Wells Fargo draws $72.6M federal fine related to foreign exchange services
Wells Fargo & Co. has agreed to pay a total of $72.6 million in fines to settle a civil fraud lawsuit addressing the bank’s foreign-exchange service.
https://journalnow.com/business/local/wells-fargo-draws-72-6m-federal-fine-related-to-foreign-exchange-services/article_6abf1ea6-2080-11ec-8e2e-5b7feef84d9b.html
Banks are easy targets. Look at BOA or JPM, JPM also has half a dozen criminal counts. You hear about zip about BOA, JPM from major media outlets though because they've paid off the right writers at news outlets, wine dine etc.. Last 10 years big banks have been fined close to a 1/4 trillion dollars.
List from 2018
Bank Fine, in billions
Bank of America $76.1
JPMorgan Chase $43.7
Citigroup $19
Deutsche Bank $14
Wells Fargo $11.8
RBS $10.1
BNP Paribas $9.3
Credit Suisse $9.1
Morgan Stanley $8.6
Goldman Sachs $7.7
UBS $6.5
Post ID: @qjl+1d46k4Yy
That’s because Charlie is running the stock up, spending $18 Billion on the stock buyback. I know what he is doing - he increases his buying every time negative news breaks, manipulating the less knowledgeable in to believing that the negative news is meaningless. Tim Sloan did the same thing. Once he was done, the stock fell apart.
I would highly recommend regulators, Elizabeth Warren, SEC look in to the stock activity.
if it was a new scandal peoe would care but this is just putting old issues to bed. we already took the hit intially so now that it is settled we'll see am uptick.
Look at JPM stock compared to WF. JPM had their fair share of scandals and paid higher penalties but they resolved it and put it to bed years ago with a BAMF CEO that beat cancer. BofA too... WF trading sideways growth with constant new issues coming to light.
https://violationtracker.goodjobsfirst.org/industry/financial%20services
@qjl really?
WFC price from the date that Sloan resigned:
Date Open High Low Close* Adj Close**
Mar 28, 2019 48.73 49.22 48.35 49.09 45.34
No wonder you're a big Charlie fan.
More like a daily thing. The faucet never gets turned off.
No issues here.