Bankers and Teachers: Scandals and Accountability (Part 2)
Part 1 described how Wells Fargo bank and the Atlanta public schools defrauded large numbers of customers and students. At the bank, over 5,000 employees were fired. The bank’s CEO admitted responsibility for the fraud before a U.S. Senate Banking Committee yet the fine levied by federal regulators ($185 million) wasn’t even a slap on the wrist, given the $80-plus billion in revenues that the bank took in last year. Nor did the bank admit in that agreement to pay the fine any responsibility for for their actions. The CEO is still CEO.