Quantcast
Connect with us

‘Good’ says Elizabeth Warren after Trump bank regulator calls her tough questioning on Wells Fargo ‘insulting’

Published

on

Sen. Elizabeth Warren made clear Wednesday that she has no sympathy for one of the Trump administration’s top bank regulators after he called a tough line of questioning on Wells Fargo “insulting.”

“Good,” responded Warren, a 2020 Democratic presidential candidate, after Office of the Comptroller of the Currency (OCC) chief Joseph Otting objected to the Massachusetts senator’s criticism of the Trump administration’s bank-friendly regulatory practices and lack of transparency.

ADVERTISEMENT

The Massachusetts senator pushed Otting on his plan to keep secret the Trump administration’s assessment of the successor to former Wells Fargo CEO Tim Sloan, whose scandal-plagued tenure ended with his abrupt resignation in March.

Warren—who frequently called for Sloan’s ouster and applauded when he stepped down—asked Otting to commit to “publicly disclosing the OCC’s evaluation of the ‘competence, experience, character, or integrity’ of the next Wells CEO.”

When Otting refused—citing his “prerogative”—and claimed “no one has been more tougher [sic]” on Wells Fargo than himself, Warren said, “At the OCC? That’s a low bar.”

“I find that insulting that you would make that comment,” said Otting, to which Warren replied, “Good.”

Watch the exchange, which took place at a Senate Banking Committee hearing:

ADVERTISEMENT

Warren proceeded to highlight the widespread impact Wells Fargo’s massive fake account scandal had on millions of Americans.

ADVERTISEMENT

“You know, people all across this country were scammed and squeezed by Wells Fargo,” said Warren. “Their houses were taken away, their cars were stolen, because the bank’s executives were more concerned about making mountains of money than about following the law.”

“And the OCC never uttered a peep about their executives who were leading this. The OCC blew it once by letting Tim Sloan take over. This time, you need to show your work and make your supervision public. That way consumers and Congress can hold you accountable.”

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2020 Election

Trump Jr ripped for ‘hypocrisy’ and ‘stupidity’ as group releases new #ByeDonJr ad

Published

on

Continue Reading

Breaking Banner

‘Odd Radio Circles’ perplex astronomers studying the newly discovered phenomenon

Published

on

Astronomers believe they have discovered a new, bizarre type of cosmic object that is invisible to all wavelengths of light except radio.

This story originally appeared at Salon.

The strange circular objects in question have been unofficially dubbed "Odd Radio Circles" (ORCs); three of them were discovered in a recent data accumulated during a preliminary survey by the Australian Square Kilometre Array Pathfinder, a radio telescope array in Western Australia. A fourth Odd Radio Circle was discovered when researchers sifted through old data from 2013.

Continue Reading
 

Breaking Banner

Bill Barr quietly pulls off a shake-up in a federal prosecutor’s office — but why?

Published

on

Attorney General Bill Barr’s attempt last month to push U.S. Attorney Geoffrey Berman out of his position at the Southern District of New York blew up in his face. While Berman was ousted, Barr didn’t get the replacement he wanted, and House Democrats are now investigating.

But last Friday night, Barr successfully pulled off a similar maneuver in the Eastern District of New York. Richard Donoghue no longer leads that office, as he has taken the position of principal associate deputy attorney general at Main Justice. Seth DuCharme, who had been principal associate deputy attorney general and worked under Barr, will now serve as the acting U.S. attorney for EDNY.

Continue Reading
 
 
You need honest news coverage. Help us deliver it. Join Raw Story Investigates for $1. Go ad-free.
close-image