Sen. Elizabeth Warren, D-Mass., applauded news that the Wells Fargo CEO Tim Sloan for his resignation, announced Thursday.
(Associated Press )
Sen. Elizabeth Warren, D-Mass., tweeted their joy in response to the news that the Wells Fargo CEO Tim Sloan step down from his position on Thursday after a 31-year career at the financial institution
“About fucking time. Tim Sloan should have been fired a long time ago. He activated Wells Fargo, massive fake accounts, cheating, got rich, & then helped cover up for him. Now, we make sure that all the people that get hurt by Wells Fargo of fraud, are owed to the relief,” published by Warren, who has long crusaded against the shady practices of Wall Street and the big banks.
The 2020 presidential candidate was among the most ardent critics of Sloan, 58, and Wells Fargo, which has been besieged by scandals in recent years He is reported to retire from the lender at June 30 and be replaced by the company’s general counsel, All of Parker on an interim basis, Bloomberg.
“It has been shown that the focus has to me a distraction, to move the impact of our ability to successfully Wells Fargo forward,” said Sloan in a conference call after the announcement.
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Sloan calls had faced for his resignation since taking the helm of the fourth largest bank in the United States in the year 2016, with the mission to clean him, after his predecessor was forced to. Critics, including Warren, and other Democrats, had the feeling that Sloan was up to the task, after a series of high-profile scandals that included employees illegally opening fictitious accounts in the clients name to the ambitious sales targets and overcharging customers for mortgages and car loans.
Both scandals resulted in the Wells-Fargo-pay penalties in the amount of billion.
In a series of tweets Thursday, Warren an examination of the CEO for his role in ” Wells Fargo’s crimes called for.
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“By the way, fired the end of the story for Tim Sloan. He should not shield a Golden case. He should be investigated by the SEC and the DOJ, for his role in all of the Wells Fargo fraud. And if he is guilty of the crime, he should be locked up like all the others,” she posted.
At a contentious House Financial Services Committee hearing earlier this month, New York Rep. Alexandria Ocasio-Cortez, Wells accused Fargo of the “financing of the caging of children,” and suggested it to the cost of the oil spill and climate change.
During the same meeting, at the mit Sloan tried again and again the concerns expressed by the legislature, that he did not act quickly enough, the lender of the long list of scandals.
“With all this experience, and the length of time that you have been there, the roles that you played, you were not able to keep up, Wells Fargo out of trouble, you will keep getting fined,” panel Chairman Maxine Waters, D-Calif., said. “Why should Wells Fargo will continue to be the size that it is?”
News of Sloan’s met the departure with the cheering of Democrats.
“Tim Sloan needed to go, and he should not payout a huge with him. But Wells Fargo’s mismanagement over more than a CEO of this bank is in need of a complete change in perspective,” Sen. Sherrod Brown from Ohio tweeted Thursday.
“Thank u”, “next” tweeted California Rep. Katie Porter.
Some Republicans were so happy to see Sloan go.
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“The bottom line is that we have not seen the kind of cultural or institutional change, said so urgently needed in the case of Wells Fargo,” Patrick McHenry, the top Republican seats on the House Financial Services Committee.
Sloan, who is entering retirement, with a standard-quiet package and has stock options of approximately $24.5 million.
The Associated Press contributed to this report.