Wells Fargo apparently doesn't have to answer these questions. It reached a deal to settle the lawsuit that raised them, in exchange for agreeing to submit certain meaningless "corporate governance" measures, which amount to paying the same high-priced consultant it probably would have paid anyway to stipulate that any future acquisitions it makes over the next three years aren't overly risky.
But Wells Fargo's problem doesn't appear to be taking on too much risk.
In fact it may have done everything right in this instance.
Still, it is worth asking: when you buy a bank headed into oblivion that no other institution is capable of buying, why do you need to pay that bank's legal bills?-- Written by Dan Freed in New York. Follow @dan_freed