Fed Removes Shackle Imposed on Wells Fargo After Series of Scandals
For years, Wells Fargo was cheating it’s depositors, particularly it’s older ones. They did so by adding phony accounts that had fees attached and by raising fees without informing them. How could this happen in a storied institution such as Wells, you might well ask? It did so, because the bonuses of the crooks involved were higher as a result!
The revelations came to light in 2016. Since then, the CEO position has seen multiple changes and the institution has been on a justifiably, short leash.
It has taken until now for regulators to be comfortable enough to take
off the Shackles Imposed on Wells Fargo after a series of scandalous practices came to light.
For seven years, the bank was forced to operate under extreme observation across the board, as punishment for misconduct including creating fraudulent bank accounts and mistakenly seizing homes.
Apparently, nobody taught the Wells’ management of the time, that there would be a price to pay for their deceptions! Hopefully, they have learned, “the hard way!”
https://www.nytimes.com/2025/06/03/business/wells-fargo-asset-cap-federal-reserve.html?smid=em-share
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Fed Removes Shackle Imposed on Wells Fargo After Series of Scandals
Fed Removes Shackle Imposed on Wells Fargo After Series of Scandals
New research shows small gestures matter even more than we may think.
I wonder about when this train actually went off the rail and Balwani and Holmes both knew it. It reminds me somewhat of Bernie Madoff’s $20 Billion deception in that if Bernie had fessed up when his performance first went south and he tried to cover it up, only to make it worse, he might largely have been forgiven and returned to his original trading business. But he just couldn’t do that and as time went on…well we know the result.
Was there a similar trajectory for this pair? A time when they looked at each other and said, “Uh oh!” Not that it matters really. Somewhere along the way they knew what was going down and kept it going for as long as they could. Now have to face the music as eventually, always is the case. It is simply “The Law of Cause and Effect” unfolding. Hopefully for them there will be less tragic endings than Bernie. It depends on how they handle what they have wrought! We’ll see.