State of California imposes 12-months' worth of sanctions on Wells Fargo

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Following from Wells Fargo's 2,000,000-account fraud against its own customers -- part of a decade-old pattern -- the state of California has imposed sanctions on the bank, freezing it out of bond issues, brokerage business, and suspending all investment in Wells Fargo-issued securities. Read the rest

How many Wells Fargo employees were fired for NOT committing fraud?

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When Wells Fargo fired 5,300 employees for opening 2,000,000 accounts in its customers name (stealing their cash and trashing their credit scores in the process), it wanted us all to know that it had cleaned house, because this was just 5,300 people who, without any help from senior management, all happened to coincidentally engage in the same fraud. Read the rest

Your tax dollars subsidized $125m executive bonus for Wells Fargo exec who led massive fraud

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Normally, companies that give "performance pay" to their execs can only write off the first $1M: but when Wells Fargo gave $125M to Carrie Tolstedt (shown above receiving American Banker's 2010 award for being "the most powerful woman in banking") as she "retired" after overseeing a 5-year period in which Wells Fargo's top brass were aware that their employees were opening 2 million fake accounts in their customers' names, Wells structured the payment as a "bonus," meaning that the company took a $78 million off its taxes, pocketing $27m in savings. Read the rest

Wells Fargo won't claw back $125m retirement bonus from exec who oversaw 2m frauds

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Carrie Tolstedt is the Wells Fargo executive who presided over a titanic, multi-year fraud through which at least 5,300 of the employees who reported to her opened up fake accounts in Wells' customers' names, racking up fees and fines, trashing the customers' credit ratings, and, incidentally, pulling in record revenues for Tolstedt's department, which Wells' management recognized by giving her a $125M parting gift when she left the company at the end of July, just weeks before the scandal broke. Read the rest

Donald Trump used $20K worth of charitable donations to buy a 6' tall painting of Donald Trump

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The Donald J Trump Foundation raised a lot of other peoples' money and spent it on things that benefited Trump, while allowing the Republican presidential candidate to falsely claim to have made enormous, public spirited donations. Read the rest

If DRM is so great, why won't anyone warn you when you're buying it?

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Last month, I filed comments with the Federal Trade Commission on behalf of Electronic Frontier Foundation, 22 of EFF's supporters, and a diverse coalition of rightsholders, public interest groups, and retailers, documenting the ways that ordinary Americans come to harm when they buy products without realizing that these goods have been encumbered with DRM, and asking the FTC to investigate fair labeling for products that come with sneaky technological shackles. Read the rest

Nobel-winning economist Joseph Stiglitz calls Apple's tax strategy a "fraud"

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2001 Nobel laureate in economics Joseph Stiglitz has a long history of being on the right side of history. For example: pricing the Iraq war at $3T; raising the alarm about sovereign wealth funds acquiring US debt; nailing the double-standard on bailouts for debt crises (and the way that this destabilizes poor countries); sounding the alarm about austerity in times of recesssion; coming out early and strong over wealth concentration; calling for the imprisonment of the top executives at Barclays bank; and damning the TPP as "the worst trade deal ever." Read the rest

One of the copyright's scummiest trolls loses his law license

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For more than four years, we've chronicled the sleazy story of Prenda Law, a copyright troll whose extortion racket included genuinely bizarre acts of identity theft, even weirder random homophobic dog-whistles, and uploading their own porn movies to entrap new victims, and, naturally, an FBI investigation into the firm's partners' illegal conduct. Read the rest

Wells Fargo, who preyed on black borrowers, sponsors Black Lives Matter luncheon

Wells Fargo has been widely criticized for its predatory, deceptive practice of targeting black mortgage borrowers with subprime mortgages (whose teaser rates ballooned into unsustainable long-term rates after a few years), rather than offering those borrowers much cheaper and better mortgages that would not have led to widespread bankruptcy, foreclosure, and the destruction of hardworking families' live savings. Read the rest

Airbnb stealth-updates terms of service, says it's not an insurer and requires binding arbitration

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The March 29 edition of Airbnb's terms of service requires that people who rent out their homes acknowledge that despite the company's widely advertised Host Protection Insurance program, "you understand and agree that Airbnb does not act as an insurer." Read the rest

Clicking "Buy now" doesn't "buy" anything, but people think it does

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In What We Buy When We "Buy Now", a paper forthcoming in The University of Pennsylvania Law Review, respected copyright scholars Aaron Perzanowski and Chris Jay Hoofnagle report on an experiment they set up to test what people clicking the "buy now" button on stores selling digital things (ebooks, games, music, videos, etc) think they get for their money -- it's not what they think. Read the rest

Fantasy accounting: how the biggest companies in America turn real losses into paper profits

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Lax enforcement from the SEC has allowed the biggest companies in America -- 90 percent of the companies in the S&P 500, led by the faltering energy sector -- to ignore the "Generally Accepted Accounting Principles" (GAAP) in presenting their financial information to investors, manufacturing nonexistent profits in quarters where they suffer punishing losses. Read the rest

UK government warns people that copyright trolls are a scam

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The UK Intellectual Property Office has sent an official notice to Britons warning them that they don't have to pay the copyright trolls who send them threatening letters accusing them of copyright infringement. Read the rest

Google reaches into customers' homes and bricks their gadgets

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Revolv is a home automation hub that Google acquired 17 months ago; yesterday, Google announced that as of May 15, it will killswitch all the Revolvs in the field and render them inert. Section 1201 of the DMCA -- the law that prohibits breaking DRM -- means that anyone who tries to make a third-party OS for Revolv faces felony charges and up to 5 years in prison. Read the rest

Airlines celebrate record profits, having killed bereavement fares

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It's a good time to be a US airline: the 10 listed US carriers made $24.2B in profits last year, up from $7.3B the year before. Read the rest

Barnes & Noble wipes out Nook ebook, replaces it with off-brand "study guide"

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Chris writes, "I bought my first e-book in 1998, before my e-reading hardware had even arrived yet. Yesterday I discovered that Barnes & Noble has effectively stolen that book from me, mistakenly replacing it it in my Nook library with another title I never bought." Read the rest

Shortly after her death, Harper Lee's heirs kill cheap paperback edition of To Kill a Mockingbird

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A court upheld the sealing away of Lee's will from public view, so it's impossible to say for sure what prompted the move, but this much is clear: schools that assign "To Kill a Mockingbird" -- one of the most commonly assigned books in US classrooms -- will have to pay a lot more for their books, and that money will not, and cannot, benefit the author. Read the rest

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