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Capitol Report: Three things learned from the Wells Fargo hearing

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John Stumpf, Chairman and CEO of the Wells Fargo & Company, testifies before the House Financial Services Committee

Wells Fargo Chairman and CEO John Stumpf endured a more than four-hour grilling before the House Financial Services Committee Thursday over his bank’s unauthorized opening of millions of customer accounts. Here’s some of what we learned.

$41 million didn’t buy total peace. However bad Thursday’s hearing was for Stumpf, it would have been orders of magnitude worse had the bank WFC, -2.07% not decided to strip him of $41 million in unvested equity awards, as well as salary during an independent investigation.

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