Monthly Archives: May 2017

Wells Fargo Has a Plan for Luring Brokers: Bonuses Based on Performance — Sound Familiar?

Posted on May 29, 2017 by mmjdiary

In the aftermath of the fake accounts scandal at Wells Fargo, Wells Fargo lost 429 (3%) of its its brokers from its brokerage arm. As its rivals are cutting back on signing bonuses for the long time industry practice of … Continue reading →

Posted in News and Events | Leave a comment

What We Can Learn from Citigroup’s Money-Laundering Settlement

Posted on May 23, 2017 by mmjdiary

Citigroup has agreed to pay $97.4 million to end the inquiry of the U.S. Justice Department into the money-laundering that was occurring through the bank’s facilities at Banamex. The bank has already paid $140 million to FDIC as a fine … Continue reading →

Posted in News and Events | Leave a comment

“I think I can read between the lines more than a lot of people on these issues.”

Posted on May 23, 2017 by mmjdiary

Jon Corzine, former Goldman chair, former U.S. senator, former governor of New Jersey, former head of MF Global, a company that was the second largest bankruptcy in history (only Lehman was bigger)following a “temporary” loss of $1 billion I customer … Continue reading →

Posted in Classic Quotes | Leave a comment

“Taking into account both the circumstances of this matter and his otherwise exemplary record since joining Barclays, including contributing significantly to improvements in Barclays culture and controls, Jes continues to have the Board’s unanimous confidence and it will support his re-appointment at Barclays Annual General Meeting on May 10, 2017.”

Posted on May 13, 2017 by mmjdiary

John McFarlane, chairman of Barclay’s Bank on the Board’s position on retaining James E. Staley (Jes) as the bank’s third CEO since 2012, when the bank’s LIBOR rate-fixing scandal became public. Mr. Staley tried to obtain the identity of an … Continue reading →

Posted in News and Events | Leave a comment

“It’s one of the toughest of the toughest jobs in city government, and all people want to talk about is the God-forsaken cars.”

Posted on May 13, 2017 by mmjdiary

New York City Mayor Bill de Blasio defending his embattled jails chief. Actually, Mayor, the car issue arose because the guy spent 90 days out of the state last year — the car was just how he got there. Bad … Continue reading →

Posted in News and Events | Leave a comment

They Told Me I Could Take My City-Issued Vehicle to Maine

Posted on May 9, 2017 by mmjdiary

Joseph Ponte, embattled commissioner of the New York City Department of Corrections, insists that he was told by city officials that it was A-Okay for him to drive his city-issued vehicle out of state on personal trips. Mr. Ponte was … Continue reading →

Posted in News and Events | Leave a comment

How About That Rikers Island?

Posted on May 8, 2017 by mmjdiary

We’re talking abuse of inmates by guards and inmates, misuse of official cars, and the jail monitor allegedly spying on the Corrections Department of Investigations staff as they attempted to figure out what was going on at the Big House. … Continue reading →

Posted in News and Events | Leave a comment

Wells Fargo Independent 110-Page Report Has a Footnote on Whistle-Blowers

Posted on May 7, 2017 by mmjdiary

Wacky, probably some fraudulent, sales tactics were pervasive at Wells Fargo. When you have to fire 5,300 employees in one fell swoop, you have a culture problem. Yet, following a high-falutin’ law firm independent investigation, and that report, to Well’s … Continue reading →

Posted in News and Events | Leave a comment