While this is a great video, and while I agree 100% with everything she said, I have to wonder what the real-life repercussions of this to John Stumpf are.
Aside from a, maybe, awkward hour of being on the stand, he’s going to go home, enjoy his $230 million bonuses, his job and benefits safe, and there will be zero repercussions to him personally.
Sure, Wells Fargo stock took a beating as a result of this (i.e. his stock’s worth will drop somewhat) but ultimately WF stock will recover, because Wall Street analysts are both morons and greedy.
So, what exactly was achieved?
“If one of your tellers took a handful of $20 bills out of the cash drawer, they’d probably be looking at criminal charges,” Warren tells the bank’s CEO.