Opinion

How Wells Fargo's CEO Could Have Avoided His Senate Belly Flop


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The Census Bureau reported that median household income jumped 5.2% in 2015, and 3.5 million people rose out of poverty. The Washington Post called it “a spike that broke a years-long streak of disappointment for American workers.”

Bloomberg columnist Barry Ritholtz said that the numbers showed that the recovery from the Great Recession is finally taking hold. “Unlike in recent years, when much of the gains went to an increasingly narrow group at the top of the economic strata, last year’s improvements were broad and deep.”

The New York Times noted the “eye-popping improvement in economic fortunes” but put it in context: “real incomes of most American households still are smaller than in the late 1990s. And large swaths of the country—rural America, industrial centers in the Rust Belt and Appalachia—are lagging behind.” A few days later, though, the Times said that a reported finding that incomes had actually fallen in rural areas was wrong, a result of a definitional change; incomes rose 3.4% in rural areas in 2015.

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Contributors


Elizabeth H. Bradley
Professor of Public Health and Director of the Health Management Program, Yale School of Public Health

Robert Bettigole '83

Chuck Slaughter
Founder & CEO, Living Goods

Michael J. Kavanagh
Bloomberg Journalist



John Shrewsberry
President, Wells Fargo Securities

Brande Stellings YC '89
Vice President, Advisory Services, Professional Services Practice at Catalyst

James Gorman
Chairman and CEO, Morgan Stanley

Robert A.G. Monks
Corporate Governance Advisor