Sep 30, 2016
2 comments

Congressman Mark DeSaulnier (CA-11), a member of the U.S. House Committee on Oversight & Government Reform, announced Friday that he has cancelled his Wells Fargo account following “yet another Congressional hearing revealing more dishonesty and fraud.”

Lawmakers were already incensed at Wells Fargo CEO John Stumpf following the company’s admission that its employees had opened up to 1.5 million bank accounts and 565,000 credit card accounts that may not have been approved by customers. On Thursday, more revelations of bad deeds — such as improperly seizing “vehicles owned by soldiers who fell behind on their loans” — made lawmakers even angrier, according to the New York Times.

In response, DeSaulnier canceled his account “as a signal of concern with the company” and also sent a letter to Wells Fargo CEO John Stumpf, calling on him to resign. He said he had always respected Wells Fargo as a great California and San Francisco institution.

“I am highly disappointed and disgusted that Wells Fargo management created such a toxic culture for its employees that over 5,000 members of your staff found it necessary to commit fraud to improve company profits,” DeSaulnier’s letter said.

The full text of the letter follows:

rep-desaulnier-letter-to-wells-fargo-ceo

Comments

  1. Good on you Congressman DeSaulnier! Time to break up the big banks. Too big to fail = too big to exist. Generally the financial service sector is too big as well. Too many people just thinking of creative new ways to fleece folks out of their money and not actually doing any real work creating something of value. Many of those banksters like to loudly proclaim the value of work. I agree. I’d like to see them actually do a hard days work for once also!

    Richmond Resident | Oct 2nd, 2016
  2. Good points all around. Truly apirecpated.

    Patty | Oct 4th, 2016

About the Author

Mike Aldax is the editor of the Richmond Standard. He has 13 years of journalism experience, most recently as a reporter for the San Francisco Examiner. He previously held roles as reporter and editor at Bay City News, Napa Valley Register, Garden Island Newspaper in Kaua’i, and the Queens Courier in New York City.