Punishing Wells Fargo for alleged mortgage funny business, the Federal Reserve has fined the bank $85 million. Accusations include falsifying mortgage applications to let unqualified borrowers receive mortgages and directing those with good credit into costly subprime mortgages. [More]
AIG has been repeatedly called on the carpet over the past week or so for indefensible “business as usual” expenditures—a lavish corporate retreat, an executive hunting trip, and severance packages costing tens of millions of dollars. Now, after a meeting with NY Attorney General Andrew Cuomo, they’ve announced they’ll start trying harder to monitor and stomp out unnecessary expenses.