The following video features Senator Elizabeth Warren – who sits on the US Senate Banking Committee – questioning Wells Fargo CEO John Stumpf. The BU household believes that it should be made mandatory viewing for our politicians, leaders at large, regulators et al. They should juxtapose for example our non vibrant (defunct?) working committees of parliament e.g. Public Accounts Committee, Committee of Privileges and other with those of the US Senate.
Based on the latest it appears the cross examination of Stumpf by the Senate Banking Committee has yielded a good result.
Here is a relevant comment posted by PUDRYR:
Meanwhile, back at the ranch, another precedent that is notable while not instructive.
“Board members at Wells Fargo have used the company’s clawback policy to recoup millions in compensation from top executives in the wake of a massive customer scam.”
“CEO John Stumpf will forfeit $41 million in stock awards, not receive a salary during an investigation into the scandal and have no bonus for 2016, the bank’s directors said Thursday evening.”
“Beyond the CEO, the clawback will also affect Carrie Tolstedt, a retiring community banking executive who oversaw that department where thousands of workers opened fraudulent customer accounts to meet quotas.”
Would that the Government of Barbados and, wishfully, the incoming Leader of the Opposition could, as the next duly elected government of Barbados exercise this option through the powers vested in our laws, and which our Director of Public Prosecutions selectively administers depending on if you a not a Guyanese or a body named Bark at a Man, and prosecute these ministerial teifs and robbers.
But that would set a precedence known as the Haman’s gallows