State senator blasts Wells Fargo for ‘bad faith’ as bank skips hearing

The chairman of the California Senate’s banking committee blasted Wells Fargoon Monday for failing to answer questions about the bank’s accounts scandaland for not sending Chief Executive Tim Sloan or another representative to a committee hearing.

Committee Chairman Steve Glazer (D-Orinda) said he called for Monday morning’s hearing only after the San Francisco bank failed to adequately answer questions he put to bank officials over the last six weeks.

Those questions, which echo inquiries by lawmakers on Capitol Hill, include when executives first knew about the creation of unauthorized customer accounts and why the bank’s board and investors were not notified about the practice sooner. Glazer said he invited Sloan to address those questions at Monday’s hearing, but neither Sloan nor any other Wells Fargo executive attended.

Read on.

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