wells fargo. he says here's what he's heard, one, warren buffett has spoke on the wells fargo board directly and has ix pressed his ix treatment satisfaction. two, buffett will not sell his wells fargo stock. he is committed to the investment. three, if anything, should wells fargo remedy the issue it's entirely possible berkshire will add to its wells fargo holdings subject to federal approval. i forwarded that note to buffett's office this morning. not expecting to get a response. but i did get a response from his assistant who said this can be reported to be false. that's coming from buffett, that this note in particular can be reported to be false. you can read that a lot of different ways. there are three different things. this is a broad denial of what was said in this. i think probably what's most key here is the firsts aeration that she makes that buffett has spoke on the wells fargo board directly and expressed his dissatisfaction and need for radical transformation. my read on this would be that he has not spoke on the board and that he has not expressed an opinion one way or the other. th

. >> the wells fargo board is the one that has to take this on. is under huge pressure. he was put on the hot seat, i hate that analogy, in front of the banking committee. senator elizabeth warren tearing him apart saying how could you yourself not be subject to a claw back of money based on what you've done to your customers. it seems the wells fargo board is considering him and carrie sol stead, the one in charge of the banking unit of creating these accounts. we don't know how much. that's the big question. >> shareholders are talking about a lawsuit as well. >> the suits are racking up. they are employees suing. they have customers suing. both of those potentially could become class action lawsuits. now we have investors saying you kept us in the dark about these sales practices. let's not for get in the two days after the second was announced of the $185 million fine that wells fargo said they would pay, the stock price has plummeted. they've lost lot of value in the company and were kept in the dark all the way. >> thank you. >>> the so-call

>> reporter: yesterday the wells fargo board stripped him of $41 million in compensation. california has cut business ties with the bank. government leaders in newk considering doing the same. >>> firefighters think a cellphone caused a fire at a home in iowa. she had her samsung changing on the nightstand, left it there while she went to meet a friend. a lot of smoke, flames, and two fireinstruction in the front yard. >> people sleep with their phones under their pillows, be careful. that could be you. your life right there. over a cellphone. >> samsung recalled the galaxy note 7 phone earlier this month because of problems with batteries overheating. >>> there are reports of some samsung washing machines exploding. the transcribes with toplords made between march of 2011 and april this year in. rare cases experience abnormal vibrating when walk bedding and other bulky items. >>> passengers who fly frontier can qualify for t.s.a. precheck. t.s.a. expanded the program effectively immediately. it allows passengers to have fee. travellers flying on frontier will have the oppo

the coaches surprised how well things are going just two days into camp. >> the ceo of wells fargo under fire, his response, and the actions being taken by the wells fargo board. >>> a cooling trend continues today, cool in the valleys, and looking into the five day, with a better chance of showers into the weekend, we will talk about those, coming up next. this is my body of proof. proof of less joint pain. and clearer skin. this is my body of proof that i can fight psoriatic arthritis with humira. humira works by targeting and helping to block a specific source of inflammation that contributes to both joint and skin symptoms. it's proven to help relieve pain, stop further joint damage, and clear skin in many adults. humira is the number #1 prescribed biologic for psoriatic arthritis. humira can lower your ability to fight infections, including tuberculosis. serious, sometimes fatal infections and cancers, including lymphoma, have happened, as have blood, liver, and nervous system problems, serious allergic reactions, and new or worsening heart failure. before treatment, get tested for tb. tell your doctor if you've been to areas where certain fungal infecti

management had far too few common sense to prevent viace -- wells fargo executives completely out of touch. in a 2011 boards article, rated the best at cross-selling its products. we discovered wells fargo was not only -- not always cross-selling carried you know the customer does not want the product. -- this is not in cross-selling, it is fraud. that is what it is. was waydiscover there too little time to prevent it from continuing even after it was discovered. wells fargo employees continue to years. my understanding is something on the order of over $29 in bonuses for her between 2010 and 2015 were awarded because of strong crossover ratios. yet we know in some cases, she was hitting numbers by the fraudulent accounts. it is unbelievable. do you engage -- mr. stumpf: i am not a criminal officer and i do not know, i am not a lawyer, i know this. ethics,ke our code of they were dishonest, and we did everything we can to support law enforcement in these issues. sen. toomey: i am not a law enforcement officer either but i think most people understand the meaning of fraud. fraud is a knowing misrepresentation or knowing concea

now after continued backlash the ceo of wells fargo is now expected to forfeit about $41 million in pompeii. at the same time the independent directors of the wells fargo boardnounced they would launch an investigation into the bank's retail practice. the news comes after some wells fargo employees were accused of opening fee generated accounts without customers authorization in order to meet sales goals. for more on this, let's bring in louisa bojesen. what are we learning from the wells fargo scandal and a possible mission to mars? >> they are taking it very seriously as they should at wells fargo. talking about 2 million accounts that you mentioned that were opened without customers knowing anything about it. not even like 30,000 or 2,000 which would be big numbers but we're talking 2 million. definitely taking it seriously. one of the big points of critique is executive pay outs and bonuses still continued during this investigation. so now the ceo stumpf will be foregoing a big part of this pay out. he's saying he's not going to get a salary through the investigation and he's also going to be foregoing uninvested equity worth $41 million while they "firs

we have to make sure the highest level of the wells fargo board is held accountable, not middle managementgs. liz: you're saying the ceo and chairman, john stumpf. want our viewers to know, you own nearly valve your shares of wells fargo? >> $500 billion. liz: half a billion dollars. if you look at announcement of the settlement september 8th, the stock has fallen since then. this has got to be churning your stomach over this. have you spoken to john stumpf. have you spoken to wells fargo? what are they saying with you guys? >> this is not first time i had to deal with wells fargo. the comptroller's office worked with wells fargo to put in place a clawback position and there by we can go to management and ceo, when the stock drops, you're not doing your job, we can get the bonus money, we can claw back that money. something we're certainly going to explore, but we need independent boards that truly watch out for the share owners. not simply people on the board looking at bottom line which is their own pay. liz: so the clawback provision then, the person in charge of the community bankers g

the wells fargo board says it will oversee an internal review into what happened. exit related losses and the condition to making new investments. bloomberg, a ceo said further investment decisions will depend on clarifying the u.k. relationship with the eu. they were responsible for one in three cars built in the u.k. this year. that is your bloomberg business flash. guy: i want to take you to what is happening ahead of the open. we are now 15 minutes away. what we have got is a very soft picture. it is being driven out of the states. it is being driven, really, out of europe. at the moment, the stoxx 50 down 1.6 percent. germany is down 1.6% as well. where are waiting on numbers for french cpi. i will just wait for that number to hit. we should be getting a number any second now. as negatively not as we may be postulated it would be. the survey was for month on month of -0.3. we are a little better when it comes to the month on month number for french cpi. however, the same is not true in japan. the bad news he's coming for the boj. consumer prices fell for the sa

action during the fallout. (( elizabeth warren (d-ok): "what have you done to hold yourself accountable? have you resigned as ceo of wells fargo? john g. stumpf, wells fargo ceo: " the board... no i have not. warren: have you returned one nickel of the millions of dollars that you were paid while this scam was goi all, this was by one percent of our people... warren: that's not the question. have you returned one nickel of the millions of dollars you've gotten from this scam? stumpf: the board will take care of that. warren: have you returned one nickel of the millions of dollars you've gotten from this scam? stumpf: the board will do... warren: i'll take that ((dave courvoisier)) >> wells fargo has already been fined more than 180 million dollars for opening unauthorized accounts to meet sales goals. more than 5-thousand employees were fired because of it./// ((weather toss)) <<< tedd florendo (((>>>it's been a cloudy and muggy day in thev day in the valley with showers mainly staying east of the region. temps have stayed on the cool side with highs only in the 80's today thanks to all the cloud cover through the morning and afternoon. winds have been slightly breezy tod

you said the board, as if these are strangers that you met in a dark alley. under the bylaws of wells fargo, and i'm quoting here, the chairman shall preside at all meetings of the board. you were able to make changes. why can you not make a change here? >> i'm not on the human resources committee of the board. they have their own governance and structure. we want that to proceed in the process in which we have. >> all right. so we'll do this your way. our letter asked a number of questions about lawbacks of miss tolstead's and other executives' pay, including yours. wells fargo's answer to our letter was just basically, you punt it. that the decision would be up to the board. the same punt you've given here. so you're the chairman of the board. let me ask it this way. will you personally support clawing back all or part of miss tolstead's pay? >> i'm not going to in any way try to influence or prejudice the board as they do their deliberations. >> so you have absolutely no opinion on this? >> i'm not going to opine on that. >> you're not going to opine. you're going to say get out there, d

the ones we put first. mr. williams: so let me move on. as c.e.o. and chairman of the board of wells fargo, how often did you meet with your board of directors? mr. stumpf: we have eight board meetings a year. mr. williams: did anyone on your board tell you to stop the incentive program, that they didn't like it, they didn't think it is good? mr. stumpf: there is a committee of the board that it's human resources and compensation, and that's not chaired by me. i'm not a member of that committee. mr. williams: so you don't know? mr. stumpf: i do know that we have incentive programs and we have controls and we have so forth and i don't -- that's what i know about that committee and about our business. mr. williams: did anyone on the board raise any concerns about the incentive program? mr. stumpf: there is people, as we start to understand this issues the board took direct action to make sure along with management we understood where the customer harm was and to make sure the sales process that we did not have unethical behavior going on. mr. williams: running short of time. i'm from texas.

the wells fargo board is actively engaged in this issue. senior management accountable including me and care y toll stead. any actions taken with my executive officers will be appropriately disclosed and i want to be clear on this, i will respect and accept the decision of the board. under new leadership we've already begun taking steps to ensure that the sales culture in our retail banking business is wholly aligned with our custome customers' interest. on september 13th, 2016. we announced a major decision that we would end product sales goals we want to make sure nothing gets in the way of doing right by our customers. the new leadership team's primary mission will be to provide the best possible service to our customers. i'm also announcing today, three new initiatives that will reinforce our commitment to our customers. first, we're expanding the scope of our account reveal to 2009 and 2010. second, we will be contacting every single one of our deposit customers across the country, using the same process that we agreed to with the city

senators, let me tell you today, the wells fargo board is actively engaged in this issue. the board has the tools to hold senior management accountable including me and carrie tolstedt, former head of retail banking business. any board actions taken with our named executive officers will be appropriately disclosed. i want to be clear on this, i will respect and accept the decision of the board. under new leadership, we've already began taking steps to ensure that the sales culture in our retail banking business is wholly aligned with our customer's interest. on september 13, 2016, we announced a major decision that we will end product sales goals for everyone in our retail banking business, because we want to make certain that nothing gets in the way of doing what's right by our customers. the new leadership team's primary mission will be to provide the best possible service to our customers. i'm also announcing today three new initiatives that will reinforce our commitment to our customers. first we're expanding this scope of our account review and remediation to include b

senators, let me tell you here today, the wells fargo board is actively engaged in this issue. board has the tools to hold senior management accountable including me and the former head of our retail banking business. any board actions taken with our named executive officers will be appropriately disclosed, and i want to be clear on this. i will respect and accept the decision of the board. under new leadership, we have already begun taking steps to ensure that the sales culture in our retail banking business is wholly aligned with our customers' interests. on september 13th, 2016, we announced a major decision that we will end product sales goals for everyone in our retail banking business. because we want to make certain that nothing gets in the way of doing what is right by our customers. the new leadership team's primary mission will be to provide the best possible service to our customers. i'm also announcing today three new initiatives that will reinforcement our commitment to our customers. first, we're expanding the scope of our account review and remediation to include

let me tell you, here today, the wells fargo board is engaged in this issue. the board has the tools to hold senior management accountable, including me, and tol instead the former head of the retail banking business. any board actions taken with our named executive officers, will be disclosed. i want to be clear on this. i will respect and accept the decision of the board. under new leadership we have begun taking steps to ensure that the sales culture in our retail banking business is wholly align we had our customers' interests. on september 13, 2016, we announced a major decision that we will end product sales goals for everyone in our retail banging business. because we want to make certain that nothing gets in the way of doing what is right by our customers. the new leadership team's primary mission, will be to provide the best possible service to our customers. i'm also announcing today, three new initiatives, that will reinforce our commitment to our customers. first we're expanding the scope of our account review and remediation town included 2009 and

the punishment for wells fargo. the the c.e.o. has already had stock compensation clawed back this week from the board at wells fargo. is that enough? is the clawback of benefits enough? if you think so, call 202-748-8920. if not, 202-748-8921. if you are a wells far fwow account holder, please call us at 202-748-8922. we'd love to hear your experience. post your

away the premium that wells fargo stock has enjoyed for years versus other banks because of what is now regarded as fraudulent cross-selling. will it take its toll at the top? wells fargo's board of directors has managed to claw back some of the compensation coming to ceo john stumpf and the now retired carrie tolstedt, this so far the lawmakers who are set to grill stumpf tomorrow will be appeased. if there isn't some break in this story's momentum, it's possible that stumpf could lose his job as we actually talked about when he was here on the set, and the cross-selling that helped profitability will lose its champion. either way, no one is going to pay as much for the stock of what was once regarded as the premium bank, which then trickles down to what the whole market will pay for all the other banks. wells fargo was the gold standard. that is no longer the case. it gets worse. the european banks are a disaster. the london banks, which seemed to be finding their footing, have seen their core franchises obliterated by brexit. some of the more well known italian banks are just now coming to grips with potential insolvency. boy, did they put that off for a long time -- just y

and senators, let me tell you here today, the wells fargo board is actively engaged in this issue. board has the tools to hold senior management accountable, including me and carrie tolstedt, the former head of our retail banking business. any board actions taken with our named executive officers, will be appropriately disclosed. and i want to be clear on this, i will respect and accept the decision of the board. under new leadership, we've already began taking steps to insure that the sales culture in our retail banking business, is wholly aligned with our customer's interests. on september 13th, 2016, we announced a major decision, that we will end product sales goals for everyone in our retail banking business. because we want to make certain that nothing gets in the way of doing what is right by our customers. the new leadership team's primary mission, will be to provide the best possible service to our customers. i'm also announcing, today, three new initiatives that will re- enforce our commitment to our customers. first, we're expanding the scope over our account review and r

>> i think -- a cold bucket of water for the wells fargo board. ly half of that board was shocked at how bad stumpf performed. there may be reconsiderations there at least being put on the short list. this board never conducted an investigation until yesterday did the board after the hearing talk about hiring a law firm for an investigation. the mylan board nothing will change because there is no shareholder accountability. the chairman with the board through some very weird governance issue and intervention in europe. this dutch company he created a foundation where he controls the board off that foundation. it's bizarre but too long to get into. no accountability at mylan. >> thank you for joining us. >> thank you very much. >> big week down there in washington. we expect to follow both of those. >> ten minutes about 0.7% gains for the s&p. dow just behind that and nasdaq up just ahead. >> investors should beware of japan and oil. we'll hear why when closing bell comes right back. ♪ ♪ it's scary when the lights go out. people get anxious and my o

the blame. (john stumpf/wells fargo ceo) >> "i am completely responsible for all of our unethical sales practices ((kirsten joyce)) >> the bank is eliminating retail sales goals at the end of he review of accounts. so far, the board has stripped stumpf of 41-million dollars in compensation. while some lawmakers are demanding for the ceo to resign. and regulators have fined wells fargo 185-million dollars./// ((kirsten joyce)) >>> the chicago teachers union gave the school board the required ten-day notice of a strike wendsday. that means the union and the board have until october eleventh to reach a deal. according to the union-- teachers have been working without a if the two sides don't reach a deal-- the union posted on facebook it would begin its third strike since 2012. the chicago school district has about 400-thousand students./// ((michelle mortensen)) >>> world leaders are gathering in israel to pay their final respects to the father of israel.... shimon peres. ((kirsten joyce)) >> coming up on good day... what president barack obama and bill clinton shared about the respected leader./// ((demetria obilor)) i think my strongest asset, maybe by far, is my temperament. i'd like to punch him in the face, i'

the mess up there? people are saying he's not ready to jump to mars at this point. >>> and wells fargo board clawing back millions in executive pay. it won't be enough to curb the public outrage over millions of bank accounts, fake bank accounts that employees were forced to open. charlie breaks that next. the dow is up now just 116. . . liz: folks we have breaking news. i want to show you brand new video. i will let you listen for a minute. this from elon musk and spacex. transport system that he says will take you and many others eventually to mars. again breaking news, this just in. and mr. musk, who is a dreamer and certainly a doer, is right now speaking at an event in guadalajara, mexico about this. many talk from voters if their candidate loses the 2016 election they will leave the country. elon musk says i will help you go to mars. >> you think that goes to uranus? liz: that may go to you uranus? >> think i get in trouble for that. liz: takes two yes, sir to test the landing system. citizen astronauts say it will not work. he already had a few mishaps. >> that was movie, right? liz: he made it. m

elizabeth warren in what probably felt something like round 15 to the chief executive officer of wells fargo, and chairman of the board. john, you still feeling as good about your investment at wells fargo as you did some moments ago? >> well, as far as the moment when we knew that he would be coming before this senate committee and we knew warren's grilling of him would be withering. we knew that going in because she's a smart lady, and she was prepared, as was shelby, as was brown. they were all going -- this was like a dog going after a bone here. >> i'm going to break away. mr. stumpf is leaving the building. >> mr. stumpf, are you considering resign sng mr. stumpf, will you willingly give up your own bonuses ahead of the board decision to discuss it? mr. stumpf, will you willingly give up your own bonuses ahead of the board's decision to discuss it? are you reconsidering your decision to resign? >> okay. there we go. we have just the end of the hearing with mr. stumpf. you already played that byte with elizabeth warren, senator warren, that really summed up the tone of the whole hearing. one of the reasons the se

the interstate into part time travel lanes. septa plans to add new larger city -- i should say new larger capacity trains. ly. >> time for your first look at business at the big board. wells fargon stump says he will forfeit $41 million in stock awards as the bank launches a probe into its phony account scandal. kerry tull stead has left the company and she will forfeit $19 million of her stock awards. stump is due back on capitol hill for a hearing and maybe another grilling tomorrow. >>> u.s. stocks rebounded after a conference board survey showed consumer confidence is at a nine year high. futures point to a higher open when trading begins at 9:30. >>> tyson foods is voluntarily recalling more than 130,000 pounds of cooked chicken nuggets. some customers reported finding hard white plastic in the chicken. the 5-pound bags of panko chicken nuggets were sold at costco stores nationwide with a use by date of july 18, 2017. >> 4:v happening today, another republican plans to endorse hillary clinton for president. that's coming up at 5:00 a.m. >> up next a driver tries to get away with traveling at a high occupancy lane by using the likeness of donald trump. >> ♪ >> federal offic

well as my agreement to work salary until the board completed investigation. i respect and accept the board's decision. when i say unaccountable, i also mean accountable or leading wells fargo as the company restores trust of customers, team members, and investors. thank you for the opportunity to testify today. the chair now yield himself five minutes for questions. mr. stumpf, to the american people, this feels like deja vu all over again. some institution is found engaging in terrible activities, there is a headline, fine, and yet, nobody seems to be held accountable. the fine assessed to you is probably a rounding error in your quarterly earnings report. with as manyn is, as 2 million fraudulent accounts over the course of five years, 5000 dismissed employees, it is beyond credibility that somebody eitherfood chain did not order this, condone it, or turn a blind eye to it. , who isestion to you is the highest ranking official at wells, the highest person in the management team dismissed because of these activities? thank you for the question. within the 5300, there were managers and managers of managers. >> were these branch managers? mr. stumpf: yes, about 10% or more.

wells fargo. the future of c.e.o. john stump hangs in the balance. >> have you resigned as c.e.o. or chairman of wells fargo? >> the board i serve... >> no, i have not. >> reporter: stump will now appear before the house financial services committee on capitol hill. >> i think a number of laws potentially could have been violated here. our business in government is to make sure that not just the bank but the individuals who are responsible are held accountable to the full extent of the law. reporth in california, the state treasurer suspending government business with wells fargo for at least one year. potentially costing the bank millions of dollars. >> how can my office continue to entrust the public's money shown such little regard for legions of californians... earlier this month, wells fargo admitted it created as many as two million fake accounts to meet aggressive sales targets. sticking customers like franklin with improper fees. it was very frustrating. these are accounts i never opened. >> reporter: inside the bank, the board of directors launching an independent investigation. during which the c.e.o. will not

5,000 employees -- >> you could say the aura of wells fargo doing everything right helped with the stock price trading at a premium. >> if you look at the wells fargo boardall good people, but relatively weak compared to other boards, they -- >> they didn't need to be. the bank had a sterling reputation. >> when this first came out, john stumpf told everybody this was a small piece of the puzzle. he tried to say this was effectively a big nothing. avert your eyes, don't worry. clearly that strategy and even thinking about how -- what was going on didn't work. now i think the board is embarrassed by this. >> i think there is an important -- >> that's why you're seeing acrimony if you really understand what's going on behind the scenes. that's what's happening. >> that's an important story line that will impact what happens. >> whether he keeps his job or not is another question. >> even if this is enough to keep his job, the outstanding issue is the employees. that's going to probably be the focus of the questions tomorrow. there's two lawsuits gathering pace in california and a labor department investigation. that's the big question outstanding for the c

>> the process the board goes through, and we won't -- >> i don't understand, the board, these are strangers you met in a dark alley, under bylaws of wells fargo, the chairman shall preside at all meetings of the board. you were able to make changes, why can you not make a change here? >> i'm not on the human resources committee of the board, they have their own government structure, we want that to proceed in the process in which we have. >> we will do this your way with our letter asks a number of questions about clawback, and other executives. wells fargo's answer to the letter was you punted, the decision is up to the board. you are chairman of the board, will you personally support client back all or part of miss tolls that's pay. >> i never try to influence or prejudice the board. >> you have no opinion? >> i won't opine on that. >> you will say get out, defraud, lie, cheat and steal and i have nothing to say? >> i never said and would never say go out and do any of those things. >> if you do you can count on chairman stump not to stand up for the incentive bonus. >> it is a process. >> you started this by saying don't tell me what you s

offis estimate the proposal would mean about $4 billion in total additional capital. that is based on current activity. >> wells fargo's boardas reportedly hired a law firm to advise it on execuve compensation and potential clawbacks. that report comes on the same day an investor group called on wells fargo to claw back an executive's bonuses. in a letter to the bank's board as reviewed by the "wall street jour ctw investment group also wants an independent review conducted. ctw is asking the board to claw back at least part of the pay from 2011 to 2016 received by former retail banking head, kari tollsted. she is expected to retire later this year. it holds about 12 million wells fargo shares. >>> as we reported last night, the department of education decided to revokeederal recognition of the nation's largest accrediter for for-profit schoo and that is a big deal for the industry which has come under intense pressure. corinthi colleges and itt tech shut down. we're following the story from san jose. scott, welcome. how big of an issue is this for the schools? >> well, potentially it's a huge issue, tyler. we have been look

the board of supervisor as proved the legislation that targets north carolina, mississippi and tennessee. it will likely ban the city from renewing those deals. >> wells fargo ceo john stump will fore fit any bonuses immediately. it's the board's way of trying to stem a scandal. wells fargo agreed to pay $185 million to settle al investigations its employees opened millions of accounts without customer permission in order to reach aggressive sales targets. >> we tied a 20 year record. 25 spare the air alerts this year. and what can make conditions worse. >> the tipping point, a group that could push the election to one candidate or another. >> new at >> the motorcycle racing world is mourning the loss of two stars that died at the sonoma county fair grounds. kristin zee is here with the details. >> reporter: absolutely tragic. charla caines died and 17-year-old kyle maclaine of pennsylvania died yesterday from injuried suffered during his crash on sunday. this is you tube video promoting the event. they ride on a cushion surface, spewing dirt going sideways at 100 miles per hour. kyle started riding motorcycles at age three crashed and charlotte, a rising s

tiny portion of the array of criminal activity that wells fargo has basically done under the direrection of john stumpf. john stumpf has been the ceo since 2007 and chairman of the boardwells fargo since 2010. he has been there through the beginning of the financial crisis until now, and is presided not just on this case where 5300 people were involved in technically possibly creating phony accounts for credit cards and for depositors in order to charge fees and in order to make those cross sell objectives that are set on high, but for years he was knowledgeable of it. and during those years, wells fargo racked up about $10 billion on this particular set of activities was only $185 million. wells fargo has racked up $10 billion worth of fines for criminal activity from foreclosure abuses to defrauding the government to of using hispanic and african-american communities with respect to mortgage related activities. they have done an array of crimes allender johnhn stumpmpf. case, let this particular 5300 people, take the fall for one of them. juan: you mentioned previous cases. there was an article in yesterday's "new york times" about some of those mortgage fraud cases

or chairman of wells fargo? >> the board -- senator warren: have you re-signed. >> no i have not. senator warren: have you returned one nickel of the money taken in this scam. >> this was 1% of our people. ms. warren: that's not my question. it's about responsibility. were you -- have you returned one nickel of the money you earned while this scam was going on? >> and the board do -- senator warren: i will take that as a no. have you fired a single senior executive? by that, i don't mean a regional or branch manager. i'm talking about people who led your community vision division or your compliance division. >> we've made a change to lead ur regional banks. senator warren: i'm asking have you fired senior managers, who oversaw this fraud or the compliance division that was in charge of making sure the bank complied with the law? did you fire any of those people? no. you haven't resigned, you haven't returned a single nickel of your personal earnings you haven't fired a single senior executive. instead, evidently, your definition of accountable is to push the blame to low level emp

and it needs to go at the very highest level including full engagement by the wells fargo board. >> before we've been talking about donald trump. donald trump is trying to repeal all or at least parts of dodd/frank. does that seem realistic to you? are there pieces of dodd/frank you'd like to change? >> well, there are. but i mean, just repealing it without knowing what he would want -- does he just want to get rid of it? not have strengthen financial regulation after the crisis. you know, look. there are portions i'd like to change but i think we need a financial reform law. and i thought had a credible plan. i wouldn't do everything he's doing. if you're going to get rid of most of dodd/frank, a much higher capital requirements. but i'm not sure we're hearing that. i would get rid of it. it's a sound bite. it's not really a policy. and we need some thoughtfulness. dodd/frank is not. perfect. there would be things to change but it would be nice to get clarity from the trump campaign about what he would do instead of dodd/frank. >> yeah. maybe you could help him figure out how to do that.

the idea that states would follow pressured shares of two of the biggest operators in trading today. >>> wells fargo's boards reported considering executive pay clawbacks. " the bank is looking street into taking back some pay from ceo john stumpf and the bank's retail operations, kari tolstedt. the board wants to make the decision befor stumpf testifies on thursday in front of a house panel on the fake accounts scandal. senators have gone af wells farg for forcing customer to sign arbitration clauses when they open accounts. but it's not just wells fargo. millions of americans sign away thei legal rights when they enter into routine contracts with credit card companies, cell phone providers, even employers, which begs the question, are these arbitration clauses ryan wolfman is a law professor at georgetown university law center. professor, welcome. good to have you do it. with us. how many companies to have these kinds of clauses in their contracts, and what sort of companies are most prone to have them? >> well, nowadays, many large and even medium-size companies are moving towards this in the financia se

the board of supervisor as proved the legislation that targets north carolina, mississippi and tennessee. it will likely ban the city from renewing those deals. >> wells fargo ceo john stump will fore fit any bonuses immediately. it's the board's way of trying to stem a scandal. wells fargo agreed to pay $185 million to settle al investigations its employees opened millions of accounts without customer permission in order to reach aggressive sales targets. >> we tied a 20 year record. 25 spare the air alerts this year. and what can make conditions worse. >> the tipping point, a group that could push the election to one candidate or another. >> new at 6:00 paper mache politics in one store. >> the motorcycle racing world is mourning the loss of two stars that died at the sonoma county fair grounds. kristin zee is here with the details. >> reporter: absolutely tragic. charla caines died and 17-year-old kyle maclaine of pennsylvania died yesterday from injuried suffered during his crash on this is you tube video promoting the event. they ride on a cushion surface, spewing dirt going sideways at 100 miles per hour. kyle started riding motorcycles at age three c

the demand has been strong. >>> an activist investor is calling on wells fargo to split the roles of chairman and keefe executive. the needmore fund of toledo filed a resolution saying management needs strong ov over from the board, following the latest fraud scandal. shares of wells fargo fell as the broader market rose today. earlier today i spoke with senator elizabeth warren of massachusetts, a vocal critic of the bank who said senior managers at wells fargo need to be held accountable. >> there is a serious problem with senior management at wells fargo. look, we're talking about a scandal here that involves thousands of their employees cheating tens of thousands of customers out of money and making millions of dollars doing it for the bank. and so the question is about senior management, is it the case that they really didn't know what was going on? because if they didn't, then this is a bank that's just too big to manage. >> senator warren and the rest of the banking committee will host a hearing on the issue next week. >>> it may be september, but some companies are already hiring for the holidays. as we've been reporting, ups and target say they're adding about the same number to their payrolls this year

look at wells fargo. the boardring clawbacks, in other words, taking back some of the money that they paid to the ceo, john stumpf, and also another person at wells fargo who may -- >> [inaudible] stuart: that's the name, thanks. she was in charge, essentially, of that whole division when they were doing these fake accounts. but look at wells fargo, it's only down ten cents. i'm astonished by that. how about american express? they're raised the dividend, they've got a new stock buyback program. it is one of the leaders on the dow industrials, up 55 cents, 63 on amex. we have much more ahead on the debate. we'll focus on national security with one of donald trump's foreign policy advisers. >> see, you're telling the enemy everything you want to do. no wonder you've been fighting, no wonder you've been fighting isis your entire adult life. upgrade your phone system and learn how you could save at vonage.com/business >> she's telling us how to fight isis, just go to her web site. she tells you how to fight isis on her

the latest warning signals raised by the ceo of credit suesse. >> wells fargo board considering executive clawbacks. we will have the latest fallout from the bank's fake account scandal coming up. you are watching cnbc. do you worry if you've saved enough for retirement? are you or your spouse 62 or older? a government-backed reverse mortgage enables you to turn the equity you've built into the retirement you deserve. with over 20 years in the mortgage business, lendingtree allows you to compare free reverse mortgage offers with no obligation. just go to lendingtree.com or call now to get started. live in your home and get the steady income you need. enjoy your family. your home. your life. lendingtree. when banks compete, you win. >>> the dow up 122 and amazon continues hitting another record high notching jp morgan raised price target from 925 now having overweight rating on -- siting flex eblt and pushing first party versus third party. as it happens we will talk about whether it is too late to put amazon in your portfolio coming up here on "closing bell." >> credit suisse could be hea

have you resigned as ceo or chairman of wells fa fargo? the board, have you resigned? >> no, i've not. senator warren says wells fargo ceo should not only resign but face criminal investigation. we tried to ask him about he wouldn't answer our questions reporting in washington, justin gray, fox 25 news. future of transportation is here fox calls new guidelines federal guidelines released today most comprehensive policy for self driving cars in the world. federal recommendations include a 15.safety plan for designing testing and deploying the vehicles. plans for how the cars will comply with current drying laws and create a model for state policies. safety advocates say the guidelines are a step in right direction but there are concerns they are not enforceable. oversight and a really thorough testing is critical so that people on the motoring public on roads are not thousands of lives by decreasing 94 percent of crashes caused by human error. >> now you're local forecast chief meteorologist kevin lemanowicz and the fox 25 storm tracker weather team. >>> beautiful evenin