FOR IMMEDIATE RELEASE
Monday, April 24, 2017
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com
Washington, D.C. – With Wells Fargo’s shareholders voting for Board members at the Annual meeting this Tuesday, April 25th, Better Markets is releasing a Fact Sheet entitled “Why the Wells Fargo CEO and Board Must Go: Whitewash, Cover Up and Dereliction of Duty.” The Fact Sheet contains the following sections:
- The Whitewash and Cover Up
- CEO Sloan’s Claims to Know Nothing Aren’t Credible
- CEO Sloan’s Involvement in the Cover Up
- The Board of Directors’ Dereliction of Duty
- The CEO and the Board Must Go for the Protection of Customers, Investors and the Public
“The scope and scale of the illegal activities at Wells Fargo are staggering, went on for more than 15 years and involved thousands of employees at hundreds of locations. The bank’s CEO, CFO and Board of Directors claim that they were ignorant of all this, didn’t see 15 years of big, billowing red flags and deserve to keep their jobs. But, ignorance is no defense and, here, it borders on willful blindness. At best, it is an incomprehensible dereliction of duty. They should have known about this shocking crime spree. They did not and they should not be rewarded for their too-little, too-late actions that amount to little more than a whitewash and cover up of their failings,” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit advocacy organization promoting the public interest in the financial markets.
[The Fact Sheet can be found here.]
###
Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.
