Wells Fargo Will Pay $110 Million Class Action Lawsuit
Nicole Dieker
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My concern is that this is just a financial slap on the wrists. The shield of incorporation doesn’t allow for the lesson to be learned and force the necessary change in corporate culture — only that there is a penalty for going outside the standard paradigm of “how things are done.” Even the potential of jail time doesn’t really cause the lesson to be learned for a given firm, and it’s both rarely applied and an expensive process the public must pay for.

I think you need to basically determine who committed to the implementation of this plan, have them removed, including all members of the given firm’s board of directors that had knowledge of the plan and gave a green light to its implementation, and then have them blacklisted from working at any Fortune 2000, Russell 2500 or equivalent firm for five years. Anyone from said firm, directly or indirectly, shown to be supporting said criminal(s) financially, gets the same punishment. If the Feds need to oversee the firm until a new board of directors is seated, so be it.

You can quibble over specifics, but when the primary purpose of a corporation is to to grow the investment made in them, and it’s decided that “by any means necessary” is a viable plan, BUT you don’t want the corporation to cease to exist when the people in charge do things that deliberately and with malicious intent harm its very customer base and/or society in general, you have to make a direct impact on the people who put the investment at severe risk. Five years in the financial wilderness for miscreants would wake a few people up.

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