Monthly Archives: October 2017

Trump’s Would-Be Drug Czar Helped the Drug Profiteers

 

Rep. Tom Marino has withdrawn his nomination as President Trump’s new drug czar after revelations he pushed through a measure that worsened the U.S. opioid epidemic. NEP’s Bill Black says Marino and other lawmakers have been bought off by pharmaceutical companies he says have acted as “illicit, criminal, drug dealers” on The Real News Network. You can view with transcript here.

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California Extends Ban Against Wells Fargo Due to Scandals

Wells Fargo & Co. was barred by California’s treasurer from being hired for another year because of the bank’s fraudulent account scandal, leaving the company largely cut off from underwriting work with one of the nation’s biggest municipal-bond issuers.

Treasurer John Chiang on Monday said he decided to leave the sanctions in place against the San Francisco-based bank, whose reputation has suffered because of revelations employees opened bogus accounts in customers’ names to meet sales quotas. Chiang’s decision will prevent his office from hiring Wells Fargo as an underwriter or investment broker. The ban was imposed in September 2016 and was set to lapse after a year.

Read on.

Bank of America’s Merrill Lynch hit with $45.5 million fine by U.K. regulator

Marketwatch:

Bank of America’s Merrill Lynch has been hit with a £34.5 million ($45.5 million) fine by U.K. regulators for failing to report 68.5 million exchange traded derivative transactions between February 2014 and February 2016. The Financial Conduct Authority said Monday the reporting requirement was one of the “key reforms” introduced after the financial crisis to improve transparency. “There needs to be a line in the sand. We will continue to take appropriate action against any firm that fails to meet requirements,” said Mark Steward, FCA executive director of enforcement and market oversight, in a press release.

U.S. investigating forex trading at Wells Fargo: WSJ

Federal prosecutors are investigating foreign-exchange trading at Wells Fargo & Co and have subpoenaed information from the firm, the Wall Street Journal reported, citing people familiar with the matter.

The investigation, according to the report, relates to a single trade and ensuing dispute with client Restaurant Brands International Inc, owner of Burger King, Tim Horton and Popeye’s. An email to the company’s press office was not returned.

The investigation, which is in early stages, is being conducted by the U.S. Attorney’s Office for the Northern District of California, the Journal reported. A spokeswoman for that office did not respond to inquiries.

Read on.

Wells Fargo Hit by Surprise Charge From Pre-Crisis Mortgages

  • Bank takes $1 billion charge for pre-crisis mortgage probe
  • Surprise charge adds to headaches from fake accounts episode

Nearly a decade after the financial crisis, Wells Fargo & Co. is getting stung by bad behavior in the housing bubble.

The company took a surprise $1 billion charge in the quarter for previously disclosed regulatory investigations into its pre-crisis mortgage activity, the third-largest U.S. lender said Friday in a statement. The expense pushed total costs to a record $14.4 billion.

Read on.

VP Mike Pence tweets same picture from Colts game that he tweeted in 2014

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Looking forward to cheering for our @Colts & honoring the great career of #18 Peyton Manning at @LucasOilStadium today. Go Colts! pic.twitter.com/C3aCYUNpqG

— Vice President Pence (@VP) October 8, 2017

 

 

 

Then, he left the game shortly after the national anthem. Things that make you go hmmm..

 

Harvey Weinstein Fired by Board Citing Harassment Allegations

Bloomberg:

Film producer Weinstein Co.’s board fired co-founder Harvey Weinstein, who stepped away from the company last week after allegations of sexual harassment became public.

“In light of new information about misconduct by Harvey Weinstein that has emerged in the past few days” the board of directors has informed “Weinstein that his employment is terminated, effective immediately,” the company said in an emailed statement Sunday.

And this, Harvey Weinstein only own 23% of the company:

 

The board has the right to suspend or permanently banish Weinstein, who holds about a 23% equity stake in the company, with his brother and co-chief Bob Weinstein holding the same amount. The board controls the majority, and things haven’t exactly been smooth between them. Weinstein’s good friend, James Dolan, was a board member but left that post in 2016.