Not quite. August 15, 2012 finds an Associated Press report that Wells Fargo & Company has agreed to pay a $6.58 million settlement for selling securities in 2007 that it knew to be deficient. A spokesman for the firm, which is considerably larger today having acquired Wachovia Corporation in a 2008 merger, stated that the Wells Fargo has been "completely revamped" and added, "We are pleased to put this matter behind us." [16]