Wells Fargo CEO Tim Sloan would have us believe he’s running a changed bank. How seriously we should take him is another matter entirely.
At a House Financial Services Committee hearing on Tuesday on the bank’s practices, one representative after another took their five minutes to blast Sloan and his bank’s business practices. But let’s give a hand to freshman Rep. Katie Porter, D-Calif., who elicited the most damning detail. She pointed out that the bank’s own lawyers say Sloan’s past statements indicating a commitment to restoring customers’ trust are mere “corporate puffery.” Sloan’s response? “I don’t know why our lawyers are arguing that.