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."
Remember 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— Elizabeth Warren (@SenWarren) January 28, 2019
Speaking 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! pic.twitter.com/jQV9lVCMlJ— Elizabeth Warren (@SenWarren) January 28, 2019
.@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— Elizabeth Warren (@SenWarren) January 28, 2019
I could go on but I don't need to: it’s 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.— Elizabeth Warren (@SenWarren) January 28, 2019
That’s not just an “informed” opinion. That’s a fact.
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."