And in citing Yellen as an "outstanding choice" for Treasury secretary, Elizabeth Warren referenced the Wells Fargo punishment. The Fed voted 3-0 in favor of growth restrictions that prevented Wells Fargo from getting any bigger than $2 trillion in assets. Wells Fargo assured shareholders it expected to get out of the penalty box within months. Wells Fargo is also spending heavily on compliance, customer refunds, lawyers and technology to reassure skeptical regulators. On Wall Street, a sigh of reliefAnd yet Wall Street seems just fine with Yellen as Treasury secretary.

Source: The Nation November 29, 2020 15:00 UTC