713 yesterday
18,129 last 30 days
California Suspends ‘Business Relationships’ With Wells Fargo - Medford needs to scrutinize former council President who was involved with such a slimy company, Wells Fargo, and also investigate his motions as suspicious president of the Medford City Council
http://www.bloomberg.com/news/articles/2016-09-28/california-suspends-wells-fargo-from-state-bond-investing-workWells Fargo CEO Stumpf Forfeits $41 Million in Pay
- State is largest muni issuer, has $75 billion in investments
- Bank is facing mounting criticism over bogus accounts
California, the nation’s largest issuer of municipal bonds, is barring Wells Fargo & Co. from underwriting state debt and handling its banking transactions after the company admitted to opening potentially millions of bogus customer accounts.
The suspension, in effect immediately, will remain in place for 12 months. A "permanent severance" will occur if the bank doesn’t change its practices, State Treasurer John Chiang said Wednesday. The state also won’t add to its investments in Wells Fargo securities. Chiang already replaced Wells Fargo with Loop Capital for two muni deals totaling about $527 million that will be sold next week.
