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The chief executive of the American banking giant Wells Fargo has been castigated by US Senators, who took exception to John Stumpf's weak response to a fraud scandal. Thousands of the bank's staff opened accounts in customers' names without their knowledge, a scandal that is being investigated by the FBI. Economic commentator Irwin Stelzer from the Hudson Institute in Washington, explains how Wells Fargo's boss is enjoying a lucrative bonus, while innocent customers have their credit rating downgraded. (Picture: A branch of Wells Fargo in Niles, Illinois. Copyright: Getty Images.).
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