Xavier Becerra: Wells Fargo Exploit

Xavier Becerra Money Quote saying in a statement as the Attorney General of California that Wells Fargo took advantage of customers and eroded trust in the banking system. Xavier Becerra said:
 

 

“Instead of safeguarding its customers Wells Fargo exploited them. This is an incredible breach of trust that threatens not only the customer who depended on Wells Fargo, but confidence in our banking system” — Xavier Becerra

Xavier Becerra seems to be criticizing Wells Fargo for prioritizing profits over ethical treatment of its customers. He argues that by exploiting its customers through practices like unauthorized accounts, Wells Fargo breached the trust that customers place in banks.

Becerra suggests this not only harmed individual customers but also undermines broader confidence in the stability and integrity of the U.S. banking system if major institutions cannot be relied upon to act in customers’ best interests.

His remarks imply that banks have a responsibility to protect consumers rather than take advantage of them for financial gain.

Andy Green: Wells Fargo Fraud & KPMG

Andy Green Money Quote saying few have asked why outside auditors (KPMG) didn’t call attention to Wells Fargo fraudulent sales practices. Andy Green said:
 

 

“There’s been far too little attention since the [Wells Fargo] crisis on how the external auditors [KPMG] should be looking out for the public. They are not just bookkeepers, but the investors’, and the capital markets’ last defense against accounting manipulation and fraud” — Andy Green

In this quote, Andy Green is strongly criticizing the oversight role played by external auditing firms like KPMG in the wake of accounting scandals like those at Wells Fargo. By stating auditors should not be viewed as “just bookkeepers” but rather the “last defense” protecting investors and markets from deception, Green argues they have a higher public duty than simply verifying numbers.

He implies auditors are not fulfilling their responsibility to diligently search for impropriety if they act as passive financial statement reviewers rather than taking proactive measures to uncover intentional obfuscation or fraud. Green’s perspective conveys that auditors must serve as vigilant guardians of transparency, not just validators of ledgers.

The overall interpretation is that Green views lax auditing as enabling deception and believes stricter scrutiny is needed from these firms tasked with maintaining trust for stakeholders in financial markets.

Peter Cohan: CFPB Wells Fargo Scandal

Peter Cohan Money Quote saying the Consumer Financial Protection Bureau exposed the millions in fake accounts Wells Fargo created. Peter Cohan said:
 

 

“The CFPB is responsible for bringing to light the Wells Fargo fake account scandal. It is hard to defend what Wells Fargo did and hard not to respect CFPB for bringing it to light” — Peter Cohan

In this quote, Peter Cohan seems to be praising the Consumer Financial Protection Bureau (CFPB) for its role in exposing the Wells Fargo fake accounts scandal. Some key points:

• Cohan directly attributes the CFPB with “bringing to light” Wells Fargo’s wrongdoing in opening millions of unauthorized bank and credit card accounts.
• He acknowledges it is difficult to defend Wells Fargo’s actions in the scandal, suggesting their behavior was clearly improper and harmful to customers.
• Cohan argues it is similarly difficult not to respect the CFPB for its work uncovering the truth about what transpired through investigations and enforcement actions.

Overall, the quote conveys Cohan’s view that the CFPB performed an important public service by revealing Wells Fargo’s malpractices, and that the bureau deserves credit for its work to protect consumers and hold big banks accountable through cases like this one.

Warren Buffett: Wells Fargo Customer Base

Warren Buffett Money Quote saying the Wells Fargo customer base was growing steadily – however growth was due to fraud – making it much harder for Wells Fargo to make money on new customer growth. Warren Buffett said:
 

 

“Wells Fargo … you can’t take away Wells’ customer base. It grows quarter by quarter. And what you make money off of is customers. And you make money on customers by having a helluva spread on assets and not doing anything really dumb. And that’s what they do” — Warren Buffett

Warren Buffett is praising Wells Fargo’s large and steadily growing customer base. He notes that banks primarily make money from their customers through interest earned on loans and fees. Specifically, Wells Fargo earns money from its “spread” – the difference between the interest it pays depositors and the higher interest it charges for loans.

As long as Wells Fargo lends responsibly and avoids risky or fraudulent behavior (“doing anything really dumb”), its large customer base will continue generating steady profits from this spread on assets like mortgages and credit cards. Overall, Buffett sees Wells Fargo’s expanding customer base as a key strength of the bank’s business model.

Maxine Waters: Wells Fargo to be Broken Up

Maxine Waters Money Quote saying as ranking democrat on House Financial Services Committee that she will move forward with action to break up Wells Fargo Bank. Maxine Waters said:
 

 

“Wells Fargo should be broken up. It’s too big to manage. … some of the most egregious fraud we have seen since the foreclosure crisis. I’m moving forward to break up Wells Fargo bank” — Maxine Waters

Maxine Waters seems to be strongly criticizing Wells Fargo and calling for structural reforms due to its history of major scandals and misconduct. She argues that Wells Fargo is too large and complex to properly oversee or manage, as evidenced by “egregious fraud” on the scale of the foreclosure crisis.

Waters implies the bank’s bigness itself enables widespread abuse. By stating she will introduce measures to “break up” Wells Fargo, Waters appears to believe the bank must be dismantled into smaller pieces to effectively address issues of oversight, accountability and consumer protection. Her remarks portray structural separation as the necessary solution to curb further wrongdoing at such a massive and systemically important institution.

John Chiang: Wells Fargo Wanton Greed

John Chiang Money Quote saying as California State Treasurer that Wells Fargo cheated and fleeced customers with disregard for institutional ethics and encouraged greediness. John Chiang said:
 

 

“Wells Fargo’s fleecing of its customers by opening fraudulent accounts for the purpose of extracting millions in illegal fees demonstrates, at best, a reckless lack of institutional control and, at worst, a culture which actively promotes wanton greed” — John Chiang

John Chiang seems to be strongly criticizing Wells Fargo’s actions that led to the fraudulent account scandal. He argues that by opening accounts without customer consent in order to charge fees, Wells Fargo showed either a failure to properly oversee its employees or a corporate culture that actively encourages greed and profit-seeking at the expense of ethical treatment of customers.

Chiang’s description of the bank “fleecing” and “extracting” money from customers portrays its actions as predatory. Overall, his remarks suggest Wells Fargo’s misconduct demonstrated a lack of principles that put shareholders and executives’ interests ahead of customers it had a responsibility to serve fairly and honestly.

Bernie Sanders: Wells Fargo Business Fraud

Bernie Sanders Money Quote saying when Wall Street banks fraudulently open fake accounts to inflate stock prices, it is criminal behavior. Bernie Sanders said:
 

 

“Business model of Wall Street is fraud. In my view, there is no better example than the recently-exposed illegal behavior at Wells Fargo” — Bernie Sanders

In this quote, Bernie Sanders is harshly criticizing the business practices of Wall Street banks like Wells Fargo. By stating their “business model” is “fraud”, Sanders is asserting that the core way these large financial institutions operate and generate profits is through fraudulent and illegal behavior. He cites the “recently-exposed illegal behavior” at Wells Fargo, which involved opening millions of fake accounts without customers’ consent, as evidence of this.

Overall, Sanders appears to be arguing that Wall Street culture systematically promotes deception and law-breaking in order to maximize earnings, and that Wells Fargo is just one example of a deeper problem across the industry. His language portrays the banking sector in an extremely negative light and suggests more stringent reforms are needed to curb fraudulent practices.