Wells Fargo CEO Summoned to Testify Before Congress

The "GMA" team of insiders analyze some of the biggest stories trending this morning.
5:36 | 09/20/16

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:



Skip to this video now

Now Playing:


Related Extras
Related Videos
Video Transcript
Transcript for Wells Fargo CEO Summoned to Testify Before Congress
However now the big board our team of insider standing by to win today's top story could be sunny Hostin right here at the table and winning you just a minute. But we begin with a big bank on the hot seat on Capitol Hill wells for a chief John stomp testifying today about that they can count scandal. And our business correspondent Rebecca Jarvis has been tracking the story boy Rebecca congress just jumped on this she got. Two million fake accounts 5000 employees fired executive in charge leaves a hundred million dollars in an exit package he's gonna have a hard time today. Yet this is going to get heated today George. This CEO of Wells Fargo John Stumpf will be in the hot seat he's going to make the point. That he is deeply sorry that this was not an orchestrated effort but you can believe that the senators on the other side doing the railings are gonna raise questions like. How could this happen and how could the person who was running this division over those five years when all the people work. Fired when all of those fake accounts. We're created how can that person have walked out of Wells Fargo with the kind of pay package in the millions of dollars in compensation that they walked out. They're going to be pushing today for plot acts meaning they're gonna say to Wells Fargo that person should not have left the company with that kind of money you should take it back. And number battle but what do what can congress actually do say they think we'll use it take you back in the actually make that happen first walks the secondly what does that do for the customer. We'll ultimately. This is going to be a PR nightmare for Wells Fargo either way. But Wells Fargo is ultimately the Harvard or they ultimately make the decision whether the clock back happens and as far as the customer is concerned. Wells Fargo in this whole mess has set aside five million dollars to compensate any customer. School with impacted by this they've already paid out two point six million dollars they've got the 2.4 million dollars. Set aside but this is really about regaining trust at this point Michael because of course they've lost a lot of it. Cartagena that was with the doors you're hands and then thank you Rebecca now to rebuild a report out this morning at about. Runaway money at the gas puff according to research by triple A America's wasted billions of dollars last year human premium gas. They didn't need in our own big ABC David Curley. He joins us television David good morning. Good morning Michael you know we all like to kind of take care of our cars right yes it is I've gotten one together what looked at the pump George and they struggle you know what. How did did 91 net 93 have collected that aren't teams that are that popular. We've got some billion that Sears took a change tell us more about this story but the higher octane you're talking about the choices you have regular premium. And you know what you want to give your car ground beef for you want to give it a state give it premium. We'll believe this sixteen million Americans are putting premium in a car that doesn't need at. And according to triple A that means they are wasting money two point one billion dollars a year. Spent on premium gas if you don't really need in fact. 70%. Of the cars on the road that Americans drive take regular gas. And what AAA is saying guys is basically that's all you need to put in your regular gas into the work just fine thing like your waist and all that hall of fame changed I don't. Something is over this sort of puppet like Winston. And in regular day starting today it is here's the other side of the story we haven't you're Nicole. Who treated on our social tools that she uses premium gas and older car because in Knox and pains and she doesn't. So is so cannot make the vehicle run better even if it's not required. Yes she's probably getting rid of the pain but the problem is up money she's spending it she saved at all. And actually tuned up the car made a runaway was supposed to do it wouldn't be pinging that's the key what triple A says they did is they took cars they've put it on basically a treadmill for cars and I anemometer. And basically found there was no increase in horsepower there was no increase in performance if you put premium in a regulars so the advice from triple A is. Make sure cars running right. And put in the regular gas now if you have a car. Like so let's do that have to have premiums. Continue the premium it. Talking about so nowadays you excuse. Perhaps I added diligent about right now that I knew Watson. About Cheerios. Sheriff John to promote defending itself against claims the labeling on brands like Honey Nut Cheerios is misleading. And -- here for more on that he has spokesperson for the company said General Mills continues to stand behind the quality of these products in the accuracy of the products' labels so what exactly are the plane is complaining about. OR honey nut cereal flooded the complainants are basically saying listen Honey Nut Cheerios is being deceptively advertised. So they're touting all the health benefits like the whole grains and say this cereal can lower your cholesterol but they're not really highlighting the fact that it has a pretty high sugar content. The missing that is just not right you're not giving. The consumer the right information. We have a growing number of losses against these big food companies. It even if this month successful how did that impact perfect lead the industry and beat these lawsuits really aren't successful most of them don't work. But I think it it sort of shines a light on this issue and it make sure that the consumer looks a little more carefully at these labels and it also makes these companies better. Companies it makes them good corporate citizens so. There's just not as much duping going until it's really a relationship but I always question people just read the labels because. Even though they may deceptively advertised on the front if you look at the sign the content is there so do your job as a mom doing it's job its apparent. And the labels are you want to stick with us on Nigeria's I know I'm no way you can you just really can't. I guess it's got to get a look. There's a lawsuit bossier hasn't sugar right cannot be good because I wanted. Plaintiffs the I got to sunny thank you David thank you in with debt that they can as well.

This transcript has been automatically generated and may not be 100% accurate.

{"duration":"5:36","description":"The \"GMA\" team of insiders analyze some of the biggest stories trending this morning.","mediaType":"default","section":"ABCNews/GMA","id":"42214701","title":"Wells Fargo CEO Summoned to Testify Before Congress","url":"/GMA/video/wells-fargo-ceo-summoned-testify-congress-42214701"}