Senators Call For Labor Dept Probe Into Wells Fargo As Warren Buffett Vows To Keep Silent Until After Election

That did not take long. Just hours after a CNN report suggested that Wells Fargo was retaliating, and firing, company whistleblowers who had spoken out against the company's illegal "account creation" practices (while blaming them of being "tardy"), moments ago Reuters reported that Senators have asked the Labor Department to investigate Wells Fargo for potential violations of Fair Labor Standards

IRS Chief Requests Not To Be Impeached Despite Admitting He Misled Congress

IRS Commissioner John Koskinen expressed "regret" to Congress on Wednesday for his agency’s past mistreatment of tea party groups, but ahead of a hearing before the House Judiciary Committee, the top IRS official said he has cooperated with congressional investigators "and does not deserve to be impeached." In his prepared remarks, Koskinen said that impeaching him would be "improper" adding that "it would create disincentives for many good people to serve."

Mylan CEO Explains To Congress Why EpiPen Prices Rose 550% in 9 Years - Live Feed

Mylan chief executive Heather Bresch, the daughter of Sen. Joe Manchin (D-W.Va.), has been called by The House Oversight Committee to explain why she has significantly increased the price of the EpiPen, an auto-injector used to treat severe allergic reactions, by over 550% in the last few years, due to "justified outrage from families and schools across the country struggling to afford." The committee claims it will " encourage greater competition in the EpiPen market by speeding FDA’s approval of generics." Grab your popcorn.

SEC Charges Hedge Fund Icon Leon Cooperman With Insider Trading

When it rains - for hedge fund managers, it pours - If it's not lack of alpha, it's insider trading. Moments ago, the SEC charged iconic hedge fund manager, Omega Advisors' Leon Cooperman with insider trading, accusing him of generating substantial illicit profits by purchasing securities in Atlas Pipeline Partners (APL) in advance of the sale of its natural gas processing facility in Elk City, Oklahoma.

Wells Fargo CEO Grilled In Senate - Live Feed

Just when the images of Too-Big-To-Fail Bank CEOs facing faux-angry (but impotent under lobbying fees) politicians had moved to the back of the mind, Wells Fargo CEO John Stumpf will visit Capitol Hill to explain to the Senate Banking why he is "deeply sorry" about the massive and systemic fraud his bank visited upon Americans, and why he "accepts full responsibility" but will not resign (because he really owes it to the company to stay around and fix this mess).

Frontrunning: September 20

  • How Police Tracked Down Bombing Suspect Suspect Ahmad Khan Rahami (WSJ)
  • Dollar Falls With Treasuries Amid Fed, BOJ Countdown; Oil Rises (BBG)
  • Fed again poised to cut longer-run interest rate forecast (Reuters)
  • Pipeline Break Lights a Fire Under Gasoline Prices Across Southeast (WSJ)
  • U.S. investigators seek motive for NY, NJ weekend attacks (Reuters)
  • Carrie Tolstedt: In the Eye of the Wells Fargo Storm (WSJ)

Wells CEO To Tell American People He Is "Deeply Sorry" And "Accepts Full Responsibility", But Won't Resign

“I am deeply sorry that we failed to fulfill our responsibility to our customers, to our team members and to the American public. I accept full responsibility for all unethical sales practices in our retail banking business. I am fully committed to doing everything possible to fix this issue, strengthen our culture and take the necessary actions to restore our customers’ trust."

Wells Fargo Sued By Customers Accusing It Of "Fraud And Reckless Behavior"

The bad news for Wells Fargo CEO John Stumpf keep getting worse. After it was reported that Stumpf was expected to testify before Congress this week, over the weekend we learned America's largest mortgage lender and until recently the largest bank by market capitalization, was sued on Friday by customers who accused the bank of fraud and recklessness for its behavior.