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| April 30, 2017

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Scandal Archives -

Banc of California chooses outsider to replace CEO who resigned amid scandal

April 29, 2017 |

Banc of California this week named a new chief executive, an outsider who will be tasked with leading the institution as it tries to emerge from a shake-up and scandal that led to the last CEO’s resignation.

Doug Bowers, formerly the chief executive of Square 1 Financial in Durham, N.C., will take…


L.A. Times – Business

Accounts scandal takes its toll on Wells Fargo earnings as customers remain wary

April 13, 2017 |

Wells Fargo & Co. reported earnings on Thursday that show the scandal over unauthorized customer accounts is eating into its bottom line.

The San Francisco bank said its net income totaled $ 5.5 billion, showing no growth from last year’s first quarter — though the results topped the modest expectations…


L.A. Times – Business

Wells Fargo orders 2 former top executives to pay back $75 million after scathing report on accounts scandal

April 10, 2017 |

In a long-anticipated report released Monday, Wells Fargo & Co. pinned the blame for its unauthorized-accounts scandal on weak corporate oversight, an unwatchful former CEO and the executive who led the bank’s community banking division.

The San Francisco bank also said it would take back more…


L.A. Times – Business

Impeachment Hearings to Begin After Alabama Governor’s Scandal

April 9, 2017 |

Alabama Gov. Robert Bentley will face impeachment hearings beginning Monday after the state Supreme Court gave lawmakers the greenlight to move ahead with an effort to oust the governor, who is fighting to stay in office amid fallout from an affair with a top aide . The Alabama Supreme Court on…
Newser

CNN

Scandal and intrigue: Inside the French election

April 5, 2017 |

Falls from grace, sudden departures and unlikely stars; France’s presidential election has been packed with dramatic moments and episodes.
CNN.com – RSS Channel – World

Fox Scandal: More Ailes Allegations, O’Reilly Fallout

April 4, 2017 |

A Fox News contributor came forward to level more sexual-harassment allegations against deposed chief executive Roger Ailes on Monday, two days after it was revealed the network’s most popular on-air personality, Bill O’Reilly, has settled multiple complaints about his own behavior with women, the AP reports. O’Reilly was due to…
Newser

Regulators ding Wells Fargo’s community-lending record, citing accounts scandal

March 28, 2017 |

Bank regulators have given Wells Fargo & Co. a poor grade when it comes to serving low-income communities, the bank said Tuesday.

In a regulatory filing and news release, the San Francisco bank said that the Office of the Comptroller of the Currency had given it a rating of “needs to improve” on…


L.A. Times – Business

Ex-Penn State President Guilty in Sandusky Scandal

March 25, 2017 |

Former Penn State president Graham Spanier was convicted Friday of hushing up suspected child sex abuse in 2001 by Jerry Sandusky, whose arrest a decade later blew up into a major scandal for the university and led to the firing of beloved football coach Joe Paterno. Jurors found Spanier guilty…
Newser

After scandal and shakeup, Banc of California wants to be boring again

March 20, 2017 |

Banc of California was at a high point last summer.

The Irvine lender’s assets had topped $ 10 billion, a milestone for a bank that had assets of less than $ 1 billion just five years earlier. Impressed investors sent its notoriously cheap stock to a post-recession high.

And in August, its ambitious…


L.A. Times – Business

Wells Fargo shareholders call for a new, broader probe into the bank’s accounts scandal

March 16, 2017 |

A San Francisco banking advocacy group, several religious organizations and a Rhode Island pension fund want Wells Fargo to provide a broader accounting of what led to widespread fraud in the bank’s sales practices.

The groups, all Wells Fargo shareholders, plan to ask fellow shareholders to vote…


L.A. Times – Business