Robert Reich says
Wells Fargo will pay $3 billion fine as part of a settlement in a civil lawsuit for its fake account scandal. In case you forgot, thousands of Wells Fargo employees opened millions of savings and checking accounts in the names of actual customers, forged customers’ signatures to cover up the fraud, and moved money from customers’ actual accounts to the fraudulent ones in a scheme that went on for years. As part of the settlement, the Justice Department will not criminally prosecute the bank.
$3 billion on $22 billion in profits is barely a slap on the wrist, and none of the executives involved in the scheme have been charged. Yet again, corporate criminals face no consequences for their actions. We have two justice systems: one for the rich and powerful, and one for everyone else.