While testifying before Congress, Wells Fargo CEO Timothy Sloan came under attack by freshman Rep. Alexandria Ocasio-Cortez. It didn’t go well for her.
Rep. Maxine Waters was leading the House Financial Services Committee in attempting to hold “megabucks” like Wells Fargo accoutnable.
Yet during the hearing, once again AOC proved that her lack of knowledge isn’t enough to deter her from speaking. For starters she accused Sloan and Wells Fargo of caging children at the border.
“Why was the bank involved in the caging of children and financing the caging of children to begin with?” Ocasio-Cortez asked.
Sloan easily defeated the baseless claim by stating the obvious, “I don’t know how to answer that question because we weren’t.”
The congresswoman then attempted to link the bank with two public prison firms weakly asking, “Uh, so in finan… you’ve, you were financing, involved in debt financing in CoreCivic and GEO group, correct?”
But again Sloan simply stated the facts. “For a period of time, we were involved in financing one of the firms, we are not anymore,” he replied. “I’m not familiar with the specific assertion you are making, we were not involved in that.”
Seeing her argument faltering, AOC then tried to charge the Sloan was somehow responsible for an oil spill because the bank had financed the pipeline.
Sloan stated that the bank had not directly financed the particular project.
AOC stuck to the idea that banks should be financially liable for global warming because of such projects.
“I don’t know how’d you calculate that, congresswoman,” Sloan said.
“Say from spills, or when we have to reinvest in infrastructure building sea walls from the erosion uh, of,” Ocasio-Cortez attempted to continue, “um, from the erosion of infrastructure or cleanups, wildfires, et cetera.”
“Related to that pipeline?” Sloan asked in response. “I’m not aware that there’s been any of what you’ve described that’s occurred that’s related to that pipeline.”
Visibly flustered AOC finally asked Sloan directly why Wells Fargo shouldn’t be held financially responsible for possible future oil spills.
“Because we don’t operate the pipeline,” he responded, “we provide financing to the company that’s operating the pipeline.”
Another simple concept that the fledging congresswoman is having a hard time understanding.