Wells Fargo has a lot of problems

Wells Fargo is facing a tidal wave of bad news. The bank has a mounting series of problems stemming from the news that since 2011 employees had improperly opened accounts for customers. In addition to a settlement on Thursday, Wells has been hit with backlash over other things such as executive compensation and questions about its debt. The crux of it all NOW WATCH: KRUGMAN: The richest Americans should have a tax rate over 70%