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The CEO of Wells Fargo was the target of more outrage on Capitol Hill Thursday. Testifying before the House Financial Services Committee, John Stumpf told lawmakers once again he’s “deeply sorry” for his company’s scandal over fake accounts. (Sept. 29)
By Renae Merle
John Stumpf, CEO of Wells Fargo, speaks during a House Financial Services Committee on Thursday (Andrew Harrer/Bloomberg)
For the second time in two weeks, John G. Stumpf, the long-time chief executive of Wells Fargo, entered into the halls of Congress to take a bipartisan beating from lawmakers over the bank’s role in a scandal involving the creation of hundreds of thousands of sham accounts to meet aggressive sales goals.
“Fraud is fraud and theft and is theft. What happened at Wells Fargo over the course of many years cannot be described any other way,” said Rep. Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee. Rep. Maxine Waters (D-Calif.) called the case “some of the egregious fraud we have seen since the financial crisis.” Wells Fargo has turned into a “school for scoundrels,” said Rep. Carolyn B. Maloney (D-N.Y.).
Stumpf has repeatedly apologized for those misdeeds and agreed earlier this week to forfeit $41 million in his own personal unvested stock and go without a 2016 bonus. “I am fully accountable for all unethical sales practices in our retail banking business, and I am fully committed to fixing this issue, strengthening our culture, and taking the necessary actions to restore our customers’ trust,” he told the House Financial Services Committee.
But the hearing quickly turned hostile as some lawmakers called for Stumpf to resign and questioned whether he should be criminally prosecuted.
“Why shouldn’t you be in jail?” Rep. Michael Capuano (D-Mass.) asked. “When prosecutors get hold of you, you are going to have a lot of fun.”
“Do you think …read more
Energy companies led a rally in Asian stock markets Thursday as investors welcomed news that OPEC nations planned to cut oil production for the first time in eight years in an effort to reduce a global glut.
Chelsea Clinton, daughter of Democratic presidential nominee Hillary Clinton, addresses the Democratic National Convention in Philadelphia in July. (Photo by Ricky Carioti/The Washington Post)
Speaking at a town hall at Youngstown State University over the weekend, Chelsea Clinton made a remark about the risks of marijuana use that left many drug reform advocates scratching their heads. The daughter of Democratic presidential candidate Hillary Clinton suggested that legal marijuana use had contributed to the deaths of people who were using other drugs simultaneously, due to a bad drug interaction.
A spokeswoman for Chelsea Clinton now says that the Democratic presidential candidate’s daughter simply misspoke.
An audience member had asked the younger Clinton about her mother’s support for changing the federal regulatory status of marijuana to allow more research into potential medical uses of the drug. Chelsea responded that Hillary Clinton supports more research, and that she supports the states experimenting with various medical and recreational regulatory regimes for marijuana.
Then she said the following:
But we also have anecdotal evidence now from Colorado, where some of the people who were taking marijuana for those purposes, the coroner believes, after they died, there was drug interactions with other things they were taking.
Marijuana advocates were perplexed by the apparent implication that marijuana could be deadly.
“The former and possible future first daughter of the United States acknowledges that marijuana has medical value, but she also seems to believe that cannabis use can lead to death,” wrote Tom Angell of the pro-legalization group Marijuana Majority in a piece for marijuana.com.
“Chelsea Clinton suggests marijuana is killing people,” blared a headline in High Times.
On its own, marijuana is not known to have …read more
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