Everyone who makes decisions at Wells Fargo, in other words, benefited from the scam. The only people punished were junior employees who, while complicit, I guarantee were doing what management wanted them to do, and who would have been fired before this if they hadn’t been willing to play along.

Financial fraud of this sort always follows this pattern: Executives get rich doing it, the company takes a hit–but not the executives–and the executives have no reason not to go on to their next fraud or even go back to what they were doing (sub-prime loans are a thing again, and we’ll find out many of them were based on fraud, again.)