LOUNGE all new asksnapzu ideasforsnapzu newtribes interesting pics videos funny technology science technews gaming health history worldnews business web research entertainment food living internet socialmedia mobile space sports photography nature animals movies culture travel television finance music celebrities gadgets environment usa crime politics law money justice psychology security cars wtf art google books lifetips bigbrother women apple kids recipes whoa military privacy education facebook medicine computing wildlife design war drugs middleeast diet toplists economy fail violence humor africa microsoft parenting dogs canada neuroscience architecture religion advertising infographics sex journalism disaster software aviation relationships energy booze life japan ukraine newmovies nsa cannabis name Name of the tribe humanrights nasa cute weather gifs discoveries cops futurism football earth dataviz pets guns entrepreneurship fitness android extremeweather fashion insects india northamerica
Submit a link
Start a discussion
  • Expression
    1 year ago
    by AdelleChattre
    +31 +1

    Federal Reserve Bankers Mocked Unemployed Americans Behind Closed Doors

    Newly released transcripts show bankers blaming unemployment on the unemployed, rather than, say, bankers. By Matt Stoller.

  • Current Event
    1 year ago
    by AdelleChattre
    +9 +1

    3 More Scandals That Will Have You Saying, 'WTF Wells Fargo'

    It’s not just about phony accounts any more. By Jeff Bukhari.

  • Analysis
    1 year ago
    by Maternitus
    +19 +1

    How Deutsche Bank Made a $462 Million Loss Disappear

    More than $10 billion in transactions never appeared on the books.

  • Current Event
    1 year ago
    by TNY
    +13 +1

    Big banks rack up $6.4 billion in ATM and overdraft fees

    If you've ever had to pay $3 (or more) to get your own money out of an ATM machine, you aren't alone. Nobody likes those fees. Except banks. America's three biggest banks -- JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC) -- earned more than $6.4 billion last year from ATM and overdraft fees, according to an analysis by CNNMoney that was verified by S&P Global Market Intelligence. That works out to over $25 in fees annually for every adult American.

  • Current Event
    1 year ago
    by TNY
    +5 +1

    World’s Biggest Banks Fined $321 Billion Since Financial Crisis

    Banks globally have paid $321 billion in fines since 2008 for an abundance of regulatory failings from money laundering to market manipulation and terrorist financing, according to data from Boston Consulting Group. That tally is set to increase in the coming years as European and Asian regulators catch up with their more aggressive U.S. peers, who have levied the majority of charges to date, BCG said in its seventh annual study of the industry published Thursday. Banks paid $42 billion in fines in 2016 alone, a 68 percent rise on the previous year, the data showed.

  • Current Event
    1 year ago
    by TNY
    +27 +1

    Banking jobs denied to young people due to having 'wrong accents'

    Young people from disadvantaged backgrounds are being denied jobs in finance because they have the “wrong” accent and do not wear the correct clothes, a new study has found. Four fifths of banking leaders said they thought candidates from poorer backgrounds were less likely to secure a job in finance because of how they came across during interviews, according to polling carried out by YouGov on behalf of the Sutton Trust and Deutsche Bank.

  • Current Event
    1 year ago
    by AdelleChattre
    +8 +1

    David Rockefeller, Philanthropist and Head of Chase Manhattan, Dies at 101

    Mr. Rockefeller was influential in foreign affairs, helped resolve New York’s fiscal crisis in the 1970s and was chairman of the Museum of Modern Art for many years. By Jonathan Kandell.

  • Current Event
    1 year ago
    by rhingo
    +1 +1

    British banks handled vast sums of laundered Russian money

    Britain’s high street banks processed nearly $740m from a vast money-laundering operation run by Russian criminals with links to the Russian government and the KGB, the Guardian can reveal. HSBC, the Royal Bank of Scotland, Lloyds, Barclays and Coutts are among 17 banks based in the UK, or with branches here, that are facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers.

  • Current Event
    1 year ago
    by jackthetripper
    +20 +1

    What the Biggest Banks Are Planning Once Brexit Starts

    Big investment banks will begin the process of moving some London-based operations into new hubs inside the European Union within weeks after U.K. Prime Minister Theresa May set a date to trigger the formal mechanism for quitting the bloc. Frankfurt and Dublin are emerging as the biggest winners. Bank of America Corp., Standard Chartered Plc and Barclays Plc are considering Ireland’s capital for their EU base to ensure continued access to the single market...

  • Current Event
    1 year ago
    by canuck
    +14 +1

    British banks handled vast sums of laundered Russian money

    Britain’s high street banks processed nearly $740m from a vast money-laundering operation run by Russian criminals with links to the Russian government and the KGB, the Guardian can reveal. HSBC, the Royal Bank of Scotland, Lloyds, Barclays and Coutts are among 17 banks based in the UK, or with branches here, that are facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers.

  • Current Event
    1 year ago
    by AdelleChattre
    +34 +1

    How a Cruel Foreclosure Drove a Couple to the Brink of Death

    A married couple resorted to self-harm after being physically and psychologically terrorized by Bank of America over their house—until a judge fined the bank $46 million. By David Dayen.

  • Current Event
    1 year ago
    by everlost
    +16 +1

    Feds order Wells Fargo to rehire whistleblower and pay him $5.4 million

    Wells Fargo & Co. has been ordered to rehire a former Los Angeles-area bank manager who federal officials say was fired because he reported potential fraud to his superiors and to a bank ethics hotline — a claim the bank denies even as it has acknowledged problems with its hotline. The Occupational Safety and Health Administration said Monday that the San Francisco bank must not only rehire the whistleblower, who was fired in 2010, but pay him $5.4 million in back pay, damages and legal fees.

  • Current Event
    1 year ago
    by rexall
    +18 +1

    Wells Fargo exec was fired for not scamming N.J. customers, lawsuit says

    A Somerset County woman is suing Wells Fargo Bank alleging she was fired for refusing to participate in an alleged scheme similar to the bank's widespread account scam that led to millions of dollars in federal fines. Melinda Bini, a former assistant vice president and regional private banker at the Highland Park bank's branch, says in a recent lawsuit that supervisors instructed her to manipulate accounts and sell banking products or investments that were not the customers' best interest or without their knowledge.

  • Current Event
    1 year ago
    by everlost
    +1 +1

    Billionaire says he has 10% of his money in Bitcoin, Ether and Blockchain tech

    Billionaire investor Mike Novogratz is betting big on digital currencies like Bitcoin and Ether. "Ten percent of my net worth is in this space," Novogratz said at a forum held at the Harvard Business School Club of New York Wednesday. He declined to say exactly how wealthy he is, but he's a former hedge fund manager at Fortress Investment Group and a Goldman Sachs partner who made the Forbes billionaire list in 2008.

  • Current Event
    1 year ago
    by AdelleChattre
    +19 +1

    Public banking goes to pot

    California activists turn to the cannabis industry to help launch the nation’s first public bank in nearly a century. By Jeremy Lybarger.

  • Expression
    1 year ago
    by AdelleChattre
    +16 +1

    The Fight For The $400 Billion Business Of Immigrants Sending Money Home

    A new class of startups is using bitcoin and the blockchain to drastically lower fees as they try to grab a share of the remittance market from old competitors like Western Union. By Ben Schiller.

  • Current Event
    1 year ago
    by zobo
    +17 +1

    CenturyLink Is Accused of Running a Wells Fargo-Like Scheme

    A former CenturyLink Inc. employee claims she was fired for blowing the whistle on the telecommunications company's high-pressure sales culture that left customers paying millions of dollars for accounts they didn't request, according to a lawsuit filed this week in Arizona state superior court. The company's shares fell the most in six weeks on the news, while the shares of merger partner Level 3 Communications Inc. also dropped sharply.

  • Analysis
    1 year ago
    by geoleo
    +26 +1

    The ATM at 50: how a hole in the wall changed the world

    It all began with a newfangled bank machine in Enfield.

  • Current Event
    1 year ago
    by robmonk
    +9 +1

    Wells Fargo Is Trying to Bury Another Massive Scandal

    The bank became notorious last year for creating fake accounts on behalf of customers. Now it's trying to kill a class-action lawsuit over shady debit card fees. Wells Fargo became a poster child for corporations that abuse their own customers last year when it got fined for ginning up roughly 2 million (maybe even more) fake accounts to meet high sales goals. The bank has since tried to block customer lawsuits over that misconduct, using fine print buried in contracts known as the forced arbitration clauses, which force customers to go not before judges but a secretive non-judicial process to get relief.

  • Current Event
    1 year ago
    by socialiguana
    +11 +1

    Wells Fargo to refund $80 million to customers hit by car loan insurance

    Wells Fargo and Co said it would reimburse about $80 million to 570,000 customers who may have been charged wrongly due to issues related to auto collateral protection insurance (CPI) policies. Wells Fargo has been engulfed in scandal since September, when it reached a $190 million settlement with regulators over complaints that its retail banking staff had opened as many as 2.1 million unauthorized client accounts.

  • Current Event
    1 year ago
    by cone
    +17 +1

    Wells Fargo Forced Unwanted Auto Insurance on Borrowers

    More than 800,000 people who took out car loans from Wells Fargo were charged for auto insurance they did not need, and some of them are still paying for it, according to an internal report prepared for the bank’s executives.

  • Current Event
    1 year ago
    by geoleo
    +25 +1

    Wells Fargo accused of ripping off mom-and-pop shops

    Wells Fargo has already admitted to charging people for overdrawing bank accounts that they didn't have and for car insurance that they didn't need. Now, it's being accused of ripping off vulnerable mom-and-pop businesses. For several years, Wells Fargo's merchant services division overcharged small businesses for processing credit card transactions, a lawsuit alleges. Business owners who tried to leave Wells Fargo were charged "massive early termination fees," according to the lawsuit filed in US District Court.

  • Current Event
    1 year ago
    by geoleo
    +9 +1

    Financial deregulation: will the US really go back to a pre-crisis free-for-all?

    Since a revolving door was installed at the entrance to the West Wing of the White House, it has been difficult to keep track of the comings and goings in America’s corridors of power. Anything written about the Trump administration’s personnel and policies may be invalid before it is published.

  • Current Event
    1 year ago
    by gottlieb
    +17 +1

    Two International Bank Managers Charged In Interest Rate Manipulation Scheme

    Two French bank managers were indicted today for participating in a scheme to transmit false and misleading information related to the London Interbank Offered Rate (LIBOR), a global benchmark interest rate to which trillions of dollars of financial transactions are tied. Acting United States Attorney Bridget M. Rohde of the Eastern District of New York, Acting Assistant Attorney General Kenneth A. Blanco of the Justice Department’s Criminal Division, and Assistant Director-in-Charge Andrew Vale of the Federal Bureau of Investigation’s (FBI) Washington Field Office made the announcement.

  • Current Event
    1 year ago
    by ppp
    +16 +1

    Wells Fargo uncovers up to 1.4 million more fake accounts

    Wells Fargo has uncovered up to 1.4 million more fake accounts after digging deeper into the bank's broken sales culture. The findings show that Wells Fargo's problems are worse than the bank previously admitted to when the scandal began almost a year ago.

  • Current Event
    1 year ago
    by wetwilly87
    +13 +1

    Australia's Commonwealth Bank slapped with class-action suit

    Commonwealth Bank of Australia (CBA.AX) was hit on Tuesday with potentially Australia’s biggest class-action lawsuit over a money-laundering scandal that has already smashed its share price and exposed it to billions of dollars in fines. Litigation financier IMF Bentham Ltd (IMF.AX) said it would fund the lawsuit against Australia’s biggest bank, accusing it of making false and misleading statements and failing to disclose breaches of anti-money laundering rules for years.

  • Current Event
    1 year ago
    by geoleo
    +12 +1

    Pakistan's biggest bank kicked out of US, fined over terror financing charge

    US banking regulators ordered Pakistan's Habib Bank to shutter its New York office after nearly 40 years, for repeatedly failing to heed concerns over possible terrorist financing and money laundering, officials said Thursday. Habib, Pakistan's largest private bank, neglected to watch for compliance problems and red flags on transactions that potentially could have promoted terrorism, money laundering or other illicit ends, New York banking officials said.

  • Current Event
    1 year ago
    by zobo
    +13 +1

    Bill Blain: "We’ve Heard JPM Traders Bragging In The Pub How Much They’ve Made From Bitcoin"

    Will they? Won’t they? I’m not talking about Donald’s playground bluster about nuking North Korea back to the 1950s. Shocking and intemperate. Yes. But, plays to his audience. Of more import are Central banks and how they wriggle out of their current chains. Will the Fed put another nail into QE this afternoon? We think they will announce the end of coupon reinvestment: de-facto normalisation/tightening. Get on with it! US markets are resilient enough to cope – but we really need to see serious spread decompression between the fixed income asset classes.

  • Current Event
    1 year ago
    by hxxp
    +23 +1

    Wells Fargo wrongly hit homebuyers with fees to lock in mortgage rates

    Wells Fargo is in trouble once again -- this time for fees charged to customers trying to nail down a mortgage. The scandal-ridden bank said on Wednesday that some mortgage borrowers were inappropriately charged for missing a deadline to lock in promised interest rates, even though the delays were Wells Fargo's fault.

  • Analysis
    1 year ago
    by estherschindler
    +4 +1

    Big bank finds open source pays off

    When you handle trillions of dollars a year in transactions and manage the largest known vault of gold in the world, security and efficiency are top priorities. Open source reusable software components are key to the New York Fed's successful operation.

  • Current Event
    1 year ago
    by 66bnats
    +24 +1

    A former HSBC banker has just been convicted in $3.5bn fraud case

    A former HSBC banker has been found guilty by a US jury of defrauding a UK-headquartered energy firm in a $3.5bn currency trade. Mark Johnson, who was HSBC's head of global cash foreign exchange trading, was found guilty on nine counts, in a court room in Brooklyn, New York. Johnson,51, was accused of exploiting confidential information from Cairn Energy in 2011 to "front run" the oil and gas firm in the currency markets, thus making an $8m profit for the bank at the expense of its client.

  • Current Event
    1 year ago
    by canuck
    +12 +1

    Wells Fargo Layoffs: Bank Cutting American Jobs, Taking Them Overseas

    Wells Fargo & Co layoffs are leaving hundreds of Americans out of work as the leading American bank moves jobs to the Philippines. In a Senate hearing on the fake accounts scandal last week, Wells Fargo CEO Tim Sloan confessed that the bank has been cutting U.S. call center jobs while adding to its workforce in the Asian country.

  • Current Event
    1 year ago
    by Apolatia
    +15 +1

    Gordon Brown: Bankers should have been jailed for role in financial crisis

    Gordon Brown has claimed bankers should have been jailed for their fraudulent and dishonest behaviour during the financial crisis that led to Britain’s deepest post-war recession and his defeat in the 2010 general election. The Labour former prime minister used the second extract from his memoirs to warn that the failure to take a tougher line with wrongdoing – as pursued by other countries – has made it inevitable that rogue bankers will again gamble with public money.

  • Current Event
    1 year ago
    by bradd
    +10 +1

    Report: Wells Fargo Bankers Inflated Fees, Got Bonuses

    Wells Fargo bankers overcharged hundreds of corporate clients in order to meet their sales goals, the Wall Street Journal reports. Those bankers, most of whom performed international transactions for corporations, allegedly inflated clients' fees, tacking on millions of dollars in extra charges. The bankers were allegedly driven by Wells Fargo's employee rewards system, which gave sizable bonuses to bankers who exceeded their sales goals.

  • Current Event
    1 year ago
    by ilyas
    +14 +1

    Bitcoin pops above $14,000 for the first time

    The digital currency has shot above the $14,000 mark for the first time -- the third big barrier it's broken in less than 24 hours. Bitcoin has enjoyed a stunning rise this year, drawing increasing attention from mainstream investors. After starting the year below $1,000, it hit the major milestone of $10,000 just last week. Despite a flurry of warnings from top economists and business leaders, its upward trajectory has continued -- albeit with a few sharp dips along the way.