Lawmakers ask Wells Fargo CEO: 'Why shouldn't you be in jail?'
WASHINGTON — Angry lawmakers heaped another round of blistering criticism on Wells Fargo's CEO, pressing Thursday for details about what senior managers knew about allegedly illegal sales practices and when any concerns were disclosed.
Chief Executive John Stumpf, newly stripped of tens of millions in compensation, told the House Financial Services Committee that the bank is expanding its review of accounts and will evaluate executives' roles. But as during the grilling he received last week from a Senate panel, Stumpf remained on the defensive.
Several lawmakers, both Republican and Democrat, alleged that Wells Fargo's sales practices may have violated federal laws, including the federal racketeering laws, which would constitute a criminal offense. Federal regulators have not said if they have referred the Wells Fargo case to the Department of Justice.