Wells Fargo Targeted for ‘Alarming Pattern’ of Zelle Fraud
From today’s New York Times: Fraud on Zelle, the instant-payments system owned by seven of the nation’s biggest banks, has been rising in the past year, leaving hundreds of thousands…
SCOTUS could upend consumer financial protection as we know it
From today’s CNBC News Online: A case before the Supreme Court has the power dramatically to reshape how the U.S. government polices financial fraud and other misdeeds against consumers —…
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American economy
corporate governance
fair wages
labor market
wage stagnation
worker rights
Lawmaker in Congressional hearing on bank CEOs’ pay: “It doesn’t look good”
From today’s CBS News Online: Making their first appearance before Congress since the financial crisis a decade ago, the CEOs of America’s biggest banks told lawmakers their financial institutions are…
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#WorkRights
American economy
consumer protection
economics
financial corruption
labor market
worker rights
‘Too Little Too Late’: Bankruptcy Booms Among Older Americans
From today’s New York Times: For a rapidly growing share of older Americans, traditional ideas about life in retirement are being upended by a dismal reality: bankruptcy. The signs of potential…
How Wells Fargo and Federal Reserve Struck Deal to Hold Board Accountable
From today’s New York Times: On a Thursday evening in mid-January, a group of top Wells Fargo executives sat down for dinner in an upscale surf-and-turf restaurant near the White House.…
Five regulatory agencies approve Volcker Rule, curbing risky banking
Five federal regulatory agencies approved the so-called “Volcker Rule” today, restricting commercial banks from trading stocks and derivatives for their own gain and limits their ability to invest in hedge funds.…
Moody’s to downgrade large banks
FROM THE NYT DEAL BOOK BLOG: If true, this is an important step by the market to correct for false advertising. One question is whether it will make a difference…
Despite huge losses banks continue subprime mortgage securities fraud
There is an interesting article in today’s New York Times business blog about the reverberation of subprime mortgage securities that are still being peddled by banks and financial institutions. Below…
Economists worry financial lessons from last recession are ignored
There is an interesting article in today’s New York Times by Adam Davidson of NPR’s “Planet Money” that explores both sides of the economic spectrum about whether more or less regulation…
Citibank to eliminate 11,000 workers
In a shake up last month Citi’s executive board ousted its former CEO Vikram Pandit, paving the way for today’s announcement that the country’s second largest bank would cut 11,000…