Money
Boosting Sales Targets: CFPB Fines Wells Fargo $100 Million For Widespread Illegal Practice of Secretly Opening Unauthorized Accounts
The Consumer Financial Protection Bureau (CFPB) fined Wells Fargo Bank, N.A. $100 million for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts. Spurred by sales targets and compensation incentives, employees boosted sales figures by covertly opening accounts and funding them by transferring funds from consumers' authorized accounts without their knowledge or consent, often racking up fees or other charges. more »
Were They "The Good Ol’ Days?" Doing the Math or Not
Joan L. Cannon writes: I can scarcely believe what I recall as the prices of things — like stamps for a first-class letter at three cents. I sometimes wish I were a statistician with the ability to research and do the sums that would tell me whether the prices were the same proportion of ordinary wages as today's prices are to today's ordinary wages. What is 'ordinary?' Something over the equivalent of today's minimum wage? more »
Life After the Dinosaurs: ENIAC Couldn't Telephone, Skype, or Text, Search for Pokemon, Make Travel Reservations or Warn of Tornadoes
Rose Madeline Mula writes: Today's kids don't have to struggle with typewriter ribbons, correction tape, Wite-Out, carbon paper, mimeograph stencils, Ditto machines, and a myriad other medieval instruments of torture that plagued secretaries of old. What's a secretary? It was a woman (never a man) who munched a brown-bag sandwich at her desk as she typed, while her boss, who made more than ten times her salary, was out enjoying expense-paid 'business' lunches and martinis with other bosses. If I sound bitter, it's because I am. I was born way too soon I envy all who weren't. more »
Remarks by Fed Vice Chairman Stanley Fischer: The Behavior of Employment Has Been Remarkably Resilient
The Fed's dual mandate aims for maximum sustainable employment and an inflation rate of 2 percent, as measured by the price index for personal consumption expenditures (PCE). Employment has increased impressively over the past six years since its low point in early 2010, and the unemployment rate has hovered near 5 percent since August of last year, close to most estimates of the full-employment rate of unemployment. more »