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Wells Fargo Designed a System That Made Fraud Rational. 3.5M Fake Accounts. $3B Fine.

A bank designed an incentive structure that made fraud the rational choice. Then fired the people who chose fraud. Then kept the executives who designed it.

The eight-products-per-customer target was impossible to meet legitimately. Employees faced three choices: miss targets and be fired, commit fraud, or leave.

3.5 million fake accounts. At least five years. $3 billion fine. $15 billion in profit the same year.

No executive who designed the incentive structure was criminally charged. Employees fired for missing targets or reporting the practice received no comparable treatment.

The structure produced the fraud. The fine went to shareholders. The consequences were distributed to people who had no part in the decision.

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#WellsFargo #BankFraud #DarkMoney #Accountability #FinancialCrime

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