Sep
15
Wells Fargo Scandal Hurts Wall Street’s Bonus Rule Battle
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Bank’s settlement could influence agencies writing regulations
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Wells Fargo critics clamoring for clawbacks from executives
Lobbyists who’ve been bashing away at Washington’s latest effort to regulate Wall Street bonuses may find the Wells Fargo & Co. scandal just grabbed the hammer from their hands.
The lender’s turmoil over fake accounts, fees that shouldn’t have been charged and thousands of firings comes at a bad time. It created an awkward backdrop for House Republicans this week, as some of them hyped a bill that would repeal much of the Dodd-Frank Act. Wells Fargo’s settlement with regulators also emerged just as banks are arguing that a proposed pay rule meant to rein in excessively risky behavior went way too far…
Wells Fargo Scandal Hurts Wall Street’s Bonus Rule Battle
