What Wells Fargo Knew (Vice)
A Wells Fargo bank manager tried to warn the head of the company’s regional banking unit of an improperly created customer account in January 2006, five years earlier than the bank has said its board first learned of abuses at its branches...Dennis Hambek, a former branch manager in West Yakima, Washington, sent a certified letter in January 2006 to Carrie Tolstedt, then Wells Fargo’s head of regional banking, outlining unethical “gaming” activity at area branches. In 2007, Tolstedt was made the company’s head of community banking, the division where many of the unethical practices occurred.
Dorsey Tells Twitter Staff 'We Can Do This!' in Internal Memo (Bloomberg)
"We're only limited by our sense of urgency," Dorsey said in the memo. "Life is short. Every day matters. And the people who use Twitter every day deserve our best. They are why we're here. So let's show them what we're made of and deliver a better Twitter faster than they thought possible. We can do this every day. We can do this!"
Salesforce still mulls bid for Twitter as shareholders resist: sources (Reuters)
Salesforce.com Inc (CRM.N) is still deliberating whether it should make an offer for Twitter Inc (TWTR.N) in the face of resistance from Salesforce shareholders over the strategic merits and valuation of such a deal, people familiar with the matter said on Monday. Twitter shares have lost as much as a third of their value since Oct. 5 on concerns the company has attracted less interest from potential acquirers than previously envisaged. It now has a market capitalization of $12 billion. Salesforce is deliberating whether it is worth making a lowball offer for Twitter in the coming days based on Twitter's stock performance and any news of other bidders, the people said.
The American Fugitive From the JPMorgan Hack Turns Up in a Russian Cell (Bloomberg)
Joshua Aaron, a Maryland native who attended Florida State University, has been held at a facility for illegal immigrants outside Moscow since failing to show police a valid passport during a midnight check at his apartment above the Beverly Hills Diner near downtown in May, court records show. He and two Israelis are suspected of perpetrating what U.S. Attorney Preet Bharara called “securities fraud on cyber steroids” from 2007 to mid-2015. They’re accused of stealing data on more than 100 million customers from JPMorgan Chase & Co. and other companies, using it in schemes such as stock manipulation that generated hundreds of millions of dollars in illicit gains.
North Carolina man's phone-tossing high-five selfie inspires Twitter craze (UPI)
Seth Schneider posted a blurry-but-impressive photo to Twitter Saturday showing him slapping his hands together in the air while his phone captures the moment in a mirror while in mid-air from being tossed. "Today is the proudest day of my life. I successfully took a picture of me high fiving myself," the North Carolina State University student wrote. Schneider's accomplishment quickly spread across Twitter with more than 160,000 retweets and dozens of imitators -- some more successful than others. "I am not responsible for any broken phones," Schneider wrote as a disclaimer in his Twitter bio.
Major Investor Sues Theranos (WSJ)
One of Theranos Inc.’s biggest financial backers has sued the embattled startup and its founder for allegedly lying to attract its nearly $100 million investment, according to a fund document and people familiar with the matter. Partner Fund Management LP, a San Francisco-based hedge fund, filed the suit in Delaware Court of Chancery Monday afternoon, a letter to the hedge-fund’s investors says. “Through a series of lies, material misstatements, and omissions, the defendants engaged in securities fraud and other violations by fraudulently inducing PFM to invest and maintain its investment in the company,” says the letter, which was reviewed by The Wall Street Journal.
Singapore Fines Three Banks in 1MDB Investigation (WSJ)
Singapore’s central bank on Tuesday said it would withdraw the license of a Swiss private bank operating in the city-state and fine two large banks as part of a wide-ranging investigation into fund flows related to Malaysian state fund 1Malaysia Development Bhd., or 1MDB. The Monetary Authority of Singapore said it would fine DBS Bank Ltd. and UBS Group AG’s Singapore branch 1 million Singapore dollars (US$726,126) and S$1.3 million, respectively, for failures of anti-money-laundering controls. The central bank said it would also withdraw the merchant banking license of Falcon Private Bank’s Singapore branch for “persistent and severe lack of understanding” of its regulations.
Ability to fight recession a matter of serious concern, Larry Summers says (CNBC)
The concern about low interest rates and the ability to fight off a recession should be keeping central banks up at night, former Treasury Secretary Larry Summers told CNBC on Monday. That's because interest rates typically come down 500 basis points to contain a recession, and according to market pricing, there's not going to be 500 basis points of room anytime soon, he said in an interview with "Closing Bell." "Probably sometime in the foreseeable future we'll have a recession in some major part of the world. And yet we don't really have the fuel in the tank to respond," said Summers.
Couples Face Heavy Competition In The Bizarre Sport Of Wife Carrying (HP)
This year’s competition took place Saturday at a ski resort in Newry, Maine. Forty-four competing couples put their relationship ― and their muscles ― to the test by running through an obstacle course that included log hurdles, sand traps and mud. Lots and lots of mud. As the event title implies, the man has to carry his beloved through the whole 278-yard course, according to The Associated Press. The couples don’t have to be married, but each team must have a male and female member over the age of 21. The couple with the fastest time wins fame, glory, the woman’s weight in beer and an amount of cash equal to five times her weight...Competing men can carry their partner any way they choose, but the preferred method is the “Estonian” carry, where the woman holds the man’s waist with her hands while squeezing his neck with her legs. The “chicken carry,” where she sits on his shoulders, also has its proponents.