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Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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NEWSLETTERS & ALERTS
Showdowns At Two Bank Annual Meetings
This week shareholders are lining up for two annual meetings: Wells Fargo meets on Tuesday in Ponte Vedra Beach, FL; Credit Suisse meets on Friday, presumably in Zurich, SUI. As they say, "This ain't your grandfather's generation anymore."
Wells Fargo Directors. This year's annual meeting will boil down to a referendum on the bank's board of directors. So far, 5,300 employees have lost their jobs over the accounts scandal that began as far back as 2002 but only broke in September 2016. The next group who could lose their jobs are the Wells Fargo directors, who face re-election on Tuesday. Warren Buffet, who holds about 10% of the company's voting shares, has re-affirmed his support for the incumbent directors. However, giant pension funds in California and New York intend to vote against most of the bank's 15 directors.
Credit Suisse Executives. Investors are up-in-arms over bonuses authorized by the Compensation Committee for bank executives and board members. Investors have revolted over Credit Suisse's decision to pay nearly $80 million in bonuses to top executives and to raise board compensation. Since 2015, the bank has incurred losses of about $5.7 billion. [See Financialish, 3/28/17.]