By now, I suspect that most everyone is familiar with the Wells Fargo scandal. For those that have been living under a rock for a few days, approximately 5,300 Wells Fargo employees have lost their jobs because they were opening fraudulent accounts in the names of unsuspecting customers in an effort to hit their incentive bonus targets.

There are some curious elements to this fraud. First, according to The New York Times, the employees were provided with ethics training warning them specifically against such practices. Second, there is evidence that some members of management were aware of the practice, and did not stop it. Most surprising is the fact that Wells was hit (so far) with $185 million in fines and penalties, all because of only $2.6 million in fraudulent fees.

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