Tag Archives: finance

Bloomberg reports: Wells Fargo will pay $575 million to settle claims made by U.S. states that the bank created phony accounts and committed other customer abuses, according to a statement by the Iowa attorney general’s office. Two years ago, Wells Fargo agreed to pay $190 million to settle federal government claims that the bank created phony customer account, and improperly …

Mediaite recaps: The deep-dive on Sunday night’s Last Week Tonight with John Oliver took a look at the role of money in politics, but not in the we-all-know-there-should-less-money-in-politics sort of way. Instead, the segment examined the hours lost to congressional fundraising, and the mind-numbingly dull process for elected officials to ensure that they stay competitive in their reelection bids. Oliver …

But three billion is still nothing to sneeze at. Details.

Gawker has posted 954 pages of previously unseen and labyrinthine Bain financial documents which they say may reveal proof of Mitt Romney’s attempt to cloak his massive holdings in tax-proof domestic and offshore accounts. Bain isn’t a company so much as an intricate suite of steadily proliferating inter-related holding companies and limited partnerships, some based in Delaware and others in …

Not that you’ve been wondering, but these days the Octomom is shilling for a payday loan company. The site offers payday loans with high-interest rates. “If anyone knows financial hardship Nadya does,” the site states. “This is why she has decided to endorse our service OctoLoan which connects you directly to a lender when you need money quickly.” USA! USA!

And you probably haven’t heard “shitty” used ten times in three minutes on C-SPAN.

Billionaire scammer Bernie Madoff was just sentenced to 150 years in prison. Judge Denny Chin said the sentence was a symbolic one for a crime that showed “extraordinary evil” and “took a staggering human tool.” Madoff , addressing the court in a dark suit for about six minutes, said that when he started the scam, he thought he’d be able …

The deepening banking crisis hits Manhattan hard with this news from Citigroup. Citigroup plans to announce a writedown of as much as $24 billion and layoffs that could total as much as 24,000 due to subprime and credit-related losses, CNBC has learned. Citigroup plans to announce a $24 billion writedown and layoffs that could total as much as 24,000. Slightly …

From the New York Times: Bonnie Brown was fresh from a nasty divorce in 1999, living with her sister and uncertain of her future. On a lark, she answered an ad for an in-house masseuse at Google, then a Silicon Valley start-up with 40 employees. She was offered the part-time job, which started out at $450 a week but included …

New records were set yesterday when the U.S. dollar continued its decline against foreign currencies. The Canadian dollar, currently the strongest currency in the world (seriously) is now trading at $1.10, the Euro is $1.47, and the British pound is at a 26-year high at $2.10. So much for foreign vacations this year, eh? Meanwhile, Manhattan is just swamped with …

Your on-the-cheap Canadian vacations and shopping excursions are pretty much over, as the Canadian dollar hit one-to-one parity with the American dollar today, a benchmark it’s been inching towards for the last year. Loonies haven’t gone 1:1 against the USD since 1976. Topping that bit of bad news, the Euro also reached its all-time high against the USD today – …