In a Sept. 8 article on Wells Fargo’s fraud, we are shown greed’s ugly head. I am reminded of the bank crisis of 2008. Once again, customers are having to financially pay for the lackadaisical business practices of Wells Fargo Bank while the CEOs walk away unscathed.
I hear the calling for more “watch dogs” for bank practices, but I don’t believe that is what is needed here. We need regulations that work for all sides, to protect the consumer but also allow business to flourish. However, in this case everyone loses.
Somewhere in the range of 5,300 employees were terminated, and $185 million was fined to Wells Fargo for this current debacle? I have to ask, what do CEOs lose? There is no downside for them, they create a situation where employees feel as if they are backed into a corner with unrealistic expectations and they will do what needs to be done.
Ignorance should not be an excuse! Wells Fargo should have been policing its own employees. More regulation isn’t needed but more accountability needs to lie with those who set expectations because those individuals may just walk away from this with an “Atta boy!” plus a bonus.
Anna Rivera, Fresno