Wells Fargo Fires Managers in Connection with Scandal

Facebook Twitter Pinterest LinkedIn Digg StumbleUpon Email Reddit WhatsAppLast fall, Wells Fargo was fined $185 million after regulators found the bank guilty of opening as many as 2 million retail bank accounts without customers’ approval. Over 5,000 employees tied to the scandal were fired. In a recent addition to this total, the head of the bank’s consumer credit-card business and three other senior managers were also fired. The bank announced in a statement on Tuesday that it was firing: Shelley Freeman, former Los Angeles regional president; Pam Conboy, Arizona lead…

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New Data Estimates Student Debt Total Over $1.3 Trillion

Facebook Twitter Pinterest LinkedIn Digg StumbleUpon Email Reddit WhatsAppA quarterly report on household debt and credit by the Federal Reserve Bank of New York revealed that student loan debt now totals over $1.3 trillion as of December 2016. The report, released in February of 2017, notes the $31 billion increase in outstanding student loan balances. MarketWatch’s live tracker shows student debt increasing by $2,667.2 per second, based on data stretching back to 2006. According to the Federal Reserve Bank’s data, 10% of the national debt balance comes from student loans,…

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Casino Resort in Japan Could Cost up to $10 Billion

Facebook Twitter Pinterest LinkedIn Digg StumbleUpon Email Reddit WhatsAppLos Vegas Sands Corps CEO and Chairman Sheldon Adelson announce on Friday that a casino resort project in Japan could cost up to $10 billion to build. “It would be at least what we paid in Singapore, U.S. $6 billion including the land, but it could be as much as U.S. $10 billion,” said Mr. Adelson in a statement. Los Vegas Sands developed and currently operates the Singapore Marina Bay Sands casino property. The announcement on Tuesday was given in Tokyo at…

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Alibaba Partners with China’s Largest Supermarket And Department Stores

Facebook Twitter Pinterest LinkedIn Digg StumbleUpon Email Reddit WhatsAppAlibaba Group Holding has teamed up with Shanghai Bailian Group in executive chairman Jack Ma’s latest step toward shaking up old-fashioned retail with technology. Bailian is currently one of China’s largest supermarket and department store chains. Shares of the company surged to their daily 10% limit on Monday after the China Securities Journal reported on the partnership. Alibaba’s chief executive officer Daniel Zhang wrote in an email statement, “Our partnership with Bailian is an important milestone in the evolution of Chinese retail,…

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New Study Shows Los Angeles Has the Worst Traffic in the World

Facebook Twitter Pinterest LinkedIn Digg StumbleUpon Email Reddit WhatsAppAccording to a new report, congestion caused by cheap gas and a surging economy has cost U.S. motorists almost $300 billion last year. Out of the 1,064 cities studied by transportation analytics firm INRIX, Los Angeles had the worst traffic in the world. The average driver in Los Angeles wasted 104 hours sitting in gridlock during the busiest commute times last year and lost about $2,408 per person in wasted fuel and productivity. Moscow had the second-worst congestion, followed closely by New York and…

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