Wells Fargo CEO: We Can Block Customers From Filing Lawsuits Because We Promise To Not Screw Up Again

Imagine a teenager who has been repeatedly caught sneaking out with their friends to get drunk and pilfer garden gnomes from the neighborhood. The teen’s parents ask “Why should we trust you anymore?” and the best answer the adolescent nincompoop can provide is, “Because I started cleaning my room and I’m gonna pass that Geometry quiz, I think.” Now, replace that teen with Wells Fargo, and you’ll basically have the scene from this morning’s Senate Banking Committee hearing. At the hearing, Sen. Sherrod Brown of Ohio asked Wells Fargo CEO Tim Sloan directly if the bank has plans to rein in its use of forced arbitration, which prevents customers from filing lawsuits against Wells, even over accounts they never opened in the first place.