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RE: Accountability for Fraud - How Does Nobody from Wells Fargo Go To Jail
The catch is that some of the people impacted by this were impacted long term in the form of credit score hits. The CEO couldn't answer how those people would be compensated, especially those who are applying for new loans and have to pay a higher interest rate. Ex. Mortgages for the next 30 years of their lives.
I understand, and in many ways this kind of damage is dramatically worse. I would argue, though, that the credit reporting agencies we have are largely a result of the regulatory infrastructure around banking, and thus are party to the problem as well. In this situation, though, you're right: the party responsible isn't going to do much, if anything, to alleviate that cost.