2. From 2011 until 2016 Wells Fargo created more than 1.5 million fake de- posit accounts, 500,000 fake credit card accounts which generated approx- imately 2.6 million dollars in fees for Well Fargo. Former Wells Fargo Chief Executive Officer John Strumpf's mantra was "Eight is Great." This meant that he basically wanted eight Wells Fargo products in the hands of customers. Employees were basically rewarded using a piece-rate system. This question requires you to find some specifics to this case. This was covered quite well by the media; therefore, you should be able to find credible sources online. (a) Was the output, new accounts, easily observable? Is this amenable to the use of a piece rate system? This question is worth Five Points. (b) Explain how the lack of monitoring possibly contributed to this issue? This question is worth Ten Points. (c) Discuss how the piece rate compensation scheme, which emphasizes "quantity" over "quality" contributed to the issues at Wells-Fargo. This question is worth Ten Points. 2. From 2011 until 2016 Wells Fargo created more than 1.5 million fake de- posit accounts, 500,000 fake credit card accounts which generated approx- imately 2.6 million dollars in fees for Well Fargo. Former Wells Fargo Chief Executive Officer John Strumpf's mantra was "Eight is Great." This meant that he basically wanted eight Wells Fargo products in the hands of customers. Employees were basically rewarded using a piece-rate system. This question requires you to find some specifics to this case. This was covered quite well by the media; therefore, you should be able to find credible sources online. (a) Was the output, new accounts, easily observable? Is this amenable to the use of a piece rate system? This question is worth Five Points. (b) Explain how the lack of monitoring possibly contributed to this issue? This question is worth Ten Points. (c) Discuss how the piece rate compensation scheme, which emphasizes "quantity" over "quality" contributed to the issues at Wells-Fargo. This question is worth Ten Points