In pushing for jail time for this particular CEO, Elizabeth Warren is barking up the wrong tree. Stumpf made mistakes in setting incentives and monitoring staf

In pushing for jail time for this particular CEO, Elizabeth Warren is barking up the wrong tree. Stumpf made mistakes in setting incentives and monitoring staff culture, but there is no evidence he committed fraud. The bank overcharged customers $2 million dollars and paid a $185 million settlement. That seems reasonable to me. More worryingly, the bank also seems to have harassed and blacklisted whistleblower employees. No doubt it will have to pay a hefty settlement and class-action lawsuits, but again the CEO is guilty only failing to monitor bank culture. There was nothing malicious or criminal in his actions. The number of fake accounts created by the bank - 1.5 million! - is irrelevant. I run a business and can create a billion customer accounts in seconds without harm to anyone else. What matters is how much damage the bank did to others - in this case the bank has already paid a fine proportional to that damage. Instead of going after a hapless CEO and a company that has already paid a huge settlement for a relatively small error, Elizabeth Warren should focus her attention on banks which overinflated the value of their mortgages before selling them on to other banks or Freddie Mac and Fannie Mae. In such cases we're talking a fraud involving billions of dollars, that led to worldwide financial recession, and where perhaps the CEO had direct knowledge of the fraud. [Disclosure: I own shares in Wells Fargo]