I had to laugh out loud yesterday when reading the paper and seeing that Wells Fargo was going to have to pay $3.4 million to customers to settle a regulator’s claims that brokers recommended certain investment products they did not fully understand. Really? $3.4 Million, that’s all? OK, I’m going to get on my soapbox here so if that’s not your bag baby, then skip ahead… 

So, do you believe in your heart of hearts that the bank made more in fees than $3.4 million? Then why on earth would they not have to give back all the fees they made when a court finds them guilty of wrongdoing? I can tell you that until an institution has to give back all its gains made in something that is ruled to be unlawful, or in bad ethics, etc. then this stuff will continue, and we’ll be reading about some other institution doing something to harm investors and depositors… 

From – Chuck Butler’s “The Daily Pfennig” (an excellent,  contrite daiy writing on the US and world economy) on November 18, 2017