Aggiead77: Can you tell us about your excitement for tomorrow (the 9th…into the 10th)?
Frank26: My excitement for the ninth and beyond started when I shared it with you all over a month ago but will we see the budget in my opinion it is coming from the ninth to about the middle of September The keyword is that it’s coming
Aggiedad77: Why the sudden push to ensure the media is accurate with regard to CBI banking policies…..is something about to change in that regard associated with the CBI and they want to make sure it is captured correctly by the media….not screwed up by some who may still be leaning in the direction of Maliki?….maybe this relates to expected “keywords” from Keywords (Shabibi) himself. Aloha Randy
Frank26: In my opinion to best answer your question remember that M no longer owns the media / A does
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Aggiead77 Frank…..with all this talk turning to “late year pushes for retaking Mosul”….it seems they have backed off coverage of things going on in and directly around Mosul…..as though perhaps this may in fact be done…..awaiting Abadi with his flag perhaps….wouldn’t that be a surprise for all the world…and a bent feather in someone’s hat. Aloha Randy
Frank26: Indeed it would but remember in my opinion Mosul is being used as a barometer to control your knowledge of their reforms
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Nadita: First of all, thank you Frank for your dedication to all of us. I know you are on your business trip with Bio Cell but you still think of us and sharing the news you get. I can feel your excitement and you can’t wait to share with us.
My questions :
1. Are we in code red..??
2. Is Mosul the fat lady blocking the view..?
3. Reading the update from the team. LOC (Letter of credit) must be in affect now for international trade. The auction will be for smaller business (local) which is fallen under MCP which will cease after 91 days. Is 91 days from fiscal year that will start on October 1st to the physical on January 1st, 2017.
4. Your 2x2x2 and add a week is up tomorrow 9/9/16 which falls on weekend in Iraq and now with holidays for Eid Adha on September 12 and add 5 days holidays which ends on September 15th and right again going to their weekend.
We are looking at things to start rocking and rolling from Iraq by September 18th as first day of work . Unless Iraq will be working behind the scenes and this holiday is to put another fat lady to block the view..? so are we looking towards the middle of September? for your 2x2x2 and add a week then…???
5. Budget supposed to be approved before 9/10/2016 according to Abadi and yet we haven’t heard anything.. could this be in the time frame as no. 4 question…???
Thank you for answering these questions.. not trying to look for date and rate.. just studying
Frank26: 1. We call it status not code / red was December 21, 2015
2. Yes
3. No 91 days already started
4. Yes 9th to middle
5. No / A will complete bud in silence / CBI is loud right now to make u look away from goi
Emailed to Recaps:
5,300 Wells Fargo employees fired over 2 million phony accounts
Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn’t even sign up for.
That’s exactly what happened to Wells Fargo customers nationwide.
On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts — without their customers knowing it — since 2011.
The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money.
“Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement.
Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees related to the shady behavior over the last few years. Employees went to far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.
The scope of the scandal is shocking. An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened up over 1.5 million deposit accounts that may not have been authorized, according to the CFPB.
The way it worked was that employees moved funds from customers’ existing accounts into newly-created accounts without their knowledge or consent, regulators say. The CFPB described this practice as “widespread” and led to customers being charged for insufficient funds or overdraft fees — because the money was not in their original accounts.
Additionally, Wells Fargo employees also submitted applications for 565,443 credit card accounts without their knowledge or consent, the CFPB said the analysis found. Roughly 14,000 of those accounts incurred over $400,000 in fees, including annual fees, interest charges and overdraft-protection fees.
The CFPB said Wells Fargo will pay “full restitutions to all victims.”
Wells Fargo is being slapped with the largest penalty since the CFPB was founded in 2011. The bank agreed to pay $185 million in fines, along with $5 million to refund customers.
“We regret and take responsibility for any instances where customers may have received a product that they did not request,” Wells Fargo said in a statement.
Wells Fargo is the most valuable bank in America, worth just north of $250 billion. Berkshire Hathaway (BRKA), the investment firm run legendary investor Warren Buffett, is the company’s biggest shareholder.
“One wonders whether a penalty of $100 million is enough,” said David Vladeck, a Georgetown University law professor and former regulator. “It sounds like a big number, but for a bank the size of Wells Fargo, it isn’t really.”
The CFPB declined to explain how it came up with the $100 million penalty figure.
Wells Fargo confirmed to CNNMoney that the firings represent about 1% of its workforce and took place over several years.
“At Wells Fargo, when we make mistakes, we are open about it, we take responsibility, and we take action,” the bank said in a memo to employees on Thursday.
It’s not clear when Wells Fargo hired a consulting firm to investigate the allegations, nor what triggered the response. Wells Fargo did not respond to a request for comment on this.
The CFPB declined to comment on when the investigation began and what sparked it, citing agency policy. “We don’t comment on how we uncover these matters,” a spokesman said.
As part of the settlement, Wells Fargo needs to make changes to its sales practices and internal oversight.
“Consumers must be able to trust their banks. They should never be taken advantage of,” said Mike Feuer, the Los Angeles City Attorney who joined the settlement.
Feuer’s office sued Wells Fargo in May 2015 over allegations of unauthorized accounts. After filing the suit, his office received more than 1,000 calls and emails from customers as well as current and former Wells Fargo employees about the allegations.
Even though the Wells Fargo scandal took place nationally, the settlement with L.A. requires the bank to alert all its California customers to review their accounts and shut down ones they don’t recognize or want.
“How does a bank that is supposed to have robust internal controls permit the creation of over a half-million dummy accounts?” asked Vladeck. “If I were a Wells Fargo customer, and fortunately I am not, I’d think seriously about finding a new bank.”
CNNMoney (New York)
http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html
