Should be fired. Well fargo officials testified to tepid measures to address concerns but later there was even more trouble now the u. S. Federal reserve has waited taking an action which one commenter said is putting the fear of god in bank board rooms here discusses eric reimer a former f. C. C. Official and policy commentator eric thank you for being with us first of all tell us what you make of their entire sort of nefarious actions give our viewers what wells fargo has done over the last three years to put them in this problematic circumstance and its a very multifaceted problem basically it back in september two thousand and sixteen. The o. C. C. And the boss and so the attorney revealed that wells fargo for about a decade had been encouraging or at least facilitating its a sales reps to create millions of fake accounts primarily checking accounts saving accounts credit cards for their customers that were not authorized by their customers and essentially disallowed wells fargo to
A decade had been encouraging or at least assailed hitting its sales reps to create millions of fake accounts primarily checking accounts saving accounts credit cards for their customers that were not authorized by their customers and essentially this allows wells fargo to reach sales quotas to drive increased fees and to basically bolster their bottom line that the expense of their customers it also goes on top of several other scandals the past few years that wells fargo has faced a rating from the car loan scandal whereby they did not give the rebates to customers for prepaying their car loans Car Insurance scandal Life Insurance can the whereby they overcharge customers for that and of all scandals even most recently a hundred Million Dollars settlement where they were found to have but overcharging veterans for mortgage refinancing under if you cant do anything like kick the veterans boy what a horrible thing so whats the fed going to do with regard to their assets or and so the f
Up 14 on results this morning twitter a huge gainer this morning, well talk about its 8 pop. And then theres wynn, youve been hearing about that, a huge decline. Around noon eastern when news broke of Sexual Misconduct allegations against founder and Ceo Steve Wynn lets bring Contessa Brewer back in with some of the latest details on that. These allegations date back more than a decade and the wall street journal outlines a pattern of Sexual Misconduct by Ceo Steve Wynn the report details Sexual Assault bins manicurist who was later awards a 7. 5 million lawsuit and other forced sexual encounters with massage therapists and the like. Other sources tell cnbc that steve wynns behavior with employees was an open secret for decades in las vegas but they feared to speak out for fear of their jobs steve wynn said, the idea i assaulted any woman is preposterous then he goes on to blame his exwife, elaine wynn, for instigating the accusations. A statement from the company also blames her for t
Rebates to customers for prepaying their car loans Car Insurance scandal Life Insurance can the whereby they overcharge customers for that and of all scandals even most recently a hundred Million Dollars settlement whereby they were found to have but overcharging veterans for mortgage refinancing under if you cant do anything like kick the veterans boy what a horrible thing so whats the fed going to do with regard to their assets or so the Federal Reserve sanction is a very strong area one basically the Federal Reserve will be preventing wells fargo from increasing their assets beyond what they were at the end twenty seven thousand calendar year at twenty seventeen their assets to one point nine trillion dollars and so until was wells fargo meets certain Federal Reserve. Mandates regarding Risk Management in a change in their management culture they would not be permitted to grow their assets size beyond that they also have to replace four Board Members so thats why this comment about
Need tax cuts. You know, i think he watches the show. Are you invested . Maybe you are thinking of getting out maybe thinking of jumping in your questions about the market will be answered on this program today. Now, the fires in Northern California not contained. The wine tourist industry shutdown it is another Natural Disaster that is unfolding here. And a personal tragedy 17 dead, 2,000 homes and businesses damaged more evacuations. It is a financial nightmare for the state and the wine business. Most of those tasting rooms theyre closed. So are many hotels and wineries have been destroyed. Some of the best known vineyards in the world have been affected ominously more strong winds are forecast for today. Were going to take you napa in just a moment. Weinstein flees to europe and nfl says stand for the anthem and President Trump barn storms for tax cuts in pennsylvania today. Yes, it is another jammed pack day. Varney company is about to begin. All right everyone lets get straight t