Tag Archives: banking

Sen. Elizabeth Warren Goes Viral With Blistering Takedown Of Wells Fargo CEO John Stumpf [VIDEO]

USA Today reports: Wells Fargo CEO John Stumpf told the Senate Banking Committee he was “deeply sorry” Tuesday over allegations the bank opened millions of accounts without customers’ permission in order to meet aggressive sales quotas. Sen. Elizabeth Warren was having none of it. The Massachusetts senator has built a reputation for being tough on shady Wall Street dealings and …

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CALIFORNIA: Wells Fargo Fined $185M, Fires 5300 Employees For Creating Two Million Phony Accounts

NBC News reports: California and federal regulators fined Wells Fargo a combined $185 million on Thursday, alleging the bank’s employees illegally opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals. A staggering 5,300 employees at Wells Fargo were fired in connection with this behavior, according to the Los Angeles City Attorney’s office. The San …

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John Oliver Takes On Predatory Auto Loans [VIDEO]

Oliver reports that that tactic could spawn another subprime crisis. Mediaite recaps: Predatory loans for auto sales was the focus of John Oliver‘s deep dive Sunday night on Last Week Tonight, highlighting the questionable processes by which lenders can lure prospective car owners into the fold. One of the main hallmarks of the segment was a certain type of popular …

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Wall Street Bails On “Shit Show” GOP Convention Over Fears Of Being Associated With Donald Trump

Wow. Politico reports: Wall Street executives are hitting the sell button on the GOP convention in Cleveland next week. Bankers typically use the quadrennial Republican Party gathering to schmooze clients, host parties and flaunt their connections to the nominee and other senior officials. In 2012, they flooded the Tampa Bay area to celebrate one of the industry’s favorite sons, Mitt …

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John Oliver On Puerto Rico’s Fiscal Crisis [VIDEO]

TIME recaps: John Oliver turned his attention southward on Last Week Tonight to discuss Puerto Rico. The U.S. territory is in a massive financial crisis, facing nearly $70 billion in debt, with a poverty rate of nearly 45%. “Puerto Rico is like the last Tower Records: everything’s overpriced, everyone’s being laid off, and there is still a really weird number …

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NORTH CAROLINA: Deutsche Bank “Freezes” Hundreds Of New Jobs Over State’s Anti-LGBT Hate Law

Reuters reports: Deutsche Bank is freezing plans to create 250 new jobs at its Cary, North Carolina, location after the state passed a controversial law targeting lesbian, gay, bisexual and transgender (LGBT) citizens. “We take our commitment to building inclusive work environments seriously,” John Cryan, the chief executive of Germany’s largest lender, said in a statement on Tuesday. North Carolina …

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JAPAN: Government Tests Fingerprints As “Currency”

From The Japan News: Starting this summer, the government will test a system in which foreign tourists will be able to verify their identities and buy things at stores using only their fingerprints. The government hopes to increase the number of foreign tourists by using the system to prevent crime and relieve users from the necessity of carrying cash or …

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NORTH CAROLINA: Wells Fargo Lights Its Charlotte Tower In Support Of Transgender Day Of Visibility

Yesterday was the International Day of Transgender Visibility and in support Wells Fargo lit its 48-story Duke Energy Center tower in Charlotte in pink, white, and blue, which are the colors of the transgender pride flag. Also yesterday Wells Fargo joined the 80+ major corporations who have called for the repeal of North Carolina’s hate law. From the Charlotte Observer: …

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Hillary: I’ll Let The Banks Fail As President [VIDEO]

Hillary Clinton appeared on The Late Show last night, where she told Stephen Colbert that she’ll defend advances in gay rights as president. But the real buzz is about Clinton’s statement on banking. Politico has more: Hillary Clinton would not bail out big banks on the verge of failure if she faced a situation like the 2007 financial crisis, she …

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Lesbian Couple Featured In Bank’s Viral Ad

3.7 million views in one week.

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Rachel Maddow Mocks Franklin Graham

“I love this story so much I want to take it to Franklin Graham’s new bank and marry it. If it’s a lady.”

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AFA Launches Wells Fargo Boycott

From the American Family Association: In 2003, AFA warned that Wells Fargo was beginning to show public support for homosexuality. They were one of the first companies in America to do so. In 2005, Dr. James Dobson and Focus on the Family announced it was withdrawing funds from Wells Fargo after the company threw its support behind homosexual activist organizations.In …

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Franklin Graham Won’t Do Business With Bank That “Promotes Sin” – Moves All Accounts To Bank Sponsoring Gay Pride

Brian Tashman writes at Right Wing Watch: Graham spoke with Craig James of the Family Research Council, which is cheering on Graham’s announcement, on yesterday’s edition of “Washington Watch,” where he explained that he will be switching to BB&T, another North Carolina-based bank. Graham may not have done much research, as BB&T has received an 80 percent score in the …

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Wall Street To SCOTUS: Yes On Marriage

Via CNN: Wall Street’s leading banks have signed a “friend of the court” brief pressing the Supreme Court to back same-sex marriage. Major financial firms including AIG, Bank of America, BlackRock, Credit Suisse, Deutsche Bank, Goldman Sachs JPMorgan, UBS and Wells Fargo signed the brief that will be filed on Thursday. Spokespeople at each of the companies confirmed to CNN …

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Investment Banker: Vladimir Putin Has Stolen $200B, Is World’s Richest Man

Via Business Insider: Hedge fund manager Bill Browder, once the largest foreign investor in Russia, estimates Russian President Vladimir Putin’s wealth at $200 billion — which would make him by far the richest man in the world. When asked to estimate his net worth by Fareed Zakaria of CNN, Browder said: “I believe that it is $200 billion. “After 14 …

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Report: Credit Card Hack At Home Depot

Multiple banks are reporting that hackers have accessed the credit cards of millions of Home Depot customers. The credit card information was offered for sale Tuesday on an underground site that traffics in stolen financial information, journalist Brian Krebs reported on his blog. The breach could have begun in late April or early May of this year, Krebs reported. If …

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NOM: Boycott Chase Bank

“Dear Joe, This is the smoking gun. NOM has obtained new evidence that shows Chase bank not only violated its employees’ privacy with invasive and inappropriate questions on an employee survey aimed at pushing an LGBT agenda, but that the company has lied to consumers and its own employees about the now infamous questions. Today, NOM is launching an international …

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New $100 Bill Launches Today

$3.5B worth of the redesigned $100 bill is being distributed to banks today. The bill redesign, the first for the $100 bill since March 1996, will still have Benjamin Franklin on the front and Philadelphia’s Independence Hall on the back. It will also have a number of new features that will definitely turn heads. There is a disappearing Liberty Bell …

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NEW YORK CITY: Activists Demand “Robin Hood Tax” On Financial Institutions

Yesterday about a thousand activists marched on the United Nations, demanding the creation of a so-called “Robin Hood Tax” on Wall Street and financial institutions around the world. Forbes posted a press release: To commemorate the 2nd Anniversary of Occupy Wall Street, the Robin Hood tax coalition that consists of two hundred million supporters around the world including Occupy Wall …

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Pay With Your Face

Minority Report. It’s here. In Finland, at least. Finland-based company Uniqul is preparing to release a payment system that uses facial recognition software to link a customer with his or her bank account. Instead of swiping a credit card to purchase goods (which is so painfully last-century), now you can just gaze into a camera.  A Uniqul tablet at check-out …

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