Do they know how many accounts they have?

Photographer: Joe Raedle/Getty Images

What Happened at Wells Fargo?

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So, About Those 2 Million Fake Accounts...

Over the past five years, more than 5,300 Wells Fargo employees opened several million customer accounts without those customers' knowledge -- malfeasance on such a grand scale that it was "less a conspiracy and more a spontaneous revolt," Matt Levine says. With the bank now facing $185 million in fines, the moral of the story is this: You get what you measure, even if it's not what you wanted. 

The Three Most Important Words: 'I Don't Know'

If you think you'd be smarter than all those chumps who invested in Theranos, you learned the wrong lesson, Barry Ritholtz says. It's common for people not to understand investment ideas -- the hard part is admitting it.

Spain's Political Mess Is a Blessing, Not a Curse

After nearly a year without a functioning government, Spain may soon be forced to hold its third election in 2016. It sounds like shocking electoral dysfunction, but Leonid Bershidsky looks on the bright side: Factions need to thrash out their differences, and the turmoil doesn't seem to hurt the country's economy.

Free-Speech Debate Misses Colin Kaepernick's Point

The 49ers quarterback has a right to protest, and the NFL has a right to react. But legal scholar Stephen L. Carter says the First Amendment conversation obscures a far more important issue.  

Hannity Will Own a Share of Any Trump Defeat

Fox News host Sean Hannity has launched a crusade against anti-Trump Republicans, warning one conservative writer that if he "sabotage[s]" the candidate's bid, he will "own the damage" of a Clinton victory. But Ramesh Ponnuru says Hannity's vendetta exposes his own culpability in the GOP's likely defeat.

Ritholtz's Reads

  • Investment trend: Are classic cars overtaking art? (Classic Driver)
  • Where today's jobs are most likely to vanish tomorrow (Wonkblog)
  • The life-changing magic of turning employees into shareholders (The Atlantic)

(Read Barry Ritholtz's full daily news roundup.)

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