California, the nation’s largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt and handling its banking transactions after the company admitted to opening potentially millions of bogus customer accounts.
The suspension, in effect immediately, will remain in place for 12 months. A “permanent severance” will occur if the bank doesn’t change its practices, State Treasurer John Chiang said Wednesday.
It’s hard to tell if Wells Fargo’s recent opening of 2 million unauthorized accounts is dumber than Chris Christie’s stopping traffic on the George Washington Bridge.
How do you think you can get away with opening 1.5-2 million credit card and bank accounts without customer approval and think you can get away with it.