1:16:16 I have no idea. I do have some of the hearings, in fact i like to run these every so often and I have so many of them And this is from the Wells Fargo hearing which was just fascinating to watch Well it's only fascinating because these guys finally get stuff off their chest They're going to make one guy look like a douche One guy Well, no. They're gonna bring other people in. I mean he's the douche. He's the key douche they're targeting and they're going to try to... When i was actually stunned these are five minutes this is like and it's interesting to listen to these because i have the timer on the recordings And they all go five minutes and about 15 seconds before
1:16:58 told us the end. And most of these guys are so good at giving their five-minute spiels, the congressmen that they end it right on time! It's actually amazing and But all this is, is one Democrat and Republicans both excoriating this guy to an outrageous extent. If you want to play one of these clips? Yeah I'd love too sure! And we can listen to... This is one of the better ones. I have two that I could play today but there's a bunch of them gonna...I'm going to spread them out because they're so long. We have to interrupt everyone as well but just listen this is like the Capuano who was
1:17:42 uh, Congressman from Massachusetts and he actually had to get cut off. Turnout recognizes the gentleman... I'm sorry He was on a roll this guy This guy's good. Gentleman is out of time. Gentlemen's time has expired. Gentlemen's time has expired You're expired. You're expired. Turnout recognizes the gentlemen from Massachusetts 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 bipartisanship to Congress. We're all together on this, we are not happy. The last couple... Oh they already started but the last few minutes
1:18:25 They've been running a graphic in the back and my colleague went through some of them. But I think it's important to know what some of the other things you have done. Where is he from? Is he from New York, where is he from upstate New York? I don't know where is he from that's that's a Boston accent. Boston is kind of weird Boston. I'v heard before. Goats Up High! They were they weren't just fines. You're working on it. You screwed student loan holders credit unions Finney May Freddie Mac, mortgage holders African-Americans Hispanics healthcare workers On and on and on. And by the way I understand this isn't material just five months ago You paid 1.2 billion dollars in a fine This is only 15% of that
1:19:26 Who cares? Yeah, who cares. We'll pretend to be sorry we will fire some workers and we'll get through this It's the American way You know where I heard that before The guys who ran Enron The guys who ran Arthur Anderson thought the same thing We're not your problem! We can't criminally prosecute you Hell, you are your own boss! You are the CEO AND THE CHAIRMAN Hold yourself to accountability Oh my god, you've been bad oh no ya haven't That's ridiculous. Your problem is coming, it's not today you think today stuff? It's coming when the prosecutors get a hold of you You're gonna have a lot fun otherwise your going to have a plane coming out of your butthole So I want to thank you for that and i wanna ask you, you got the graphic up here Do you know this guy see im not real good researcher Im not prosecutor
1:20:33 This is simple internet research. That's all I'm capable of doing. Internet research? Google it! Google it! Boom, whole bunch of stuff shoves up. Boom! My magic! This is Mr Robert Holmes who apparently robbed your bank in Lancaster Pennsylvania Oh this is the one where he goes to jail because he stole money and then no one else goes to jail...I've heard this one He did not use a weapon. He got caught They get all the money back He's in jail as we speak on a $750,000 bail. You on the other hand have run an enterprise that has a culture of corruption you encourage subordinates to abuse existing customers by opening fake bank accounts you charge those victims illegal fees interest and late charges And then you send some of them to collection agencies because they didn't pay them
1:21:33 Then you fired 5,300 workers as if you care to cover everybody's tracks. In my opinion, you and your entire leadership team are clearly and unequivocally guilty of at least conspiracy to commit fraud, conspiracy to commit identity theft, clearly racketeering which is something a lot of my friends know something about." Is this in My Cousin Vinny? Sounds a lie! Where's Maria Sermino?! ticking, ticking, ticking and probably a dozen other crimes only simple question what the heck's the difference between you and Mr. Holmes? why shouldn't you be in jail he didn't use a gun you got the money back I understand that his arraignment-he said he was sorry
1:22:25 What's the difference? Why shouldn't you be in jail right along with Mr. Holmes?" Well, let's talk to our constitutional lawyer John C. Dvorak. What is the difference John between that crime and this crime? Oh the crime that they bank had committed is worse. It's worse it's racketeering its conspiracy everything he said and of course he's this guy I don't know what drugs they put the stump guy on But he sits there, he just sits there and he takes it from every... everybody showed up for this hearing. These committees are pretty big but you know sometimes only half of them show up or something because they got another committee across the street no not in this case! The room was packed
1:23:11 Because all it was was given this guy the worst kind of grief you can everybody wants to be have a part of it Everyone wants to have a swing at the pinata piece of him. Yeah, everyone wants that sure I don't need to hear the rest. Unless there's something funny in the last minute and a half. He just calls him out, but the thing that I like is about half of the guys did the same thing which is what I was bitching about this is racketeering and almost half of the guy had said something about his criminal activity as being a negative thing This guy does go on and on The guy, the only thing interesting is the guy tries to come back. The Stumpf character from Wells tries to say something because he's not given much of a chance play it let it play a little longer okay sure Congressman I think that when you do something unethical or dishonest which I've tried to exercise my duties as leader and our senior leadership team You haven't done a real good job! You've had 16 violations in five years That's a good job?
1:24:13 This is a minor fine. You've had a lot of- this is only the seventh largest fine you've had, you've had six others that are a lot bigger That's a good job. I guess what, I forgot you're the one judging yourself because you're also the chairman of the board. I actually think i'm the greatest congressman in history world. I should be speaker president and maybe emperor of the world that my judgment of myself sound good to you? There is no question that we've done things that we need to improve on and we paid fines And were trying get better at every one of our businesses Mr Holmes pays a little fine You know few bucks based on amount money he stole
1:24:49 and the victims he had, you think he should be let out and have no criminal record? Again being dishonest and breaking the law is something very different. Oh so it's not breaking the law stealing my identity and opening an account that I didn't ask for And our culture is about not doing that we train for that not to happen. I don't know what kind of a culture you have 16 violations 53 hundred employees that you say did it Time time time He was the only guy who didn't have time so he could end. I got a lot of email from people regarding the 28 pages and this bill that Congress and Senate passed, President Obama vetoed it and then it came back and they overrode the veto first time for this president And this is of course the JASTA Justice Against Sponsors of Terrorism Act