2nd Amendment Life News

Looking Back at 2016: Wells Fargo

Wells Fargo, one of the most liberal companies in 2ndVote’s database, was rocked by scandal in 2016. The bank was issued $185 million in fines due to revelations that employees had created accounts never authorized by customers.

In the midst of the controversy, Divisional Senior Executive Vice President Carrie Tolstedt, who oversaw the department where the fraud occurred, received a $125 million ‘golden parachute’ retirement package. On the announcement of her departure, CEO John Stumpf raised eyebrows when he praised Tolstedt as a “standard bearer for our culture” despite her connection to the scandal.

Senate Banking Committee Richard Shelby had a very different assessment of that culture:

“When… you have employees, up to 5,000 that they terminated for bringing forth fraudulent accounts, there’s something wrong with the culture and there’s something wrong with the bank.”

Stumpf was ultimately forced to step down as CEO as the new leadership faces the steep task of rehabilitating Wells Fargo’s image.

Given the company’s record on advocacy and matters related to public policy, that may take more than public apologies. Wells Fargo scores a ‘1’ on every issue 2ndVote researches due to direct financial support for liberal organizations like Planned Parenthood. We’ve also found that Wells Fargo has denied banking services to legal businesses because they sell knives, firearms, and ammunition.

See where Wells Fargo stands on all the issues here.