Wells Fargo Scandal Case Study

Review the following articles:

https://www.forbes.com/pictures/ejhj45fjij/two-million-phony-accoun/#4463da116f24

http://money.cnn.com/2017/08/31/investing/wells-fargo-fake-accounts/index.html

https://www.vanityfair.com/news/2017/05/wells-fargo-corporate-culture-fraud

https://www.chronicle.com/article/The-Academic-Home-of-Trumpism/239495

Using the Framework for an accountant in a non-accounting business answer the following questions:

1. Wells Fargo's motto of "eight is great" has what ethical issue for the CFO of Wells Fargo?

2. The auditors did note the high number of whistleblower claims.What explanation did the accountants within Wells Fargo give to satisfy the auditors?Would you be satisfied with this answer?

3. Explain why the emphasis on cross-selling and the 20 new accounts requirement on the tellers gave motivation behind the fraudulent accounts.How was a fraudulent account actually opened?

4. If you were John Shrewsberry, the CPA/CFO of Wells Fargo, what steps would you take to ensure the financial statements are accurate and the ethical structure is mended?

5. Many of the people charged with corporateand governmental scandals have attended the Claremont McKenna College and are exposed to the Straussian philosophy.In general, the academic world calls these attendees "Claremonsters" and disavows their political economic philosophy.What is the ethical harm from labeling the students?What is your opinion of the Straussian philosophy and the controversy?If the people in charge of Wells Fargo currently are graduates of Claremont McKenna, would this change your opinion of Wells Fargo's outlook?