Drudge Retort: The Other Side of the News
Wednesday, September 21, 2016

Wells Fargo CEO John Stumpf faced harsh accusations from members of both parties when he appeared before the Senate Banking Committee. Some of the harshest criticism came from the head of the committee, GOP Senator Richard Shelby, who accused Stumpf of creating "a corporate culture that drove company 'team members' to fraudulently open millions of accounts using their customers' funds and personal information without their permission." While everyone seems to agree that Wells Fargo did a bad bad thing, an interesting twist in the story is that the GOP has repeatedly tried to eliminate the agency that uncovered the fraud. The Consumer Financial Protection Bureau is the brainchild of Elizabeth Warren and was created by the mostly party line vote that resulted in the passage of the Dodd-Frank Act after the financial collapse of 2007-2008.

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Both house and senate GOP members have tried on multiple occasions to eliminate or greatly reduce the power of the agency. The most recent attempt came from Ted Cruz who introduced to kill the agency. Cruz, when introducing his bill said "Don't let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers". That occurred on the same day that the agency announced a $700-million settlement with Citibank for deceiving customers through marketing and billing.

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The party that happily lets people die because they have no healthcare even though just accepting Medicaid expansion would give it to them is not going be be bothered by some smart capitalists stealing money from unsuspecting folks. It's what they do.

#1 | Posted by danni at 2016-09-20 06:03 PM | Reply | Funny: 1 | Newsworthy 4

I hope people realize that Donald Trump is writing all this down ~ for future use.

Hold onto your wallet on election day. Or it may be the last time you ever see it.

#2 | Posted by Twinpac at 2016-09-21 08:00 PM | Reply

If the headline read Hillary there would be 500 comments by now. Everyone would just knew it.

#3 | Posted by BruceBanner at 2016-09-22 12:32 AM | Reply

#3 for sure. They'd be yelling about her being owned by the banks. But since it's not her, hey look some celebrities got divorced

#4 | Posted by johnny_hotsauce at 2016-09-22 01:23 AM | Reply

Of course the 1% wants to eliminate it. It is designed to help people escape from being a wage slave. Consumer protections mean less money for banks. But it does mean more money for the poor and it's better for the economy.

Anyone beholden to the bank won't comment they probably just hope it will go away or they can destroy it before it takes root and people come to expect fairness and protection from predatory practices.

Trump is for abolishing it and Hillary is for protecting it.

That should tell you something.

#5 | Posted by donnerboy at 2016-09-22 01:26 AM | Reply | Newsworthy 1

The problem with CFPB is that it is subjected to ZERO congressional oversight.

This country is increasingly governed by a bureaucratic apparatus that is totally removed from our Democratic form of government.

I'd have much less issue with this agency if it had proper oversight. But it doesn't.

Dodd-Frank is a disaster. One of its co-authors was a key player in the '08 financial meltdown - a cronyist who used his power to land his boyfriend a posh position at Fannie and then used his power to protect Fannie at all cost.

Elizabeth Warren wants to imprison bankers? Fine, as long as she includes Barney Frank and a whole host of other criminals with strong ties to our government.

Dodd-Frank is a big, complicated mess that codifies too big to fail and has crushed small-business lenders through regulatory nonsense.

Reinstating Glass-Steagal would have been a common-sense reaction to the meltdown. Dodd-Frank is a mostly unmitigated disaster.

#6 | Posted by JeffJ at 2016-09-22 01:33 AM | Reply

The problem with CFPB is that it is subjected to ZERO congressional oversight.

Isn't the person in charge a Congress, uh person?

I thought I rolled off the list of all the agencies set up this way last time you had this beef, but you never said which ones need to go. Is it safe to say all of them?

Congress could easily enact legislation granting themselves oversight if that was a thing they wanted to do, could they not? Apparently they felt doing it this way was Necessary and Proper. I'm not quite seeing the ideological problem that you do in all of this.

#7 | Posted by snoofy at 2016-09-22 01:44 AM | Reply

I'm not quite seeing the ideological problem that you do in all of this.

#7 | POSTED BY SNOOFY

Congress is the 1 branch of government that is closest to being connected to the people. When they willingly cede their powers to bureaucrats because that is what is needed for statists to achieve their ends...yeah, it's a ------- problem. We can fire congressmen and senators with our votes. Bureaucrats are immune. Totalitarianism is justified via the verbiage you are using. I am having a difficult time squaring your strong opposition to the surveillance state (I am with you on that) and this.

Power corrupts and absolute power corrupts absolutely.

A wise person made that remark and it's why this country was structured with checks and balances AND limitations to power at the federal level and federalism where the people had the ability to self-govern.

#8 | Posted by JeffJ at 2016-09-22 01:55 AM | Reply

But how do you have a Kenneth Starr without independent prosecutors?
You can't extend that reasoning to other government affairs?

I've never once heard you make this complaint about, say, the FCC.
I think it's just Republican anti-regulation Kool-Aid you're puking up.
Especially because I'm pretty sure I have heard you moan about the NLRB.

Go ahead, tell me which agencies are the most onerous and egregious examples of totalitarianism.
Is the United States Postal Service at the top of your list of independent agencies that have to go or what?
en.wikipedia.org

#9 | Posted by snoofy at 2016-09-22 02:04 AM | Reply | Newsworthy 1

When they willingly cede their powers to bureaucrats because that is what is needed for statists to achieve their ends...yeah, it's a ------- problem.

Jeff, IIRC delegation of power is Constitutional, so, much like taxes, this is a hollow -----.

And they're not immune. We see turnover of bureaucrats with the swings of Congress on a regular basis.

#10 | Posted by jpw at 2016-09-22 02:46 AM | Reply

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JPW - this is a fairly new development - going back perhaps 4 decades and accelerating greatly over the past couple of decades.

#11 | Posted by JeffJ at 2016-09-22 02:49 AM | Reply

The bureaucrats pretty much only answer to POTUS. We are concentrating power into the executive to a concerning degree. POTUS is responsible for the regulatory apparatus. The Senate has advise and consent powers over new nominees and that's it.

#12 | Posted by JeffJ at 2016-09-22 02:51 AM | Reply

this is a fairly new development

No, it's not. It may have become more common, but it isn't a new thing.

www.ncsl.org

There's tons of info on delegation of authority for both the legislative and executive branches available online. I suggest you read some.

#13 | Posted by jpw at 2016-09-22 03:04 AM | Reply

We see turnover of bureaucrats with the swings of Congress on a regular basis.

#10 | POSTED BY JPW

No we don't. Congressional Republicans are pushing toward impeaching John Koskinen, the head of the IRS. How many Democrats will support this? ZERO. Whilst I think congressional Republicans will join Democrats in extreme situations to check a president Trump, they would never do so against a President Jeb Bush.

The IRS targeting scandal is one of the worst scandals in decades and the IRS wilfully destroyed records that were subpoenaed by Congress, after the fact, and yet Democrats still circle the wagons. Recent revalations show collusion between the IRS and Elijah Cummings at it pertained to a 501-4 known as 'True the Vote'. The IRS has been getting ------------ up-and-down in court over all of this but STILL haven't faced any kind of penalty. This crap started about 10 years ago. Lois Lerner was given a fat bonus and a healthy pension in recompense for her criminal behavior.

#14 | Posted by JeffJ at 2016-09-22 03:09 AM | Reply

Congressional Republicans are pushing toward impeaching John Koskinen

But not Clapper, who knowingly lied to Congress, and isn't in one of these Independent agencies that you claim need so much oversight, but rather the head of the biggest spy organization the world has ever known.

In other words, there's no oversight, any way you slice it, and it's not because of an agency having a Cabinet post or not.

#15 | Posted by snoofy at 2016-09-22 05:14 AM | Reply

"Elizabeth Warren wants to imprison bankers? Fine, as long as she includes Barney Frank and a whole host of other criminals with strong ties to our government."

What crime did Barney Frank commit?

"The IRS targeting scandal is one of the worst scandals in decades and the IRS wilfully destroyed records that were subpoenaed by Congress"

Utter nonsense. The IRS was doing what it was supposed to do; not allowing tax free status for purely political operations. It's just another "Benghazi" that the Republicans can investigate to death so that the fools will think the poor Tea Partiers are victims. It's ridiculous and sad that so many believe this crap.

#16 | Posted by danni at 2016-09-22 09:30 AM | Reply

"The Senate has advise and consent powers over new nominees and that's it."

But no criticism for Mitch McConnell and the Republicans for their refusal to do their jobs with the present SC nominee? Partisan much?

#17 | Posted by danni at 2016-09-22 09:32 AM | Reply

"Dodd-Frank is a mostly unmitigated disaster."

Tell that to Wells Fargo.

#18 | Posted by danni at 2016-09-22 09:34 AM | Reply

"The IRS was doing what it was supposed to do"

Utter nonsense.

However, it was blown up too big in hopes the misdeeds of the IRS would reach Obama....but the IRS was in the wrong.

#19 | Posted by eberly at 2016-09-22 09:34 AM | Reply

If there is an objective and legitimate criticism of The Consumer Financial Protection Bureau then the GOP needs to make it.

If it's merely platitudes and innuendo....then they need to STFU and leave this agency alone.

#20 | Posted by eberly at 2016-09-22 09:46 AM | Reply

...refusal to do their jobs with the present SC nominee...

Defined by the constitution that job is exactly what?

Is it possible that doing nothing is their "advice" that they do not "consent?"

Don't get me wrong, I don't approve of doing nothing but the constitution isn't clear on what, if anything, must be done.

#21 | Posted by et_al at 2016-09-22 10:19 AM | Reply

"but the IRS was in the wrong."

Never mentioned in the criticisms and accusations against the IRS is that they did the exact same things to progressive organizations that they did to Tea Party organizations. There is a requirement about the amount of focus any non-profit can put on political activity and virtually all of the organizations who whine are actually purely polical organizations. That salient fact is universally ignored.

#22 | Posted by danni at 2016-09-22 10:38 AM | Reply

en.wikipedia.org

read up. the IRS made mistakes and faced consequences for them.

#23 | Posted by eberly at 2016-09-22 10:50 AM | Reply

#21, All the Rethugs determined to hold up the appointment of Merrick Garland agree he is imminently qualified, some even like the choice. This delay is personal and political. Political because a few conservatives holding powerful posts are freaking out that they lost the looniest conservative hypocrite ever from the Court. Scalia, a man they could count on to defend the interests of the 1%. Personal because they've been determined to be a thorn in Obama's side since he was elected, not once, but twice and would rather pursue that agenda than worry about jobs, climate change, or wars.

This action differs from the case of Bork, for example, because Bork had his appointment hearing and was voted down. This is a case of refusing to hold a vote, because they know he would be confirmed.

#24 | Posted by nutcase at 2016-09-22 11:46 AM | Reply

JeffJ which other independent agencies offend you from a lack-of-accountability standpoint?
How are you not teeing off on the Post Office?
Anyway, there's a massive list to pick from.
Let us know.

Also, what should be done? Do these all get Cabinet posts? The Cabinet is going to end up the size of the Senate.

The Postmaster General job position is older than the United States of America, as it turns out. "Benjamin Franklin was appointed by the Continental Congress as the first Postmaster General in 1775, serving just over 15 months." en.wikipedia.org

#25 | Posted by snoofy at 2016-09-22 01:22 PM | Reply

Never mentioned in the criticisms and accusations against the IRS is that they did the exact same things to progressive organizations that they did to Tea Party organizations. There is a requirement about the amount of focus any non-profit can put on political activity and virtually all of the organizations who whine are actually purely polical organizations. That salient fact is universally ignored.

#22 | POSTED BY DANNI

I can forgive your ignorance of this topic but I won't when you make blatantly false statements.

When it became clear that the IG was going to blow the lid on what they were doing they expanded their BOLO list to include liberal groups also. However, not a single liberal group had their application delayed (for accept or deny) beyond 90 days. Not 1. Not a single liberal group was subjected to demands for donor lists, demands for all sorts of invasive documentation, and demands that highly personal questions be answered, such as the content of their prayers. Not 1. Some conservative groups are going on 5 years with their status in limbo. That is utterly ridiculous and, in fact, it's criminal.

This is all public record so quit promulgating blatant lies.

This came straight from the Democratic Party. You can tell by how Democrats have reacted to this and how they've behaved during investigative hearings. If the IRS was going rogue they would have been nearly as outraged as Republicans. But they haven't. They have been covering for the IRS and have assisted in stonewalling the investigation. Sheldon Whitehouse is involved in this. Chuck Schumer is involved. Elijah Cummings is involved. Barack Obama is involved. Eric Holder was probably involved.

The IRS destroyed tapes containing Lois Lerner emails AFTER they were subpoenaed. John Koskinen just this week admitted to giving false testimony to congress. The MSM covers all of this up. Remember the Nixon tapes? That was the crime of the century according to WaPo. The Obama IRS destroys files and the MSM barely even reports on it and this story drops out of the news cycle within a day by the outlets that bother to give it perfunctory coverage.

#26 | Posted by JeffJ at 2016-09-22 03:08 PM | Reply

I didn't realize that the LA Times was a Government Agency.

#27 | Posted by Rightocenter at 2016-09-22 04:45 PM | Reply

I didn't realize that the LA Times was a Government Agency.
#27 | POSTED BY RIGHTOCENTER AT 2016-09-22 04:45 PM | FLAG:

Depends who you ask. Some of our fine members are absolutely positive the MSM is part of the Democratic Party.

#28 | Posted by ClownShack at 2016-09-22 04:52 PM | Reply

"#26 | Posted by JeffJ"

Claims he can't speak to the sorry state of Kansas after the failure of the ------- economic experiment, (of which he boosted no less) ------ but apparently knows everything about the IRS, what people did, who lied, and who clogged the toilet.

so sad

#29 | Posted by ChiefTutMoses at 2016-09-22 04:59 PM | Reply

Don't get me wrong, I don't approve of doing nothing but the constitution isn't clear on what, if anything, must be done.

#21 | POSTED BY ET_AL

Likely because the writers of the Constitution never envisioned that a party of elected representatives would intentionally refuse to do the very job they were elected to do in the first place: Make decisions one way or the other.

Until now at this length of inaction.

#30 | Posted by tonyroma at 2016-09-22 05:08 PM | Reply

#28

While everyone seems to agree that Wells Fargo did a bad bad thing, an interesting twist in the story is that the GOP has repeatedly tried to eliminate the agency that uncovered the fraud.

Uh, Clown, the point was that it was the LA Times, in a series of articles that they did in 2013, that actually uncovered the fraud and it took pressure from the LA City Attorney and several members of the CA House Delegation to get the CFPB off their ass to finally start doing something about it in 2015.

#31 | Posted by Rightocenter at 2016-09-22 07:40 PM | Reply

But of course they do...and the EPA, and the Department of Education, and a lot more. And the only thing standing in their way is November 8. Are you paying attention, Johnson and Stein voters?

#32 | Posted by e1g1 at 2016-09-23 12:22 AM | Reply

Are you paying attention, Johnson and Stein voters?

They are. To their own navels.

#33 | Posted by snoofy at 2016-09-23 12:24 AM | Reply

But Hillary... Wall Street speeches... But... But...

#34 | Posted by Sycophant at 2016-09-23 10:30 AM | Reply

What bothers me the most about this is if I stole $25 dollars from the bank I could be in jail for years.

When the CEO steals millions from us he gets a slap on the wrist and an all expense paid trip (deductible business expense) to DC.

#35 | Posted by donnerboy at 2016-09-23 06:56 PM | Reply

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