By Frank Henry-Reyes and James Anderson
Watching Senator Elizabeth Warren grill the chief executive of Wells Fargo, John Stumpf, as he testified before the Senate Banking Committee last week was a little satisfying, sure, but it hardly suffices in terms of addressing what is really at issue.
As has been well documented, Wells Fargo agreed to a $185 million settlement with the Consumer Financial Protection Bureau in early September when it came to light that the bank’s employees had for several years created fake bank accounts to pad sales numbers, which resulted in customers nationwide paying overdraft and late fees on credit cards and accounts they did not even know they had. [Read more...]
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