Advisor - When is Corporate Fraud the Board’s Fault?

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One of Janet Yellen’s last acts as head of the Federal Reserve was to impose an unusual settlement condition upon Wells Fargo: as part of the consent decree, Wells Fargo would agree to the removal of four directors.

The Federal Reserve blasted Wells Fargo’s board for failing to oversee the bank and it announced that the company would replace four members of its 16-person board by the end of the year. Other directors have already been ousted.