THIS is a huge victory for the American financial consumer and against the bank-financial cabal on wall street. But it isn't over. john stumpf resigned (watch Sen Warren grill stumpf) as ceo of wells fraudgo/fargo and lost his $41 million severance package. He still has the profits he made from the fraud committed while ceo, and he has yet to be criminally charged. +Senator Elizabeth Warren D MA is pushing for the last two to happen. It is because of her the CFPB has the power and authority to regulate, investigate and punish the greed of the financial wall street powers that be. They are not to big to be challenged and held accountable by the CFPB. Now it is time for the Dept of Justice and the Securities and Exchange Commission to take action. This is followed by a report from +The Huffington Post on Sen Warren challenging sec chair mary jo white on her lack of regulation of investment and financial institutions. Watch the video from the Young Turks explaining why wall street hates Sen Elizabeth Warren. We need to keep Sen Warren in the Senate, please consider donating to her re-election campaign, and to other +BoldProgressives endorsed senate candidates (I did). With Hillary Clinton as president and the US Senate returned to the Democratic Party we can work together to keep America great and even make it greater for all Americans.
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BIG UPDATE: Wells Fargo CEO/bankster grilled by Elizabeth Warren suddenly quits! (Next stop jail?)
And Sen. Warren isn't finished with him yet!
CNBC reports: Warren renewed her assertion that Stumpf should be criminally investigated. She has previously said that change would only come to Wall Street if executives faced a real threat of jail time.
Thanks for being a bold progressive. -- Keith
EARLIER E MAIL
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Yesterday, the CEO of Wells Fargo sat in front of the Senate Banking Committee and tried to blame low-level employees making $12 an hour for one of the most widespread frauds we've ever seen.
Elizabeth Warren wasn't having any of it.
She told him what prosecutors should have said months ago:he should resign, give back his bonuses, and face criminal charges.
This is why we elected Senator Warren -- to stand up to Wall Street fraudsters. Now she's pushing for criminal investigations, and with all the press coverage she's getting after yesterday's hearing there's real momentum.
John Stumpf, the CEO of Wells Fargo, is the #1 highest paid bank CEO in the country. And yet he claims that only low-level employees should be held accountable for a scam his company was running for at least 5 years, affecting millions of accounts.
Here's what happened: Wells Fargo created over two million bogus bank and credit card accounts using their customers’ personal information without their knowledge. When customers started getting hit with overdraft fees and late charges on accounts they didn't even know existed, Wells Fargo saw their profits soar.
The Los Angeles Times first uncovered the scam in 2013, but government investigators have found that it continued right up until this year.
As a result of the scandal, Wells Fargo has fired over 5,000 low level employees -- and not one single member of senior leadership.
Senator Warren is pushing hard for the SEC and Justice Department to prosecute the executives who oversaw and profited from Wells Fargo's fraud.
Thanks for being a bold progressive. And for supporting this bold progressive who does us proud -- Senator Elizabeth Warren.
-- Keith Rouda, PCCC organizer
Want to support the Warren wing? Senator Elizabeth Warren says, "When PCCC members donate millions in small-dollar donations and make millions of phone calls for progressive candidates, leaders in Washington, they take notice." Chip in $3 here.
Elizabeth Warren Asks Obama To Replace Wall Street Regulator For ‘Brazen Conduct’
The progressive firebrand has long warred with SEC Chair Mary Jo White, a former corporate lawyer.
GARY CAMERON / REUTERS
WASHINGTON ― Sen. Elizabeth Warren (D-Mass.) on Friday asked President Barack Obama to replace the government’s top securities regulator for “brazen conduct” that “hurts investors, undermines administration policy, and willfully misinterprets congressional mandates.”
Warren is taking aim at Securities and Exchange Chair Mary Jo White, a former prosecutor and corporate lawyer who has long supported limiting corporate disclosures to investors. White is an Obama appointee who identifies as a political independent and often sides with a Republican commissioner. She has been in Warren’s crosshairs for years.
For years, White has scuttled a rule Congress ordered the SEC to write that would require companies to detail their political spending. By delaying the rule, White gave Republican lawmakers an opportunity to delay it even further by including language in must-pass government funding bills to put off the disclosures. Whitepublicly criticized another rule mandated by Congress that would have required the companies to disclose their use of conflict minerals ― natural resources that are mined to fund brutal violence in the Democratic Republic of the Congo. A federal court eventually negated the law, citing White’s speech against it.
In her Friday letter to President Obama calling for White’s dismissal, Warren noted that the SEC has neglected to write 19 regulations required by the 2010 Dodd-Frank law.
“She has failed to complete disclosure mandates Congress enacted in the wake of the 2008 financial meltdown, while simultaneously devoting the SEC’s limited discretionary resources to a far-reaching, anti-disclosure initiative cooked up by big business lobbyists seeking to reduce the amount of information public companies must make available to their investors,” Warren wrote.
It would be very unusual for the president to remove the SEC Chairman. SEC Commissioners are appointed with the approval of the United States Senate. But under an obscure regulation, the president has the authority to designate which of the five SEC Commissioners serve as the Chairman. There are currently only three SEC Commissioners, due in part to Republican obstruction of Obama appointees. White’s term ends in 2019, but removing her as chair and naming Democratic Commissioner Kara Stein in her place would allow another leader to set the agency’s agenda.
Warren railed against White in a June congressional hearing, saying she was “more disappointed than ever” over the SEC’s efforts to scale back corporate disclosures. White insisted the disclosures unnecessarily burden companies.
“I’ve never heard of the idea that investors want less information than they’re getting,” Warren said. “Let’s be honest about this. I cannot find and you have not produced a single investor who has complained to the SEC about getting too much information.”
The spat came amid a review of possible updates, released in April, to SEC rules that would require businesses to disclose financial risk posed by global warming, or government crackdowns on corporate profits stashed in offshore tax havens.
“More than a million people, including countless investors and former SEC commissioners, are pushing the agency to require publicly traded companies to disclose their political contributions,” Warren added.
At the same hearing, Sen. Charles Schumer (D-N.Y.) piled on criticism of the SEC for failing to require companies to disclose their political contributions.
“You’re hurting America,” Schumer told White. “Your priorities are out of line with what corporate America needs and America needs, and I hope when you go to bed late at night, you would think about that.”
Proof Wall Street Hates Elizabeth Warren
Warren over the summer pilloried the SEC for failing to finalize rules and waivers, and for settling cases without obtaining guilty pleas. She also criticized links between the companies White oversees, and both the law firm where she once worked, and the one her husband currently runs.Warren’s push for White’s ouster comes on the heels of her victory against Wells Fargo, embroiled in a scandal over widespread fraud. During a congressional hearing last month, Warren speared now-retired CEO John Stumpf. She called for him to resign and be “criminally investigated.” Days later, the bank’s board forced Stumpf to forfeit $41 million in unvested stock and give up his $2.8 million annual salary. He resigned on Wednesday.Warren, who has served as an outspoken surrogate for Democrat Hillary Clinton’s presidential campaign, appears to be staking out her place in a future administration. Last month, Warren ― who has repeatedly attacked Republican nominee Donald Trump on Twitter in recent months ― signaled she would try to stop any appointment of big bank executives to Clinton’s cabinet.“We believe Sen. Elizabeth Warren is succeeding in establishing herself as the chief financial policymaker in a potential Clinton White House,” Jaret Seiberg, managing director at the financial research firm Cowen Group, wrote in an investor memo last month. “She has threatened to stop Clinton nominees with ties to BlackRock and other firms. And she is using the bully pulpit to shape the debate over the Wells Fargo cross-selling controversy.”
Published on Oct 11, 2016
Leaked emails show just how much Wall Street can’t stand Elizabeth Warren. Cenk Uygur, host of The Young Turks, breaks it down. Tell us what you think in the comment section below. CLICK HERE to become a Wolf PAC member
http://www.tytnetwork.com/wpmember
“WALL STREET DONORS have used their financial relationship with the Democratic Party to complain bitterly about Sen. Elizabeth Warren’s, D-Mass., influence over the direction of the party, a new fundraising document reveals. At one point, the Democratic lawmaker in charge of raising cash for House Democrats attempted to reassure donors by pointing to a news story claiming that Warren does not speak for the party.
The document, a fundraising summary compiled by the Democratic Congressional Campaign Committee, provides a window into the relationship between the Democrats and major interest group donors. The party held meetings with donors such as Goldman Sachs and General Electric and carefully compiled their concerns, even when they whined about core progressive goals. It’s an awesome example of how money greases the wheels of Washington, D.C.
The notes were compiled on behalf of Rep. Ben Ray Luján, D-N.M., the chair of the DCCC, providing a summary of his fundraising meetings with various corporate and union donors. The DCCC did not respond to a request for comment.”
Read more here: https://theintercept.com/2016/10/11/w...
http://www.tytnetwork.com/wpmember
“WALL STREET DONORS have used their financial relationship with the Democratic Party to complain bitterly about Sen. Elizabeth Warren’s, D-Mass., influence over the direction of the party, a new fundraising document reveals. At one point, the Democratic lawmaker in charge of raising cash for House Democrats attempted to reassure donors by pointing to a news story claiming that Warren does not speak for the party.
The document, a fundraising summary compiled by the Democratic Congressional Campaign Committee, provides a window into the relationship between the Democrats and major interest group donors. The party held meetings with donors such as Goldman Sachs and General Electric and carefully compiled their concerns, even when they whined about core progressive goals. It’s an awesome example of how money greases the wheels of Washington, D.C.
The notes were compiled on behalf of Rep. Ben Ray Luján, D-N.M., the chair of the DCCC, providing a summary of his fundraising meetings with various corporate and union donors. The DCCC did not respond to a request for comment.”
Read more here: https://theintercept.com/2016/10/11/w...
