Elizabeth Warren Fights to Take Weed Money to the Bank
She wrote a letter. That's how these things begin.
Elizabeth Warren and American bankers have had a contentious relationship. The Democratic Senator from Massachusetts ripped into Wells Fargo CEO John Stumpf during congressional hearings in September 2016. Warren decried Stumpf’s “gutless leadership” as responsible for a mess of—as in 2 million—unauthorized bank accounts opened by Wells Fargo employees striving to boost productivity (meet unrealistic sales targets), at the expense of ethics and strict legal procedure.
Warren concluded her critique of Stumpf by advising him, “You should resign.”
Wells Fargo agreed to pay $185 million in fines to move on from the allegations, and in October 2016, CEO Stumpf slunk away from his position at the bank and also removed his ass from his seat at the board of directors for both Chevron and Target.
So if the financial institutions know what is good for them, they’ll get in line with Elizabeth Warren’s call to open their vaults and drawers to the legal cannabis industry.
Warren, as reported by Boston.com., is leading a mob of nine other senators in sending a letter asking the Financial Crimes Enforcement Network to facilitate banking rights for services and vendors trading within the legal pot industry. Warren’s position at the head of the ten-senator pack may be due to her proven history of bullying bigwig bankers. Or, her prominent role may stem from her position on the Senate Banking Committee. Either way, Warren makes some good points, although if you’ve visited the KINDLAND more than twice, you probably already know the spiel.
Warren said there are benefits to letting marijuana-based businesses move away from a cash-only model.
“You make sure that people are really paying their taxes. You know that the money is not being diverted to some kind of criminal enterprise,” Warren said recently. “And it’s just a plain old safety issue. You don’t want people walking in with guns and masks and saying, ‘Give me all your cash.' ”
A spokesman for the Financial Crimes Enforcement Network said the agency is reviewing the letter.
Warren is pissed that fewer than 3 percent of America’s 11,954 federally regulated banks and credit unions deign to deal with the cannabis industry. That spokesman for the Financial Crimes Enforcement Network is advised to move with some urgency, or risk the Elizabethan wrath of a Massachusetts senator scorned.
On the other hand, when Stumpf departed Wells Fargo, he took along stock valued at a reported $134.1 million; so maybe no one’s really afraid of Elizabeth Warren after all.