whoops:
http://www.youtube.com/watch?v=2N1g3Xps68g
I think the best part were Stumpf's response.. he never directly answered a question.
At one point he was asked, "who is held accountable for the issues such as Wachovia's bad decision making?" in reference to the recent NCUA suits (Wachovia was bought by Wells Fargo). He said, "Me, the buck stops here." .... so I guess he's.. going to handle it? I mean he has only been there a year so I don't fault him for all of the problems but, eh.. he stepped into the job, right? That same level of personal responsibility that so many people tout as being super important.
The best part is that the Indoctrinated suits up near the front gave Stumpf lipservice and started clapping to drown out the end of the mic check.
speech is on the youtube page but i'll post it here as well:
Quote:
Mic Check!
Mic Check!
John Stumpf
We won't take your home
but we will take a minute of your time.
Your leadership has led to
the death of the American Dream.
Wells Fargo is guilty
of widespread predatory lending
And holds over 5.7 billion in student debt.
Wells Fargo targets people of color
And the poor for high interest student loans,
urging loan officers to misreport income and forge documents.
Wells Fargo foreclosed
On hundreds of thousands of homes last year,
Many of them illegally.
Wells Fargo has been fined
85 Million dollars for its crimes,
You have issued no admission
Of guilt or apology.
Wells Fargo took 25 billion
In taxpayer dollars,
The larges bailout in bank history,
Yet reaped 4.1 billion last year
While paying no federal income tax.
You yourself made 19 million last year
Making you the highest paid bank CEO in America.
Furthermore
you invested nearly 100 million dollars
In racist for-profit prisons
While lobbying for harsher anti-immigrant legislation.
You are what is wrong with the culture of Wall Street.
A culture that values corporations
More than rights of "people" with hearts and minds.
A culture that buys politicians
And corrupts our democracy.
A culture that exploits the dreams
Of working class and middle class Americans.
For the benefit of the 1 percent.
John Stumpf
Have you no shame?
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