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The bank establishes a committee with the express purpose of addressing employee misconduct. But as the problem of unauthorized customer accounts grows, it stops meeting.
The scandal's roots stretch back more than a decade. In a corporate environment that doesn't welcome bad news, problems fester.
Fake accounts. Executives who only wanted to hear good news. Tens of billions of dollars in damage. As the bank's chief security officer, Michael Bacon spent years raising concerns about rampant sales abuses. In exclusive interviews, he details how the bogus-accounts scandal unfolded — and argues that it could have easily been stopped.
As the phony-accounts scandal is brewing in 2014, the executive who functions as the top cop inside Wells Fargo gets shown the door.
Today is Thursday, Dec. 22, the 356th day of 2022. There are nine days left in the year.