I usually agree with The Economist but after reading this article I just had to say something.
They seem to think the recent "scandal" at Wells Fargo is aggressive selling, or unethical. That is not how I see it now, or at the time I first heard of their actions. It is not a scandal. It is a crime.
They were opening accounts without customers' permission. Think about that! I have to have a power of attorney to open an account in my elderly relatives' names. You have to have permission to look at my medical records. But a bank can just open an account without my permission and all it constitutes is scandalous or unethical behavior?
Someone tell me why this is not a crime. If someone took out a loan in my name, is that not a crime? Additionally, with all the problems we have with identity theft, would Wells Fargo be liable if one of these customers data was taken? After all, if you don't know you have an account, how do you protect it?
