Skimm'd over pizza, a foot massage, and a bottle of red
QUOTE OF THE DAY
"0%" – A US foreign service union, on the chance President Obama's pick for ambassador to Cuba gets approved by Congress. Glad to see compromise is alive and well in DC.
Yesterday, the CEO of Wells Fargo continued his apology tour. And Congress was having none of it.
REMIND ME WHAT THIS IS ABOUT.
For years, some Wells Fargo employees decided it would be a good idea to open millions of fake accounts and issue credit cards without customers' knowledge. It was not a good idea. US officials say the employees did this as a result of the bank pushing employees to hit aggressive sales goals. Earlier this month, Wells Fargo was fined $185 million. Wells Fargo has said, 'our bad' and that it's fired more than 5,000 employees it says were responsible. It's also getting rid of those sales incentives. But a lot of lawmakers think someone higher up (cough, the CEO, cough) should pay for what happened.
SO WHAT'S THE LATEST?
Earlier this week, Wells Fargo's board said CEO John Stumpf can say 'bai' to tens of millions in compensation. But lawmakers are still saying, 'not good enough.' Yesterday, Stumpf testified in front of Congress for the second time this month. It didn't go well. This was also the second time he's heard things like 'you should be fired.' Or put in jail.
Yes. Also yesterday, Wells Fargo agreed to pay millions to settle allegations that it illegally repossessed cars from hundreds of military members.
Not only has this crisis hurt Wells Fargo's reputation, but the bank has taken a huge financial hit as well. And this doesn't help an industry that's been really struggling to recoup its image since the financial crisis.
REPEAT AFTER ME...
WHAT PEOPLE ARE TALKING ABOUT…
Jersey. Yesterday morning, a rush-hour train crashed through barriers at a high speed at the Hoboken, NJ station. The station is one of the busiest commuter hubs in the New York City and New Jersey area. One woman standing on the platform was killed. More than 100 were injured, most of them passengers. Now, investigators are trying to figure out how it happened. They're talking to the train engineer and considering equipment failure and human error, among other things.
WHAT TO SAY WHEN YOUR BOSS EMAILS YOU 'WE NEED TO TALK'...
S*it is about to hit the fan. Welcome to India and Pakistan. Yesterday, the Indian army said it crossed into Pakistan's side of Kashmir and killed militants. Reminder: India and Pakistan are not-so-friendly neighbors. For decades, they've been fighting over Kashmir, a region bordering both countries...and that both countries say they own. Earlier this month, 18 Indian soldiers were killed when an army base was attacked by militants in Kashmir. Then yesterday, India said its army killed militants in Kashmir who were planning more attacks. But Pakistan said 'hi, two Pakistani soldiers also died' and the country will have a "forceful response" if this happens again. So yes, this is going to add even more tension to an already tense situation. Bonus: both India and Pakistan have nuclear weapons. So it's super reassuring when they fight.
WHAT TO SAY WHEN YOU GET A TEXT FROM YOUR EX…
Having second thoughts? Yesterday, Shari Redstone told Viacom and CBS – two companies that her family controls – that it may be time to kiss and merge up. The companies used to be under the same roof until 10 years ago when Shari's dad – media mogul Sumner Redstone – split them up. His thinking at the time was that CBS's old-school news style was dragging Viacom's package of hip young channels down. Fast forward to now, and CBS is doing just fine being single…while Viacom's hip young viewers have figured out how to cut the cable cord. Shari took over from her dad--whose questionable mental and physical health led to a major power struggle between his execs and his daughter--this summer. Now that she's calling the shots, she says Viacom and CBS should be a couple again. If this happens, it reunites one of the biggest cable channels with one of the biggest cable distributors. TBD on whether investors will want to pop bottles or keep them on ice.
This read is like if a new-age "Downton Abbey" met "The Jetsons." Stay with us. It's 2118. Everyone sends texts via contact lenses, takes hovercrafts to work, and all of Manhattan has been turned into one giant tower. Normally not into this type of genre, but couldn't put this one down. Buy here.
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