Wells Fargo Finds an Extra 1.4 Million Fake Accounts

The transcript discusses Wells Fargo's scandal involving 1.4 million fake accounts, which has grown to 3.5 million unauthorized accounts. The issue is primarily reputational, with Congress showing interest in regulatory changes. Warren Buffett, a major investor, acknowledges the bank's mistakes but remains supportive. The financial and legal implications are uncertain, with ongoing lawsuits and refunds. The discussion also touches on whether Wells Fargo has become too large, with some lawmakers advocating for stricter regulations.

What was the total number of unauthorized accounts discovered by Wells Fargo after their review?

• 4.2 million

• 3.5 million

• 2.1 million

• 1.4 million

How has Warren Buffett reacted to the Wells Fargo scandal?

• He believes in the company but acknowledges their mistakes.

• He sold all his shares in the company.

• He increased his stake in the company.

• He has not commented on the issue.

What is one of the main concerns for Wells Fargo's investors regarding the scandal?

• The bank's expansion plans

• The bank's advertising strategy

• The bank's new product launches

• The exact financial cost of the scandal

What recurring issue does Wells Fargo face according to the transcript?

• Lack of technological innovation

• Declining customer base

• Continuous new scandals

• Frequent changes in leadership

What argument do some lawmakers make about Wells Fargo's size?

• It should focus on international markets.

• It should merge with another bank.

• It is too large to manage effectively.

• It is too small to compete globally.