Opinion: Wells Fargo CEO earned his bipartisan wrath

To the editor: The Senate Committee hearing made a compelling case that Wells Fargo Bank committed fraud when opening and maneuvering account services without the customer’s approval or knowledge.

( “‘You should resign’” Sept. 21, “Wells’ poor excuse for a CEO,” Business, Sept. 21 and “Wells is not likely to aim at pay,” Business, Sept. 20)

I agree with Sen. Elizabeth Warren (D-Mass.) who rightfully stated that the CEO should face criminal investigation.

The idea of accepting fines from the company and having a CEO take “full responsibility” is no longer acceptable.

This process will appear to be “rigged” to many if criminal charges and criminal convictions are not gotten. White collar crimes should have the same treatment as street level crimes.

Roy Fassel, Los Angeles

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To the editor: The Wells Fargo scandal reminds us of the importance of investigative reporting by the print media.

Without The Times’ expose in 2013, the activity likely would have continued much longer. Even with The Times’ good work, correction was slow to come because of immense political power.

TV “news” tends to be entertainment, often in the form of silly, nice-looking people shouting their ill-informed opinions at each other. Considering the enormous influence of Wall Street’s power fueled with campaign contributions, we need newspapers and magazines to hold people accountable.

To citizens I say: support the print media or brace yourself for accelerating corporate misconduct and political corruption.

Gary Colboth, Long Beach

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To the editor: Michael Hiltzik’s column about the egregious behavior of Wells Fargo’s senior management is right on point.

As Warren noted, CEO John Stumpf either knew what had transpired and if so was responsible, or if he didn’t know, then he was incompetent. In either case, he should resign. His testimony before the senate committee was gutless.

Thank god for the reporting of The Times in exposing this scandal. Now maybe the Republicans in Congress will stop trying to dismantle the Consumer Financial Protection Bureau.

Michael B. Natelson, Newport Beach

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To the editor: I think Hiltzik’s opening paragraphs can be applied to the senators on our armed services committee and the state of healthcare for our veterans.

Why do the senators still have a job? Decline of morality starts from Washington. I think the only way to improve is if they have to “drink from the same trough.” For starters, provide healthcare for all members of Congress, their staff and their families through VA facilities.

Let them experience the same as our vets. Then, I bet, at the next budget cycle, loads of funding will be found to improve VA medical facilities.

Why do our politicians still have their jobs when we run deficits — Stumpf won’t have his if Wells was losing money — when our vets are neglected?

Andrew Ko, San Marino

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To the editor: If it were up to me, the amount of money those upper echelon executives made on their Wells Fargo stock between 2011 and 2016 should be distributed to the poor souls who lost their jobs following orders. Taxes to be paid by the executives.

I’d also like to point out that Donald Trump has repeatedly spoken out against the Consumer Financial Protection Bureau and other related consumer protection agencies.

Nicholas Orchard, Long Beach

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To the editor: The fit is just too perfect to be real.

Wells Fargo CEO Stumpf testified in Congress about how the bank, under his leadership, defrauded millions of customers who didn’t know any better.

Meanwhile, elsewhere in America, Donald Trump (whose ancestral family name apparently was Drumpf) is running for president, trying to abscond with the votes of millions of citizens who should know better.

What the “umpf” is going on here?

Jeff Pollak, La Crescenta

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To the editor: Senators, express your outrage as much as you can. If Stumpf leaves, he will go out as a very wealthy man.

Capitalism without conscience will not work well.

Seymour Levin, Los Angeles

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