When Bank Boards Get Too Cozy, Expect Misconduct
Why regulators and investors need better measures of the connections between bank executives and their boards.
Read more...Category Archives: Banking industry
Stumpf is Still Faking It – Claims 75% Couldn’t Resist Wells Fargo Credit Cards
In a not-exactly-shocking development of the ongoing Wells Fargo account faking scandal (see our previous coverage here, here and here if you’re late to the party and need a quick catch-up) CEO John Stumpf, fighting a rear-guard action, is making outlandish claims about how, having begun the process of contacting customers who it has cause to […]
Read more...Wells Fargo CEO Stumpf Tries to Brazen Out Fraud as Congressmen Call Wells a “Criminal Enterprise,” Demand Breakup
Stumpf has another deservedly bad day in the Congressional hot seat.
Read more...Wells Fargo CEO Stumpf, Head of Community Bank Hit With Multi-Million in Clawbacks: Labor Department Opens
Wells Fargo’s board acts against CEO John Stumpf right before a House hearing. Is this to blunt the interrogation or to save his hide?
Read more...Why a Banking Crisis in China Seems Unavoidable
Another alarm about the danger that China’s rapid increase in private debt poses to its banks.
Read more...Oil And Gas Bankruptcies Set To Double This Year
Heavily indebted oil and gas companies have managed to hold off the day of reckoning, but analysts expect bankruptcies to spike.
Read more...Deutsche Bank Unlikely to Get Much of a Break From the DoJ’s $14 Billion Mortgage Fine Target
Deutsche Bank isn’t likely to have much luck in trying to get a big break on a pending Department of Justice fine.
Read more...Class Action Lawsuit Against Wells Fargo Seeking $2.6 Billion for Wrongful Terminations Unlikely to Go Very Far
A case arguing that Wells Fargo fired and demoted employees who didn’t commit fraud to meet sales targets, does not deliver the goods.
Read more...The End of the Beginning at Wells Fargo
By Lambert Strether of Corrente. Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning. –Winston Churchill The old reprobate got that one right, didn’t he? This post will be absurdly short (for Naked Capitalism) and absurdly sweet (for Naked Capitalism). […]
Read more...The Private Debt Crisis
Why private debt is so dangerous, and why that risk looms large, particularly in China.
Read more...The Rise and Rise of the Bubble Managers
It’s becoming even more obvious that Fed policy is focused on keeping the bubble inflated over real economy concerns.
Read more...Wells Fargo Fake Accounts Hidden by Fake Whistleblowing: Former Employees, Including HR Officials, Allege Systematic Retaliation
As short seller David Einhorn says, “No matter how bad you think it is, it’s worse.” That’s proving true at Wells Fargo as former employees allege systematic whistleblower retaliation.
Read more...Wells Fargo CEO’s Teflon Don Act Backfires at Senate Hearing; “I Take Full Responsibility” Means Anything But
Wells Fargo CEO John Stumpf’s days are numbered, as they should be based on his inability even to fake contrition in Senate hearings.
Read more...Theresa May Outs Herself as Wall Street’s Poodle in Brexit Talks
It would be better if the latest Brexit news were a farce….
Read more...Ilargi: China Relies On Property Bubbles To Prop Up GDP
More concerned tea-leaf reading in the wake of a BIS report that sounded alarms about China’s debt growth.
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