Ripple CEO Brad Garlinghouse highlighted the disparity between the response to the FTX scandal and the response to Wells Fargo’s record penalty.
As the Consumer Financial Protection Bureau (CFPB) notes, Wells Fargo did not accurately document customers’ payments on home and auto loans during the 2011-2020 period. In addition, some borrowers’ cars or homes were actively seized for wrongful reasons, and overdraft fees were charged even when customers had more than enough money to cover their purchases. With the emergence of the situation, Wells Fargo, one of the largest banks in the USA, was fined $ 3.7 billion. The CEO of Ripple is uncomfortable with the underreaction to this situation.
Ripple CEO Criticizes Not Responding to Wells Fargo
Ripple CEO Brad Garlinghouse shared a tweet highlighting the FTX and Wells Fargo reactions.
The tweet includes a meme where DC Comics superhero Batman slaps his apprentice Robin. “But Wells Fargo is engaged in illegal activity!” in Robin’s speech bubble. At the time of writing, Batman’s response is “We only care about FTX”.
The world is (appropriately) outraged by SBF and FTX's fraud, but when Wells Fargo mismanages billions in customer funds as well, it's barely a blip on the radar. Food for thought…. pic.twitter.com/uHnumn4Ryi
— Brad Garlinghouse (@bgarlinghouse) December 21, 2022
Commenting on the meme, Garlinghouse expressed his disappointment that the record-setting fine for Wells Fargo for mistreating its customers for years was not met with as much outrage as the FTX scandal.
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