Last Thursday, the CFPB announced that Wells Fargo was paying $185 million in fines and penalties for allowing its employees to open “more than two million deposit and credit card accounts” that were not authorized by its customers.
Finance
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The US Consumer Taps Out: BofA Internal Credit Card Data Shows Retail Spending Tumbles…
Ahead of this week’s big macro event, Thursday’s retail sales report, Bank of America has, as is customary, released its own internal credit and debit card data. It’s downright ugly…
Watch Out Wall Streeters: Your Jobs Are Moving to Mumbai…
Morgan Stanley is moving jobs overseas. The US bank set out a plan to cut costs back in January, and CEO James Gorman said at the time that “too many employees” were based in high-cost centers…
Rattled: Friday’s Market Selloff in U.S. Roils Overnight Foreign Markets…
European and Asian stock markets were firmly in the red overnight as Friday’s 394 rout in the Dow Jones Industrial Average fueled global concerns…
The Stock-Market Rout Just Drove the S&P 500, Dow Below Key Level…Here we go…
After weeks of virtual dormancy, a bona fide stock-market selloff took hold on Wall Street. Both the S&P 500 index SPX, -2.45% and the Dow Jones Industrial Average DJIA, -2.13% plunged below their 50-day moving averages…
GM Recalls 4.3 Million Vehicles Over Air-Bag Related Defect…
General Motors Co (GM.N) said on Friday it will recall nearly 4.3 million vehicles worldwide due to a software defect that can prevent air bags from deploying during a crash…
Wells Fargo Opened a Couple Million Fake Accounts…
Two basic principles of management, and regulation, and life, are–1. You get what you measure and 2. The thing that you measure will get gamed…
Oil Markets Brace As U.S. Looks To Sell 100 Million Barrels From SPR…
The U.S. has stored roughly 700 million barrels of crude oil in salt caverns in Texas and Louisiana for decades. The SPR was established in the aftermath of the Arab oil embargo in 1973…
Caterpillar Hires H-1B Foreign Graduates, Fires 300 American Professionals…
Caterpillar is firing 300 American employees in Mossville, Illinois, even though it is continuing to recruit and pay foreign “H-1B” guest-workers to do the white-collar jobs sought by American…
Good Riddance: 6 Facts About The ITT Tech Shut Down…
One of the nation’s biggest for-profit colleges, ITT Tech, announced that it has permanently shut down its academic operations and fired 8,000 employees…
Database Reveals U.S. as Financial House of Horrors Since Repeal of Glass-Steagall Act…
Wall Street banks are intended to function as efficient allocators of capital to grow new businesses and industries in America. But since the Glass-Steagall Act was repealed in 1999…
A Message to Working People From a Former Labor Secretary…
Your typical wage is below what it was in the late 1970s, in terms of what it can buy. Two-thirds of you are living paycheck to paycheck. Almost 30 percent of you don’t have steady employment…
Related
G20: Revamping Global Economic Governance…
When the Group of 20 (G20) leaders gather in China seeking a remedy for sluggish global economic growth, something equally consequential will also be on the table: revamping global economic governance…
Why Walmart Is Cutting 7,000 Jobs at Its Stores…
Walmart will cut some 7,000 accounting and invoicing positions within its U.S. stores as the discount retailer redeploys workers to improve in-store customer service…
Apple Travesty Is a Reminder Why Britain Must Leave the Lawless EU…
Europe’s Competition Directorate commands the shock troops of the EU power structure. Ensconced in its fortress at Place Madou, it can dispatch swat teams on corporate dawn raids…
THE COURT THAT RULES THE WORLD – A LOOK INSIDE TPP’S SUPRA JUDICIAL SYSTEM…
A parallel legal universe, open only to corporations and largely invisible to everyone else, helps executives convicted of crimes escape punishment…
Related
The Central Banks Are Now Ready To Launch Their ‘Brave New World’…A Must Read…
The latest Federal Reserve meeting in Jackson Hole, Wyoming, is over and so far it would seem that the general investment world is not too happy about Janet Yellen’s statements…
“If You Own a Home in Palo Alto, CA, Sell it Now”…
But if I were out there giving financial advice and charging an arm and a leg for it, it would sound like this: “If you own a home in Palo Alto, sell it now”…
Wall Street’s Protection Racket: Mandatory Arbitration…
What people across Wall Street cannot figure out is why the Board of JPMorgan Chase didn’t sack its CEO, Jamie Dimon, at some point between the bank’s first two felony counts in 2014 and…
End of the Private Sector? Japanese Government Now Largest Shareholder of 474 Big Companies…
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