‘A sorry excuse for a board.’ Former Wells Fargo leaders savaged by Congress

Two former board members of Wells Fargo, Elizabeth “Betsy” Duke and James Quigley, faced bipartisan criticism from the members of the House Financial Services Committee in a Tuesday hearing, the latest in a long series of Congressional castigation of the bank.The chair of the committee, Rep. Maxine Waters, D-Calif., had asked for the pair to resign after the release of a report by the panel’s Democrats last week which found that Wells Fargo’s board had failed to do proper oversight of the bank.For over a decade, Wells Fargo engaged in widespread sales misconduct, most prominently creating mill…

Read More