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Wells Fargo discriminated against black and Latino homebuyers in Sacramento, California, by pushing them into more expensive mortgages than white borrowers, according to a federal lawsuit that cites former employees.
The city of Sacramento accused Wells Fargo of a "long-standing pattern and practice" of illegal lending in minority and low-income communities that reduced home values, limited property tax revenue and drove up foreclosures. READ MORE
Residential and commercial customers of MidAmerican Energy are reporting receiving calls from imposters demanding immediate payment on behalf of MidAmerican Energy.
Imposter scam callers threaten to shut off power unless the customer makes an immediate payment over the phone with a prepaid debit card. READ MORE
CenturyLink’s acquisition of Level 3 gives the service provider not only a broader set of network capabilities but also a way to better put together solutions for the federal government. READ MORE
VeriSIM Life, the company that has developed an AI based animal/human model to dramatically accelerate the FDA animal drug testing phase has raised $1.2MM in convertible note funding from leading firms including Serra Ventures, Mark Zuckerberg, Jeff Bezos and Bill Gate’s Village Global and others. READ MORE
Jeff Bezos is the richest person in the world, with a personal net worth of $108 billion. In 2017, Bezos’ company, the internet retail giant Amazon, reportedly took in $5.6 billion in U.S. profits. READ MORE
American Enterprise Group, Inc. (AEG), a Des Moines-based company, is pleased to announce that its subsidiary, American Republic Insurance Company, has finalized its previously announced acquisition of Great Western Insurance Company (GWIC), based in Ogden, Utah.
“We are excited to have Great Western Insurance Company join the American Enterprise family,” said Tom Swank, Chief Executive Officer of AEG. “This addition creates a tremendous opportunity for us. Together we are able to provide a greater solution set to our senior market customers, backed by the financial strength and stability required to support significant growth throughout all our lines of business.” READ MORE
Rising interest rates will only spur Athene to look at more insurance deals this year, chairman and CEO James R. Belardi said.
Athene announced it would reinsure $19 billion worth of fixed and fixed indexed annuity liabilities from Voya Financial in December, and earlier last year also entered into a flow reinsurance deal with Lincoln Financial. READ MORE
DowDuPont™ today announced the corporate brand names that each of its divisions plans to assume once they are separated as independent companies as intended. While certain product names will change at separation, many products within each intended company will continue be sold under their current, widely known brand names. READ MORE
Pella Corporation was founded based on principles that they still operate by today, nearly 100 years later. That is - to simply make life easier by producing innovative windows and doors. READ MORE
Investors looking for a discussion of Wells Fargo’s troubles in Warren Buffett’s annual investor letter were left disappointed.
On Monday, after the weekend release of the much-anticipated annual letter, he offered some views on Berkshire Hathaway’s biggest investment position. READ MORE
EMC Insurance Group released its quarterly earnings results on Thursday, February 8th. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.03), Bloomberg Earnings reports. EMC Insurance Group had a net margin of 6.02% and a return on equity of 4.54%. The company had revenue of $169.93 million during the quarter. READ MORE
Principal Financial Group, Inc. (PFG) is an interesting player in the Financial space, with a focus on Life Insurance. The stock has been active on the tape, currently trading at $62.37, down from yesterday’s close by -1.47%. Given the stock’s recent action, it seemed like a good time to take a closer look at the company’s recent data. READ MORE
After months of rumors, the private equity firm Epiris on Monday confirmed its purchase of Time Inc. U.K., one of Britain’s largest consumer magazine and digital publishers, from Meredith Corp. READ MORE
The Federal Reserve's surprise ban on Wells Fargo & Co growing its balance sheet comes at a difficult juncture for the United States' third-largest lender.
The San Francisco-based bank has been dogged by higher expenses related to a long-running sales practices scandal and investors want it to reboot its revenue engine to help boost earnings. READ MORE
Shares of Meredith Corporation, an American media company focusing on marketing services and publications for home, family, food, and lifestyle markets, are down 13% as of 3 p.m. EST Thursday, despite Meredith reporting second-quarter results that topped analysts' estimates. READ MORE
The Federal Reserve on Friday imposed unusually harsh penalties on Wells Fargo, punishing it for years of misconduct and barring it from future growth until the bank fixes its problems.
The central bank blasted Wells Fargo’s board for failing to oversee the bank, and it announced that the company would replace four members of its 16-person board by the end of the year. READ MORE
Meredith Corporation (NYSE: MDP; www.meredith.com) announced that early termination of the waiting period has been granted under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 applicable to its acquisition of Time Inc. (NYSE: TIME; www.timeinc.com). As a result, Meredith plans to complete the transaction – first announced on November 26, 2017 – within the next 30 days, subject to satisfaction of the other terms and conditions of the tender offer. READ MORE
Late last year, Congress scrapped Obama-era rules from the Consumer Financial Protection Bureau that would have banned forced-arbitration clauses in financial contracts. This bill, which President Trump quickly signed, was self-evidently bad for consumers at the time—and if anyone needs further proof of how ridiculous and harmful these clauses are, just look at what Wells Fargo has been up to over the past several months. The mega-bank famously issued at least 3.5 million fake accounts without consumer consent, triggering a $185 million fine to state and federal regulators. The bank aimed to demonstrate sales growth to investors and boost the stock price with bogus numbers, but millions of customers got caught up in the exchange, paying unnecessary fees and taking hits to their credit scores. Scores of defrauded customers sued Wells Fargo in a series of class-action lawsuits. READ MORE
Small-business confidence hit a record high in 2017, according to the National Federation of Independent Businesses.
The right-leaning lobbying group on Tuesday released its latest index of small-business optimism, capping what it said was "an all-time record-setter" of a year. READ MORE
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