Of course, where does that money come from? The shareholders. Have the big dogs at Wells been inconvenienced by consequences for what went on during their watch? Or are they as untouchable as Jamie Dimon? “Personal responsiblity” is only for the peons.
Steve
Dude, you sure do have this thing about Dimon, bordering on obsession.
https://discussion.fool.com/search?expanded=true&q=dimon%20%40steve203%20order%3Alatest
In short, the bank robbed the consumer, the government saw it and made sure it got its fair share. Meanwhile bank management likely received their fair share in the form of fat bonuses.
So everybody is happy (except for that pesky consumer).
There is a list further up of too big to fail.
Add
With all their overt malfeasance, it is beyond me that Wells Fargo hasn’t received the “death penalty” yet. The bank should be closed down, their assets and deposits divided among other banks, their shareholders wiped out, and their executives (including mid-high-level ones) should be banned from ALL financial services businesses for life.
… however, 270k employees would be on the streets.
I‘d favour going after the few actually accountable for the malfeasance - get them removed, fined (out of their own (gasp!) pocket rather than the shareholders‘), locked up if warranted, let the company put other, hopefully better people in their place.
Of course, not feasible, for some reason noone was ever able to explain their employer being systemically important makes individual executives untouchable.
Fraud
Why use the word Malfeasance? It is not just doing the wrong thing.
As if…
That’s not how closing down a bank works. We just saw 3 examples of it this year. Most of the time, the branches simply get transferred to the new bank. After a few months, they change the signs in front and pretty much everything remains the same for the vast majority of the 270k employees.
Larger banks consist of much more than mere retail branches. Just ask Credit Suisse and UBS employees how they rate their career prospects right now. In any case, in case of malfeasance/ fraud by senior managers, better to hold them accountable directly than eliminating a competitor altogether.