In a special Mad Money interview Tuesday night on CNBC, Jim Cramer spoke with Elizabeth Warren, the Democratic Senator from Massachusetts, about the massive data breach at Equifax (EFX) and the ongoing troubles at Wells Fargo (WFC) .
Warren told Cramer she is appalled by the lack of personal responsibility at Equifax, and said CEOs like Richard Smith should face criminal investigation for his role in the company's allegedly mishandling the sensitive information of up to 143 million Americans.
Warren noted that the information lost by Equifax will be out there forever and could come back to bite consumers for decades.
As for Wells Fargo, Warren said this is not the first time the company has been engaged in fraudulent activity.
During the financial crisis, the company paid fines for predatory loan practices, but then promised it was getting its act together. Then the company engaged in opening fake accounts for customers, and even later, had to restate just how many fake accounts were opened.
Warren said that the Federal Reserve has jurisdiction over the banks and has the authority to remove the bank's board of directors and its executives -- something she has urged them to do. Now's the chance for the Fed to "step up," she said, and show Americans that it will not stand for companies that defraud the public.
Over on Real Money, Cramer looks at the newfound alliances with Amazon and the more aggressive style of those he thinks are being left behind. Get his insights with a free trial subscription to Real Money.
Cramer and the AAP team see a buying opportunity in Allergan (AGN) . Find out what they're telling their investment club members and get in on the conversation with a free trial subscription to Action Alerts PLUS.
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