Friday, September 30, 2016

Kansas City Congressman Cleaver Calls Wells Fargo Scheme Indecent During Questioning



Kansas City connection to financial controversy . . .

Blatant Disregard for Moral Decency

Yesterday, during the House Financial Services Committee hearing, I had the opportunity to question the Wells Fargo CEO, John Stumpf, about one of the worst financial abuses since the foreclosure crisis. Colleagues and I on the House Financial Services Committee examined how thousands of people were deceived and ripped off under his watch. Needless to say, there wasn’t a clear explanation.

My questions to Mr. Stumpf centered on just how high this scheme, this blatant disregard for moral decency, extended in the company. Wells Fargo has fired 5,300 lower level employees, but it is unclear how much senior executives are really being held accountable. The answers given were not sufficient. This behavior was not an isolated incident, but a pervasive scheme based on unreasonable quota demands and a perverse compensation structure. This kind of policy comes from the top, and senior executives must be held accountable.


From 2011 on, improper sales practices at Wells Fargo resulted in a staggering number of unauthorized accounts by employees. Employees secretly opened as many as 2 million credit or debit card accounts for current customers – without their knowledge. They then created fake pin numbers and phony email addresses to manage the accounts. All this so they could meet quotas, collect fees for opening new accounts, and charge overdraft or late fees.

Each of us on the Housing and Finance Committee represents about 700,000 people and every one of them should be angry about this. People who were denied important life-changing decisions - decisions like buying a home, a car or trying to start a business. Wells Fargo customers were getting ripped off and were not even aware – while Wells Fargo’s stock continued to rise.

The attitude unfortunately of some corporate executives is greed is good, greed is right. Thousands of bank customers were on fire and Wells Fargo had tubs of water but decided to drink it and let the people burn.

Warmly,

Emanuel Cleaver, II
Member of Congress
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20 Comments:

Wyatt Earp, Dodge City said...

Says the guy who failed in the car wash business and not paid back his loan.

Anonymous said...

Total DICK HEAD , FLIM FLAMMING SCAMMER BLCK ASS TRIGGER STATUS BITCH ¡ MAYBE A HOMO ?¿

Anonymous said...

The first comment made more sense. But why would you people stick up for big banks? They're ripping you off too.

Silvestor orgalthorp said...

While Wells Fargo should pay big time for this, the last people who should speak of "blatant disregard for moral decency", are members of a political party that support abortion and and all deviant human behaviors. Not to mention bankrupting the country, and brining in millions of third world poverty cases. Moral decency is not something any member of congress can lecture anyone Elson on

Anonymous said...

A nutter gibs me datz

Anonymous said...

CLEAVER CALLS KETTLE BLACK, IS HE HIGH ON POT???

Congressman Carwash, who took out a personal SBA loan and failed to make payments, was given years to get back on-track, failed to, was sued by Bank of America, was ordered by the court to pay a judgment of 1(+) Million dollars, and has still failed to honor his word and uphold the law....

thinks he is in any position to lecture anyone regarding financial matters?

MO 5th District has a fool for a representative.

Anonymous said...

This footage is so laughable. I mean a real belly laugh. The pot accusing the kettle of being black. You can't make this stuff up. Corruption, collusion and bad faith is always political and always front and center on prime time. Yeah, Cleaver represents me but not for my lack of trying to elect a more respectable representative. The do as I say fraud undertaken by Wells Fargo and Cleaver are both indecent.

Anonymous said...

How far up the chain...lol.

Anonymous said...

Hahaha I spit my drink out. Political theater at its finest. How far up the chain? He out did himself. He should do standup. Lmao

Anonymous said...

The streetcar exists for one reason and one reason only. It's for white people who don't want to ride a bus along the same route with people of color.

Anonymous said...

My thoughts exactly.

Anonymous said...

Don't worry, blacks will take over the streetcar soon enough.

Byron Funkhouser said...

Silvestor, the alternative to supporting a woman's right to self-determination is slavery.

You're just another man telling a woman what she can & can't do. Your dick doesn't give you that right.

The country went bankrupt under King George II.

"deviant human behaviors" like slavery & genocide. No, you mean LGBT's.

"bringing in millions of third world poverty cases". You don't mean Europeans do you?
Strange how a WOP is a legal immigrant, but an American is illegal.

Chuck always says, "America hates you white boy." Unfortunately, that's not true. America is white boys. Mean, hateful, racist, misogynist, xenophobic, homophobic, religiously intolerant, inbred retards who think a rich man from Germany will save them from a woman.

You are free to return to Europe.

Anonymous said...

Tell Cleaver don't catch that plane before he cuts those gross, faggoty fingernails. That's ver indecent, especially on a man. And put some dye on your hair. Nobody is that busy.

Dayton said...

Big story, cleavers folly is literally peanuts compared to Wells Fargo

Anonymous said...

Emanuel Cleaver is the Pinochet of School To Prison Pipeline.

Anonymous said...

he was right in the hearing, along with everybody else looking for a cheap shot.

Anonymous said...

Cleaver shut the fuck up, get you black ass off TV and make your damn loan payments. This is the same ass hat that takes a vacation to Africa to see his roots and claims it was a trip to explore foreign trade possibilities with a pack of fucking pygmies. .....speaking of crooks.

Anonymous said...

Clever has the attention span of a fly and the same morals. Wash my car ass hole.

Anonymous said...

Just watch the above video and you'll understand the accusation made several years ago that Cleaver is suffering from early-onset dementia. His staff covers for him as much as they can, but he has to occasionally speak in public, and that's when his illness is on display.

I dare say that probably most of the people in his district are smarter than he is, and would do a better job representing the constituents.