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Modified date: March 20, 2019
This week’s news is saturated in cautionary stories for consumers—and specially for investors. The buyer Financial Protection Bureau slapped mega-bank Wells Fargo having an $185 million fine for perpetrating fraud that is massive unique customers—opening up an incredible number of unwelcome records and charge cards.
The Wall Street Journal has also a written report for a brand new investment car referred to as organized certificate of deposit, which guarantees greater returns but often underperforms its more traditional brethren. While less headline-grabbing than the Wells Fargo fraudulence, it provides classes relevant to numerous the areas of individual finance.
Here’s everything you can study from this week’s scandals and exposes.
Scandal # 1: Fraud at Wells Fargo
Salespeople at Wells Fargo—and we’re perhaps maybe maybe perhaps not speaking a few rogue agents, but instead 5300 employees—opened up more than 2 million fake accounts to be able to satisfy interior product sales objectives.
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