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California treasurer sanctions Wells Fargo over fake-accounts scandal

California treasurer sanctions Wells Fargo over fake-accounts scandal

Founded during the gold rush as a place that could be trusted with your money, Wells Fargo & Co. has deep California roots and remains one of the state’s largest and oldest institutions.

But on Wednesday, the state’s treasurer announced he was cutting some business ties to the San Francisco bank over its mushrooming fake-accounts scandal — which may do little to dent its bottom line but is a stark illustration of how the bank with the quaint stagecoach logo has quickly become a symbol of corporate villainy.

“How can I continue to entrust the public’s money to an organization which has shown such...

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