Wells Fargo CEO John Stumpf has got to resign now

Why does John Stumpf still have a job?

A week ago, that would have been an easy question: Stumpf was CEO of Wells Fargo WFC, -0.94% because he made money hand over fist, and seemed to do it the right way. San Francisco-based Wells Fargo skated through the 2008 financial crisis with barely a scratch, focusing on Main Street lending rather than credit-default swaps and synthetic collateralized debt obligations. Jim Cramer called it the best bank in the country. So did I. Warren Buffett is a big shareholder. (Which of those is not like the others?)

But then we got word that Wells Fargo was fined $185 million by the Consumer Financial Protection Bureau and other regulators for opening an absurd 2 million unauthorized accounts, mostly for checking and credit card “customers.

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