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The (non) myth of the 5,300 rogue employees

Tom Fox | September 14, 2016

The Man From FCPA has long railed against the ‘Myth of the Rogue’ employee. Other commentators say is it simply unfair to punish a lillier-than-white corporation for the actions of a few employees, usually at disparate locations scattered across the globe, for actions in which the corporation profits. However, I now understand why it is always the employees fault when a corporation engages in fraudulent activity leading to regulatory fallout. The CEO of Wells Fargo has explained it to me.

In an interview for an article in the Wall Street Journal, Wells Fargo CEO John Stumpf explained that it was the fault of the over 5,300 rogue employees who engaged in the fraudulent conduct of opening over 2 million unauthorized accounts, not the bank, not the board, and certainly senior management. We know the number of rogue employees involved because...

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