Wells Fargo Fine Puts Fresh Focus on Power of Trump Tweets
- President threatened risk of ‘substantially’ increased penalty
- Regulators he appointed came through with $1 billion sanction
OMB's Mulvaney Says Wells Fargo Fine Was 'Right Thing to Do'
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For years, Republican lawmakers and regulators have groused about big corporate fines, arguing that they mostly punish blameless shareholders, not the executives who are responsible for misconduct.
Then President Donald Trump tweeted his ire about Wells Fargo & Co. and -- at least in the case of the embattled bank -- the GOP is singing a different tune.