Wells Fargo CEO Suffers Tough Questions

During the U.S. Senate Committee Hearing, Wells Fargo CEO John Stumpf responded to difficult questions, particularly from Senator Elizabeth Warren, a democrat from Massachusetts. Stumpf's prepared responses, particularly the "only 1%" of employees argument, wasn't well received by Warren and others. Warren interrupted with harsh words, telling Stumpf, "You should resign and give back the money you took" and calling his practice "gutless leadership."

Another tense moment, reported by The Wall Street Journal, was when Senator Robert Menendez challenged Stumpf's salary:

Mr. Stumpf said earlier in the hearing that the fired employees had been making "good money" of $35,000 to $60,000 a year, a point that Sen. Robert Menendez brought up. "How much money did you make last year?" asked Sen. Menendez. "$19.3 million," replied Mr. Stumpf.

"Now that's good money," Sen. Menendez replied, unsmiling.

Menendez, from New Jersey, gave a poignant example of a woman's daughter whose credit score was affected by the scandal.

Discussion Starters:

  • How would you describe Warren's approach in questioning? Do you find her inquiries fair, unfair, or something else?
  • How well did Stumpf respond to Warren's questions?