Wells Fargo fraudulent accounts scandal

The New York Times pass it on that:

Let’s start the day by going through the Wells Fargo fraudulent accounts scandal, by the numbers:

5,300 — the number of Wells Fargo employees engaged in creating sham accounts for customers.

$1.5 million — the fees customers were charged for these unwanted accounts.

$124.6 million — the amount, according to Fortune, that the executive who oversaw the group of rogue employees is receiving as a payout.

$185 million — the amount that Wells Fargo was fined for the fraudulent accounts.

And consider this: There is, to say the least, some disconnect between the Wells Fargo that tried to be a trusted bank and the Wells Fargo where thousands of employees engaged in rampant sham deals.

The deceit may have been small in dollar amounts, but what does it say about the bank that these practices were so pervasive?

Andrew Ross Sorkin considers this and other questions raised by the episode and argues that if Wells Fargo is going to “take responsibility” for what happened, it has to answer the many questions raised by such blatant and widespread.  

Source: http://www.nytimes.com/newsletters/2016/09/13/dealbook?nlid=66371672