The Wells Fargo board is still getting a pass for failure
On the surface, the Federal Reserve seemed really to lay the hammer on Wells Fargo & Co. for its accounts scandal and serial wrongdoing. In a sentence handed down Feb. 2, the Fed placed a cap on the bank's future asset growth; the bank announced the departure of four unidentified directors, presumably at the regulator's urging.
Investors certainly thought the punishment was harsh. Wells Fargo stock was battered to a 9.2 percent loss in Monday's trading on the New York Stock Exchange. As my colleagues Jim Puzzanghera and James Rufus Koren reported, that was twice
