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Behind The $185 Million Fine For Wells Fargo03:31
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A Wells Fargo bank barricades it's doors with sand bags in anticipation of tropical storm Hermine on Sept. 4, 2016 in Margate, N.J. (Jessica Kourkounis/Getty Images)
A Wells Fargo bank barricades it's doors with sand bags in anticipation of tropical storm Hermine on Sept. 4, 2016 in Margate, N.J. (Jessica Kourkounis/Getty Images)
This article is more than 4 years old.

Yesterday, regulators fined Wells Fargo $185 million for opening fake accounts without customers' permission.

The transactions, which took place since 2001, included credit cards that customers did not request, and lines of credit they knew nothing about. According to the Consumer Financial Protection Bureau, the bank has fired more than 5,000 people who were involved.

Here & Now's Robin Young speaks with Bloomberg's Michael Regan about how the fraud unfolded, and why employees were pressed to open fake accounts.

Guest

Mike Regan, columnist for Bloomberg Gadfly. He tweets @Reganonymous.

This segment aired on September 9, 2016.

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