Elizabeth Warren’s comments at yesterday’s Senate Banking Committee hearing went viral for her strong rebuke of Wells Fargo CEO John Stumpf. However, The Boston Herald interestingly noted this morning that Warren may not be the best person to rebuke Wells Fargo because she actually profits from their success. From The Herald:
Warren’s own financial disclosures filed with the U.S. Senate suggest she holds investments in Wells Fargo. Her disclosures aren’t detailed enough to conclude exactly which funds she invests in. But they show she holds a variety of mutual funds with TIAA, a retirement provider for educators and researchers.
She has between $500,001 and $1 million — disclosures only require the filer to report a range — in a mutual fund labeled “TIAA-CREF Stock.” All three such funds on TIAA’s website that match the description list Wells Fargo as one of their top holdings at nearly 1 percent of net assets.
The same is true of two other mutual funds in Warren’s disclosures: TIAA-CREF Global Equities (where she holds between $250,001 and $500,000) and CREF Equity Index Account (where she holds between $50,001 and $100,000).
While Warren’s rhetoric makes it seem like she is standing up for the average American, she has made her millions through investments in mutual funds that are tied to Wells Fargo and other big banks. As always with Elizabeth Warren, she is exempt from the very kind of behavior she condemns.