1. Wells Fargo Charged 570,000 Customers for Auto insurance They Didn’t Need

    Wells Fargo Charged 570,000 Customers for Auto insurance They Didn’t Need

    The bank quickly faced a backlash from lawmakers still angry after Wells Fargo admitted last year that thousands of its employees had created millions of fake credit card and bank accounts to earn bonuses and meet sales goals...

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    1. No wonder so many hard-working Americans believe the system is rigged against them in Wall Street's favor.
    2. There are surely deep risk management problems at a bank when it opens millions of fake customer accounts and charges nearly a million customers for a financial product they don't need — all over roughly the same five-year period.
    3. We take full responsibility for our failure to appropriately manage the [auto insurance] program and are extremely sorry for any harm this caused our customers, who expect and deserve better from us.
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