Wells Fargo Is Accused of Making Improper Changes to Mortgages (NYT)
Even as Wells Fargo was reeling from a major scandal in its consumer bank last year, officials in the company’s mortgage business were putting through unauthorized changes to home loans held by customers in bankruptcy, a new class action and other lawsuits contend. The changes, which surprised the customers, typically lowered their monthly loan payments, which would seem to benefit borrowers, particularly those in bankruptcy. But deep in the details was this fact: Wells Fargo’s changes would extend the terms of borrowers’ loans by decades, meaning they would have monthly payments for far longer and would ultimately owe the bank much more.
Phil Falcone Bets on a Casino (Where the Locals Can’t Gamble) (Businessweek)
Falcone can be disarmingly soft-spoken, his words easing out with the measured cadence of someone considering carefully how he might sound. He betrays no reservations about Ho Tram. “I don’t want to compare it to Las Vegas in the ’40s and ’50s,” Falcone says. “But you know what? Somebody put a casino in the desert, and it looked pretty silly at the time.”
Tim Cook on Donald Trump, the HomePod, and the Legacy of Steve Jobs (Businessweek)
Q: How do you respond to critics who say Apple isn’t as innovative as it once was?
A: We invest for the long term. We don’t feel an impatience to be first. It’s just not how we’re wired. Our thing is to be the best and to give the user something that really makes a difference in their lives. When you look back in time, the iPod was not the first MP3 player. The iPhone was not the first smartphone. The iPad was not the first tablet. I could go on. If you get caught up in the shiny thing du jour, you lose sight of the biggest forest.
Bonderman’s woes continue, sole female partner leaving TPG Capital (NYP)
The only female partner at the 74-year old private equity mogul’s TPG Capital is leaving the firm. Carrie Wheeler, a 21-year TPG vet, who headed up the firm’s retail investments, will leave by the end of the year, the company confirmed on Wednesday.
The Research Diversity Experts Don't Want You To Read (II)
Companies and their stakeholders are increasingly anxious to add more women to their boards, a process that can be fraught with controversy, as the troubles in ride-hailing app Uber's boardroom this week demonstrate. But for all the hand-wringing, a recently published overview of peer-reviewed studies measuring the performance of companies with female board members finds that companies do not perform any better – or any worse – when they have women on their boards.
Still (Not) Crazy After All These Years (AQR)
With the FANGs (née FAANGs, née FAAMGs) in the news again, for good and bad, we thought it would be a good time to update our analysis that first looked back at 2015. Once again, we find less going on than first meets the eye. Let me try a sports analogy. It’s always interesting to report who won the Super Bowl. But, it’s not at all interesting to report that someone won the Super Bowl. Now, it would indeed be interesting to report if the winning team did something truly outsized like post a 19-0 record for the season. A lot of the reporting of the FANGs returns has a strong whiff of a 19-0 season when statistically it turns out much more like reporting that, yet again, the Super Bowl indeed had a winner.
Can you spot the company which has sharing as part of its business model? (FT Alphaville)
We thought we had won the war against the “sharing economy”, but it seems the phrase has mutated and now just means, “tech company”.
Maine woman attacked by raccoon drowns rabid animal in puddle (Bangor Daily News)
While jogging on a familiar, overgrown, wooded trail near her home on a recent warm afternoon, Rachel Borch thought to herself, “what a beautiful day.” Little did she know she was about to be attacked by a rabid raccoon she would end up killing with her bare hands.