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Release Date: July 20, 2011 For immediate release The Federal Reserve Board on Wednesday issued a consent cease and desist order and assessed an $85 million civil money penalty against Wells Fargo & Company of San Francisco, a registered bank holding company, and Wells Fargo Financial, Inc., of Des Moines. The order addresses allegations that Wells Fargo Financial employees steered potential prime borrowers into more costly [...] by ZH From the Amerivet Demand Committee report. Presented without much commentary (highlighting ours): Upon her departure from FINRA, Ms. Schapiro did not receive a $25 million gift. She rather received $8,985,334.02, most of which consisted of the lump sum payment of the retirement benefits that had accrued in her favor during her thirteen year tenure with FINRA. Most of the remainder consisted of incentive compensation for 2008 [...] Earlier this week the government reported that the so-called cohort default rate in 2008 for for-profits was 11.6 percent, up from 11 percent a year earlier. (The cohort default rate is the number of loans that go into default in the year they’re granted.) That’s nearly double the default rate for public colleges and nearly triple that of private colleges. According to Education Department Secretary Arne Duncan, the data “tells [...] |
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