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Wells Chairman Out Following "Unbelievable, Outrageous" Scandal

Two weeks after the latest consumer scandal involving Warren Buffett's favorite bank, Wells Fargo, broke when the NYT reported that as many as 800,000 people who took out car loans from Wells were also charged for auto insurance they did not need, with many of them still paying for it, while some were forced to default as a result of this obligations, and just days after the NYC Comtroller Scott Stringer, said that what happened at Wells Fargo is an "unbelievable, outrageous, full-blown scandal"... 

This is a full-blown scandal — again. It’s unbelievable, outrageous, sad, and yet quintessential Wells Fargo. This isn’t just a corporate debacle. It’s caused real human harm. It’s reflective of a system that Americans feel is rigged against the little guy, and sadly symbolic of a culture that puts short-term profits ahead of creating sustainable value for shareowners. Everyday families have suffered and tens of millions of hard-earned dollars were stripped from unsuspecting Americans, many of whom are struggling just to get by. In the end, shareowners ultimately suffer the long-term consequnces.

... moments ago Dow Jones reported that Wells Fargo Chairman Stephen Sanger is likely to step down.

  • WELLS FARGO NONEXECUTIVE CHAIRMAN SANGER LIKELY TO STEP DOWN -- SOURCES
  • WELLS FARGO ACTIVELY WEIGHING BOARD CHANGES -- SOURCES
  • WELLS FARGO VICE CHAIR ELIZABETH DUKE COULD REPLACE SANGER -- SOURCES
  • WELLS FARGO PLANNING TO NAME AT LEAST ONE NEW DIRECTOR BY LABOR DAY -- SOURCES

And now the lawsuits begin.