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21, 2013." Holding up a printout of a form Stumpf filed, Maloney said it "shows that on Oct. 30, 2013, you sold $13 million worth of Wells Fargo stock on the open market. That is by far the largest open-market sale of Wells Fargo stock that you made in your nine years as CEO. "So my question is: Did you dump $13 million of Wells Fargo stock, which you did through your family trust, right after you found out that your bank had been fraudulently opening hundreds of thousands of scam accounts, ripping off your customers?" In response, Stumpf began, "Thank you for your question. First of all, the vast majority of our employees go to work every day" but Maloney cut him off: "Excuse me, that was not my question." After Maloney reiterated that the timing of the sale was "very, very suspicious, and it raises serious questions," Stumpf said that he currently holds "four times as many" shares as he's required to hold. The Wells Fargo CEO eventually told Maloney, "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." In response, Maloney said, "Well, it seems very, very suspicious that your largest sale was right after your $1.8 trillion bank was turned into a school for scoundrels." By firing thousands of lower-level employees, Stumpf shifted blame, Maloney said. Noting that some of those former employees are now suing the company, she added, "It seems that when you found out about the fake accounts, instead of helping your customers, you first helped yourself." And here's a sample of Stumpf's exchanges with McHenry, whose home turf includes two banks that are now part of Wells Fargo First Union and Wachovia. The bank has thousands of employees in North Carolina. "What's sad to me is the impact of this on them," McHenry said, noting that Stumpf had trumpeted the mergers as a blend of compatible corporate cultures. McHenry then recited from Wells Fargo's code of ethics, particularly the CEO's message, which includes this line: "We are all responsible for maintaining the highest possible ethical standards in how we conduct our business and serve our customers." The congressman noted that the code also lays out principles of accountability at every level of the bank.
For orignal source article visit this http://www.npr.org/sections/thetwo-way/2016/09/29/495914359/wells-fargo-ceo-john-stumpf-faces-house-panel-over-fake-accounts?utm_medium=RSS&utm_campaign=storiesfromnpr