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."
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."
Urgent. It's never been this bad.
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission from the outset was simple. To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It’s never been this bad out there. And it’s never been this hard to keep us going. At the very moment Common Dreams is most needed and doing some of its best and most important work, the threats we face are intensifying. Right now, with just four days to go in our Spring Campaign, we are not even halfway to our goal. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Can you make a gift right now to make sure Common Dreams not only survives but thrives? There is no backup plan or rainy day fund. There is only you. —Craig Brown, Co-founder |
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."
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."
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."