Finance: Wells Fargo punishment does not fit the crime

Re: “Lawmakers grill Wells Fargo CEO: ‘Why shouldn’t you be in jail?’” (TNT, 9/30).

Here we are again scoffing at the unethical behavior of Wells Fargo executives, shielded by corporate privilege, who once again get to walk away from fraud richer than before.

The penalties imposed on these financial institutions are so laughable that they incentivize this behavior. The ‘business game’ warrants and encourages it as competitors clamor over each other for the advantage.

In the Wells Fargo’s case they are fined a mere 185 million when profits annually exceeded 20 billion.

If gaining a business degree has taught me anything, it is that business is amoral, and with a lack of conscience, those involved commit abhorrent acts. Without any punishment or corporate accountability, we will see this over and over again.

This story was originally published October 4, 2016 at 3:23 PM with the headline "Finance: Wells Fargo punishment does not fit the crime."