Wells Fargo Scandal Hurts Wall Street’s Bonus Rule BattleBy
Bank’s settlement could influence agencies writing regulations
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…
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