
Illinois Treasurer Will Punish Taxpayers, Blameless Shareholders and Employees for Wells Fargo Scandal – WP Original
By: Mark Glennon* Illinois Treasurer Michael Frerichs today announced suspension of all State of Illinois business with Wells Fargo. A number of Wells Fargo employees — a huge number even by Wall Street scandal standards — recently were found to have fraudulently opened millions of phony bank and credit card accounts and charged fees on those accounts. Is Frerichs punishing the guilty? No, he is punishing Illinois taxpayers, blameless shareholders and employees who’ve done nothing wrong. The Illinois Treasurer is an administrative office. Its purpose is simply to invest state cash on hand in the