Senator Warren grilled Wells Fargo & Co. CEO Timothy Sloan during Senate hearings on the firm’s account creation scheme.
She tried to argue that the CEO personally profited from the scheme by making the stock go up. A large company like Wells Fargo, the CEO cannot make the stock up. Institutional investors, pension funds, index funds, traders, government sovereign wealth funds, and other large institutions are the main movers in the financial markets. They have to agree with the story the company is telling in order to buy the shares, or if they use technical analysis, see a pattern that’s bullish.
As for Sloan, he was not prepared for this partisan attack.
She wants him fired. That’s not her responsibility to hire and fire company executives. And, more importantly, its unconstitutional under Article 1, Section 9. The US Constitutions forbids Bill of Attainder. See here and here for explanations. Among other infringements of our rights, it could eliminate Due Process.
And it appears she wants to install a puppet regime so she can control the banking industry. Fascism 101, folks.
There was always something totalitarian about progressivism. The followers of this movement have no problem bossing anybody around if they don’t behave the way progressives want.
Politicians crave control, certainty, and stability. You hear them talk about stability of financial markets, of job markets, of domestic social and global situations.
With that in mind, imagine viewing issues from the perspective of politicians. If some issue gets out of control, they get criticized. We seek comfort in their supposed competence to handle various situations. But that comes with a price in the form of more laws, more regulations, more controls, and less freedom of choice. You may not even know it because politicians have mastered the art of concealing their intentions.
They pass a law that controls corporations in an industry, for example, and that law manifests itself in many ways such as the products and services it offers. And you wonder why a firm acts the way it does — well that’s why. The firm acts as an agent of the government and the politicians escape responsibility.