Elizabeth Warren cheered Tim Sloan's resignation from scandal-plagued Wells Fargo Thursday, accusing him of enabling the bank's 2016 fake account scandal, profiting from it and covering it up.
"About damn time," the Massachusetts senator and 2020 Democratic presidential candidate wrote on Twitter.
Warren tweet: About damn time. Tim Sloan should have been fired a long time ago. He enabled Wells Fargo's massive fake accounts scam, got rich off it, & then helped cover it up. Now—let's make sure all the people hurt by Wells Fargo's scams get the relief they're owed.
Wells Fargo announced late Thursday afternoon that Sloan had informed the board of directors that he will step down as chief executive effective immediately.
The board selected Allen Parker, previously the bank's general counsel, to serve as interim CEO.
Warren has repeatedly called for Sloan's ouster. During a Senate Finance Committee hearing in 2017, Warren told Sloan point blank that he was either incompetent or complicit in the fake account scandal and should be fired.
Regulators have cracked down on the bank since widespread issues with sales practices have been uncovered across multiple divisions. The Federal Reserve even put a cap on how much the bank can grow.
In a letter to Federal Reserve Chairman Jerome Powell last October, Warren called for the central bank to maintain that growth cap on Wells until Sloan is replaced.
from Top News & Analysis https://ift.tt/2YAvn83
No comments:
Post a Comment