In another of the bizarre outbursts that are quickly becoming her political trademark, socialist motormouth Alexandria Ocasio-Cortez (D-NY) accused a major financial services company of “financing the caging of children” — and got spectacularly demolished by the firm’s CEO. It’s just one more example of how divorced the Democrat Left is becoming from reality.
Financial services is a complicated industry, and there’s no doubt that even the biggest and most experienced players make mistakes sometimes. Wells Fargo is one of the world’s top five banks and offers a huge range of services globally — so it’s inevitable that sometimes things will go wrong. The company’s CEO was called before a House Financial Services Committee hearing on Tuesday to discuss the creation of fake accounts by rogue employees — but the hearing was derailed by a rookie Democrat congresswoman, who gave the CEO a chance to demonstrate that politicians are far from infallible too.
- In 2016, Wells Fargo was fined $185 million after employees created over 1.5 million fake accounts to inflate their sales figures. Over 5,000 staff were sacked for taking part in the scandal.
- On Tuesday, Wells Fargo CEO Tim Sloan was called before the House Financial Services Committee to explain why this had happened and how it could be prevented in the future. Possibly in a move to boost the newcomer’s profile, Ocasio-Cortez was invited to question Sloan.
- However, the session quickly descended into a farce as AOC swerved off topic and made a complete fool of herself, leveling wild accusations that Sloan demolished with ease.
- The inexperienced socialist started off by asking “why was the bank involved in the caging of children and financing the caging of children to begin with?” A visibly bemused Sloan replied, “I don’t know how to answer that question because we weren’t.”
- Instead of recognizing that she’d found the wrong tree to bark up, Ocasio-Cortez kept pushing, asking Sloan about the bank’s growing involvement in financing private prisons. Sloan pointed out to her that the bank had financed one private prison company for a while, but had, in fact, pulled out of the sector.
- Finally realizing that she should find something else to talk about, she did — and managed to walk right into another trap. Reminding Sloan that Wells Fargo helped finance the Dakota Access Pipeline, she asked him why, if there was a leak from it, the bank shouldn’t pay for the cleanup operation. “Because we don’t operate the pipeline,” replied Sloan. It was a remarkably simple answer to a remarkably stupid question.