BOB MAIOCCO LOSES ON ELECTION "KNIGHT" AS ELIZABETH WARREN WORKS TO BREAK UP WELLS FARGO

11:26 pm   206 minutes, 1,183 views!   About 6 views per minute!  Thank You Readers

All Time1988211

Today1183

Yesterday1390

This Month17296

Last Month35653

 

 a bad KNIGHT for Uncle Bob!

Elizabeth Warren wants the Fed to break up Wells Fargo

By Matt Egan, CNN Business

Updated 4:09 PM ET, Tue September 14, 2021

https://www.cnn.com/2021/09/14/investing/wells-fargo-elizabeth-warren/index.html

The push from Warren marks an escalation in her long-running campaign to hold Wells Fargo (WFC) accountable for ripping off customers.

"Every single day that Wells Fargo continues to maintain these depository accounts is a day that millions of customers remain at risk of additional negligence and willful fraud," Warren wrote in a letter sent to Federal Reserve Chair Jerome Powell on Monday. The New York Times first reported the letter.

Warren urged the Fed to revoke Wells Fargo's status as a financial holding company and require the company to separate its traditional banking activities from nonbanking activities. In effect, that would break up one of the nation's largest lenders. Warren pointed out the Bank Holding Company Act requires financial holding companies to be both "well capitalized" and "well managed."

 

11:26 pm