Wells Fargo

Show Details for the week of September 19th, 2016

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On The Monitor this week:
  • The Wells Fargo scandal and settlement with William Black
  • U.S. Violation of Syrian Ceasefire with Reese Erlich
More about our guests:

 

bill-black-0409_018_bwBill Black is an associate professor of economics and law at the University of Missouri Kansas City (UMKC). He was the executive director of the Institute for Fraud Prevention from 2005-2007. He previously taught at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics.

Background:

The Los Angeles Times reports this morning: “The Senate Banking Committee will hold a hearing Tuesday on aggressive sales tactics employed by Wells Fargo employees that led to a $185-million settlement package with federal and state regulators. Five senators requested a committee investigation into the bank’s pressure-cooker sales practices that pushed thousands of Wells Fargo employees to open as many as 2 million accounts that customers never asked for. Scheduled to testify at the hearing are John Stumpf, chief executive of the San Francisco-based bank, and Richard Cordray, director of the Consumer Financial Protection Bureau.”

Professor Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement.

His book, The Best Way to Rob a Bank is to Own One (University of Texas Press 2005)

 

Reese Erlich is a veteran foreign correspondent. Erlich’s books include The Iran Agenda: The Real Story of U.S. Policy and the Middle East Crisis, Conversations with Terrorists: Middle East Leaders on Politics, Violence and Empire, Inside Syria: The Backstory of Their Civil War and What the World Can Expect.

Reese Erlich‘s history in journalism goes back 42 years. He first worked as a staff writer and research editor for Ramparts, an investigative reporting magazine published in San Francisco from 1963 to 1975. Today he works as a full-time print and broadcast, freelance reporter. He reports regularly for National Public Radio, CBC, ABC (Australia), Radio Deutche Welle and Market Place Radio. His articles appear in the SF Chronicle and Dallas Morning News. His television documentaries have aired on PBS stations nationwide.

Erlich’s book, Target Iraq: What the News Media Didn’t Tell You co-authored with Norman Solomon, became a best seller in 2003. The Iran Agenda: The Real Story of US Policy and the Middle East Crisis was published in 2007. Dateline Havana: The Real Story of US Policy and the Future of Cuba was published in 2009. Conversations with Terrorists: Middle East Leaders on Politics, Violence and Empire, was published in 2010. The paperback edition of Erlich’s book Inside Syria: The Backstory of Their Civil War and What the World Can Expect was published this week.

Erlich shared a Peabody Award in 2006 as a segment producer for Crossing East, a radio documentary on the history of Asians in the US. In 2004 Erlich’s radio special “Children of War: Fighting, Dying, Surviving,” won a Clarion Award presented by the Alliance for Women in Communication and second and third place from the National Headlines Awards.

Quote: “The U.S. bombed Syrian government soldiers and a Syrian military base, with estimates off 62-90 dead and over 100 wounded. The U.S. says the attack was accidental. However, on Sunday, Secretary of State John Kerry attacked the Assad regime for continuing its air strikes and for not allowing delivery of relief supplies to besieged cities — only briefly apologizing for the U.S.-caused death and destruction. The tone of the comments suggest the bombing raid was an intentional effort to pressure Assad and the Russians. Regardless of the intent, objectively the attacks are a huge setback to the announced U.S.-Russian ceasefire and proposed military cooperation against extremist rebels. The Russian government has called for a special meeting of the UN Security Council to discuss the matter.”