Wednesday, September 21, 2016

How to punish Wells Fargo

On Monday, John G. Stumpf listen shamelessly as he was scolded by U.S. Senators. This was a nice display of good intentions by the Government, yet Mr. Stumpf will get out scot-free, won't go to prison, won't be charged personally and his friendly Board of Directors won't fire him.
Still, Mr. Stumpf said that the 5,300 low-paid employees who had been terminated over the scandal “deserved” to lose their jobs. So what is one to do?

Pretty simple: Bank account holders should vote with their feet and move their accounts elsewhere.

I know, this is painful, highly inconvenient, but it's by far the only effective way left to punishing Stumpf, his high-ranking executives and his Board.

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