mr. capuano: so mr. holmes pays a little fine, you know, few bucks, based on the amount of money he stole, and the victims he had, you think he should be ledlet out and have no criminal record? mr. stumpf: again, being dishonest and breaking the law is something very different. mr. capuano: so it's not breaking the law stealing my identity and opening an account i didn't ask for? mr. stumpf: our culture is about not doing that. we train for that not to happen. host: michael capuano of massachusetts. questioning john stumpf, the chairman and c.e.o. of wells fargo. is the -- are the fines and the loss of compensation for mr. stumpf, is that enough pun innerment for wells fargo? matthew says it is. he's in braydenton, florida. good afternoon. go ahead. caller: how are you doing? yeah, i think they should have been fined. i think the money he's been fined is enough. i also think that it's a culture and the country. the government itself has some hutsba saying he should be fined more and they're $20 trillion

mr. capuano: if mr. holmes pays a little fine, a few bucks based on the amount of money he stole and the victims he had, you think he should be let out and have no criminal record? mr. stumpf: again, being dishonest and breaking the law is something very -- mr. capuano: so it's not breaking the law stealing my identity? mr. stumpf: our culture is not that. we train for that not to happen. mr. capuano: 5,300 -- mr. hensarling: the time of the gentleman has expired. the chair recognizes the gentleman from california, mr. royce, chairman of the house foreign affairs committee. mr. royce: thank you, mr. chairman. mr. stumpf, the idea of cross-selling target of at least eight products clearly is part of a long-term practice at wells fargo. going back at least to your predecessor because in 1998, "fortune" magazine quotes, doubling the average product purchase to eight as your predecessor's, quote, current obsession. you know, morphing a goal to a mandate here seems to be big part of the problem and i say mand

mr. capuano: if mr. holmes pays a little fine, a few bucks based on the amount of money he stole and the victims he had, you think he should be let out and have no criminal record? mr. stumpf: again, being dishonest and breaking the law is something very -- mr. capuano: so it's not breaking the law stealing my identity? mr. stumpf: our culture is not that. we train for that not to happen. mr. capuano: 5,300 -- mr. hensarling: the time of the gentleman has expired. the chair recognizes the gentleman from california, mr. royce, chairman of the house foreign affairs committee. mr. royce: thank you, mr. chairman. mr. stumpf, the idea of cross-selling target of at least eight products clearly is part of a long-term practice at wells fargo. going back at least to your predecessor because in 1998, "fortune" magazine quotes, doubling the average product purchase to eight as your predecessor's, quote, current obsession. you know, morphing a goal to a mandate here seems to be big part of the problem and i say mand

mr. capuano. >> thank you, mr. chairman. thank you, mr. stumpf. i want to thank you particularly for doing something here today that no other person has been able to do in the last four years. you have brought true bipartisan to congress. we're all together on this. we are not happy. they already started. the last few minutes they've been running a graphic in the back, and my colleague had run through some of them. but i think it's important to know what some of the other things you have done, what they were. they weren't just fines. you screwed student loan holders, credit unions, fannie mae, freddie mac, mortgage holders, african-americans, hispanics, health care workers, on and on and on. by the way, i understand this isn't material. just five months ago you paid $1.2 billion in a fine. this is only 15% of that. ah, who caires? we'll pretend to be sorry, we'll fire some workers and we'll get through this. you know where i heard that before? the guys who ran enron. the guys who ran arthur andersen. about the same thing. we're not your problem. w

mr. capuano, i believe he stepped out. my understanding of the flow of the funds is the original $400 million was indeed a payment by the government of iran under the fms program. i get that, their money, for lack of a better word. there was a legal lien against that money, wasn't there? that the 2000 victims of trafficking violation protection act of 2000 specifically placed a lien against that exact amount of money. isn't that true? >> well, if you're talking about a judicial lien, that is not true. >> i'm talking about a public law, i don't have the u.s. code. i have 106, 386, and it says that judgments against iran for purposes of funding payments under section a, we're trying to make sure that victims of terrorism got paid, in case of judgments against iran, they should make such payments from liquidated from an amount not to total the amount. in the iran foreign military sales account. this money was liened by law in 2000. >> yes, i'm familiar with that, congressman. >> did we repeal this law or how did we get around

mr. capuano and mr. posey and mr. duffy are outraged on the same subject, you know that something is going on here. what about that question about whether this is an institution that's too big to manage? mr. stumpf: again, as i mentioned to another -- mr. carney: mr. stutzman asked the question. mr. stumpf: we can get our arms around this and we will. mr. carney: how can you manage such a large organization with 260 whatever thousand employees and not be able to answer the questions that mr. ellison posed to you about things happening on the frontlines? how do you control that activity which was really what was going on here. mr. stumpf: again, we have leaders in those businesses that could answer those questions. i don't have that level of detail. i can get that. mr. carney: one of the things i have worked here, i'm not going to be here after this next election. one of the things i worked here since coming is on mortgage finance reform. entered into the record by mr. meeks was a list of wells fargo settlements for st

mr. capuano and mr. posey and mr. duffy are outraged on the same subject, you know that something is going on here. what about that question about whether this is an institution that's too big to manage? mr. stumpf: again, as i mentioned to another -- mr. carney: mr. stutzman asked the question. mr. stumpf: we can get our arms around this and we will. mr. carney: how can you manage such a large organization with 260 whatever thousand employees and not be able to answer the questions that mr. ellison posed to you about things happening on the frontlines? how do you control that activity which was really what was going on here. mr. stumpf: again, we have leaders in those businesses that could answer those questions. i don't have that level of detail. i can get that. mr. carney: one of the things i have worked here, i'm not going to be here after this next election. one of the things i worked here since coming is on mortgage finance reform. entered into the record by mr. meeks was a list of wells fargo settlements for st

mr. capuano, for five minutes. mr. capuano: mr. speaker, i'd like to yield my time to the gentlelady from connecticut, ms. delauro. the speaker pro tempore: the gentleman will stay at the well. the gentlelady is recognized. ms. delauro: we're here again today because the american people are demanding action. they are begging us to stop the killing, and i urge my republican colleagues, listen to your constituents, do your job, pursue commonsense gun violence legislation. we need to vote on legislation that makes a real impact on the epidemic of gun violence in this country and we need to vote now. the american people want us to do our job. they want bipartisan legislation, and we have a moral obligation to take action. . for each of us it is personal. every community, the effects of gun violence have left scars that will never heal. in my home state of connecticut cannow how devastating this be. after the tragedy at sandy hook elementary, we lost six incredible caring adults. 20 beautiful children. we said never again. can be. after

mr. capuano, for five minutes. mr. capuano: mr. speaker, i'd like to yield my time to the gentlelady from connecticut, ms. delauro. the speaker pro tempore: the gentleman will stay at the well. the gentlelady is recognized. ms. delauro: we're here again today because the american people are demanding action. they are begging us to stop the killing, and i urge my republican colleagues, listen to your constituents, do your job, pursue commonsense gun violence legislation. we need to vote on legislation that makes a real impact on the epidemic of gun violence in this country and we need to vote now. the american people want us to do our job. they want bipartisan legislation, and we have a moral obligation to take action. . for each of us it is personal. every community, the effects of gun violence have left scars that will never heal. in my home state of connecticut cannow how devastating this be. after the tragedy at sandy hook elementary, we lost six incredible caring adults. 20 beautiful children. we said never again. can be. after

mr. capuano. >> thank you, mr. chair. thank you, madam chair, for being here again. i want to clarify a few things. i'm not aware of anybody who doesn't want to amend dodd/frank including me. i want to amend it. i just don't want to gut it. good amendments, thoughtful amendments, i'm all for them. getting it totally against. that's pretty much the only bills we have been offered. it would -- >> will the gentleman yield? >> not right now, but thank you. too big to fail, too big to fail? i agree we should do more on it. that's why i offered the bill to bring back glass/steagall, all my colleagues are welcome to join that bill. that's why i offered hr 888 that the community bankers support. all my colleagues are welcome to join that bill. that's why i join my colleague on the other side, mr. garrett. now my god if you're not paying attention when garrett and i can agree on hr 2625, that directly relates to the fed's ability to bail out banks. all my colleagues are welcome to join that bill as well. i know ms. yellen wouldn't like that big and i appreciate that. it doesn

mr. capuano's questions about the wells fargor scandal. now i do understand that there's been a small fine paid by wells fargo but in light of what they did here, two million fraudulent accounts and fired 5,000 lower level employees. ... fired 5,000 lower level employees. there's been a little bit of claw back by the bank itself. but in terms of your role, you are the primary regulator for the bank for wells fargo holding company, right? >> we're the primary regulator for the holding company but these abuses have authority and they are the ones who brought these actions-- >> i give them great credit for that as well as i think the los angeles authority was involved as well. is there anything you can do? looking out what happened this is widespread. it's a disgrace really what happened, 2 million fraudulent accounts and the low-level employees fired didn't just think this up themselves, they obviously had incentives put in place. any ideas from your standpoint as to what might be done as a regulation or as legislation to prevent this from h

mr. capuano. >> thanks mr. chairman, thanks mr. stumpf.to thank you particularly for doing something here today that no other person has been able to do in the last four years. you have brought true bipartisanship to congress. [laughter] we're all together on this. we are not happy. last couple -- oh, they already started, but the last few minutes they've been running a graphic in the back, and my colleague went through some of them. i think it's important to know what some of the other things you have done, what they were. they weren't just fines. you screwed student loan holders, credit unions, fannie mae, fredly are mac -- freddie mac, african-americans, hispanic s and on and on. i understand this isn't material. just five months ago you paid $1.2 billion in a fine. this is only 15% of that. who cares. we're pretend to be fire, we're get through this. you know what i heard that before? the guys who ran enron. the guys who ran arthur anderson. we can't criminally prosecute you. hell, you're your own boss. you are the ceo and the chairman

mr. capuano's questions around the wells fargo scandal. i understand there is a small fine paid by wells fargo but in light of what they did here, two million fraudulent accounts, and only fired five you thousand lower level employees, there has been a little bit of clawback by the bank itself, in terms of the role you're primary regulator for wells fargo holding company, right? >> we're primary regulator for the holding company but these i abuses occurred in the bank. >> i understand. >> the comptroller of the currency and cfpb have authority. they are the ones who brought these actions. we weren't involved. >> i give great credit for that as well as l.a., los angeles authority was involved as well.i is there anything that you can do, looking what happened here, this is widespread.s this is a disgrace really, what happened.? two million fraudulent accounts and the low level employees who were fired didn't just think this up themselves. they obviously had incentives that were put in place. any ideas from your standpoint as what might be do

we'll talk to him literally later this hour, capuano, not mr.ou this from the ryder cup. rory mcilroy calls a fan out, he throws -- well, actually, justin rose chucked a $100 bill and said to the heckler, hey, why don't you try that putt, all right? watch what happened next. [cheers and applause] approve this message. i'd look her right in that fat ugly face of hers. she's a slob. she ate like a pig. a person who's flat chested is very hard to be a 10. does she have a good body? no. does she have a fat [expletive]? absolutely. do you treat women with respect? i can't say that either. when you should be enjoying still payour retirement?me if you've paid off at least 50% of your mortgage and you're 62 or older, a reverse mortgage might be the answer. a government-backed reverse mortgage stops your mortgage payments and gives you steady tax-free income. let the home you've taken care of, take care of you. turn your equity into a comfortable retirement, all while continuing to live in, and own, your home. find out how much you could receive for reti

mr. holmes? congressman, i think that when you do something unethical or dishonest, which i have tried to exercise my duties as leader -- rep. capuano: you have not done a good job, 16 violations in five years. this is a minor fine. this is only the seventh largest fine you have had. you have had six others that are bigger. that is a good job? theess i forgot, you are one judging yourself because you are the chairman of the board. i think i'm the greatest congressman in the history of the world. i should be speaker for the world. that is my judgment of myself. sound good to you? mr. stumpf: no question there are things we need to improve and we have paid fines. >> if mr. holmes pays a little fine, a few bucks based on the amount of money he stole, and the victims he had, you think you should be let out and have no criminal record? mr. stumpf: again, being dishonest and breaking the law -- >> so is not breaking the law stealing my identity and opening up an account i did not ask for. mr. stumpf: we train for that not to happen. time of theng: donovan has expired. thechair now recognizes gentle man from california, mr. royce. affairs

mike capuano, (d- massachusettes) this man robber your bank and gave the money back and he's in jail (see mug shot of robber only simple question: what the heck's the difference between you and mr homles."wells fargo was fined 185 million dollars and stumpf has been stripped of millions in compensation.this year alone -- wells fargo has been fined more than a billion dollars for multiple different penalties -- including student loan abuses and other violations. it's not even october - but a million americans say they've already ?finished? their holiday shopping. shopping.that comes from a new survey from credit-cards- dot-com.34-million people have 74-percent of people who responded say they are annoyed by these over-acheivers. we now know who will head-line next who will head-we now know who will head-line next year's super bowl halftime performance. performance.lady gaga announced on twitter last night - quote - "this year, the super bowl goes gaga."this row she will perform at america's biggest sporting event.remember last year - she sang the national anthem.the big game will take place on february 5-th - in houston, texas. new in theaters this weekend, the new drama "deepwa