This activity was quite costly to the bank and Stumpf didn't benefit from it. Banks aren't popular, but I don't want a world where you can go to jail for making a mistake or being bad at your job.
Are you arguing that you want to get rid of all of those criminal laws, leaving only civil laws?
Bear in mind that Wells Fargo's agreement requires arbitration and prevents class action suits (http://www.reuters.com/article/wells-fargo-accounts-arbitrat... ), leaving very little external check on systemic failures due to high-level negligence.
That this should cause the CEO, who was several layers up the org chart from the person who came up with a bad retail bank employee performance metric, to go to jail is madness.
Since cross-selling has been core to the Wells Fargo business model for many years, and proven an effective growth mechanism over that time, it wouldn't make much sense to just go round firing people over pursuing that mechanism responsibly. What does make sense is adjusting course sternly when that pursuit starts to look irresponsible, and it appears the current leadership is doing that.
If Elizabeth Warren had the brains to understand the financial services industry, she wouldn't have time to fling baseless legal allegations at dinosaur incumbents like Wells Fargo. She would be too busy disrupting them.
With an institution as old and large as Wells Fargo, the problem isn't that their strategy is bad. "How can it be bad when it's been good all these years?" It's actually much deeper than that: their strategy is yesterday's strategy, and that can be a big problem when you have the kind of organizational inertia Wells does.