Economy

April 23, 2010

Wells Fargo board's business, personal ties raise eyebrows

One powerful member of the Wells Fargo board of directors has a son who works for Wells, making more than $700,000 last year. Another has a brother who works at the bank. Two directors run software firms that sell products to Wells, and another runs a security company that did $2.6 million worth of business with the bank last year. There is nothing illegal about the directors' business and personal ties. Still, perceived coziness between board members and the companies they oversee has been a key theme — and arguably, a cause — of the financial crisis.

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