The ceo insisted there was no massive fraud. We will ask you today about the Banking Industry. If you think it needs more oversight in light of the new revelations at wells fargo. Different lines you can call us on. If you work for a bank, 2027488000. If you are a wells fargo customer, 2027488001. Ll others, 2027488002 if you want to give your thoughts on the Banking Industry , you can go to twitter or facebook. You can see this on cspan. This shows the backandforth nature of what took place. The headline and senatorrgo ceo Elizabeth Warren. Heres the story again, that hearing before the Senate Banking committee. You can watch it on. Ww. Cspan. Org heres a portion of that hearing from yesterday. [video clip] Elizabeth Warren the wells we believeent says in values lived, not phrases memorized. If you want to find out how strong a companys ethics are, dont listen to what its people say, watch what they do. Lets do that. Since this mass of years long scam came to light, you have said repeatedly i am accountable. But what have you actually done to hold yourself accountable . Have you resigned as ceo or chairman of wells fargo . The board have you resigned . I have not. Have you returned one nickel of the millions dollars you were paid while the skin was going on this scam was going on the board will take care of that. Have you returned one nickel of the money you earned by the scam . The board will i will take that as a no, then. Host your thoughts on the Banking Industry. If you work in the Banking Industry, 2027488000. Wells fargo customers can call us at 2027488001. Everyone else, 2027488002. Member of the Banking Committee with an op ed taking a look at the situation we start with john this morning. Rom jacksonville, florida a member of the Banking Industry. Caller good morning. I want to congratulate Elizabeth Warren on her performance. Tohing is going to happen bankers. The bankers and Corporate America pay the salaries of these politicians paid they own them. Washingtonl sit in these politicians. Is guy will sit in washington. N getting rid of glasssteagall it continues with obama bailing the banks out. What do we have to do to get these people to go to jail because they broke the law . Host why do you think nothing happens . You mentioned the funding or compin Campaign Contributions. Caller somebody needs to go to jail and the need to pay back the american citizens they ripped off. Host what do you do . Caller i would rather not say. Being on the very bottom of the Banking Industry, we have to work. , they needat the top to pay the price. Host gabriel in North Carolina on our line for others. Good morning. Go ahead. Caller good morning. Thanks again for this program. Thatn is one of the jewels keeps this industry of things moving in the right direction. Elizabeth warren is the champion. She is the only one that stood up to what really happened. Five years i want people to know that. Anybody just tuning in this morning, five years this went on. Their stock prices went up tremendously. They made so much money off the idea of just adding simple , what is most me frustrating is that people dont realize the connection that is there. You dont realize the Campaign Finance system, which seems at first glance like its not related, it absolutely is, 100 , largemoney a large amount of the conglomerate Campaign Contributions being made to even those members that were on the Senate Committee and oversight those people were taking a very dos ill approach. Docile approach. , with thetors exception of Elizabeth Warren, was the only one that called for legislation actual removal of ,his individual, mr. Stumpf everyone else was tiptoeing. Scandalsee all the candl stuff they put on hillary . Everybody listening this morning, there is an organization that has been rted between each state five states have signed onto it. This is a group aimed at trying to reverse citizens united. Go online and type in wolfpack. Hollywood, florida, a member of the Banking Industry. Rachel, hello. Caller i want to thank you for what youre doing. Voicing this problem that is going on. A bank in florida as a teller for three years. I left and went into marketing and got laid off from my job with 200 other people, so i went back to the branch. I spoke to my colleagues and said i would like to come back. You dont want to come back to our company, it is not the same company we were working here. If we were you, we would stay in marketing. Pressureyou think that came from the additional regulation that banks received after the financial crisis . Caller im not sure where the pressure came from. Its obvious its the tellers and the bottom floors of the bank that have all this pressure and are responsible for making all this money while the executives sit back and collect off of our labors. Host lets hear next from mary lou. Shes on our line for others. Caller it makes me mad when it comes to the financial institutions. Tried to go to court when it came to mortgages and everything because wells fargo tried to scam a lot of the blacks down been as well angst have banks have been profiting off of the poor. There is a website i had found over a decade ago, maybe around peopler 2000, about talking about wells fargo and other businesses that were ripping people off. I found wells fargo at the clinton bureau i did not even know who they were. They been corrupt for so long, destroying a lot of peoples credit. I would not trust banks with a 10 foot pole. Host three lines today. 2027488000 for those of you in the Banking Industry. 2027488001 four wells fargo customers. All others, 2027488002. It wells fargo customer calling us from east petersburg, pennsylvania. Jim, good morning. Caller good morning. Todaymotivated to call because i have some experience with wells fargo. The latest news is disheartening thenot only myself who longer does business with wells fargo because of 2008 meltdown i was one of their best customers, i had a large real estate portfolio. I was looking for a bit of relief because it was getting incredibly tight, especially for those folks that dont live in the 2 category. Just by a mere question, not only was i mistreated as a didon, but then they something to my account, they moved it over, reached out, did something i could not even control and it took months to figure it out. I was struggling to stabilize my portfolio. Up navigating through that situation. The deception and corruption is not at the level of Customer Service. It is at the heads of that corporation. Thew a little clip about ceo getting asked some basic questions and he was avoiding over doing the typical governance host in light of all the regulation banks get now, would you see more of it being a solution to this . Proponentthink im a for regulation, but the problem always is not the rules, not the laws, not the regulations, its the awareness and enforcement of them. When we have something, we see it is blatantly wrong, we get lies and deception. The board will take it, the board will address that and then it goes to the board and it gets washed into nothingness. Scapegoatthey find a and very rarely do we get justice. Is for real americans to make decisions with their dollars like i did. Do not continue to support wells fargo. The wall street journal with whipping wells fargo. The editorial this morning it was john stumpf who appeared before the senators has become a talking about this issue in his Opening Statement and offering his thoughts on the matter. [video clip] our entire culture is centered on serving our customers. In this case, we let our customers down. I Retail Banking practice issues and sales issues are not a reflection of our hardworking whotalented team members deserve thanks for helping our customers with their financial needs. I want to make very clear that nor wanted oured team members to provide products and services to customers that they did not want. Not good for our customers and that is not good for our business. It is against everything we stand for as a company. , i accept full responsibility for all unethical our retailices in banking business and i am fully ,ommitted to fixing this issue strengthening our culture and taking the necessary actions to restore our customers trust. Host gloria in phoenix, arizona on her line for others. Our line for others. Caller im calling in reference to my daughters account with wells fargo. She has apparently been caught up in this problem that has recently become public. She does not know who to contact to remedy the losses she received in her account from wells fargo. She does not even know where to begin. Can you tell me so i can let her know who she can contact about her account . Had aare you saying she fake account created . Host she had an original caller she had an original bank account and all sorts of things started happening she started receiving all sorts of charges. Now, we understand why. She has no idea where to start. So she the information can be reimbursed and remedy her situation . Host maybe someone else in the audience might have an answer. Robert is a member of the Banking Industry. Caller this is my first time calling cspan. I want to thank you for the program. Ive been in banking for 20 years. Congress i think the will find more banks that do this. As a banker come every day i go simple my job is you either make your goal or you. Ut the door i seen this coming. Oryou either make your goal you are out the door. Ive seen this coming. You eitherim told make your quota or you are out of a job. You have to produce a certain number of checking savings, whether it is investment referrals or credit card sales. You have a scorecard upper management gives you. If you dont make those quotas, you are held accountable for it. Theres something systematically wrong with saying to your staff if you dont make these quotas, you lose your job. Or your incentive is based on how high above your percentage your goals you make. You create this system of what has happened at wells fargo. I dont think wells fargo is the only bank that does this. Ive seen it at other banks have worked at. They use terms like this comes with the product and all of a sudden, you find that someone has a credit card. It happened to my son. My son got a credit card in the mail that he did not apply for. This is systematic and banking. Banking. They will find other banks doing this. They should not restrict themselves to the larger banks. Its being done at the smaller banks. Arrogancedo with the that came from and run that said we can do whatever we want and we will not pay the price for it. That came from enron. A wells fargo customer in pennsylvania. Hello, loretta. I think they all do that. They use money your money to make a profit. Everything is based on money. It doesnt cost anybodys life, but of course, nobody wants to lose money. If you regulate them, that doesnt mean they are going to follow it. The man did apologize. Who is going to listen to Elizabeth Warren . Shes as bad as Hillary Clinton the assassinate her. Or. The assassinat if you regulate them its just like they tried to tell you, dont smoke cigarettes, dont think alcohol, but people are going to do it. Host this on twitter you can participate on twitter and facebook or give us a call. From illinois on our line for others. Arlen is up next. Caller i was with wells fargo and they did me that way. I left them and went to bank of america. They sold me a credit card. Meeposit 300 and they told keep it for one year and you can and they reimbursed my 300 back. They aret trying to charge me 5,000, card o 5,000 for a i owe 5,000 for a card. They are messing up my credit. Im a Senior Citizen on disability. Host what should be done . People in office ought to be forced to return all that money. Should be going to jail for what theyre doing because they are stealing and robbing people without using a gun. Host that is arlen from illinois. A couple other stories continue to call in if you want to talk about banking regulation and the situation at wells fargo. This is a story about john boehner, a new job for him. That is in the New York Times this morning. At the race racery looking at the w in indiana. Here is that add. Washingtonts back to he voted to ban any mission. Ammunition. Antigun justices on the Supreme Court. I am not sympathetic if he wins, you can kiss your gun rights goodbye. Host one more story about fundraising. This is an the wall street journal was good this morning this is in the wall street journal this morning. Organizers say other donors have pledged support and their goal is to raise 25 million. There will focus on states with Important Senate races where mrs. Clinton has been far more than donald trump. Do banks need more regulation . Clearwater beach, florida. It wells fargo customer. Carolyn, good morning. Caller absolutely. The largest donors to the Campaign Members of the senate and hascommittee finance committee are the banks they regulate and the Insurance Companies and the stock companies. Until there is some sort of wall put between the fact that they are the largest donors to the campaigns of the people that regulate them, this problem is just a joke. If that happened in the real ,orld outside of planet d. C. That would be called bribery. If they are packing your campaign fund, you dont regulate them too hard. Person inl estate clearwater beach. Ive seen banks, mortgage companies, again with the same they are flowering all over the place. Ultimately, we just know that the public will bail us out again. Are saying the same thing we dont learn anything, we dont set of laws set up laws. The problem will go on. Calling Larry Summers the banking guru he was right at the beginning of the last fiasco. Next up, jeff in baltimore, maryland. In the Banking Industry. Good morning. Go ahead. Caller couple of quick points. First, great show. While this was happening at wells fargo in the retail space, i will stress that it probably is happening on Different Levels. I started in the retail world. Right now, working in the small corporate world. This is across the board. ,ou can see it more in retail but you can find us on Different Levels within the banks. There are still banks out there that care about relationships. About find a bank that drives on relationships. This is 100 driven by these regulations that came down the pipe in 2008. You look at liquidity premiums, the capital requirements, the rule, dodd volcker frank. There need to be regulators focused on making banks safer. Host larry in virginia. A wells fargo customer. How are you . One of the things i want to have ao note here, we home project credit card they give out, which is a subsidiary of contractors that wells fargo only lets you use. Sometimes i wonder when we use , we had their contractors come out wanting to charge 3000 or 4000 and we could not use a subcontractor which we did pick, it anyway and the price was like 500 to put this well pump in. Wells fargo has these little contractors that use for masquerading to get kickbacks. Host less than a week until the first debate between Hillary Clinton and donald trump. Hillary clinton is preparing. She is preparing for two different foes some of those advisors listed in the story today. Also participating, john podesta, jake sullivan, joe simpson and jennifer palmeri. Joyce from new york. A member of the Banking Industry. Good morning. Caller good morning. Host go ahead. I worked for a bank for 20 years as a bank teller. Slips where we would prefer a customer to Customer Service and they will open the accounts. The tellers did not have anything to do with opening the accounts. I dont understand why the tellers were fired. Mr. Stumpfsstand position. He hasnt done anything for the company. I think he should step down. If he was the head of the board, he should be answering the questions put before him. I appreciate it. Host from mississippi, this is larry. On our line for others. In january of this year come i purchased a new vehicle here in mississippi. The salesman told me i could get 1000 off if i would finance at least 5,000 through wells fargo. I jumped on that deal. I did not have any problem. , the payment was due and i called them both and they told me it was 5,127 and i paid it off and i received my title for weeks later and everything went great. Theres no need for more becauseons to the banks all that will do is reach members of congress the banks Congress Lobbyists to and American People will continue to be screwed. Thank you for receiving my call. Host carl in new work, new jersey. Carl is a wells fargo customer. Ark, new jersey. Pressure for justice i have does go different views. Two different views as an employee. I used to work in a certain aspany here that provides an employee, we would get a reward if we would practice a Certain Company policy which worked on referrals from customers. One of the biggest things with the scandal, they set the goals too high for employees. As a customer, i think more regulations will not affected. It will not affect it. Same applies to me host that is carl in new jersey. Another house race to highlight. Scott powers writing a new Television Commercial from the claims theity pac thes to pass budgets campaign responded by declaring they would pursue legal action. Here is the ad. You had one job, congress. Every year, there is one requirement. Pass the budg