Technologies too complex to be easily understood by the layperson can be playgrounds for unscrupulous politicians. That’s become the case with the Internet’s internal digital plumbing, which has come into the crosshairs of Sen. Ted Cruz (R-Texas) and Donald Trump.Read more
Profiteering in the drug business has been generating outrage for months now. Gilead Sciences and Mylan have been taking the heat for huge increases in the prices, respectively, for their hepatitis-C cures and injectors to fend off life-threatening allergic reactions. But at least we can say this about them: Their products work.Read more
In the category of adding insult to injury — or perhaps piling one injury on top of another — Wells Fargo is an expert.
Nothing demonstrates that more than the bank’s insistence on forcing the victims of its vast fake-account scam into binding arbitration, a system in which customers are at an overwhelming disadvantage.Read more
Wells Fargo Chairman and CEO John G. Stumpf, who has been described as “the Mr. Clean of banking,” took his unflappable and well-groomed mien Tuesday to a hearing room on Capitol Hill to defend the bank against allegations that it had massively defrauded millions of its customers.
Amazingly, he made himself and his bank look worse.Read more
“Let me tell you about the very rich," wrote F. Scott Fitzgerald. “They are different from you and me." Among the distinctions he didn’t mention in his story “The Rich Boy,” where this line occurs, is that unlike the poor, they can summon Harvard economics professors to justify their tax breaks as the essence of fairness.
The latest example of this dynamic comes from N.Read more
The outrageous scandal at Wells Fargo & Co., for which federal and local regulators hammered the bank for $185 million in fines and penalties earlier this month, speaks volumes about the decline of morality in corporate America. But the settlement leaves one burning question unanswered: Why does John G. Stumpf, the company’s chairman and CEO, still have a job?Read more