As a result of the ongoing “massive” customer fraud scandal at Wells Fargo, which culminated not with prison time for anyone but with a $125 million bonus for the executive who oversaw the criminal practice,  life for CEO John Stumpf, who as reported yesterday lost the top market cap spot for a US bank to JPM, just got more complicated, because not only is he set to testify in Congress in a few days, but as Dow Jones reports the Feds are now involved.
- WELLS FARGO SAID INVESTIGATED BY FEDERAL PROSECUTORS
To be sure, all that will take for the Federal prosecutors to back off is a quick conversation Bill Clinton and Loretta Lynch on some tarmac, somewhere, but in case that doesn’t happen, we wonder if that paragon of virtue, Warren Buffett, will be true to his famous words when he said that “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently”, and actually do something different and for once live up to his ideals by selling his WFC stake?
