Wells Fargo's Corset
A few years ago, Wells Fargo got in trouble for opening millions of accounts for its customers without their permission. Hundreds of thousands of people lost money and saw their credit scores drop.
On Friday, the Federal Reserve dropped a bomb. It said Wells Fargo would not be allowed to grow until further notice.
On today's show: Matt Levine of Bloomberg View explains why this is a big deal — and why other banks are likely to notice.
Copyright 2021 NPR. To see more, visit https://www.npr.org.