Sen. Elizabeth Warren speaking at an even in Manchester, New Hampshire on Jan. 12, 2019. (Photo: Marc Nozell/flickr/cc)
A Very "Informed" Elizabeth Warren Explains Exactly Why Wells Fargo CEO Tim Sloan Should Be Fired
"It's clear that Tim Sloan isn't the right person to try to clean up Wells Fargo," senator says in Monday morning Twitter thread.
U.S. Sen. Elizabeth Warren (D-Mass.) on Monday reiterated her calls for Wells Fargo CEO Tim Sloan to be fired, saying, "His hands are too dirty from overseeing years of scams and scandals."
The Massachusetts Democrat--who recently announced a 2020 exploratory committee--outlined her reasoning in an eight-part Twitter thread. It came in response to Sloan's interview Friday with CNBC's Jim Cramer, who said, referring to Warren, "Tim, she wants you gone."
Sloan responded by saying she "can have that opinion," and asserted that he's "taken responsibility" since he took over as CEO in 2016 after serving as the bank's president and Chief Operating Officer (COO). "We were going to make things right by customers," he told Cramer. "And we were going to be very transparent about it. And we've done all that."
While Sloan accused Warren of not being "informed" about his record, the senator retorted that she's "actually been paying pretty close attention, and I've got a long list of reasons why I think he should be fired."
\u201cRemember the fake accounts scam that got @WellsFargo in trouble to begin with? As CFO and COO, Tim Sloan helped enable it. He got rich off it. And he tried to cover it up. How's he the right guy to clean up the mess? https://t.co/pN4HccGSXv\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
\u201cSpeaking of auto loans, that reminds me of the time @WellsFargo didn't provide refunds to tens of thousands of people who paid off their car loans early. What a great way to treat loyal customers!\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
\u201c.@WellsFargo also agreed to pay $175 million to settle claims that it charged Black and Latino borrowers higher fees and rates on mortgages than white borrowers with similar credit profiles. https://t.co/5VKC4DZUex\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
\u201cI could go on but I don't need to: it\u2019s clear that Tim Sloan isn't the right person to try to clean up @WellsFargo. His hands are too dirty from overseeing years of scams and scandals. \n\nThat\u2019s not just an \u201cinformed\u201d opinion. That\u2019s a fact.\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
Warren levied similar criticisms in a letter (pdf) she sent in October to Federal Reserve Board Chairman Jerome Powell urging him not to lift the growth restriction penalty on the bank "until the company's board of directors replaces CEO Tim Sloan with someone who is not deeply implicated in the bank's repeated and egregious misconduct."
"Banks exercise too much power in Washington," Warren told the Wall Street Journal in a recent interview. "One of the main things I've done is grassroots organizing to wave the flag and point out what's going on here and get some political pushback. Otherwise Congress and the administration will just continue to work for the big banks."
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U.S. Sen. Elizabeth Warren (D-Mass.) on Monday reiterated her calls for Wells Fargo CEO Tim Sloan to be fired, saying, "His hands are too dirty from overseeing years of scams and scandals."
The Massachusetts Democrat--who recently announced a 2020 exploratory committee--outlined her reasoning in an eight-part Twitter thread. It came in response to Sloan's interview Friday with CNBC's Jim Cramer, who said, referring to Warren, "Tim, she wants you gone."
Sloan responded by saying she "can have that opinion," and asserted that he's "taken responsibility" since he took over as CEO in 2016 after serving as the bank's president and Chief Operating Officer (COO). "We were going to make things right by customers," he told Cramer. "And we were going to be very transparent about it. And we've done all that."
While Sloan accused Warren of not being "informed" about his record, the senator retorted that she's "actually been paying pretty close attention, and I've got a long list of reasons why I think he should be fired."
\u201cRemember the fake accounts scam that got @WellsFargo in trouble to begin with? As CFO and COO, Tim Sloan helped enable it. He got rich off it. And he tried to cover it up. How's he the right guy to clean up the mess? https://t.co/pN4HccGSXv\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
\u201cSpeaking of auto loans, that reminds me of the time @WellsFargo didn't provide refunds to tens of thousands of people who paid off their car loans early. What a great way to treat loyal customers!\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
\u201c.@WellsFargo also agreed to pay $175 million to settle claims that it charged Black and Latino borrowers higher fees and rates on mortgages than white borrowers with similar credit profiles. https://t.co/5VKC4DZUex\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
\u201cI could go on but I don't need to: it\u2019s clear that Tim Sloan isn't the right person to try to clean up @WellsFargo. His hands are too dirty from overseeing years of scams and scandals. \n\nThat\u2019s not just an \u201cinformed\u201d opinion. That\u2019s a fact.\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
Warren levied similar criticisms in a letter (pdf) she sent in October to Federal Reserve Board Chairman Jerome Powell urging him not to lift the growth restriction penalty on the bank "until the company's board of directors replaces CEO Tim Sloan with someone who is not deeply implicated in the bank's repeated and egregious misconduct."
"Banks exercise too much power in Washington," Warren told the Wall Street Journal in a recent interview. "One of the main things I've done is grassroots organizing to wave the flag and point out what's going on here and get some political pushback. Otherwise Congress and the administration will just continue to work for the big banks."
U.S. Sen. Elizabeth Warren (D-Mass.) on Monday reiterated her calls for Wells Fargo CEO Tim Sloan to be fired, saying, "His hands are too dirty from overseeing years of scams and scandals."
The Massachusetts Democrat--who recently announced a 2020 exploratory committee--outlined her reasoning in an eight-part Twitter thread. It came in response to Sloan's interview Friday with CNBC's Jim Cramer, who said, referring to Warren, "Tim, she wants you gone."
Sloan responded by saying she "can have that opinion," and asserted that he's "taken responsibility" since he took over as CEO in 2016 after serving as the bank's president and Chief Operating Officer (COO). "We were going to make things right by customers," he told Cramer. "And we were going to be very transparent about it. And we've done all that."
While Sloan accused Warren of not being "informed" about his record, the senator retorted that she's "actually been paying pretty close attention, and I've got a long list of reasons why I think he should be fired."
\u201cRemember the fake accounts scam that got @WellsFargo in trouble to begin with? As CFO and COO, Tim Sloan helped enable it. He got rich off it. And he tried to cover it up. How's he the right guy to clean up the mess? https://t.co/pN4HccGSXv\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
\u201cSpeaking of auto loans, that reminds me of the time @WellsFargo didn't provide refunds to tens of thousands of people who paid off their car loans early. What a great way to treat loyal customers!\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
\u201c.@WellsFargo also agreed to pay $175 million to settle claims that it charged Black and Latino borrowers higher fees and rates on mortgages than white borrowers with similar credit profiles. https://t.co/5VKC4DZUex\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
\u201cI could go on but I don't need to: it\u2019s clear that Tim Sloan isn't the right person to try to clean up @WellsFargo. His hands are too dirty from overseeing years of scams and scandals. \n\nThat\u2019s not just an \u201cinformed\u201d opinion. That\u2019s a fact.\u201d— Elizabeth Warren (@Elizabeth Warren) 1548684083
Warren levied similar criticisms in a letter (pdf) she sent in October to Federal Reserve Board Chairman Jerome Powell urging him not to lift the growth restriction penalty on the bank "until the company's board of directors replaces CEO Tim Sloan with someone who is not deeply implicated in the bank's repeated and egregious misconduct."
"Banks exercise too much power in Washington," Warren told the Wall Street Journal in a recent interview. "One of the main things I've done is grassroots organizing to wave the flag and point out what's going on here and get some political pushback. Otherwise Congress and the administration will just continue to work for the big banks."