With all this talk about patriotism, I want to share what is “unpatriotic” to me. Wells Fargo announced it has fired 5,300 employees because of a scandal that resulted in 1.5 million unauthorized opened accounts. Employees have been opening these “false accounts” in order to hit sales quotas and receive bonuses. Apparently, management was aware of this behavior. Yet, none of the top brass has taken the fall. The bank agreed to pay $185 million in fines, along with $5 million to refund customers. However, CEO – $19m, COO – $11m, and CFO – $9m are probably on a private island yelling: “That was a close one!” Why does this matter to me or you? Most of us own shares of Wells Fargo in our retirement accounts. Vanguard, BlackRock, Fidelity, or Berkshire ring a bell?
Looks like I have something else to add to my protest list.