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Wells Fargo scandal prompts senators to focus on clawbacks, KPMG

Joe Mont | October 27, 2016

If you thought Senate Democrats might take a breather from their political beat down of Wells Fargo and its leadership until after Election Day, you were wrong.

Two new letters build upon critiques of the bank, its executives, its auditors, and the regulators who oversaw its operations. While one of the harshly worded missives demands ougher "clawback rules" from regulators, another demands that KPMG, the bank's one-time independent auditor, explain its  "failure to identify illegal activity when it audited the bank's financial statements."

The bank, for those blissfully unaware of recent headlines, was exposed for employees who, to meet unforgiving sales targets, opened millions of accounts and credit cards that were not authorized by customers. Earlier this month, after having nearly $1 million in unvested equity awards clawed back, Chairman and CEO John Stumpf retired from the company and its board of directors.

This week, Senators Bob Menendez (D-N.J.),...

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