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Business

Wells Fargo's CEO accused of dumping stock

Opening sequence

Opening sequence

Business

Wells Fargo's CEO accused of dumping stock

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COMING UP:Wells Fargo's CEO accused of dumping stock

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Transcript

00:00:00
>> That your bank, Wells Fargo, has given the entire financial service industry a black eye.>> Wells Fargo CEO, Jonathan Stumpf, facing bipartisan hostility Thursday, the likes of which haven't been seen since the financial crisis. Members of the House Financial Services Committee berating Stumpf for the corporate culture that permitted the creation of 2 million bogus accounts to go unchecked at the bank for years.
00:00:26
And, there was this startling accusation that Stumpf sold $13 million worth of Wells Fargo shares, around the same time he learned about the fake accounts.>> Did you dump the stock after you found out about the fraudulent accounts? Because it seems that the timing is very, very suspicious, and it raises serious questions.
00:00:51
>> I did not sell shares at the time because anything related. I sold those shares, and I sold them with proper approvals, with no view about anything that was going on, with sales practices, or anything else.>> That answer, and most of his others, didn't go down well.
00:01:09
>> You and your entire leadership team are clearly and unequivocally guilty of at least conspiracy to commit fraud, conspiracy to commit identity theft. Clearly racketeering, which is something a lot of my friends know something about, and probably a dozen other crimes.>> You've clearly failed in your own ethical standards internally.
00:01:32
You have broken, and your company has broken, long standing law.>> Leaving Stumpf with no other choice but to apologize profusely.>> I am very sorry that we broke trust with our customers, our communities, the American people. I am deeply sorry for that.>> He's forfeiting $41 million in compensation because of the scandal, and says he wants to stay on board to make sure customers are made whole.
00:01:58
But that plea to save his job, falling on deaf ears on both sides of the aisle.