Nearly a decade after one of the most devastating financial collapses in modern history, Wall Street appears as corrupt as ever. Evidence is not hard to come by — most recently, the Wells Fargo scandal, in which employees of the company, spurred by perverse incentive structures, opened two million fraudulent accounts in their customers’ names. The bank had put intense pressure on employees to meet sales goals; some employees who reported the wrongdoing were fired, along with 5,300 more, after the scandal broke. All this is but one reminder of how far major actors in the economy have strayed from any reasonable standard of moral behavior.
Read the full article in The New York Times’ The Stone here.