Teresa Ghilarducci, Columnist

Why Do We Make It So Easy to Steal Seniors’ Money?

Regulators have had a busy year chasing after financial scammers — and there’s a lot more work to do.

December 21, 2022 at 2:00 PM UTC

Teresa Ghilarducci is the Schwartz Professor of Economics at the New School for Social Research. She's the co-author of "Rescuing Retirement" and a member of the board of directors of the Economic Policy Institute.

An easy mark?
Photographer: Valery Hache/AFP/Getty Images

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Regulators trying to crack down on financial fraud have certainly had their hands full lately.

They notched a rare win on Dec. 20, when Wells Fargo & Co. announced it would pay $3.7 billion to settle a consumer fraud allegation by the Consumer Financial Protection Bureau — $1.7 billion as a civil penalty and $2 billion for restitution to consumers.