Colbert: Elizabeth Warren Rips Wells Fargo’s CEO Stumpf [VIDEO]

Stephen Colbert detailed the fallout at San Francisco-based bank, Wells Fargo, which accrued $185 million in regulatory fines earlier this month after opening โ€œroughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by customers,โ€ according to The New York Times.

Wells CEO John G. Stumpf testified before the Senate Banking Committee last Tuesday and received an earful from Massachusetts Senator Elizabeth Warren.

โ€œYour definition of accountability is to push this on your low-level employees,โ€ Warren said, referring to the 5,300 employees fired for opening sham accounts to meet sales figures. โ€œThis is gutless leadership.โ€

She asked Stumpf โ€” whose compensation CNN Money reported at $200 million โ€” if heโ€™d returned even โ€œone nickelโ€ of the money heโ€™d personally earned through the sham account scandal. When he repeatedly answered, โ€œThe board will take care of that,โ€ Warren finally said, โ€œI will take that as a no.โ€

โ€œShe will take that as a no,โ€ Colbert responded, โ€œand place the no in the bag where she put his balls.โ€

โ€œThatโ€™s how you teach white collar crime does not pay,โ€ he added, referring to Stumpfโ€™s compensation. โ€œItโ€™s like when a cop catches a burglar in the act of robbing a house and says, โ€˜Put down that TV, buddy. Now hereโ€™s $200 million.’โ€

As Warren noted during his testimony, Stumpf set the accounts-per-customer target for employees at eight โ€” where other large banks average five โ€” because, โ€œEight rhymes with great.โ€

โ€œI gotta say, that makes him sound like something that rhymes with a real grass bowl,โ€ Colbert said. โ€œItโ€™s asshole.โ€