Daily Archives: November 16, 2016

SEC’s White deflects questions about Wells Fargo

It took a little while for them to trickle in Tuesday morning, but the Democratic members of the House Financial Services had plenty of questions for outgoing Securities and Exchange Commission chief Mary Jo White about what’s next for Wells Fargo Inc. WFC, -1.18%

Democrats who sought reassurance the SEC was strongly on Wells Fargo’s case, ready to fairly but aggressively go after the bank over its unauthorized account opening scandal, were left wanting. One after another asked White for some insight regarding previous and current investigations of the bank by the SEC. In each case White reminded the committee members of the SEC’s policy not to mention investigations or discuss progress on them until all results were in.

Read on.

Pence removing lobbyists from Trump transition team

Well, that was quick…

Lobbyists are being purged from official roles in President-elect Donald Trump’s transition team, sources told Fox News late Tuesday.

The move to get rid of lobbyists in key roles was one of the first decisions made by Vice President-elect Mike Pence in his role overseeing the construction of a Trump administration.

One source said the decision to remove the lobbyists “makes good on [Trump’s] vision of how he wants his government constructed.”

Read on.

Sen. Warren: “Trump is … putting together a transition team that’s full of lobbyists — the kind of people he actually ran against.”

And Elizabeth Warren is having none of that…Calling him out…

Huffington Post:

Sen. Elizabeth Warren (D-Ma.) told an audience of business executives Tuesday that Donald Trump’s administration was shaping up to be exactly what the president-elect said on the campaign trail it would not be.

“The clearest point that comes out of this election is that the American people do not want Wall Street to run their government,” she told the audience at the Wall Street Journal’s CEO Council conference in Washington, D.C. “They do not want corporate executives to be the ones who are calling the shots in Washington. What Donald Trump is doing is that he’s putting together a transition team that’s full of lobbyists ― the kind of people he actually ran against.”

The Trump camp did not immediately respond to a request for comment.

Drain the swamp? Meet Trump’s transition team full of lobbyists

 

Donald Trump Win Helped Wells Fargo Stock Erase All Losses From Phony Accounts Scandal

After news of its phony accounts scandal broke in August, Wells Fargo’s stock got a long drag through the mud. But with expectations of a presidency that will be much friendlier to the financial industry, investors are finally beginning to show a little forgiveness.

Shares of Wells Fargo WFC -1.18% closed up 7.6% Thursday, to their highest point since January—long before news of its 2 million fake accounts reached consumers. That also pushed Wells Fargo’s market cap to $263.3 billion.

Read on.

Failed bank CEO gets 14 months for trying to scam $13M in TARP funds

The former president and chief executive officer of a failed bank will spend 14 months in prison after being convicted of faking millions of dollars in investments in the bank as part of a scheme to defraud the federal government of more than $13 million from the Troubled Asset Relief Program.

Earlier this year, a federal jury found Brian Hartline, the former president and CEO ofNOVA Bank, guilty of criminally defrauding the government.

On Tuesday, Hartline received his sentence – 14 months.

According to the office of the Special Inspector General of the Troubled Asset Relief Program, Hartline and others founded NOVA Bank in 2002, but by 2008, the bank “faced the risk of failure” due to bad loans and investments.

Read on.