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Business

Wells Fargo scandal emboldens fight against big banks

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Opening sequence

Business

Wells Fargo scandal emboldens fight against big banks

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COMING UP:Wells Fargo scandal emboldens fight against big banks

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Transcript

00:00:01
>> Think the sacking of Wells Fargo CEO John Stumpf is enough to quell the growing furor in Washington and Main Street over misbehaving banks? Think again.>> The only way that Wall Street will change is if executive's face jail time.>> Senator Elizabeth Warren, who rode to prominence in an anti Wall Street crusade, tweeting a bank CEO should not be able to oversee a massive fraud and simply walk away to enjoy his millions in retirement.
00:00:30
Reuters breaking news columnist Anthony Curry says that's an indication of where the fight goes next.>> I think the first thing she's gonna do is try and focus on getting John Stumpf to pay back even more money. Right, and there's a chance that'll happen, there's no employment contract for him at Wells Fargo.
00:00:45
So he has probably 100 million or so of stock that's already vested. She could push for the board to claim back more of that if she wants to.>> And she's not alone. Both sides of the aisle showing outrage that a mom and pop bank would essentially steal money from customers by opening bogus accounts.
00:01:03
For Democrats, who've wanted to break up big banks and stop too big to fail every since the financial crisis, the Wells Fargo scandal plays right into their hands.>> Problem is everytime we get to the point where we think banks are no longer doing anything wrong, something else comes along to remind us that there's still a problem.
00:01:20
>> So where does that leave those who've tried to stop Wall Street reform?>> Even Republican who believes that big banks should remain big banks, there's no way you can ignore the huge numbers that have come out of this Wells Fargo scandal. It's a five year scandal and possibly extends back way beyond 2011.
00:01:36
5,300 bankers were fired as a result of it, and 2 million fake accounts possibly were created. There's no way you can avoid that and just sweep it under the carpet as a politician. You have to stand up and be counted.>> Other bankers, beware. Lawmakers have already warned, they think aggressive selling tactics are rampant in consumer banking and intent on digging until they've found an answer.