Opinion: That Wells Fargo accounts scandal was even worse than you can imagine

One useful rule of thumb when it comes to business scandals is that they often seem to get worse after the initial disclosures, even after a string of “official” investigations. The unauthorized-accounts scandal at Wells Fargo is an exemplary case, and we don’t mean that as a compliment.

The latest revelations about the Wells Fargo scandals have come to us from the Office of the Comptroller of the Currency, a key federal banking regulator.

Late last week the OCC carpet-bombed a clutch of former executives at the bank, levying new charges about their alleged malfeasance and nonfeasance in connection with the unauthorized-accounts scandal and demanding millions of dollars in fines and other discliplinary actions.

Former Wells Chairman and Chief Executive John F. Stumpf settled the OCC charges by agreeing to a permanent ban from the banking industry and a $17.5-million fine. That’s on top of $41 million in equity awards he forfeited when he stepped down from Well Fargo in 2016, and another $28 million in compensation the bank clawed back from him in the wake of the scandal.

https://www.msn.com/en-us/money/companies/opinion-that-wells-fargo-accounts-scandal-was-even-worse-than-you-can-imagine/ar-BBZq2UJ?li=BBnbfcN