Wells Fargo: A Case For Reconstructing The Role Of Boards Of Directors?

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About: Wells Fargo & Company (WFC)
by: John M. Mason
This article is exclusive for subscribers.
John M. Mason
Banks, long-term horizon
Summary

Wells Fargo has been totally embarrassed in front of Congress, forcing Congress to play a role it never, ever, should have to play.

The ultimate blame for this embarrassment rests with the Board of Directors of the Bank, for the situation never should have deteriorated this badly.

But, Wells Fargo is not the only institution today that is suffering for Board failures and this points to the fact that maybe the Board's role needs to be re-addressed.

What we have just seen the U. S. Government do to Wells Fargo Co. (NYSE: WFC), turns my stomach!

Rachel Louise Ensign and Andrew Ackerman write in the Wall Street Journal:

“Washington has