Wells Fargo in midst of huge scandal- Ethan Lacey

Wells Fargo is in a huge scandal after 5,300 employees where caught opening fake bake accounts to increase sale numbers. The total amount of fake accounts has totaled around 2 million. These accounts where opened by employees, funded by real accounts and transferred money to these fake accounts. Wells Fargo, one of the largest banks in the world, is facing charges of $185 million in civil penalties and an additional $5 million is customer remediation. Wells Fargo has since terminated the 5,300 workers, around 1% of their workers. This scandal is said to have tainted the company and foreshadows major leaders of the company to step down.

I think this story shows how corrupt companies are today, even the companies that we trust the most. Companies now days will do anything to get that dollar, even if that means hurting their customers in a very illegal way. Although Wells Fargo is the only banking company to get caught in the act of doing this, i assume many other banks participate in this behavior. I also think the penalty Wells Fargo suffered was not severe enough and I believe there should be federal action being done for their wrong doing. This event could be connected to the JPMorgan Chase scandal which they rigged the prices of dollars and euros for sales. 

http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/