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Friday, September 01, 2017

When Will It End? 

Wells Fargo has determined that its employees had created an additional 1.4 million fraudulent accounts.  It has been a year since the scandal broke and there is seemingly no end to it.  The bank's reputation lies in ruins and its recent disclosures are like kicking a dog while it is down.  One must ask how the bank was running so amuck and the only possible answer is inattention by its leaders and a breakdown in operations.  Wells Fargo was not close to the bank people thought it was.  It now has to live down its image for years to come.  Every new slip-up at the institution will garner headlines and another assault on its reputation.  Banking runs on trust and Wells Fargo violated it fundamentally.  Should the company lose customers as a result of this prolonged scandal, that is as it should be.  It is too big to go out of business as a result of these disclosures, but it could well shrink, which would be the least punishment it deserves.

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