I signed up to get regular Email newsletters from Rep. Ann Wagner (R-2) and the latest is a doozy. Wagner had the audacity to say this
to say about the recent disclosure of massive malfeasance on the part of the banking giant, Wells Fargo:
Earlier this year, the LA Times reported that Wells Fargo Bank employees opened over 2 million accounts without permission, leaving more than 1,100 Missouri customers victim to fraud and theft. Last week I took Wells Fargo CEO, John Stumpf, to task on the immoral and potentially criminal actions of the bank. Placing your money and wealth in the custody of a bank like Wells Fargo is a sacred display of public trust. They have betrayed our trust and taken advantage of consumers in order to meet sales performance goals and fraudulently improve earnings and share prices. This is reprehensible and I will continue to protect you and hold them accountable for their shameful activity.
Give me a break! This is just too rich coming from Wagner who is so tightly wedged into Big Banking’s pocket that she’s in danger of expiring from lack of oxygen.
As I have noted in previous posts, Wagner has worked tirelessly to help dismantle the Dodd-Frank financial reform law and the Consumer Financial Protection Bureau (CFPB) which it created. Significantly, it was the CFPB that was responsible for exposing the Wells Fargo chicanery. Yet Wagner has fought tooth and nail and has done everything in her power to weaken its ability to exercise oversight of the financial industry.
Wagner evidently thinks that scolding a bank executive at one of those PR dog-and-pony shows (think Benghazi, the Clinton emails non-scandal) that the GOP-dominated House of Representatives has become famous for constitutes holding banks “accountable” and “protecting” constituents. Or she’s just trying to pull the wool over our eyes.
And she may be succeeding. Wagner’s standing for reelection this November against Democrat Bill Otto and, sadly, Wagner, the well-established, well-financed friend of Big Banking is widely expected to prevail.