Financiers Fight Over the American Dream – The New Yorker

  Bill Ackman saw his hedge fund’s crusade against Herbalife as a moral battle with a billion-dollar payday.CreditIllustration by Mike McQuade / Photograph by Andrew Harrer / Bloomberg / Getty Barrier Status: ‘none’ One day in the summer of 2011, Christine Richard arrived at the forty-second floor of a high-rise on Fifty-seventh Street in Manhattan to visit a […]

Wells Fargo’s New Account Openings Down 30% After Fake Account Fiasco – Consumerist

Wells Fargo’s New Account Openings Down 30% After Fake Account Fiasco Image courtesy of Mike Mozart Despite overhauling its teller pay system and ditching a high-pressure sales goal incentive program, Wells Fargo continues to face the consequences of its fake account fiasco perpetrated by employees who opened more than two million unauthorized accounts, as customers continue […]

Real Estate Is Latest Target for Would-Be Disrupters – WSJ

A real-estate startup called Compass Inc. has hired hundreds of sales agents away from older rivals, collected $225 million from marquee investors and amassed a valuation of over $1 billion, all with the pitch that its software can make brokers more efficient. Real-estate veterans say they’re baffled by how the four-year-old firm, active in only […]

Senate confirms Mnuchin as treasury secretary – The Washington Post

The U.S. Senate voted to confirm former banker and Hollywood financier Steven Mnuchin as Treasury secretary. (Reuters) The Senate confirmed Steven T. Mnuchin as treasury secretary Monday evening, putting an end to a contentious and protracted debate while adding another former banker to President Trump’s roster of advisers. Mnuchin ran a bank, OneWest, that foreclosed on tens […]

Western Union Admits Anti-Money Laundering Violations and Settles Consumer Fraud Charges, Forfeits $586 Million in Settlement with FTC and Justice Department | Federal Trade Commission

Company also agrees to implement anti-fraud program and enhanced compliance obligations in agreements with federal authorities   The Western Union Company (Western Union), a global money services business headquartered in Englewood, Colorado, has agreed to forfeit $586 million and enter into agreements with the Federal Trade Commission, the Justice Department, and the U.S. Attorneys’ Offices […]

Bank Glitch Allows Man to Spend Over $1 Million and Walk Away Free

Photo: Getty Normally a glitch is a bad thing. Maybe it means your video game character gets stuck in a wall or maybe a glitch gets you wrongfully arrested. For an Australian man named Luke Moore, a simple bank glitch meant that he was able to blow $1.3 million on cars, travel, strippers and drugs […]