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US Lawmaker: Wells Fargo Misdeeds Give All Banks a Black Eye

U.S. lawmakers say the scandal involving phony accounts at Wells Fargo Bank is bound to hurt trust in the whole financial industry. Wells Fargo Chairman and CEO John Stumpf faced a new round of grilling this week during a congressional hearing looking into allegations that the bank cheated customers by creating millions of phantom savings and credit accounts to meet their quotas. Despite issuing several apologies, Stumpf insists he did nothing wrong. Mil Arcega has more.

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