Magazine article American Banker

Corker Dismisses Call to Skip Wells Fargo Hearing

Magazine article American Banker

Corker Dismisses Call to Skip Wells Fargo Hearing

Article excerpt

Byline: Ian McKendry

WASHINGTON -- Sen. Bob Corker, R-Tenn., dismissed calls Monday by a group with alleged ties to hedge funds to recuse himself from a hearing this week probing the recent enforcement action against Wells Fargo.

The Campaign for Accountability sent a letter Monday urging Corker to stay away from the hearing, arguing a real estate investment trust he was involved with regularly did business with Wells.

But the Tennessee Republican said the group was a shadowy politically-motivated special interest group whose real motivations were to attack Corker at every turn.

"This is yet another ridiculous narrative being peddled by a shadowy, politically-motivated special interest group that refuses to disclose its donors," said Micah Johnson, Corker's communications director. "This dark money entity has an abysmal track record for accuracy, and just like the other unfounded claims they have leveled against Senator Corker, this too is completely ridiculous."

Previous reports have tied the group to hedge funds that would benefit from recapitalizing Fannie Mae and Freddie Mac. Corker introduced legislation in 2013 that would wind-down the government sponsored-enterprises, rendering the stock worthless.

Corker's office said he planned to attend the hearing, which will feature testimony from Wells CEO John Stumpf.

Corker has reportedly come under questioning by the Federal Bureau of Investigation and the Securities and Exchange Commission for insider trading related to CBL & Associates Properties, a REIT based in Chattanooga. …

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