Public Banking Institute News: Sept. 29, 2016
Hi Hazel! —
Lawmakers Declare Wells Fargo a “Criminal Enterprise”
Rep. Michael Capuano (D-Mass.) declares Wells Fargo CEO John Stumpf is “clearly and unequivocally guilty” of a range of crimes, including conspiracy to commit fraud, conspiracy to commit identity theft, and racketeering. He and other members of Congress state that Stumpf is running a “criminal enterprise” and should be fired or even jailed. Read more HERE.
California Imposes Sweeping Sanctions on Wells Fargo
California’s state treasurer, John Chiang, has announced he is suspending major parts of the state’s business relationship with Wells Fargo because of the scandal involving unauthorized customer accounts. “How can I continue to entrust the public’s money to an organization which has shown such little regard for the legions of Californians who have placed their well-being in its care?” Read more HERE.
Wall Street Gives Execs Incentives to Commit Crimes
We absolutely need to consider criminal charges and more enforceable pay clawbacks to hold executives accountable. But we also need to address the inherent problems of equity pay and the costs these executive pay practices impose on the American public. Read more HERE.
Fed Monetary Policy Held Hostage by Wall Street Banks
American banking has now evolved from too-big-to-fail to too-big-to-prosecute to too-big-and-dangerous-to-return-to-normal-monetary-policy. This is why the 401(k) and Wall Street’s hostage-taking of the Federal Reserve warrants serious consideration in Congress – which might happen were it not being held hostage by Wall Street’s campaign financing. Read more HERE.
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Are you ready for an alternative to the greed that goes unfettered and unchecked?
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