On this week’s episode of Varney & Co., Shah Gilani was dubbed “The Man Who’s Consistently Been Right” – and there’s no surprise why. He’s proven time and again that he has the edge on what curveballs the market will throw next.
The penalty is for the abuses of mortgage and car insurance charges that Wells Fargo force-fed to their customer base, but it’s not the only fine WFC has faced over the past couple of years.
In addition to the new $1 billion, Wells Fargo has agreed to pay $5.4 million for illegally repossessing cars, ordered to pay $3.4 million for selling dangerous investment products, and settled a class action suit for $142 million for wronged customers of their fake account scandal.
At this point, anyone who expects Wells Fargo to save its name and continue its criminal enterprise as they had before is delusional. It’s not a question of whether or not the giant will fall, but how hard.
The S&P 500, Nasdaq Composite, and the Dow Jones are slowly reclaiming their lost territory from February’s obscene lows. It’s been a gradual climb, but this means that a bull market is on the horizon.
On this week’s episode of Varney & Co., Shah Gilani and host Stuart Varney discuss the impending earnings reports due next week for some of our beloved tech titans. Will scandalous stocks suffer, or will investors choose to buy? And Shah reveals which stock he would buy in the wake of earnings season, and it may surprise you. Click here to watch…
If Tuesday’s issue on the uncovered misdeeds of Wells Fargo & Co. (NYSE:WFC)’s criminal enterprise didn’t enrage you, this will.
Wells Fargo has proven time and time again that they have no regard for their customers’ lives. They have been caught red-handed for unlawful mortgage fees, ruinous force-placed auto insurance, and even mishandling their own fraud investigations.
At this point, we can’t be surprised. We can only be angry.
The prospect of big bank deregulation in light of the outrageous ongoing criminal activity – because that’s what it is – at Wells Fargo & Co. (NYSE:WFC) makes me cringe.
Last week, the Federal Reserve, the principal regulator of America’s systemically important financial institutions (SIFIs), proposed the first big-bank-friendly rule changes under the Trump administration.
Have you heard about this? No, probably not.
Maybe it was because the changes, which are mostly revised capital and stress test rules, must go through a comment period before they can be adopted, and that’s why the news wasn’t front-page worthy.
Apparently, neither was talk last week that the Consumer Financial Protection Bureau (CFPB) could possibly fine Wells Fargo $1 billion for egregious auto insurance and mortgage lending abuses.
And, no, the mortgage abuses aren’t legacy issues from the financial crisis era; they’re a new rip-off.
Following the President’s recent retaliatory plan to launch a missile strike in Syria, the markets have reacted accordingly. The market has weakened, and many investors have chosen to sell rather than buy stocks.
On this week’s installment of Varney & Co., Shah Gilani discusses why after Mark Zuckerberg’s mediocre hearing with the Senate yesterday inadvertently drove the stock upward. Later, host Stuart Varney and Shah talk about what it would mean if Tesla Inc. (NasdaqGS:TSLA)‘s stock plummets below $200, why teens gravitating to Apple Inc. (NasdaqGS:AAPL) products could change the game for the company, and Spotify Technology S.A. (NYSE:SPOT)‘s latest move. Click here to watch…
There’s one fact about markets that most investors don’t quite understand… The stock market is a creature whose personality mimics the psychology of the investors who give it life.
If investors are calm and optimistic, the market reflects that positivity.
But, when investors are unsure about the immediate future (like now) and have to juggle their apprehension about politics, interest rates, economic growth, and whether the tech leadership stocks they believed were the Holy Grail are about to be subject to all kinds of new regulations (thank you, Facebook Inc. (NasdaqGS:FB)), their nervousness manifests itself as volatility, mirroring their fears.