Stephen Colbert rips Wells Fargo's CEO 'a new Stumpf-hole' over bank fraud

Stephen Colbert reams Wells Fargo CEO John Stumpf

(Image credit: Late Show)

last updated 29 September 2016

"Are there any fans of big banks tonight?" Stephen Colbert asked on Wednesday's Late Show. "All right," he said when the crowd remained silent, "then this is the story for you." The story was the massive fraud at Wells Fargo, where employees were pressured to open up to 2 million accounts without informing the customers. "That's right," Colbert said, "not even a customary form letter that said 'Congratulations! You are pre-approved to get totally screwed!'"

CEO John Stumpf "stepped up and took personal responsibility by firing 5,300 low-level employees he blamed for the problem," Colbert said with mock solemnity. "It takes true leadership to stand up and say the buck stops 5,300 other places." Stumpf made $200 million as his bank ruined thousands of credit ratings, he added, so "I think I speak for a lot of people when I say: Go Stumpf yourself." Sen. Elizabeth Warren (D-Mass.) essentially did that when she "dragged Stumpf in front of the Senate and tore him a new Stumpf-hole," Colbert said.

After ripping the CEO a Stumpf-hole of his own, Colbert rolled his eyes over the $41 million Stumpf will forfeit in stock and the ouster of retail banking head Carrie Tolstedt — months before her planned retirement — and said if you're worried about Stumpf and Tolstedt (nobody was), fear not: She will likely walk away with $77 million in stock options, and him, $200 million in cash. "That's how you teach white collar crime doesn't pay," Colbert said. "It's like when a cop catches a burglar in the act of robbing your house and says, 'Put down that TV, buddy, now here's $200 million.'" Watch below. Peter Weber

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.