Bankers and Teachers: Scandals and Accountability (Part 1)

The double standard is terrible.

Larry Cuban on School Reform and Classroom Practice

Wells Fargo, a bank that made more than $80 billion in revenue  and has a market value of $277 billion, was fined $185,000,000 by federal regulators for creating 1.5 million fake credit card accounts. In the plea bargain that regulators made with bank officials, Wells Fargo admitted no responsibility for the financial misconduct. The company had fired more than 5,000 of their lowest-paid employees but neither the senior vice-president for community banking where the fraud occurred nor the CEO lost their positions. CEO John Stumpf, named in 2013 as Morningstar’s CEO of the Year and earning about $20 million a year, did face U.S. Senate Banking Committee questions about the phony accounts last week. In testimony, the CEO did say “I take full responsibility for all of the unethical practices in our retail banking business.”A member of the Banking Committee, Senator Elizabeth Warren (Dem.-Mass) said what the bank did…

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