Items Tagged with 'California’s public employee pension system'

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  • Wells Fargo heat turned up: Oregon wants big changes, California wants Stumpf to resign

    Another state wants structural changes at embattled megabank
    The hot seat Wells Fargo CEO John Stumpf currently resides on is nowhere close to cooling off, especially in the wake of Stumpf’s rough appearance Thursday before the House Financial Services Committee to discuss the bank’s fake account scandal. Now, two separate states are calling for significant changes at Wells Fargo, with one calling for Stumpf's resignation.
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  • California cuts ties with Wells Fargo in wake of fake account scandal

    State Treasurer: This is a legal and ethical outrage that cannot go unpunished
    The state of California is suspending several business relationships with Wells Fargo as the fallout from the bank’s fake account scandal continues. “Wells Fargo's admission that thousands of its bank employees opened over two million fraudulent consumer accounts is a legal and ethical outrage that cannot go unpunished,” said California’s state treasurer, John Chiang. Read the latest, right here.
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  • Pension funds can sue Moody’s and Standard & Poor's

    Credit-rating agencies in hot seat
    The state Supreme Court ruled on Wednesday that California’s public employee pension system can sue Moody’s and Standard & Poor’s for hundreds of millions of dollars due to the high ratings they gave to investments that collapsed in 2007 to 2008.
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