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| March 24, 2017

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Scandal Archives -

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

Volkswagen Pleads Guilty in Emissions-Cheating Scandal

March 10, 2017 |

Volkswagen pleaded guilty to criminal charges for rigging diesel-powered vehicles to cheat on government emissions tests, capping the final significant U.S legal settlement expected in a long-running deception that hammered the German auto maker’s reputation and finances.
WSJ.com: US Business

Scandal in Korea: Botox, and a Horse Called Vladimir

March 8, 2017 |

Botox injections, a secret list of blacklisted artists, and a horse named Vladimir: The 90-day investigation of South Korea’s political scandal seemed to air the nation’s dirty laundry.
WSJ.com: What’s News Asia

Nude Photo Scandal Shakes Marine Corps

March 6, 2017 |

The Marine Corps has been shaken by a scandal involving photos of naked and scantily clad servicewomen, at least some of which were apparently shared without consent. The photos, along with obscene comments, were found on a private Facebook page called Marines United, which included many active-duty and retired Marines…
Newser

Wells Fargo cuts pay for CEO and other top executives after scandal

March 1, 2017 |

Wells Fargo & Co.’s board of directors slashed the bonuses and other compensation of its chief executive and seven other top executives on Wednesday, a little more than a week after the board publicly fired four senior managers amid an investigation into the bank’s sales practices.

The cuts in…


L.A. Times – Business

Takata Agrees to $1B in Penalties Over Air Bag Scandal

February 28, 2017 |

As expected , Japanese auto parts maker Takata Corp. pleaded guilty to fraud Monday and agreed to pay $ 1 billion in penalties for concealing an air bag defect blamed for at least 16 deaths, most of them in the US. The scandal, meanwhile, seemed to grow wider when plaintiffs’ attorneys charged…
Newser

Wells Fargo fires four executives, including former L.A. regional president, in aftermath of scandal

February 21, 2017 |

Wells Fargo & Co. announced Tuesday that it has terminated four executives in the aftermath of the scandal over accounts opened in customers’ names without their knowledge or consent.

It said its board agreed unanimously to discharge Shelley Freeman, former Los Angeles regional president and current…


L.A. Times – Business

Samsung Heir, Seeking to Modernize Opaque Culture, Instead Faces Scandal

February 21, 2017 |

Lee Jae-yong took the South Korean conglomerate’s reins vowing to reshape it along Silicon Valley lines. Now a corruption probe has dragged him in, raising the biggest doubts yet about whether he has ushered the corporate giant into a new era.
WSJ.com: What’s News Asia