mr. lucas: disservice has been done to them. with that, mr. chairman, i yield back. mr. hensarling: the time of the gentleman has expired. the chair recognizes the gentleman from georgia, mr. scott. mr. scott: yeah, mr. stumpf. this is one of the most outrageous acts that any banking executive has done in my lifetime that i know of. how in the world could you in good conscience set up these fraudulent accounts? what was going through your mind when you were doing this? mr. stumpf: congressman, i didn't set up any of these accounts. i -- our team worked together at the business level then at the corporate level to -- we found these accounts and we found these people and we said, that behavior is not -- mr. scott: mr. stumpf, you took advantage of unsuspecting loyal customers. people in almost every single district that's represented on this financial services committee. you did that. and you are the chief executive officer. you set the tone and you should be downright ashamed of yourself and you should apologize right now if you have any strain of respect for the people o

mr. lucas: disservice has been done to them. with that, mr. chairman, i yield back. mr. hensarling: the time of the gentleman has expired. the chair recognizes the gentleman from georgia, mr. scott. senator scott: yeah, mr. -- mr. scott: yeah, mr. stumpf. this is one of the most outrageous acts that any banking executive has done in my lifetime that i know of. how in the world could you in good conscience set up these fraudulent accounts? what was going through your mind when you were doing this? mr. stumpf: congressman, i didn't set up any of these accounts. i -- our team worked together at the business level then at the corporate level to -- we found these accounts and we found these people and we said, hat behavior is not -- mr. scott: mr. stumpf, you took loyal ge of unsuspecting customers. people in almost every single district that's represented on this financial services committee. you did that. and you are the chief executive officer. you set the tone and you should be downright ashamed of yourself and you should if you have ht now ny strain of respect for the pe

mr. lucas: disservice has been done to them. with that, mr. chairman, i yield back. >> that was just some of what the ceo of wells fargo had to say earlier today before the house financial services committee. we will show the second half, about two and a half more hours of his testimony before the house committee, in just a minute. we just want to take a chance to get your calls, your reactions, see what you think about the wells fargo fines. do they go far enough? we have the numbers set up a little differently than we normally do. if you think yes, the fines he is facing and the bank is facing 748-8920.h, call 202- if you think no, the number is 202-748-8921. you can also check out the twitter feed on c-span and the facebook page. take a look at what the wall street journal is reporting. although the ceo is not out of danger, despite the pay clawback, $41 million that john stumpf will be getting back from his own income, along with another executive, $19 million. the "wall street journal" reporting it is not enough. 5300 employees fired. 185

with that the chair recognizes mr. lucas of oklahoma for five minutes. >> thank you, mr. chairman. for my time since i am a resident of the kansas fed, i like to turn to president george. there were observations about the realigning of the districts, and it touches on the subject that you as a historian as well as a ceo know -- goes back not just to the beginning of the fed, but to the very beginning of this country about where the concentration of capital should be and control over the economy and how that capital flows. from the very beginning, the great battle was should the money centers -- new york, chicago -- should they be the dominant force? i suspect that's why my predecessors in this congress a century ago demanded the 12 districts and the lines be laid out the way they were, to protect the entire country from a handful. in 2009 when i was the ranking member of another committee with jurisdiction over the derivatives markets in a meeting one night, a senior administration official wrote up the topic of realigning feds as we were preparing to launch into dodd frank. taking

. >> looking at this from the 30,000 viewpoint and i am like mr. lucas, we worked on a small .arm we had a blue-collar company working there and oil fields southeast of mexico, all of the numbers that get thrown around are a little bit big, but i cannot fathom somewhere in the have 5300at you people terminated and that does not come to your attention as a ceo. you get calls on ethics line saying we are doing unethical stuff 2008 according to one of the other people, according to your comments people inside the company are breaking the law, they are creating criminal acts and that does not come to your attention. you get $10.8 billion in settlements and that does not come to your attention. if i am sitting here thinking about this stuff coming in a clear and quiet room board and seeing these things at some point somebody is going to say houston, we have a problem, but it does not appear that anybody ever said houston, we have a problem. the city attorney brings charges and nobody on the board says houston, we got a problem. what, in your assessment lookin

the chair now recognizes the gentleman from oklahoma, mr. lucas. >> thank you, mr. chairman. mr. stumpf, while my day job is that of a congressman, i am a er by trade and my university degree is in agricultural economics. looking at your resume, about the time you were entering into the banking industry 30-some years ago i can remember taking a class on money and banking at oklahoma state. we had a professor who was very enthusiastic about the market economy and we discussed the banking model we used now, essentially 500 years to italy, and the concept that under a market economy bankers were the individuals who determined what save iings were worth and pooled those, and by the same token made risk determinations, figured out what the cost of money should be, and allocated that out through loans. glowing example. and he would compare western europe at the time, north america, much of the rest of the world, how effective that was compared to the demand economy model of the old communist countries at the time -- china, russia, all of those sort of places. very glowing discussion. i

earlier mr. lucas asked you about the proposed changes on the ways that you want to regulate commodities trading. my question is simple, why do you want to do this? >> we're worried about the risk that some form of kplod teacomm activities pose. >> but the truth is that's never happened yet, has it? that risk has never been incured? no one trading in the commodities markets has been sued for an environmental -- exxon "valdez" didn't get sued, the b.p. oil spill didn't end up with a commodities trader being sue sod there's never been that occurrence of that risk being occurred. >> it doesn't broadly prohibit commodities trading. >> we can say for the day whether or not 1200% ratios prohibit, but the fact of the matter is you're trying to regulate a risk that has never actually been n the real world been incur bid a commodities trader. is that correct? >> well, we have had huge environmental accidents that have created enormous liability and we do have a couple banking organizations that congress has gra

the chairman recognizes the gentleman from oklahoma, mr. lucas. >> thank you, mr. chairman, and thank you, chair yellen, for being here. share look with my colleagues, concern over a proposed rule that the federal released on friday increasing the costs for financial companies to engage with their clients in physical commodity markets. as a member of this committee, and a former chairman of the house agriculture committee, i have worked with a number of end users of issues sorted we reform and regs layings within the derivative markets and we haveih discussed on vary various occasions recording my district and the importance of stable commodity markets to my district. over the past few years i've heard from a number of commodity end users.their concerns on this issue, and i, too am concerned about the impact this will have on our businesses and municipalities and their ability to participate in commodity markets. b while we should'm consider risk to safety and soundness in our financial system it appears this rule seeks to discourage a company's participation in th

the chair recognizing the gentleman from oklahoma, mr. lucas. >> thank you, mr. chairman. thank you, chair yellen for being here. i share along with my colleagues, mr. gnawing bauer and mr. leutkemeyer share concern about the proposed rule the fed released on friday costs of clients to participate in physical commodity markets. member of this committee, former chair of the house agriculture committee, i worked with number of end-users and reform with regulation of derivatives markets. you and i discussed nature of my district, the district ofke oklahoma and the importance of stable commodity markets to my district. over the past few years, i have heard from a number of commodity end-users about their concerns on this issue. i'm too concerned about impact on businesses and municipalities and ability to participate in commodity markets. risk it appears this rule seeks to discourage a company's participation that these activities through capital requirements rather than through an actual effort to target and e mitigate risk within the system. in crafting this proposal ian gue

. >> so just looking at this from the 30,000-foot viewpoint and keep in mind i'm like mr. lucasn a small five-acre farm, dad was a sharecropper before he went to work as a roustabout. we had a blue collar company just working there in the islefields -- oilfields of southeast new jersey so the numbers that get thrown around here are pretty big, but i can't fathom that you've got 5,300 people terminated, and that doesn't come to your attention as a ceo? you get calls on the ethics line saying, hey, we're doing unethical stuff, 2008 -- according to one of the other people -- according to your comments people inside your company are breaking the law, they're creating criminal acts, and that doesn't come to your attention? you get $10.8 billion in settlements, and that doesn't come to your attention. so what -- i mean, if i'm sitting here thinking about this stuff just coming in in a clear, just quiet room, seeing these things at some point somebody's going to say, houston, we've got a problem. but it doesn't appear that anybody ever said, houston, we've got a problem. l.a.'s city at

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[crowd cheering] this must be how lucas felt when he finally got katie's number. ? pepsi. this is the story of how mr. bonejangles met his match. mr. bonejangles was always looking for something. but he never found it. until one day... seven in dog time... exactly what he didn't know he was looking for fell right in his lap. no, of course not, he's a dog. but that's the beauty of a store full of surprises. you never know what you're gonna find, but you know you're gonna love it. marshalls. your surprise is waiting. (backwards music) (backwards music) (music) the cadillac ct6. then we wad it up to make it nice and soft. but grandma, we use charmin ultra soft so we don't have to wad to get clean. mmm, cushiony...and we can use less. charmin ultra soft gets you clean without the wasteful wadding. remember, that's charmin in there... no wasteful wadding! welcome back to "the late show"! say hi to jon batiste and "stay human," everybody! ( cheers and applause ) keeping it alive. okay. now, the whole point of this debate tonight, the main prize the candidates are vying over is the elusive, undecided voter,

mr. with your help. and fuccalo kia is matching the first 50,000 so every dollar crew donate is worth two. the walk is november 12 raymond james stadium. >>> and coming up next in sports dan lucas sits down with bucs head coach for the exclusive monday chat. >> they look back at a very disheartening loss to the rams. >>> there are losses that are hard to take and the bucs 37-32 defeat to the l.a. rams certainly falls into that category of this afternoon in the exclusive chat with bucs head coach i asked him what went minute drill and epointed a finger at himself. >> reporter: your time reads itself on two -- prizey yourself in 2 minute drill. it was a beautiful thing in atlanta. what did you see when you reviewed the end of the game yesterday what went wrong in your mind? >> well, you know when we had the weather delay we went in we thought we were degree to get the ball back around the 35 yard line with one timeout. the way the came unfolded we actually had two timeouts. when we got it back e. woo went we threw the pass in the flat to sims. we still had two timeouts left. california absolutely made the right decision to try to make that guy miss and go for more yards. as most

mr. stumpf, we focused a lot today on accountability. i want to go back to something that congressman lucas' concerns troubles me. the focus on culture and materiality of what happened here. we're hearing there is not a problem with the culture. are you hearing a lot of disagreement up here. we're hearing in the senate hearing that this wasn't material. and i guess if you sort of exquisitely finely define materiality. maybe the s.e.c. defines t. maybe $185 million in fines is not material. but this is about much more than a legal definition of materiality. we need to hear you say that you understand the magnitude of what has occur here. it's more than $185 million. it's about trust and faith and belief in the system. it's not about the ups and downs in one k it's about people's faith in the banking system, faith in the market economy. it's about whether competition is perceived as a good thing by the american public or a bad thing. it's really about people's faith and organizations like yours and like the one that you're testifying with -- in front of today. let me start with the numbers qu