Rethinking Wells Fargo’s Fraud
MarketFoolery
The Motley Fool
4.7 • 1.7K Ratings
🗓️ 31 August 2017
⏱️ 23 minutes
🧾️ Download transcript
Summary
Turns out Wells Fargo opened 1.5 million fake accounts more than originally reported. So why isn’t the stock tanking? Bill Barker from Motley Fool Funds surveys the damage, and digs into the latest earnings from Campbell’s Soup and Land’s End. Plus, we preview this weekend’s bonus episode of Industry Focus and next week’s launch of brand new edition of “The Motley Fool Investment Guide”. (For more details, go to http://book.fool.com)
Transcript
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| 0:00.0 | It's Thursday, August 31st. |
| 0:03.4 | Welcome to Market Fullry. |
| 0:04.8 | I'm Chris Hale joining me in studio today for Motley Full Funds, Bill Barker. |
| 0:07.9 | Last day of summer? |
| 0:09.6 | No. |
| 0:11.5 | Isn't it? |
| 0:13.0 | No. |
| 0:14.0 | It kind of feels like it. |
| 0:15.0 | It's the last day of August. |
| 0:16.0 | It's the last day of August. |
| 0:17.0 | I haven't slept much recently. |
| 0:19.0 | Yeah, last day is summer is Labor Day. |
| 0:21.0 | All right. |
| 0:22.0 | Or September 21st. |
| 0:24.0 | Either one is a viable answer, but not the last day of August. |
| 0:27.0 | All right, but today actually is the last day of August. |
| 0:30.0 | I mean up in Maine, it probably was several weeks ago. |
| 0:32.0 | It really was. We're expecting snow soon in Maine. |
| 0:35.0 | We've still got earnings if you can believe it, although based on what's happening with a couple of the companies we're going to talk about. I don't know that earnings |
| 0:43.4 | is necessarily the way to describe what's happening. We've got to start that with Wells Fargo, which somehow |
| 0:51.6 | managed to pour gasoline on the dumpster fire that it actually is with the news that the number of fake accounts that Wells Fargo employees created over the period of roughly 2009 to late 2016 is now up to 3.5 million. |
| 1:13.0 | So the initial reports of, well, we think it's only 1 to 2 million fake accounts. |
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