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Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

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Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

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Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

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Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

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Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
FinanceWells Fargo

Wells Fargo’s Latest Misconduct Involves Its Corporate Customers

By
Polina Marinova
Polina Marinova
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By
Polina Marinova
Polina Marinova
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May 17, 2018, 11:14 AM ET

Wells Fargo keeps digging itself into a bigger and more serious hole.

The Wall Street Journal discovered that some employees in a Wells Fargo unit that handles business banking improperly altered information on documents related to corporate customers. The altered information included social security numbers, addresses, and dates of birth.

Ironically enough, the incident occurred at the end of 2017 and into early 2018 as Wells Fargo was trying to meet a deadline to comply with a regulatory consent order related to the bank’s anti-money-laundering controls. The bank has reported the problem to the Office of the Comptroller of the Currency, and the behavior is currently under investigation.

This is the latest scandal in a string of misconduct at the bank. In April, Wells Fargo settled with U.S. regulators, agreeing to pay a $1 billion fine for harming customers by creating fake accounts, selling unlawful insurance products, and charging unnecessary fees.

Many were critical at the time, saying that fines don’t work to prevent misconduct. In April, University of Georgia law professor Mehrsa Baradaran wrote in a Fortune column: “When big banks behave badly, they know that the worst thing they’ll get is a fine; no one is going to end up in jail.”

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By Polina Marinova
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