Tuesday, September 27, 2016

Wells Fargo Fined Again

September 27, 2016
U.S. says Wells Fargo to pay $400,000 to settle charges over swaps

WASHINGTON (Reuters) - Wells Fargo Bank has settled federal charges over inaccurate large trader reports for physical commodity swaps positions...

Harsh words and a fine equaling a whopping 0.000176% of Wells Fargo's market cap ($400k / $227b) will once and for all teach senior executives that crime doesn't pay.

It's the nanoscale straw that will break the adamantium camel's back.

Heads will rofl. They always have a scapegoal in place for these types of miner emergencies.

One of my patients had a rather amusing Freudian slip: he was having dinner with his wife, and he meant to say "pass the salt", but instead he said "You've ruined my life, you blood-sucking shrew." — Niles Crane, Frasier


Sister Cheri said...

Did you watch the presidential debate? What did you think of the winner decided by the buying of certain currency such as the Mexican peso?

Stagflationary Mark said...

I did watch. I was also watching the peso.

I'm not sure that's an entirely accurate assessment of the results of the debate, but it does imply that those with the money to speculate/gamble seem to think Hillary won it.

Of course, currency speculators make up just a tiny portion of registered voters, so not exactly the best sample for an accurate poll. They're not necessarily just gambling on how they reacted to the debate but how they think others reacted to it.

It's also possible that currency traders were speculating that Trump would mention Mexico a lot more than he did.

Would we consider Trump the winner if he said Mexico in response to every question? I woildn't, but those betting against the peso might!

mab said...

Don't discount the use of "harsh" words as a punishment. And then there is the fear of being taunted a second time!

Nobody expects a 400k fine!

Stagflationary Mark said...


Don't discount the use of "harsh" words...

We will just have to agree to disagree. I've been really struggling to sell my harsh word collection at full price on eBay. There's too much competition!


Buy one harsh word at 20% off its regular price and get a related harsh synonym absolutely free*. Money back guarantee**!

* Just pay separate shipping, processing, and handling.

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