Wells Fargo CEO Struggles to Defend Against Dumping Stock Allegation

MALONEY: "I have right here your form for filing, which I'd like to submit to the record, that shows that on October 30, 2013, you sold $13 million worth of Wells Fargo stock on the open market. That is by far the largest open market sale of Wells Fargo stock that you made in your nine years as CEO. So my question is did you dump $13 million of Wells Fargo stock, which you did through your family trust, right after you found out that your bank had been fraudulently opening hundreds of thousands of scam accounts ripping off your customers?"
STUMPF: "Thank you for the question. First of all, the vast majority of our people go to work every day —"
MALONEY: "That was not my question. Excuse me. My question was did you dump the stock after you found out about the fraudulent accounts? Because it seems that the timing is very, very suspicious and it raises serious questions."
STUMPF: "I did not sell shares at the time because anything related to —"
MALONEY: "But your form 4 says you did sell the shares."
STUMPF: "I sold the shares. Today I hold four times as many shares as I’m required."
MALONEY: "But did you sell these shares or not?" 
STUMPF: "I sold those shares and I sold them with proper approvals with no view about anything that was going on with sales practices or anything else."