Wells Fargo chief executive John Stumpf will forfeit $41m (£31.5m) in bonuses as the bank tries to stem a scandal over its sales practices. The bank has launched an investigation how more than two million deposit and credit card accounts were opened without customers' permission. The bank said Mr Stumpf would not receive a salary during the inquiry. The former head of retail operations, Carrie Tolstedt, will forfeit $19m of bonuses and left without a payoff.
"Scandals in banking, finance, and housing rocked the world, causing a global financial meltdown and the Great Recession. While the economy and the financial sector eventually recovered, the fallout from the financial crisis kept the papers full of misdeeds and improper actions within finance. A certain numbness must have come over large sections of the public who could hardly muster shock anymore when this latest new scandal was uncovered at Wells Fargo."
"When a measure becomes a target, it ceases to be a good measure." Sociologist Donald Campbell and economist Charles Goodhart reached this conclusion some 40 years ago, after analyzing the measures affecting their own professions. We've seen the Campbell and Goodhart law in action plenty of times. Bankers manipulated Libor, a benchmark for borrowing rates, to profit fro
The problem, as others have noted, is that what is good for individual scientists is not necessarily what is good for science as a whole. A scientist’s career currently depends on publishing as many papers as possible in the most prestigious possible journals. More than any other metric, that’s what gets them prestige, grants, and jobs.
Perhaps one of the most famous Brexit phrases, “British people are tired of listening to experts’’, was uttered by Michael Gove in his response to Faisal Islam (Sky News), who warned about the negative economic impacts of Brexit.
Surveys have shown that the ‘leave vote’ was an overt expression of dissatisfaction with the current socio-economic condition in Britain, typified by rising inequality, a precarious jobs market, the lack of social mobility or effective redistribution.
A consumer group is accusing airlines of charging passengers too much for paying with a credit card. Fairer Finance (FF) says airlines like Flybe, Monarch and Ryanair may be in breach of rules which say the charges should only reflect genuine costs. Flybe and Monarch are said to be the worst offenders, putting a surcharge of 3% on bookings.
The US' biggest bank Wells Fargo has been fined $185m for illegally opening accounts to boost sales targets. The cash will go to regulators while the bank will also hand back $5m to customers. It was accused of "widespread illegal practice" around account openings, sales targets and compensation incentives. "We regret instances where customers may have received a product that they did not request," the bank said. The US Consumer Financial Protection Bureau (CSFB) announced the fine and said the bank must also hire an independent consultant for a review.
Managers at Volkswagen know with whom they have to maintain friendships. After the then EU Commissioner for Industry and Entrepreneurship Antonio Tajani paid a visit to the company in the spring of 2010, he received a package. "We hope to make you happy with this VfL Wolfsburg jersey signed by the players," the head of VW's Brussels office wrote deferentially.
Americans are up in arms right now over the near epidemic number of deaths of African-American at the hands of police, and rightfully so. African-Americans make up only 13 percent of the population, yet they are the victims in 26 percent of all police shootings. That is nearly 3 times the rate of whites.
The outrage by the #Black Lives Matter movement is founded in statistical evidence which shows that the system inherently and with extreme bias disproportionately targets blacks.
That being said, there is one group who no one is talking about that is targeted more than everyone else. The racial group most likely to be killed by law enforcement is Native Americans. While Native Americans only make up 0.8 percent of the population, they make up 1.9 percent of all police killings.
A top HSBC executive has been charged with fraud in the US. Mark Johnson, the company's global head of foreign exchange trading was arrested on Tuesday night and is due to appear in court later. A former colleague, Stuart Scott, has also been charged. The two traders are accused by the US government of using inside information to profit from a $3.5bn (£2.6bn) currency deal. HSBC has so far declined to comment. The US Department of Justice (DoJ) accuses the traders of "front-running".
Lawmakers have come up with a compromise to avoid a potential government shutdown and provide long-awaited aid for Flint, Michigan—though the band-aid measure will still keep that community, which has been grappling with a lead-contamination crisis for more than two years, waiting for funds at least until November.
With money launderers constantly changing their methods, firms must ensure their transaction monitoring systems are kept up to date. The consequences of not doing so can be catastrophic. Money laundering has the potential to threaten national security, national prosperity and international reputation. That was the stark warning from the UK’s
"If your doctor diagnoses you with chronic fatigue syndrome, you’ll probably get two pieces of advice: Go to a psychotherapist and get some exercise. Your doctor might tell you that either of those treatments will give you a 60 percent chance of getting better and a 20 percent chance of recovering outright. After all, that’s what researchers concluded in a 2011 study published in the prestigious medical journal the Lancet, along with later analyses.
Four of the country's largest chemical companies have been accused of selling billions of dollars worth of harmful isocyanate chemicals but intentionally concealing their dangers to consumers and the U.S. Environmental Protection Agency (EPA) over the past several decades.
en the New York Yankees completed the new Yankee Stadium in 2009, the final construction bill was an estimated $2.5 billion. Of that, nearly $1.7 billion was financed by tax-exempt municipal bonds issued by the city of New York.
Because the interest earned on the municipal bonds is exempt from federal taxes, a large amount of tax revenue that would have been collected—had the bonds been issued as taxable—went toward the construction of the stadium. In other words, the Yankees received a federal subsidy to build their stadium. How much? About $431 million. That’s a lot of money, but it gets worse.
A £14bn legal claim has been filed against Mastercard on behalf of UK consumers seeking damages for anti-competitive card fees. In 2014, the European Court of Justice ruled that regulators were right to condemn the cost of its interchange fees - the fees retailers pay banks to process card payments.
The US Treasury Department has warned the European Commission about taking action against US companies over tax avoidance allegations. The commission is investigating tax deals granted to US companies for setting up headquarters in Europe. Next month the EU is expected to deliver its decision on Apple. The company could be hit with a multi-billion pound bill for unpaid taxes. The commission said there was "no bias against US companies" in the probes. In a report published on Wednesday, the US regulator said action by Brussels would make it into a "supra-national tax authority" overriding the tax codes of its member states. It also said Brussels was using a different set of criteria to judge cases involving US companies, adding that potential penalties were "deeply troubling".
"A few years ago, federal food inspectors were walking around the warehouses of the Ontario Food Terminal in Toronto – the nerve centre where much of the province’s fresh produce is bought, re-packaged and sold – when they noticed something unusual.
In the “farmer’s market” area, where only Ontario-grown produce is meant to be sold, the inspectors saw large cartons of greenhouse peppers with conflicting labels. The outside of the boxes had “Product of Canada” stickers, next to visible signs of damage on the cardboard – bits of paper and glue, as if another sticker had been peeled off. And stickers on the inside of the box read “Product of Mexico.”"
A federal grand jury in Charleston, South Carolina has returned an indictment charging Aegean Shipping Management S.A. and Aegeansun Gamma Inc. with obstruction of an agency proceeding, conspiracy and failing to keep accurate pollution control records, the Justice Department has announced. Three engineering officers were charged with related offenses.
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