Wells Fargo & Co.’s $1 billion fine won’t close the book on fallout from its consumer scandals.
The nation’s third-largest bank submitted to an unprecedented order Friday that would give the Office of the Comptroller of the Currency the right to remove some of the lender’s executives or board members. That comes on top of the penalties Wells Fargo will pay to settle U.S. probes into mistreatment of consumers, the largest sanction of a U.S. bank under President Donald Trump.
The OCC said it “reserves the right to take additional supervisory action, including imposing business restrictions and making changes to executive officers or members of the bank’s board of directors.” The agency could also veto potential executive candidates.
You can read the rest @
https://www.bloomberg.com/news/articles/2018-04-20/wells-fargo-said-to-be-fined-1-billion-over-consumer-missteps
Why was Wells Fargo singled out for this sort of "punishment"?
What about banks that screwed homeowners, laundered drug money, gambled on derivatives, etc. ??? Why were they let off the hook?
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