As Wells Fargo begins to pick up the pieces after the news broke that about 5,300 employees and managers at 6,000 retail branches were involved in opening up about 2 million fraudulent accounts under the names of current investors, Wall Street is reeling from the blow. Many are asking how a scandal of such proportions could happen at one of the big four banks, especially given the federal oversight that was put in place following the financial crisis of 2008.

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