Bardonomics

Image: YP In another blow to Wall Street’s reputation with the public, it was recently uncovered that Wells Fargo employees had created over two million fake accounts for customers in an attempt to meet ambitious sales targets. The bank is to pay USD 185 million in fines and 5,300 employees have been fired.  Wells Fargo CEO John Stumpf was hauled before incensed lawmakers on the Senate and House banking committees late last month to testify on the matter. He has agreed to forfeit USD 41 million in pay and to end the banks controversial sales incentive program that purportedly led to the illegal behavior. Lawmakers lambasted the banks activities as akin to theft, and condemned what they saw as a weak reaction from Stumpf in handling the situation. Stumpf insisted at the hearings that the problem was not with the company culture, but rather with a set of dishonest employees. However, with 5,300 employees involved in the scandal, it is difficult to claim that there was not a