Write an essay about the Wells Fargo ScandalIn the Fall of 2016, news of fraudulent customer accounts created at Wells Fargo was made public. Please do some Internet research about this scandal, then respond to
the questions below. Here’s a link to an article to get started:
http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-
bank-fees/index.html (Links to an external site.)Links to an external site.
1) From Ch 1 of our textbook, managerial accounting is used to plan and control.
Planning is setting a goal or objective. What do you think about the plan Wells Fargo
executive management set for customer accounts? (Things to consider: what was the
intent of the goal? intent good or bad? how was the target level of the goal set? is it
reasonable? what goal would you set to increase your company’s profitability?)
2) How did Wells Fargo control after establishing a plan? Control in this context
means to incentivise or influence empl
oyees behavior so their actions are aligned
with the company’s goal. (Things to consider: how were branches/employees held
accountable or motivated? how was executive management held accountable for
attaining the goal?)
3) So who’s fault is it? Who should be held responsible for the fraudulent account
creation? Why? What consequences should they face?
4) It’s often difficult to get all the facts about a situation like this. What question(s) do
you still have and why is that question important?Wells Fargo writing assignment
Grading rubric:
5 pts presentation (grammar, punctuation, clear formatting,
5 pts include a list of sources (4 minimum) links to the articles you referenced is
fine
20 pts content (5 pts for each questions) must demonstrate you’ve thoughtfully
considered each question and explored the story and concepts, 1-2 pages. A couple
sentences per question is not adequate.Answer Preview
..APA 688 words
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