Business News

Wells Fargo fined for Fraud

According to a report by the U.S. Bureau of Transportation Statistics their transportation index has taken a negative turn starting in late 2015 and into the summer of 2016.  The freight transportation services index combines monthly truck tonnage, air revenue from freight and mail, weekly rail carloads, rail ton-miles, tons moved by water and pipeline transportation into a single economic indicator.

Wells Fargo employees opened roughly 1.5 million bank accounts and applied for 565,000 credit cards not authorized by customers. For these illegal banking practices Wells Fargo will be fined $185 million. Wells Fargo is famous for its culture of cross-selling products to customers — routinely asking a checking account holder if they would like to take out a credit card. Wells said employees were terminated, including managers but would not say whether any senior executives had been fired in the scandal. The only question left is why aren’t we talking about criminal charges? (NYT)

Kroger the biggest U.S. supermarket company and owners of Fred Myer, reported an 11.5% decline in quarterly profits, due to restructuring pension obligations. Profits fell to $383 million.  Sales climbed 4%. (Reuters)
Join us this weekend for Financial Focus Radio when we will talk about protecting yourself from financial fraud.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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