Rising home prices and conservative borrowing have today's homeowners sitting on a record amount of potential cash. Today's mortgage holders saw their home equity increase by...Real Estateread more
Stocks have been grinding sideways, but technical analysts say once they breakout, the move to the upside could be powerful.Market Insiderread more
Shareholders are accusing Tesla of improperly valuing the SolarCity deal, providing flawed analysis and misleading investors, among other things. Their allegations were...Technologyread more
Stocks were barely changed. American Express gained, but Netflix was a notable laggard.Marketsread more
The fresh round of cuts is on top of an estimated 4,500 temporary layoffs GM and its suppliers handed out to employees as of Friday.Autosread more
Here are the most important things to know about Tuesday before you hit the door including earnings from Nike and likely updates on Trump's trade deals.Marketsread more
The Mac Pro is the only major Apple computer to be assembled in the United States. Most of Apple's products, including the iPhone, are assembled in China and are facing tariff...Technologyread more
Think about the last TV show you recommended to a friend, or the last one that was recommended to you. Odds are, it was from a premium service like HBO, Netflix or Amazon.Entertainmentread more
SpaceX is deep into development of its Starship rocket, with recent updates from CEO Elon Musk showing the first one under construction.Investing in Spaceread more
The new wireless earbuds, codenamed "Puget," are expected to come with an accelerometer and be able to monitor things like the distance run, calories burned, and pace of...Technologyread more
Greta Thunberg, a 16-year-old Swedish environmental activist, delivered a powerful message at the United Nations Climate Action Summit on Monday.Environmentread more
In an interview on CNBC's "Squawk Box," the associate dean of Yale's School of Management called it a "shame" that the board's instincts were so poor when it came to the scandal, even though the board was largely kept in the dark that about 2 million unauthorized accounts had been created after 2011.
"They should've started this investigation years ago, certainly months ago, and the fact that they've only started their own legal investigation now stands in stark contrast to Yahoo's much better responsiveness to the governance issue under Marissa Mayer and investigating their scandals," Sonnenfeld said.
"I think that the board acted wisely and late, and I do think that John Stumpf did the right thing," Sonnenfeld added.
He added that he was not so sure the leadership was, in fact, kept entirely out of the loop.
Sonnenfeld said former SEC Chairman Richard Breeden told him that Stumpf and Wells Fargo CFO John Shrewsberry signed off on significant financial forms without disclosing that any fraudulent activity was taking place.
Sonnenfeld said he was less than pleased with the Senate hearings that ensued after news broke in September about Wells Fargo's $185 million settlement with regulators over the matter.
He said he was "astounded" by how long it took the former CEO to apologize in the hearing. Stumpf "wouldn't even acknowledge that there was a deep, systemic cultural problem," Sonnenfeld said.
Investors also were misled, according to Sonnenfeld.
"This was critical to the stock rise," Sonnenfeld said. "He was using [the phony accounts] to head off, or at least embed deeply in, quite a number of investor calls, talking about the success of cross-selling, building this platform for the future."
Wells Fargo declined to comment beyond its announcement of Stumpf's retirement.