Monday, March 9, 2020

SENATOR DIANNE FEINTEIN'S PAYMASTERS AT CRIMINAL PLUNDER BANKSTERS WELLS FARGO RESIGN - BUT STILL NO PRISON TIME

ONLY OBAMA, HILLARY AND BILLARY CLINTON, AND BIDEN SERVED THE CRIMINAL BANKSTERS THAT ALL BUT DESTROYED THE U.S. ECONOMY MORE THAN WAR PROFITEER DIANNE FEINSTEIN. 

SHE IS A COMMITTED SLUT FOR BANKSTERS!



Wells Fargo Chairman Elizabeth Duke Resigns

Board member James Quigley also quits, ahead of Congressional hearing this week



Elizabeth Duke, shown in this 2010 file photo, is a former Federal Reserve governor who became chairman of Wells Fargo in 2018.

PHOTO: JOSHUA ROBERTS/BLOOMBERG NEWS

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Elizabeth Duke has resigned as chairman of Wells Fargo WFC -8.63% & Co.’s board of directors, days before she was set to testify at a congressional hearing on the continuing fallout from the bank’s 2016 fake-account scandal.
James Quigley also resigned from the board. Charles Noski, who joined the board in June 2019, will serve as chairman. Mr. Noski is a retired vice chairman and former chief financial officer of Bank of America Corp.
Ms. Duke and Mr. Quigley were set to testify before the House Financial Services Committee on Wednesday. Democrats and Republicans on the committee last week each released lengthy reports criticizing the bank’s efforts to clean up after the sales scandal. Maxine Waters, the California Democrat who chairs the committee, called on them to step down.
Ms. Waters called out both directors for neglecting their duties in dealing with regulators. In their report last week, the Democrats presented emails they alleged to show a lack of urgency. In one email, Ms. Duke asked why a regulatory request was being sent to her rather than a department manager at the bank. In another, Mr. Quigley asked to postpone a meeting because he was in the Galápagos Islands.
“Out of continued loyalty to Wells Fargo and ongoing commitment to serve our customers and employees, we recommended to our colleagues on the Board that we step down from our leadership roles and they have accepted our resignation from the Board,” Ms. Duke and Mr. Quigley said in a statement. “We believe that our decision will facilitate the bank’s and the new CEO’s ability to turn the page and avoid distraction that could impede the bank’s future progress.”
Ms. Duke led the effort to find a new chief executive last year after Timothy Sloan resigned. Charles Scharf, who took over as chief executive officer in October, is scheduled to testify before the Financial Services Committee on Tuesday.
Wells Fargo is on its third CEO since its fake-account scandal burst into public view in September 2016. The debacle badly damaged the bank’s reputation and its relationship with regulators.
The Federal Reserve in early 2018 imposed an unprecedented cap on Wells Fargo’s growth, and Mr. Scharf told investors in January that the bank still has 12 public enforcement actions. He said these issues won’t necessarily be resolved this year.
Ms. Duke joined Wells Fargo’s board in 2015, and became vice chairman in October 2016, shortly after the bank disclosed that branch employees had opened perhaps millions of fake accounts without customer consent. She replaced Stephen Sanger as chairman at the start of 2018, becoming the first woman to lead the board of one of the nation’s largest banks.
A Federal Reserve governor during the financial crisis, Ms. Duke also had served as an executive or CEO at a number of community banks in Virginia.
Write to Ben Eisen at ben.eisen@wsj.com

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