BizTechNews

Wells Fargo takes 6 big blows from House panel

Members of the House Financial Services Committee pounded Wells Fargo (WFC) CEO John Stumpf on Thursday and indicated several times that the investigation into the bank and the industry itself was far from over. Stumpf was called to resign, lashed for not moving fast enough once the alleged scam surfaced, was compared to a bank robber and warned that investigation for criminal charges should ...

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Rieder: The welcome explosion of fact-checking

It is a profound change in American journalism, and a welcome one. And it is gaining momentum at an astonishing pace. The idea of news outlets calling balls and strikes on the nation’s politicians — investigating their claims and declaring which ones are true and which ones are false — hardly sounds radical. Seems like what reporters should be doing. But it ...

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Herbal supplement maker to strengthen quality controls

Herbal supplements marketed by one of the nation’s top suppliers will soon undergo stricter screening to ensure they contain the products their labels promise consumers. NBTY, which sells ginseng, ginkgo biloba and nearly 22,000 other products under popular brands such as Solgar and Nature’s Bounty, agreed to the testing in an agreement announced Wednesday by New York state’s top law enforcement official. The company is the third ...

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California hits Wells Fargo where it hurts

California Treasurer John Chiang said Wednesday the state will suspend several key banking relationships with Wells Fargo (WFC) to sanction the firm following allegations of “fleecing its customers.” Serving up the first direct blow to Wells Fargo’s business following this month’s allegations of fraud at the bank, the treasurer will halt investments in Wells Fargo securities for 12 months. During ...

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Visa lets migrants start U.S. firms but not be citizens

A little-known but increasingly popular visa program lets foreign nationals open and invest in businesses, pay taxes, hire American workers and send their children to public schools — but does not let them become permanent residents. This past year, state and federal lawmakers tried to reform the program, but like the rest of the country’s immigration system, the proposed legislation ...

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What a real cyber war would look like

SAN FRANCISCO – Both U.S. presidential candidates have vowed to take on the world when it comes to cyber warfare. But full-scale cyber retaliation might be hard to spot and even harder to count as a win. “Unlike a traditional war, there is no end where there are clear winners and losers, no physical flag to capture,” said Peter Tran, senior director at RSA Security ...

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Wells Fargo claws back $41M from CEO

Wells Fargo CEO John Stumpf has agreed to give up $41 million in unvested stock awards following the board of directors’ investigation into the bank’s sales practices, the company said Tuesday. Additionally, Carrie Tolstedt, Wells Fargo’s former head of community banking, will forego all her unvested equity stock awards valued at $19 million and will not receive retirement benefits worth millions more. Tolstedt ...

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Walgreen who led drug chain for nearly 40 years dies

The former president and chief executive officer of Walgreens Co. died Monday at his home in Lake Forest, Ill. Charles R. “Cork” Walgreen III, 80, was a grandson of Charles R. Walgreen Sr., who founded the 115-year-old drugstore chain that now is a part ofWalgreens Boots Alliance (WBA), the company announced. He was the third family member to lead the company ...

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For Lester Holt, it’s debate glory — or torture on Twitter

Lester Holt’s gig at Hofstra University Monday evening won’t be his first rodeo as a presidential debate moderator. When the NBC Nightly News anchor co-hosted a Democratic primary debate in January with NBC colleague Andrea Mitchell, he mostly stuck to the conventional script. He read pre-written questions from postcards. He interrupted candidates when they went on too long. With the candidates ...

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Rieder: Tough, fact-based reporting on Trump

The media’s role has been an endless source of controversy during this unusual and contentious presidential contest. Too much free airtime for Donald Trump? Softball coverage of The Donald? Lack of due diligence? Or, conversely, Trump’s own vociferously and frequently expressed view that journalists treat him unfairly and are part of a system that is rigged to deny him his ...

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