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Aug. 11 (Bloomberg) -- Bloomberg's Erik Schatzker reports on the latest breaking news and top stories in today's Business Briefs. (Source: Bloomberg)Duration : 0:1:6
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Wells Fargo CEO John Stumpf, speaking out on the U.S. financial reform bill, said bank customers will bear a financial burden for new regulations on financial firms that deal with services ranging from credit cards to home loans. Wells Fargo shares are down 0.93%, or $0.26, to $27.81.Duration : 0:0:35
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Barack Obama has spent all of Americas needed wealth savings during the hardest of economic times in a risky spend on government until we have no more savings plan. Do you write checks when your account is empty? Take the credit card away from the imbicile and put it away. Stop spending! Cut all government in half, you can only buy what you can afford. What happens when the times are hard and all your savings are depleted? YOU starve. Get ready for inflation followed by heavy Japan style deflation. Our government has prostituted our country globally for banking intrests to the point that it can fall. $775 billion dollars and no results? That is criminal negligence and fraud. IMPEACH OBAMA!!!!!Duration : 0:3:59
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Jun 29, 2010 -- Bank of America (BAC), Wells Fargo (WFC) and JPMorgan Chase (JPM) may lose $1.38 billion in annual revenue from the proposed cap on credit card swipe fees being considered by the U.S. Congress, Moody's Investors Service said in a report, according to Bloomberg.
Shares of all three were down. WFC was last down 1.85%, BAC down 1.31% and JPM down 1.53%.Duration : 0:0:38
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Wells Fargo stripped our accounts dry. We were on a "Re-age" on one of our credit cards, that is, we were making consecutive payments... or trying to make them as it is difficult to abide by an agreement with a bank when they will NOT provide any documentation for that agreement. Wells Fargo Business Direct Credit Card Services Stripped all that we had in the local branch... they took thousands eventhough the outstanding balance was only hundreds.Duration : 0:3:43
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FUNNY! This clip is focused on Rep. Michael Capuano who rips into America's biggest bankers for all the risky investment vehicles they created and lost huge sums of money on. No mention if Mr. Capuano was involved in the de-regulation that led to the creation of those financial instruments. Do you know? Details please!
Executives from the financial institutions who received funds from the $700 billion banking bailout faced their critics on the House Financial Services Committee on Wednesday February 11, 2009 in Washington. The chief executives at the hearing are: Kenneth D. Lewis of Bank of America, Robert P. Kelly of Bank of New York Mellon, Vikram Pandit of Citigroup, Lloyd C. Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John J. Mack of Morgan Stanley, Ronald E. Logue of State Street, and John G. Stumpf of Wells Fargo.Duration : 0:5:31
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As a member of the House Financial Services Committee, this is what I said on the floor of the House in 1999 as I voted against the major bank deregulation bill: This legislation, in its current form, will do more harm than good. It will lead to fewer banks and financial service providers; increased charges and fees for individual consumers and small businesses; diminished credit for rural America; and taxpayer exposure to potential loses should a financial conglomerate fail. It will lead to more mega-mergers; a small number of corporations dominating the financial service industry; and further concentration of economic power in our country.
Frankly, it didnt take a PhD in finance to reach that conclusion. If you give unlimited license to Wall Street speculators, no one should be surprised when the result is greed on steroids.
As a result of that reckless behavior by Wall Street, millions of Americans today have lost their jobs, health care and homes. Our country continues to struggle through a disastrous recession. Disgust at Wall Street is profound. Americans demand real changes in how Wall Street functions. Congress must deliver.Duration : 0:4:45
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CALIFORNIA MELTDOWN - April 12, 2010.. More evidence of the economic collapse in Northern California. Residential real estate developments blighted by foreclosures and short sales. I counted 1 in 3 houses in this development abandoned or in the foreclosure process. Who is going to buy them? Not enough buyers, even at these prices.Duration : 0:4:31
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For Credit Cardholders
Text Message Alerts Offer Early Warning System for Potential Fraudulent Activities
Peter Ho, Vice President and Product Manager at Wells Fargo Card Services
BACKGROUND:
Wells Fargo & Company and Visa have just announced the rollout of Rapid Alerts for Wells Fargo Visa credit cardholders. The service enables consumers to better manage and track their spending while providing them with an early warning system for potential fraudulent activities. Rapid Alerts are sent to cardholders mobile phones typically within seconds of a transaction. Rapid Alerts let consumers monitor their credit card account activity and take immediate action if they believe a potentially fraudulent transaction is taking place. Rapid Alert messages also help customers track their spending and better manage their finances. Customers also will be alerted to credit card payments that are declined, which may also help remind them of recurring payments that they forgot to update due to a reissued, lost or stolen card.
Peter Ho, Vice President and product manager for Wells Fargo will explain how this new service will help customers take better control of their finances.
For more information please visit:
https://labs.wellsfargo.com/rapidalerts
MORE ABOUT PETER HO:
Peter Ho is a Vice President and Product Manager at Wells Fargo Card Services. He joined Wells Fargo in 2003 and has worked on a number of product initiatives since that time. With over 19 years experience in the Financial Services sector, Peter has held a number of different positions in both line and support areas. Before joining Wells Fargo Bank, he was an independent strategic consultant to financial services industry leaders such as Wells Fargo Bank and Egg. Peter also spent time at IBM Business Consulting Services in the e-business Strategy and Change channel and at Citibanks Global Consumer Bank where he was a Relationship Manager supporting Small Business Banking.Duration : 0:10:5
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