Wells Fargo CEO Stumpf Faces Senate Grilling

The transcript discusses the Wells Fargo scandal involving unauthorized accounts, employee firings, and executive bonuses. It questions management's accountability and explores legal actions like clawbacks. The Senate's role in investigating and potential legislative responses are highlighted, along with the impact of campaign contributions on ethical considerations.

What was the main issue with the Wells Fargo scandal?

• Unauthorized opening of customer accounts

• Lack of online banking features

• High interest rates on loans

• Poor customer service

How many employees were fired due to the Wells Fargo scandal?

• 10,000

• 5,300

• 1,000

• 3,000

What was the role of the CEO during the Wells Fargo scandal?

• Actively involved in the scandal

• Resigned immediately after the scandal

• Unaware of the unauthorized activities

• Highest paid bank CEO in the country

What is a 'clawback' in the context of the Wells Fargo scandal?

• A method to recover bonuses paid to executives

• A strategy to increase customer accounts

• A new banking regulation

• A type of loan offered by Wells Fargo

What might happen if the Senate does not get satisfactory answers from Wells Fargo?

• The scandal will be ignored

• Further subpoenas and investigations

• Immediate closure of Wells Fargo

• Reduction in bank fees

What legislative action is being considered in response to the Wells Fargo scandal?

• Eliminating the Consumer Bureau

• Strengthening executive compensation regulations

• Rolling back consumer protection rules

• Increasing bank fees

How might campaign contributions affect Senate actions regarding the Wells Fargo scandal?

• They are illegal

• They have no effect

• They could influence decisions

• They lead to immediate action