Another shot in the gut for Wall Street.

Wells Fargo CEO/Chairman of Board Stumpf passes the buck

Sen. Elizabeth Warren just completed a ripping of Wells Fargo CEO and Chairman of the Board Stumpf for his involvement in the cross-selling scandal" that has plagued the bank.

She told the Stumpf that he should resign and suggested that the SEC and DOJ should conduct criminal investigations of the executives involved.

Toward the end of the grilling, Stumpt pointing the finger at board members and compensation committee instead of taking responsibility for pay to executives involved in the account opening debacle. This despite being the CEO and Chairman of the Board.

When the CEO and Chairman of the Board goes in front Congress panel and does not take responsibility - nor express an opinion for exorbitant pay for executives involved in blatantly wrong action, there is still something broke with Wall Street.

Implications are don't expect an easing of regulation for the financial industry and I would not be surprised to see more talk of criminal investigations.

Another shot in the gut for Wall Street, and most are all self inflicted wounds.

PS Wells Fargo stock is up about $0.50 on the day.