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.
That's going to hit the shareholders where they live -- California issues more bonds than any other state, $50B this year so far, and the state treasurer has $75B under management, and does $2T worth of banking per year. State treasurer John Chiang said, "How can I continue to entrust the public’s money to an organization which has shown such little regard for the legions of Californians who have placed their financial well-being in its care?"
Good question! Another good question: why would you start entrusting the public's money to these people after a 12-month timeout, given that this isn't the first time they've committed high financial crimes and (seemingly) got away with it?
Treasurer John Chiang Sanctions Wells Fargo Bank for Defrauding California Customers
Calls for Overhaul of Banking Industry [California State Treasurer]
(via Dan Hon)
A new study reported in Nature (Sci-Hub mirror) tracks down the origins of the mysterious rise in CFC-11, a banned ozone-depleting greenhouse gas whose rise was first reported a year ago, and blames the increase on manufacturing in eastern China.
The Virginia Pirate Corporation is a startup that brokers sales of used textbooks at colleges; they're suing North Charleston, SC's Trident Technical College over its inclusion of textbook fees in tuition, meaning that students will have already paid for new textbooks when they pay their tuition.
What a coincidence.
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Does your gaming setup need an upgrade? No need to wait for Christmas. We’ve rounded up the latest tech accessories for your favorite video game platforms. All of them are already sale priced, but you can knock an additional 15% off the final price for Memorial Day by using the online code WEEKEND15. Audeze Mobius […]
Raspberry Pi is one of the world’s most versatile open-source computers. Alexa is a home automation hub with limitless potential. Together, they’re a dream team for ambitious makers, opening the door to everything from automatic lights to voice-controlled robots. Learning Raspberry Pi is meant to be relatively easy for newbies, but its applications with Alexa […]