In September 2016, Wells Fargo admitted to opening millions of unauthorized accounts and signed a settlement requiring payment of $185 million in penalties. That news, remarkable as it was, has turned out to be very far from the whole story of the bank’s misdeeds. One after another, Wells Fargo has been hit by a succession of scandals, all growing out of its aggressive efforts to extract as much revenue as possible from every customer, by fair means or foul.
[klarman]
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