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US government fines Wells Fargo $3 billion for its 'staggering' fake-accounts scandal
The question is is the fine enough? The limited liability nature of companies which translates every crime into a financial penalty for the company while often appearing to let the individuals responsible for the crimes off the hook doesn’t seem to be working as a deterrent in these big cases where the crimes are systemic in nature and come from the top down. I wonder if it would be possible to create a punishment or if one already exists where the company loses its corporate charter and is liquidated.
Wells Fargo managers created unrealistic sales goals for employees. Many front-line employees felt that the only way to reach these goals (and keep their jobs) was to create fake accounts. Senior management deserves most of the blame since they were aware of the situation and had created the culture where this behaviour was encouraged. They should be prosecuted and held accountable for their actions.
You have to remember the government gave WFC a group of sliced and diced liar loans back about 2008 that no one else wanted. Sorta taken out of context WFC thought it gave them a ticket to burn, pillage and rape everyone else.
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My neighborhood elementary school is also building a wall around it's perimeter first time since 30 years of existent.
To feel safe, we need to make wall everywhere.
oh, wait; nah