Items Tagged with 'U.S. Senate'


  • Senators call for DOJ investigation of Wells Fargo executives

    Will execs face prosecution for 2 million fake accounts?
    The Department of Justice announced last year that it planned to begin targeting individual employees for corporate misconduct. Now, a group of senators are asking the DOJ to put that new policy to work and investigate, and perhaps even prosecute, executives at Wells Fargo for the fake accounts scandal.
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  • Labor Department launches "top-to-bottom" review of Wells Fargo

    Answers call from eight senators to open investigation
    Wells Fargo has its hands full these days. The beleaguered megabank is already facing a $185 million fine for the recent fake account scandal, which subsequently led to ongoing investigations from the House Financial Services Committee and the Department of Justice, not to mention a rough appearance before the Senate Banking Committee for Wells Fargo CEO John Stumpf. And now, the bank is facing a thorough review of its labor practices.
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  • Senators want Labor Department investigation of Wells Fargo

    Sanders, Warren, others question whether bank "aggressively skirted" labor laws
    Wells Fargo and its CEO, John Stumpf, took plenty of lumps earlier this week when Stumpf appeared before the Senate Banking Committee to discuss the $185 million fine the bank is facing, but some of the members of the Senate are far from being done with Wells Fargo. In fact, a group of eight senators are now calling on the Department of Labor to investigate Wells Fargo for potential labor law violations stemming from the company’s “aggressive” sales culture.
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  • Bernie Sanders hints at Elizabeth Warren as potential VP

    Doomsday scenario for Wall Street?
    While the presidential campaign of Bernie Sanders may be facing some mounting odds, Sanders is still a viable and active candidate, and still has at least a theoretical chance of winning in November. And while his odds may be long, that isn't stopping Sanders from floating a name of a potential running mate that would send a serious shiver down the collective spine of Wall Street – Elizabeth Warren.
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  • It's official: Obama signs bill limiting Fannie, Freddie CEO pay

    Bill received unanimous support in House, Senate
    In what has become a complete and total rebuke of an effort put forth by Federal Housing Finance Agency Director Mel Watt to award $3 million raises to the CEOs of Fannie Mae and Freddie Mac, President Obama signed into a law a bill that caps the salaries of Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton.
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  • Crapo fights against using Fannie, Freddie fees for Federal infrastructure costs

    Controversial g-fee pay-for already overwhelmingly defeated in House
    Despite being overwhelmingly defeated in the House of Representatives, the Senate is still considering a controversial spending mechanism that would see the fees charged by Fannie Mae and Freddie Mac to guarantee loans go to pay for new roads. But one Senator is urging his colleagues to consider the implications of using g-fees to offset the cost of a Federal highway bill.
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