparian. LIVE STREAMING weekdays 6-8pm ET. http://www.tytnetwork.com/live Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. Young person who rebels against authority or societal expectations. (American Heritage Dictionary) Download audio and video of the full two hour show on-demand + the members-only post game show by becoming a member at http://www.tytnetwork.com/join/. Your membership supports the day to day operations and is vital for our continued success and growth. Get The Young Turks Mobile App Today! Download the iOS version here: https://itunes.apple.com/us/app/the-young-turks/id412793195?ls=1&mt;=8 Download the Android version here: https://play.google.com/store/apps/details?id=com.tyt