President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
The $1 billion that Wells Fargo must pay to settle lending abuses is not high enough, securities attorney Andrew Stoltmann told CNBC on Friday.
The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced the settlement on Friday.
The CFPB said Friday the violations were connected with how Wells Fargo administered a mandatory insurance program in its auto loan business and how it charged certain borrowers for mortgage interest rate lock products.
Stoltmann said the fine is about 2 to 2.5 percent of the firm's net income from last year.
"The executives and the board of directors were responsible for this, and I don't think the actual fine fits the crime. And make no mistake about it, it is a crime," he said on "Closing Bell. "
In fact, he thinks some executives should face prison time.
"To the extent you don't have senior executives going to prison, I think you are going to continue to see these sorts of abuses going forward," said Stoltmann, an investor advocate.
Wells has agreed to pay back the customers and make changes to its risk and compliance practices.
In a statement, CEO Tim Sloan said, "While we have more work to do, these orders affirm that we share the same priorities with our regulators and that we are committed to working with them as we deliver our commitments with focus, accountability, and transparency."
When asked for a comment regarding Stoltmann's remarks, a Wells spokesperson referred back to Sloan's statement.
Chris Whalen, chairman of Whalen Global Advisors, said Wells Fargo made mistakes but he thinks the company is going to address it.
In fact, he says the Federal Reserve is ultimately responsible because it "slammed" Wachovia into Wells Fargo to avoid another bankruptcy. Wells bought the troubled Wachovia for about $15 billion in 2008.
However, he says, that doesn't mean Wells executives are without blame. He agrees that in some cases, some executives should go to prison.
"The officers and directors are responsible, and when they are sloppy and stupid and they do bad things they should be punished," Whalen said on "Closing Bell."
He believes the worst is now over for investors, he says.
Shares of Wells closed Friday up 1.9 percent.
— CNBC's Liz Moyer contributed to this report.