by David Zeiler
The evidence is mounting that the Wells Fargo scam was not unusual practice in the banking industry, which means investors need to brace for similar scandals at other banks.
The heavy pressure on workers to "cross-sell" multiple products to the same customer is what got Wells Fargo into hot water – and is accepted practice at most consumer banks.
These are the banks most likely to end up in regulators' crosshairs next...
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The Dow Jones Industrial Average today is climbing before Janet Yellen and key Fed members deliver speeches.
The speeches will help investors determine if a rate hike is on the way.
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The Dow Jones Industrial Average today shed 45 points as volatility spiked.
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The 5,300 Wells Fargo employees who set up 2 million bogus accounts to bring in a measly $5 million in extra fees are being fobbed off as "a few bad apples."
They're not. They're the product of a global corporate culture of entitlement and corruption. The proverbial tip of the iceberg.
Don't get me wrong – Wells' misdeeds are bad, but there's much, much worse going on in the banking sector right now.
The moral hazard and casino banking underway at this very moment are putting the entire global financial system at risk – again – when we've barely recovered from the last crisis.
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