Chinese vice commerce minister said Monday that Beijing would like the U.S. to cancel "inappropriate" actions against Chinese companies.China Economyread more
Sixteen Asia Pacific countries have been negotiating the Regional Comprehensive Economic Partnership since 2013, with India's reluctance to open up its markets a major...Asia Economyread more
The secretary of State said he was traveling to Saudi Arabia and the United Arab Emirates to make sure that the U.S. is "strategically aligned" with its allies.Politicsread more
Experts say Facebook's cryptocurrency project Libra has been a catalyst for the price of bitcoin going higher.Technologyread more
Goldman Sachs helped state firm 1MDB to raise $6.5 billion in 2012 and 2013, and collected higher-than-typical fees of $600 million for the deals.Financeread more
Value investing has become increasingly irrelevant thanks to central banks and technology, according to AB Bernstein.Investingread more
Indonesian Trade Minister Enggartiasto Lukita said all 16 countries negotiating a mega Asia-Pacific trade agreement should remain in the framework.World Economyread more
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His comments come after a series of rapid escalations between Washington and Tehran.World Politicsread more
The U.S. is provoking Iran and growing risks of miscalculation could lead to a "world war," according to Malaysia's Prime Minister Mahathir Mohamad.World Politicsread more
Trump's comments come after he called off strikes against the Islamic Republic this week over concerns that a military response would kill scores of people.Politicsread more
The Massachusetts Democrat contended that the central bank has a chance to "step up" and prove it cares about protecting consumers. In a Senate hearing this year, Fed Chair Janet Yellen told Warren that the Fed has the power to remove directors.
"Janet Yellen is somebody who's gotten out there, she's talked about the importance of an economy that works well, not just for those at the top but for the rest of America," Warren told "Mad Money" host Jim Cramer in an exclusive interview on CNBC.
"This is the Fed's chance to step up and say, 'When you cheat consumers, when you open fake accounts, when you force place insurance on them that they don't need, when you charge them money that they don't owe, then we, the Federal Reserve, are going to say, those who are in charge, those who are responsible are gone. We can't trust you to run a company of this size,'" Warren added. "I really want to see the Fed step here. The Fed has to power to do it. They just need to step up and do it."
Warren, a hawk on financial regulation, has urged drastic action to hold Wells Fargo and its senior leaders accountable after the bank opened millions of unauthorized accounts. Last month, Wells Fargo said it had identified 3.5 million potentially unauthorized accounts, up from the 2.1 million originally identified.
The senator argued that Wells Fargo's previous loan practices and acknowledgment that more accounts may have been opened than previously announced show that it still lacks accountability.
"This is a company that from the very top has made it clear — there's no accountability here. This is not about serving consumers. This is all about quarter by quarter by quarter how to juice the reported profits. That that's what mattered at Wells Fargo," Warren said.
At the July hearing, Yellen said the Fed is "certainly prepared to take enforcement actions if those prove to be appropriate."
The scandal led to the departure of multiple executives, including former CEO John Stumpf. Last month, Wells Fargo CEO Tim Sloan said the bank had "cast a wide net to reach customers and address their remaining concerns."
"Our commitment has never been stronger to build a better bank for our customers, team members, shareholders and communities," he said.
When Wells Fargo announced the findings of more potentially unauthorized accounts, the bank said it would give $2.8 million in refunds and credits, on top of the $3.3 million originally provided.