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Values, values on the wall: Who practises, who recalls?

The Wells Fargo scam fiasco has produced no senior-level resignations at the bank to date nor any return of personal windfalls from the fraud.

Wells Fargo's stock price dove after the scandal was exposed, shaving US$24 billion from the bank's investors. Some 5,300 employees were fired - but, surprisingly, very few senior executives. In fact, not even one senior executive has as yet taken any action that shows personal accountability.

ON SEPT 8, Richard Cordray, director of the US Consumer Financial Protection Bureau (CFPB), announced that Wells Fargo would pay US$185 million in fines for illegally creating unauthorised deposit and credit card accounts across the United States.

The saddest thing about Wells Fargo's...

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