The U.S. government took a step toward legitimizing the marijuana industry, allowing U.S. banks to offer accounts and other services to businesses in states where medical or recreational pot sales are legal.
Wells Fargo & Co., which has set aside the least money for legal costs among the four biggest U.S. banks, will conduct an internal review of its ethics as the industry grapples with a surge in probes and lawsuits.
Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.
Banks that opened more than 15,000 branches across the U.S. in the decade leading to the financial crisis are retreating from lower-income neighborhoods, even as the industry posted its second-most-profitable year on record.
Jon S. Corzine, MF Global Holding Ltd.’s former chief executive officer, may face potential legal liability if investigators show he knew customer money might be used when he ordered $200 million transferred to a U.K. account as his brokerage neared collapse, Bloomberg News’ Linda Sandler and Phil Mattingly report that former prosecutors said.
Wells Fargo & Co. agreed to pay less than $1 billion to settle Federal Housing Finance Agency claims it sold faulty mortgage bonds to Fannie Mae and Freddie Mac, according to a person briefed on the deal.
Gibbs & Bruns LLP, the law firm that won an $8.5 billion settlement from Bank of America Corp. tied to faulty mortgage bonds said Wells Fargo & Co. and Morgan Stanley failed to service $73 billion of similar securities, creating a default.
Wells Fargo & Co. failed to hand over documents demanded in U.S. subpoenas and should be forced to cooperate with a probe into its sale of almost $60 billion in residential mortgage-backed securities, regulators said.