Wells Fargo Isn’t the Only Firm That Needs a Lesson
By
In August, the Securities and Exchange Commission brought an enforcement action against Apollo Global Management, the private equity giant overseen by Leon Black, contending that it had breached its fiduciary duty to investors by not disclosing specifics on fees it was extracting. CreditSeongJoon Cho/Bloomberg
Under siege for setting up thousands of phony customer accounts to generate fees, Wells Fargo has taken a beating in Congress and the court of public opinion. Several states have piled on, announcing that they are temporarily cutting their business ties with the bank.
Using the power of the purse to hold a wayward behemoth to account is a good thing. But if state officials want to teach financial firms a lesson in honesty, why stop at Wells Fargo?..
Wells Fargo Isn’t the Only Firm That Needs a Lesson
