Smart. Sharp. Funny. Fearless.
Saturday, October 22, 2016

Wells Fargo: Stumpf Was Only The Tip Of Corporate Rot

Just when you thought that Big Banker greed surely bottomed out with 2008’s Wall Street crash and bailout, along comes Wells Fargo, burrowing even deeper into the ethical slime to reach a previously unimaginable level of corporate depravity.

It’s one thing for these giants of finance to cook the books or defraud investors, but top executives of Wells Fargo have been profiteering for years by literally forcing their employees to rob the bank’s customers. Rather than a culture of service, executives have pushed a high-pressure “sales culture” at least since 2009, demanding that front-line employees meet extreme quotas of selling myriad unnecessary bank products to common depositors who just wanted a simple checking account.

Read More

Trump Conceals Use Of Chinese Steel Through Shell Companies

On Sept. 2, a tarp covering part of the Liberty Bridge in Pittsburgh caught fire during repair work. The flames enveloped a steel beam that buckled and nearly caused the entire 88-year-old structure to collapse.

A town already racked by hard-to-navigate streets and limited access into downtown was then thrown into mass chaos for more than three weeks while the bridge was closed and workers frantically fixed the damage.

The reopening was delayed multiple times, and the construction company was fined $8,400 each hour the span remained closed. By the time the bridge finally opened, the penalty had reached over $5 million, not to mention the unknown cost of Yinzer (A.K.A.…

Read More

Economist Critical Of Privatized Prisons Shares Nobel Prize

By Daniel Dickson and Ross Kerber

STOCKHOLM/CAMBRIDGE, Mass. (Reuters) – British-born Oliver Hart and Finland’s Bengt Holmstrom won the Nobel Economics Prize on Monday for work that addresses a host of questions from how best to reward executives to whether schools and prisons should be privately owned.

Their findings on contract theory have implications in such areas as corporate governance, bankruptcy law and political constitutions, said the Royal Swedish Academy of Sciences, which announced the 8 million Swedish crown ($928,000) prize.

“This theory has really been incredibly important, not just for economics, but also for other social sciences,” said Per Stromberg, a member of the prize committee and professor at the Stockholm School of Economics.…

Read More