Daily Archives: November 2, 2017

Wells Fargo’s board under fire for spending half a million on lobbyists in last year

Wells Fargo’s board of directors is receiving criticism from banking experts for spending more than half a million dollars in 2017 to hire lobbyists, after it received multiple inquiries from state and federal regulators following the bank’s bogus accounts scandal.

“The board has paid $600,000 to Brownstein Hyatt Farber Schreck – among the largest lobbying firms in Washington – from Oct. 1, 2016, to Sept. 30, an Observer search of lobbying activity on Opensecrets.org found,” The Charlotte Observer reports. “Federal reports filed by Brownstein show the firm has received $150,000 every quarter since the scandal erupted in September 2016.”

Read on.

Ex-JPMorgan Wealth Manager Recounts Life-Altering Firing

  • Jennifer Sharkey says she blew the whistle on red-flag client
  • Sharkey’s firing ‘like taking your life away,’ she testifies

More than eight years after she was fired from JPMorgan Chase & Co.’s private wealth management group, Jennifer Sharkey told jurors the experience was “like your whole life is taken away from you.”

Sharkey testified at her trial in Manhattan federal court that the bank terminated her in 2009 for raising red flags about a client she suspected of fraud and money laundering. The experience caused her extreme anxiety and sleepless nights, she said. It has also prevented her from working in banking because of news reports about her suit, which has been delayed for years because of pretrial appeals.

“It’s just very distressing, upsetting,” Sharkey testified under questioning by her lawyer, Douglas Wigdor. “Just feeling that it was all taken away from me just like that.”

Read on.