This is fraud. That is what this is.
How does falsely signing a customer up for an account they do not want, how does it not meet that definition?
We discover that management had far too few common-sense controls in place to prevent the kind of abuse that customers were subject to.
First, we discover that Wells Fargo had a sales culture that was blatantly antithetical to what is best for customers.
I supported claw backs for executives who commit fraud, misstate earnings, or otherwise engage in wrongful behavior in Dodd-Frank.
I think the market cap lost 9 percent over the last couple of weeks. That is pretty material.
the reputational damage done to the bank clearly is material, and that has been manifested by this huge adverse movement in stock prices.
We discover Wells Fargo executives completely out of touch.
I was pleased to see that some non-accredited levee systems would be recognized as reducing flood hazard.
So something like 70 percent have already failed. I am told to expect there will be more failures.
I think that is exactly the right approach. I want to thank you for that.