麻豆约拍

The chief executive of the American banking giant Wells Fargo has been castigated by US Senators, who took exception to John Stumpf's weak response to a fraud scandal.

Thousands of the bank's staff opened accounts in customers' names without their knowledge, a scandal that is being investigated by the FBI.

Economic commentator Irwin Stelzer from the Hudson Institute in Washington, explains how Wells Fargo's boss is enjoying a lucrative bonus, while innocent customers have their credit rating downgraded.

(Picture: A branch of Wells Fargo in Niles, Illinois. Copyright: Getty Images.).