When the fifth biggest bank in the world repeatedly breaks the law, defrauding consumers and investors alike, over two and a half decades, it becomes clear that fines and restitution are not enough.
It’s time to break up Wells Fargo.
The Consumer Financial Protection Bureau (CFPB) has just fined Wells Fargo $1.7 billion, its biggest fine ever, along with $2 billion in restitution, for illegal fees and interest on consumers’ car and home loans.
Yet this nearly $4 billion in penalties is only small potatoes given Wells Fargo’s $75 billion annual profit. They will barely feel it.
It will take more than fines to protect consumers and force Wall Street banks to clean up their act. It’s time for one of the worst of the worst to pay the ultimate price.
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