So Wells Fargo got hit with a relatively small fine although it's been touted as the largest fine ever by the CFPB. "Regulators said Wells Fargo (NYSE: WFC) opened roughly 1.5 million deposit accounts and 565,000 credit card accounts that may not have been authorized by consumers. The CFPB also said bank employees also requested and issued debit cards without consumers’ knowledge or consent, even creating PIN numbers without telling its customers. Financially harmed customers are eligible for restitution. The OCC order also requires Wells Fargo to take corrective action to establish an enterprise-wide sales practices risk management and oversight program to detect and prevent unsafe or unsound sales practices." This pisses me off for a few reasons. First, WFC is supposed to be one of the "better" banks so if they are doing this, all of them are doing this. The others just haven't been caught yet. So, bank profits (and, perhaps more importantly, bank services) are, again, artificially inflated. Second, none of the 5300 employees who stole money from WFC customers (so far considered to be a bit north of 2m) to create these fake accounts will be charged with a crime. Perhaps you've heard about the homeless lady who got 5 years in prison for sending her kindergartner to a better school for stealing 15k in 'free educational services'? Third, I own a lot of WFC and have accounts with them. The stock market hasn't really been bothered by this. WFC stock price hasn't moved much and they still are worth more than many small (or even medium) sized countries. It has a strong dividend (over 3% now) and obviously it's one of the most important companies in the country so it's unlikely that something this small will make any impact going forward. But it still sucks and might call into question WFC 'cross-selling' business plan. http://finance.yahoo.com/news/wells-fargo-opened-couple-million-103004267.html