Wednesday, August 23, 2017

Outburst by angry Wells Fargo shareholder halts annual meeting

Outburst by angry Wells Fargo shareholder halts annual meeting – Apr. 25, 2017

Wells Fargo CEO: We should have addressed concerns in 2004

Wells Fargo’s annual shareholder meeting was interrupted by an outburst from an angry investor who demanded answers from the embattled bank’s board of directors.

“Tell us what you knew and when you knew it!” screamed Bruce Marks, CEO of Neighborhood Assistance Corporation of America, a nonprofit community advocacy group

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Marks, speaking out of turn at Wells Fargo’s annual meeting in Florida on Tuesday, urged members of the board to “have the guts” to explain “whether you were complicit or incompetent” in the bank’s fake account scandal.

Wells Fargo (WFC) CEO Tim Sloan and Chairman Stephen Sanger both pleaded with Marks to sit down because he was out of order.

“Wells Fargo has been out of order for years,” Marks said.

Sanger explained that Wells Fargo’s board of directors launched an independent investigation that sought to answer these questions about what the board knew.

Related: Wells Fargo scandal: Where was the board?

Sanger recessed the meeting for about 10 minutes while the bank tried to restore order.

“Ultimately, he made a physical approach towards our board members. I’m sorry we had to do,” Sanger said once the meeting resumed.

Minutes after the break, decorum was broken again by another angry shareholder who screamed at the board out of turn.

The outbursts show how tensions are running high at Wells Fargo as investors demand accountability over the way the bank and its board of directors have handled the scandal.

Several shareholder watchdog groups have urged Wells Fargo investors to vote against the re-election of directors because they failed to provide adequate oversight over a sales culture that ran amok.

CNNMoney (New York) First published April 25, 2017: 11:07 AM ET


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