Wells Fargo’s recent scandal involving over 5,300 employees creating fake accounts for real people continues to draw criticism. 5,300 people is more than an inside job, it is a company’s culture. With 2 million unauthorized accounts created for credit and banking and employees claiming that Wells Fargo management deploys intimidation tactics, one has to wonder when the other shoe will drop on the company.
Journalist Ben Swann has questions as well. Watch his take.
Wells Fargo has lost investors nearly $19 billion since the scandal was uncovered. Does Wells Fargo silence on the issue mean they broke the law? Not really, it is likely that their attorneys told them to remain silent until the dust settles.
According to Reuters, Wells Fargo has lawyers on the case.
“Look, they’re lawyered up to the sky. They did the minimum legally required. Do I think that that’s fair to investors or that that’s all that investors need to know or want to know? No I do not,” said Nell Minow, vice chair of ValueEdge advisors, a corporate governance advisory firm.
“It further diminishes their already significantly diminished credibility in terms of their willingness to be transparent.”
The saga is likely to continue playing out.