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 Tom Marino has withdrawn his nomination as President Trump’s new drug czar after revelations he pushed through a measure that worsened the U.S. opioid epidemic.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.

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.

Wells Fargo wrongly hit homebuyers with fees to lock in mortgage rates

Wells Fargo is in trouble once again — this time for fees charged to customers trying to nail down a mortgage.

The scandal-ridden bank said on Wednesday that some mortgage borrowers were inappropriately charged for missing a deadline to lock in promised interest rates, even though the delays were Wells Fargo’s fault.

Wells Fargo said it will reach out to all 110,000 customers who were charged “mortgage rate lock extension fees” between September 2013 and this February. The bank promised to refund customers “who believe they shouldn’t have paid those fees.”

Read on.

Wells Fargo accused of lying to Congress about auto insurance scandal

Wells Fargo was just accused of lying to Congress last year by failing to disclose a brewing scandal in the bank’s auto insurance business.

The startling allegation came from Senator Sherrod Brown on Tuesday during a Senate hearing on Wells Fargo’s various scandals.

“The company pure and simple lied to this committee — and lied to the public,” said Brown, the ranking Democrat on the Senate Banking Committee.

In July, Wells Fargo admitted that it forced auto insurance on as many as 570,000 borrowers who didn’t need it. About 20,000 of those customers had their cars wrongfully repossessed in part due to these unwanted insurance charges.

Read on.

Weinstein lawyer paid Manhattan D.A. $10,000 days after he waived assault charges against producer

The plot thickens…

Hollywood producer Harvey Weinstein’s lawyer delivered $10,000 to Manhattan District Attorney Cyrus Vance, Jr. in 2015, in the months after Vance’s office decided not to prosecute Weinstein over sexual assault allegations, according to an International Business Times review of campaign finance documents. That contribution from attorney David Boies — who previously headlined a fundraiser for Vance — was a fraction of the more than $182,000 that Boies, his son and his law partners have delivered to the Democrat during his political career.

Boies has done legal work for Weinstein since at least 2005, and his website at his law firm says his clients include The Weinstein Company.

“David Boies did not represent Harvey Weinstein in 2015 during the criminal investigation,” Joan Vollero, communications director for Vance, told IBT in an email when asked about Boies’ campaign contributions.

Read on.