Videos: Both Equifax and Wells Fargo Executives Grilled By Politicians

Unless you have been hiding under a rock, you know about the widespread scandal of Equifax — which is a consumer credit reporting agency based in Atlanta — pertaining to the breach of security that compromised the sensitive financial and personal information of as many as 145.5 million people.

I want to be absolutely clear that I have no affiliation to any political party — I “like” Democrats as much as I “like” Republicans, so you can read between the lines there — and I am neither conservative nor liberal…

Videos: Both Equifax and Wells Fargo Executives Grilled By Politicians

…but Elizabeth Warren — who is one of two Senators of the United States representing the state of Massachusetts — is featured in this video at the Committee on Banking, Housing and Urban Affairs hearing entitled An Examination of the Equifax Cybersecurity Breach earlier today on Wednesday, October 4, 2017. She launched a brutally frank round of questions for Richard F. Smith — who is the former chief executive officer of Equifax — which you must watch.

The complete video of the entire hearing — which is approximately a minute shy of two hours in duration — is here — as well as the entire prepared statement by Smith.

As the scandal was supposedly unfolding prior to its details becoming public, Richard Smith was named one of the most admired chief executive officers in Atlanta and was honored with that distinction at an awards event on Wednesday, August 24, 2017.

If you remember this article from Friday, 

The hearing entitled Wells Fargo: One Year Later occurred yesterday, Tuesday, October 3, 2017 — and once again, Elizabeth Warren launched a similarly brutally frank round of questions for Timothy J. Sloan — who is the current chief executive officer of Wells Fargo — which you must watch in this video and this video.

The complete video of the entire hearing — which is also approximately a minute shy of two hours in duration — is here — as well as the entire prepared statement by Sloan.

Summary

I am withholding most of my thoughts for now on these two major scandals — there is so much information to process — but I am interested in your thoughts.

Politicians are certainly not innocent of wrongdoing — nor are most of them exactly underpaid by any stretch of the imagination — but the hearings both yesterday and today are textbook examples of what is wrong with the leadership and corporate cultures of a number of major companies these days which need to be fixed…

…and not at the expense of innocent people while executives simultaneously get richer despite their roles in such scandals.

Source: The Committee on Banking, Housing and Urban Affairs of the United States.

3 thoughts on “Videos: Both Equifax and Wells Fargo Executives Grilled By Politicians”

  1. Ed says:

    The whole credit report, scoring and protection industry basically smacks of racketeering. Offering credit monitoring services that you allegedly need to protect you from fraud that was “enabled” by those same credit reporing businesses!
    I think it’s time to file a massive lawsuit against the entire industry and have every CEO locked up.

  2. George says:

    I am not an US citizen, but I really like the clarity in which Senator Warren tears down these CEOs. The Equifax one looks like he was stuck in the middle seat economy class of an old United plane for 14 hours while listening to her…

  3. Norm says:

    Wells recently closed my account out of the blue and for no reason. No bounced checks, no money orderslarge cash deposits, lots of monthly activity, no wires/international, simply no issues. The explanation I was given was that the bank has the right to close accounts at its discretion. After one week of research that was all! No actual reason, just that they have the right to close an account. If it happened to me, good chance many others will soon report the same.

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