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Wells Fargo is facing another scandal. This time, the bank acknowledges it signed up nearly 500,000 auto-loan customers for insurance they didn't need. Thousands lost their cars to repossession.
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At what's become an annual tradition that some call a "Capitalist Woodstock," Warren Buffett held forth on a wide range of issues, including Wells Fargo's scandal, tax cuts and driverless cars.
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Former CEO John Stumpf "was too slow" to realize the risk of sales practices, the bank's board says. The scandal also brought a $185 million punishment from the Consumer Financial Protection Bureau.
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The bank has come under fire since acknowledging that employees, trying to meet sales targets, opened millions of accounts without customer authorization.
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Wells Fargo's CEO, John Stumpf, stepped down Wednesday as his company tries to rebuild its reputation. Wells Fargo, Samsung and Volkswagen have all seen their names hurt by poorly handled scandals.
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The bank chief stepped down after facing withering criticism about employees meeting sales quotas by opening accounts for customers who never requested them.