Well's Fargo Bank Scandal Analysis

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The article explains the Well’s Fargo bank scandal in it’s entirety, highlighting and centering the article around the reasons as to why this scandal is more influential, and important than the numerous banking scandals of the past decade. It explains how the employees of the company would create accounts, totalling 2 million, that were fraudulent and created without express permission or knowledge of the customers. This leads to 5300 employees to be fired and questions raised over who is to blame for this incident. Although this information can be gained from any news source today, this article emphasizes the reasons as to why the scandal is so impactful in society today, and why it is gaining so much attention compared to other scandals that seem almost daily. The points that are highlighted are the fact that it is an easy to understand scandal, the question of who is to be blamed still looms unclear, it is perfect for the…show more content…
A man named Anthony de Angelis essentially focuses on one industry which was soybean oil. The biggest client he defrauds is American Express. He becomes a huge client of theirs, and what he does that is similar to what the people in Wells Fargo did, is he created a fraudulent system. Instead of accounts, it was soybean oil. He fills tanks with water instead of oil. Then he takes out loans and corners the market. Eventually his scam is exposed, but not without major repercussions in wall street afterwards (BusinessInsider.com). This scandal and the wells fargo both involve banks, and fraud. The schemes of both parties are extremely illegal and both are caught in their acts, but most importantly, Anthony de Angelis is a major contributor to major financial chaos of those times. The implications of Wells Fargo are too early to tell, but many are assuming they may cause a ripple effect in the economy while exposing many more banks for fraudulent activity along the

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