Wells Fargo Isn’t the Only Firm That Needs a Lesson

Under siege for setting up thousands of phony customer accounts to generate fees, Wells Fargo has taken a beating in Congress and the court of public opinion. Several states have piled on, announcing that they are temporarily cutting their business ties with the bank. Using the power of the purse to hold a wayward behemoth to account is a good thing. But if state officials want to teach financial firms a lesson in honesty, why stop at Wells Fargo? Many other big players in finance need this kind of instruction, too. For example, securities regulators have accused some of the nation’s top private equity firms of putting their interests ahead of their clients’. Why don’t state pension officials refuse to do business with them?