fargo in addition to other places. i was eager to read your testimony. i also come from a background of teaching writing at a university for ten years. i always told my students to avoid you'euphemism. i was gravely disappointed at the testimony i read, here's why. your first paragraph you came and you said you were looking forward to the opportunity to discuss the transformation at wells fargo over the past two years under your leadership. you were determined to address the retail sales practice issues that occurred in our community bank. i pledge to look back years. we discovered issues that we need to address. every one which was a disappointment to me. i want to be accountable and transparent. these are your words. and we have. that's what you said. we've been accountable and transparent. we've gone above and beyond than what's required in disclosing these issues. i was struck by the lack of transparency. i was struck by language that did not at all reveal the grave fraudulent things going on at wells fargo. not ju

>> wells fargo does their own debt collections. mr. sloan: in some circumstances, that is correct. >> in a case that those who do their own debt collections are exempt from the protections against harassment that is in the fair debt collections practices act. mr. sloan: that is inconsistent. we follow the laws and regulations of this country. >> but i understand that if you as your bank say you do not hire some -- hire someone from the debt,e to collect your you are now subject. therefore, the harassment of individuals to get the debt continues on a regular basis. mr. sloan: harassment has no place in wells fargo today. >> i'm going to refer you to this article from. . march 9 it is in the new york times -- from march 9. it is from the new york times. you would agree if you are serious that the egregious fargo should -- violated the community investment act. mr. sloan: we have not -- >> you were downlink -- you were downgraded from the occ from satisfactory to unsatisfactory, correct? mr. sloan: the ratings we received were outstanding

was that a culture unique to wells fargo? i mean, have you had experience with others during the enforcement process? >> i can't speak for our competitors. i think many competitors have incentive plans. i don't necessarily know whether they were the same or different. i think our incentive plans went off the rates because it focused too much in our retail banking business on selling products opposed to providing the right advice and service. in addition we created a legacy of managers that weren't managing anymore. they were enforcing incentive plans we have changed all that since i became ceo. that should have never happened and it won't happen again. >> okay. looking forward, what are you doing now to protect your customers from cyber theft? >> from cyber theft? we're doing two things. one, we hired a very impressive cyber team and we have cyber threat fusion centers all around the world to monitor cyber risks for the company. we have invested hundreds of millions of dollars by now billions of dollars in cyber security incl

they're upgrading wells fargo.ay jay lifting its sell rating saying tim sloan's departure is a positive for the stock investors agree to a point the stock is up just over 1% right now. we're also following a developing story on dow dupont the company is cutting its sales forecast due to those devastating floods that have ravaged the midwest. those floods have idled ethanol plants, slowed rail shipments of agricultural products and swamped storage bins dow dupont says the rising waters have limited the company's ability to simply deliver its customers their products dow due pobt shares down right now. >>> coming up, your top trending stories on this friday, including a water bottle battle. nestle coming under fire for its holland spring brand we'll tell you why >>> your final rbi of the quarter proves exactly why you should be watching cnbc every single day the worldwide leader in business ne rur rhtft ts.wsetnsig aerhi td with a specialized guard designed to reduce it. because we believe all men deserve a razor jus

it sounds pretty convincing for me and not only did wells fargo generate record earnings they had the loan growth and the deposit quote picked up, too. i'm not saying the company is in great shape and you know that, but it's doing better than it was and that's what matters and see what changed, and it's the net interest margin and what they pay you for your deposits and what they charge for loans and increased a bit and it's a measure of cost control down from 65 to 64.6% and loans were effectively flat year over year and they both flew versus the previous quarter most importantly, wells fargo was more profitable than last year, which are on equity and something the record earnings per share numbers yet, since the beginning of last year was the stock that was down nearly 18%, making this the worst performer of all of the banks. wells fargo has tanked at these levels it sells for less than nine times last year's earnings estimates and it's 3.6% yield and they're made to be beaten i think yesterday's hearing was the perfect moment for wells fargo to put in a bad sentiment low, and think

michelle: at wells fargo?: at all of these places, is the review that this is the point where these veterans who have been there for a long time you would expect to see more people leaving and an generation of new faces we have not been talking about? michelle: we see some of that for years. happening on a case-by-case basis across the banks but then you look at jpmorgan, the leader at the top has been there longest. longest standing ceo. i think what causes these trickles of changes, when there is either a power struggle or one person leaves obviously that means other positions are left to fill. we could see that. caroline: interesting we got the turnover at the top of barclays as well. plenty to digest. we thank you for your expertise. form new york, this is bloomberg. ♪ timline: wells fargo ceo sloan set to retire. the global president of morgan stanley stepping down, colm business exiting the after retiring. jared cassidy of rbc capital markets covers both banks. first on wells fargo it does not -- is this

is it wells fargo? kevin: absolutely. the house and financial services having another hearing on wells fargo. republicans and democrats trying to get assurances from wells fargo they have made significant structural reforms to prevent any type of financial miss activity from repeating and happening again. .ells fargo was on capitol hill this is a new ceo trying to put forward they have changed. on the house judiciary committee, the ceo of sprint and t-mobile trying to give billiones there $26.5 telecom deal can still move ahead. jet over to the senate where i am and the senate judiciary sorrytee having -- i am -- the senate finance committee having bob lighthizer about the .to first of all, the budget being released yesterday having concerns about the agricultural industry for farmers and u.s./china trade relations. secondly, the backed up of the u.s./china trade talks as a whole. the president continues to hammer against the wto, alleging countries like china have taken advantage of it. david: thank you so much. guide --

here is wisconsin congressman, sean duffy, himself a wells fargo customer. >> has wells fargo undertakenlem? >> we have. >> is the problem fixed? >> it's fixed. >> it is? okay. i'm surprised because as you come in talk to congress i'm shocked that you're not in an orange suit and a little jail cell testifying today. reporter: that was the point of a lot of these hearings. if any individual had done what wells fargo did as an institution somebody would behind bars. as for the changes, tim sloan says listen we've done a lot. there is new board in place. he is the only employee of wells fargo on the board, very different from the makeup of a couple years ago. he says the company has been reorganized. risk and compliance are taken out of business units. there is better system of checks and balances. imply east gone through retraining with a focus on ethics. senator elizabeth warren was not in the room today previously called on wells fargo to replace tim sloan who took over once the bank scandals have been public. he is long-time employee. senator warren written to fed chair jay powell advoc

we are talking about wells fargo.own the bank, but does the changeover with tim sloan retiring, does that give you more confidence they can chart a path going for that is more constructive? >> it does. you have to look at the near-term and longer-term. in the near term, the shares should react positively. your move what they might call the elizabeth warren overhang. she has been hammering the bank and him to resign. there has been talk they might keep restrictions on wells fargo with as long as he is here. with temps loaned leaving, she was going to continue to hammer aggressively. that now removes that overhang. in the longer term, you really look out for a new ceo to come in who is probably prepared to deal with a recession if we have one, someone with could experience in consumer and commercial banking, and someone with good relationships with warren buffett, the regulators, and politicians. lisa: robert shiller making a saying the yield curve does not necessarily have the predictive power it once had. do you agree

in this particular case wells fargo.did some bad things, didn't they. >> you know you are doing something wrong if you open an account without their permission, right? democrats and republicans have to defend their constituents. they have to pretend they're protecting average american. you have a bad guy and two sides usually opposing each other to pretend they're the good guy. charles: what do you make, sean duffy brought up interesting point, not the orange jumpsuit which made me laugh out loud, saying you were part of the problem. elizabeth warren said tim sloan should not be there. you are part of a bad administration. maybe you were the good guy there at the time. we don't know. can you trust they have gotten over the hump as long as tim sloan is at the helm? >> i would not trust my money with wells fargo even if tim sloan was removed it. went down to the retail level this. was systemic. charles: if you're management, guesting bonuses open up the accounts, if you're a low level person. >> true. some of those guys or

(team member) this is wells fargo.hey have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any time right from your computer all the amazing services of the post office only cheaper get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/tv and never go to the post office again! ♪ >> shannon: actress felicity huffman released on $250,000 bond shannon: felicity have been released on $250,000 bond, the latest in the college admissions bribery scandal, she disguised a $15,000 payment as a charitable donation so her daughter could taken the scam by boosting her sat scores. time for the power panel. new york times best selling author and fox news contributor guy benson. welcome to all of you. great to be with you guys. let's start with you. your alma mater was involved in this. what do you make of this. yale, we are referring to in this case, hundreds of thousands of dollars for somebody it wasn't even a s

that didn't make any money for wells fargo.ounts you made a few pennys per account that's not how banks make money. this was an internal problem through aggressive strategy. it wasn't ripping off people. >> but jonas that's fair you're understating that a little bit that parse in parse" they had a hyper aggressive sales culture which also encouraged their people to upsell customers on as many products as possible whether or not these were good products for people that has also been part of the wells fargo culture, that is part of the wells fargo culture that tim sloan rose in over a course of 30 years and so i think liz put it well. you don't have to agree with the way elizabeth warren says it to agree that wells fargo might have done better by itself, by having gotten an outside ceo at the beginning of the crisis, not now. >> adam, when does upselling, when is that a criminal concern? i stopped in the mcdonald's the extra large fries were bad for me, but they tried to sell them to me. >> it's interesting it may or may not be a

the one questioning was the ceo of wells fargo. wells fargo has paid $12 million in savings since they opened millions of accounts without customers' knowledge amid customer abuses. the youngest woman ever elected to congress came to all the hearings today, as she has so far, ready to challenge a witness in a way that republicans never would. she focused on wells fargo's financing for the dakota access pipeline that the obama administration suspended construction of after the sioux tribe challenged that project in court. the trump administration, immediately after taking office, allowed the project to go forward with financing from wells fargo. >> hypothetically, if there was a leak from the dakota access pipeline, why shouldn't wells fargo pay for the cleanup of it since it paid for the construction of the pipeline itself? >> because we don't operate the pipeline. we provide financing to the company that's operating the pipeline. our responsibility is to ensure that at the time that we make that loan, that that customer -- and we

wells fargo ceo, tim sloan, is out.beth warren saying about time he got rich off of it and then helped cover it up now let's make sure all the people hurt by wells fargo's scams get the relief they're ow owed. >> let's bring in an analyst at kbw who has an outperform rating on wells fargo and $58 price target what is that going to mean for the stock which is popping almost 3% after hours? >> yeah, thanks. certainly was a surprise for us given the board just commented they had full support for tim sloan a week ago i think the knee-jerk reaction is the stock goes up overnight but longer term it raises a lot of questions more than it does bring answers to the company. >> why, because they haven't announced the successor or because there's more bad news to come out. >> yeah, the potential for more bad news to come out given the suddenness of the ceo departure. it certainly things in the questions whether or not they'll be able to continue to execute on the plan that they laid out for investors. i think a new ceo will wantin

. >> wells fargo c.e.o. sloan grilled by the financial services committee. >> i'm shocked that you're not in an orange suit and a little jail cell testifying today. >> glor: and... >> they gave me a 40% chance of survival. >> glor: this marine's toughest battle came before boot camp. >> glor: good evening. i'm jeff glor. and this is our western edition. we're going to begin tonight with "operation varsity blues," an investigation into the biggest college cheating scam ever prosecuted. actresses lori loughlin and felicity huffman are among the 50 people now charged in the scandal. investigators says that wealthy parents paid the accused ringleader $25 million to get their children into top colleges. the alleged scheme involved bribes, cheating on entrance exams, and bogus athletic profiles. authorities say the colleges and most of the students who benefited were not involved but plenty of others were. here's chip reid. >> this is a case where they flaunted their wealth, sparing no expense, to cheat the system

it's easy to heap criticism on wells fargo.mer trust after open bill is a fraudulent accounts so its employees could qualify for compensation incentives. >> has wells fargo undertaken reforms to fix the problem? >> we have? >> is the problem fixed? >> it's fixed. >> it is. i'm surprised because as you come in to talk to the congress arms shocked that you are not an orange suit and a little jail cell testifying today. >> but alexandria ocasio-cortez's inquiries were about more than ledgers and spreadsheets. >> i'm interested in the human rights abuses and environmental disasters that some say are financed by your bank, wells fargo. >> it came as a surprise as the thomas homan veered off into the child separation controversy at the border. >> why was the bank involved in the caging of children and financing the caging of children to begin with? >> i don't know how to answer that question because we weren' weren't. >> ocasio-cortez cited an article from the guardian, it suggested that wells fargo invested in for-profit immigration

wells fargo higher on the nasdaq.ech being dragged lower alzheimer chart companies, most notably biogen who lost more than a quarter of its market value today. it is down 1.4%. very mixed story on this side of the atlantic as we count you down to the end of regular trading. the ftse is higher but the pound is down. it is the big companies with big international revenue streams that are rising. on the downside, the dax is feeling the pain. -- banking sector under the deutsche bank is a big loser today. the closes next. this is bloomberg. ♪ guy: 30 seconds to go until the end of regular trading for the european equity markets. a mixed session. dax languishing at the bottom end of the market. talk about those markets in more detail and throw a few more into the mix. the ftse 100 climbing but the pound has been under pressure. this is the market at the edge. just the tail prices in the increased risk of a no deal brexit. that is a factor. the sterling crosses. the ftse 100 up. drug sectors had a good day. the dax is tradi

wells fargo is up 8% since then. the kbw banks index up 30%. >> wilf, thank you wilfred frost with the latest on wells fargo. does this now make wells fargo investable, guy? >> i'll ask you a question and say no wells fargo should have been an outsider two and a half years ago. that was number one mistake. number two, they seem to be infatuated with ex-goldman employees, guys and gals the feeling isn't mutual i would be shocked ifharvey schwartz goes there. their tangible book when reported is $32 a share. it's now trading $50 that points it 1.6 times tangible book which is rarefied air for them they shouldn't be there in this environment. it should be closer to 1.3 the only thing you have going for the stock in my opinion is these double bottoms around $45. kwlo outside of that i think you sell it. >> i know where you stand on the overall panbanking industry, bun terms to the rest of the group this has the potential upside of cleaning its act up. >> sloan took over in october of 2016 we are here in q1 of 2019 and th

debating in congress recently took on an executive from wells fargo wells fargo and she was asking trying to make a connection are making the point that about a pipeline causing some environmental damage and saying in a basically should and wells fargo take some responsibility for this and that was fargo executive was pointing out that you know they're not managing a pipeline they're just funding this pipeline and you know they're not they're not the person to talk to any yet. we'd if she dug a little deeper you know and the question became remember the exxon valdez when blast masters invented the current the false wop exonerated them from that problem using derivatives mr banker is a wells fargo in a fact and we can make the case you fund the pipeline taking responsibility for it but you and we know this from what's going on the industry and insulated yourself from rescue making a risk less bet or risk us underwriting this pipeline and it's another she's she could dig one level deeper into the into the rabbit hole and start to pick apart the system a little bit you know as if she has act

fraud in the united states not only on the origin ation of these mortgages that the likes of wells fargo mccovey or pushing but the packaging of those bad debts up by the likes of goldman sachs for example and then sold to pension funds and even though they knew them to be sacks of bleep. reminder that new york eric schneiderman the attorney general at the time he led to this headline new york to get six hundred seventy million for mortgage settlement this was from april twenty sixth seen on usa today a five billion dollars settlement monday by the justice department with goldman sachs of the mortgage crisis in two thousand and eight include six hundred seventy million dollars for new york attorney general eric schneiderman said the piece for new york includes four into the ninety million dollars for consumer relief and one hundred ninety million in cash justice delayed is justice denied. rights and it is play out the game play out the clock and by the time they award the finest already been paid for three or four times in the washing machine that is wall street or goldman sachs so yeah

a question you asked to the ceo of wells fargo really getting a lot of attention.ou were asking whether or not the situation with wells fargo would be put behind us, and the ceo said he cannot control the media. think, now that you've had time to take a step back from that hearing? what do you gather of new information in terms of where wells fargo goes from here? while time to me that sloan was not the ceo who oversaw the wrongdoing to customers, he is responsible for fixing it and cleaning it up. he's had 2.5 years as ceo to make the changes necessary. i think he is making the right steps. they have been fined by every federal regulator that oversees them on a daily and weekly basis. they have roughly 100 regulators in their bank, yet how we found out about the exposure to the bank was the the press. the press. this shows a regulatory failure. here was a useful, powerful tool. i think the oversight is important and good and necessary. it's not just about that coverage, it's about getting real results for their customers and for the american people. >> you mention

the ceo of wells fargo wells fargo went to capitol hill. bank has done bad things, says alexandria ocasio-cortez. she's been here for oil spills and imprisoning children. is that true? after the break, we'll find out. >> tucker: tim sloan is the ceo wells fargo. he appeared before congress yesterday. he was there to testify about the many customer abuses his company has been caught committing and there was plenty to be said about that and good. he also found himself being interrogated from a different direction by fake revolutionary alexandria ocasio-cortez. she says his company somehow to blame for how the border patrol operates. watch. >> why was the bank involved in the caging of children and financing the caging of children? >> i don't know how to answer that question because we weren' weren't. >> tucker: in other words, your question is bonkers. she then went on to suggest that the ceo wells fargo should be held responsible for any oil spills that occur, since his bank might make loans to the companies that oil pipelines. in fact, her

. >>> the ceo of wells fargo, the nation's fourth-largest bank, testified before congress on tuesday.as cleaned up its act after years of scandals affecting millions of customers. but as anna werner reports, many lawmakers are not buying it. >>> do you realize how serious this scenario is? >> reporter: wells fargo ceo tim sloan faced a grilling from legislators during the hearing. >> let me be blunt, you're here today because wells fargo mistreated and defrauded its customers. >> reporter: sloan has tried to repair the damage in the wake of numerous consumer scandals like accounts opened for consumers who didn't ask for them, auto customers forced to buy insurance they didn't need, and homeowners who should have gotten loan modifications but did not, and later lost their homes. all of it costing the bank some $4 billion in consumer settlements and fines. >> when i stepped into this role, i promised that accountability and transparency would define our efforts, and they have. >> reporter: but at that hearing, a wells fargo mortgage division employee, megan halverson from minneapolis, m

sloan can customers trust wells fargo? >> sure.e them well every day. >> how long do you expect to be chief executive? >> i'm sorry >> how long do you expect to be chief executive? >> as long as i have the job i think i'm doing a great job. the board thinks that and the team members think that. >> we'll bring you the highlights from today's hearing that and much remo still to come here on "closing bell. don't go anywhere. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade does y

he enabled wells fargo massive fake account scam. got rich off of it and then helped cover it now let's make sure all the people hurel by w fargo scams get the relief they are owed. the stock initially moved higher in after-hour trading tonight following that announcement. >>> to wall street now, andhe stock market where trade was once again in focus. u.s. officials are in beijing to resume talks between the world's tw largest economies, and nvestors cheered with hope today. the dow industrial average rose to 91 points to close at 25, 717, the nasdaq added 25, the s&p was up 10. eunice yoon has more tonight . >> trade representative robert lighthizer and treasurte secretaryn mnuchin are in beijing for their talks with china's vice premier. the two sides are going to hold discussions all day on friday and said that a lot more needs to be done. "the wall street journal" is reporting that the chise side offering to make concessions to give access to the country's cloud competing industry. under the proposal, foreign tech firms would be

fargo --powell: wells what happened at wells fargo was a remarkably widespread series of breakdowns in their risk whichment apparatus, resulted in significant consumer abuses, let's say. on, itas gone on and became clear that these are deep problems that needed to be addressed in a fundamental kind of way. there's a lot of work to do on that. n asset growthe a cap. we will not lift that until wells fargo gets their arms around this and implements those plans and we are satisfied with what they've done. >> do you believe it is appropriate for the ceo to be getting a pay raise in light of those conditions? chairman powell: corporate governance -- our main supervisory focus is on the company fixing its risk management approach and fundamentally rebuilding that approach. we don't approve individual pay packages. we do supervise boards of having a set of compensation practices that don't reward short-term risk-taking and that sort of thing. we will supervise based on that. michael: i wonder if you could discuss the balance of risks. i know you said the outlook among the committee members is

he has been at wells fargo for three decades and says wells fargo would benefit from a fresh perspective. the bank's board plans to replace him with an outsider. the company has struggled to overcome a litany of scandals in that 2016, there was national backlashoff employees creating millions of fake accounts to meet sales quotas. they also admitted charging borrowers for auto insurance they didn't need and mortgage fees they didn't deserve. >>> he will have to take a long one. step back three for the tie. he's done it again! >> madness was back thursday night for the sweet 16. purdue held off a big rally by tennessee before pulling away in overtime for a 99-94 win. boilermakers reaching the elite eight for the first time since 2000. virginia the top seed in the south advanced for a hard-fought win over the number 12 seed oregon 53-49. and gonzaga in the elite eight for the first time as the zags top seed in the west defeated florida state 72-58. texas tech head to their second straight elite eight, the red raiders crushing michigan 63-4. michigan's 44 points the fewest by a number two s

no repayment to wells fargo. we will let the federal government give you tax credits. that works for me. so, anyway, it is two limited partnerships building three buildings of the five blocks that are part of phase two, but we will geek out on that later. we will keep it on track here. but last but not least of our financing came from another major community development lender, city community capital, which provided over 100 million. i hope nobody is adding up these dollars because u.s.a. how much does this thing cost? prided over $100 million in construction loans and over $8 million in a long-term financing for hunter charge of you. in fact, over the years, we have provided almost $250 million in financing in support of the john stewart companies affordable housing efforts throughout the state of california, for which we are very appreciative. we appreciate the city community capital confidence in trust, and i'm pleased to introduce the v.p., andrew nathanson to say a few words. [applause] >> good morning, everybody. i know everyone is eager to get to the refreshment

the you have over the issue of wells fargo?e are having hearings with all of the big banks. will have seven of the other big banks before us. exactlyto understand how they are operating. we hadng we know is that a basic problem in 2008. we went into a recession. on our economy and our communities. wealth was lost because homes were foreclosed on. we want to make sure that those policies are not creeping back in. i am saying to them, you had a great victory. with dot overload us regulatory efforts. i want to see some creativity. i want to see efforts to keep people in their homes rather than foreclosing. i want to see what you are doing with our millennials understanding that they look theerent and don't fill traditional credit model. we want to hear from them. we want to know if they have corrected the practices. maxine waters, the democrat from california. up next, lyft is our story of the hour. this is bloomberg. ♪ >> this is balance of power. >> it is time for stock of the hour. we are awaiting the first trade of lyft. it is

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♪ >>> what can i say about tim sloan, the ceo of wells fargo who announced his resignation yesterdayounded by congress for years i don't think he wanted wells fargo to go what he was going through, and the only way to do that was stepping down at a time when bankers are being roasted in washington, he had to fall on the sword or wells fargo would never being to put the scandal behind him, even if he had nothing to do with it. he said, this was my decision based on what i thought and believe is the best for wells farg oes, because there's just been too much focus on me and it's impacting our ability to go forward. he says, i care so much about this company and about our team, that i could not keep myself in a position where i was pki inbeg a distraction. so what really happened here if you're feeling cynical, you might say the board couldn't take a distracted ceo anymore, so tim had to leave. but the board handed him a 5% pay raise. why not? wells fargo deliver a very good year, much better than any reasonable person would have expected a year ago at this time now, april 10th in washi

esto es wells fargo.pectacular fenÓmeno natural. >> he vivido mÁs de 30 aÑos y es hermoso. el asombro es tan grande. este es un fue extraordinaria en fenÓmeno debido a la gran cantidad >> ahora me llamÓ la antención en color. >> el alcalde seÑalan que llegaron mÁs de 100 mil. >> he visto morado, azul, amarillo... este excepcional instituciÓn solo promete ser mejor el prÓximo fin de semana. >> hermoso! pero a los alÉrgicos como yo ya nos empieza a afectar. conductor: gracias por su sintonÍa.

. >> shepard: the ceo of wells fargo bank says that bank has made changes after past scandals but herfection. members of congress grilled him today on capitol hill. one lawmaker suggesting the bank is too big to management the ceo denied that wells fargo is one of the nation's largest banks. back in 2016 company execs admitted that employees had opened millions of fake accounts and routinely pushed unnecessary, if unneeded fees and services on customers. the fox business network deirdre bolton is reporting from new york. deidre. >> shep, you mentioned those accounts. let me give you statistics. 1.5 million accounts were opened without any knowledge or consent. 565,000 credit card accounts were open, again, without knowledge or consent. i think it's pretty clear to most people in the industry that wells fargo sales practices abused customers. these exchanges on capitol hill today were very fiery. this is a congressman from wisconsin, sean duffy grilling the ceo. >> has wells fargo undertaken reforms to fix the problem? >> we have. >> is the problem fixed? >> it's fixed. >> it is? okay

esto es wells fargo.os. Éste es la segunda excarcelaciÓn de presos en las Últimas dos semanas, en el marco de los diÁlogos con la oposiciÓn. >> llegan a sus hogares 50 presos polÍticos que el presidente daniel ortega excarcelÓ como parte de las negociaciones. fue detenida hace siete meses por protestar nt el gobierno, cuente lo que viviÓ tras las rejas. >> dijo que no siguiÉramos protestando. >> esperaba la salida de la cÁrcel modelo para estos autobuses que transportarÍan a los estudiantes liberados. medios locales lograron tomar fotos dentro de los vehÍculos, que muestran que los pasajeros eran oficiales del gobierno. >> son los hijos de nicaragua, son los estudiantes. ellos son el futuro de nicaragua que tienen presos. >> algunos de los jÓvenes estÁn siendo acusados de delitos contra la seguridad, y la tranquilidad pÚblica. incluso de terrorismo, secuestro e incendio. pero que ellos niegan las acusaciones y es una resoluciÓn por su paÍs. >> libertad condicional y me dijeron que no podÍa protestar. >> 1

that wells fargo serves our 70 million customers, 1 out of 3 u.s. an effective way. it's reflective of the changes that i've made since i've become ceo. >> the share prices pretty much match the bank index over the last 12 months that's because the worst of the repercussions of the scandal, including the news of the fed's asset cap punishment came before that timeline, february 2018 for the fed asset cap. and it's hard to see how punishment itself gets much worse from here but broaden out to two years or when tim sloan took over and his share price performance has significantly lagged other big banks tim sloan has also fails to have the fed's asset cap lifted as much as he initially suggested he'll be hoping for a strong performance today to ease pressure >> wilfried frost watching those hearings >>> they are considering another tax on the wealthy we'll tell you what it is. first, morgan brennan has a look at what's coming up from the pentagon >> i'm at the pentagon, one of the most secure buildings in the world and i'm about to go inside for a rare

sloan, wells fargo was also a major investor in the pipeline since wells fargo financed the buildingable way, why shouldn't the bank be held responsible for financing the cleanup of the disasters from these projects >> which pipeline are you referring to >> either. you know -- >> so we were not involved in the financing of the xl pipeline we were one of the 17 or 19 banks that was involved in the financing of the dakota access pipeline >> details, details, details that was a couple weeks ago when wells fargo ceo tim sloan appeared on capitol hill yesterday becky asked warren buffett about sloan. >> does tim sloan have your support? >> yeah. i don't want him job >> let's bring in marty mosby at vining sparks. did you have any indication that this was in the cards, marty or you heard when everyone else did? >> no, we heard when everybody else did there's been a lot of banter back and forth and pressure for mr. sloan to retire. but all in all, we felt after he went through the testimony that they probably maybe cleared some of this. >> is it a net positive or net negative in your view,

ahora ella puede ver, en un lugar, los pagos recurrentes que hace con wells fargo...ue prÓfugo y sus vecinos de un poblado de oaxaca, siguen resistiendo los operativos militares para que no encuentren a su lÍder. los pobladores que mandaron vehÍculos intentando bloquear el paso a los soldados, que aÚn no ubican a quien podrÍa ocultarse en un laberinto de tÚneles descubierto durante los operativos. jessica nos cuenta mÁs. el pueblo de josÉ antonio, quien hizo de su comunidad una fortaleza para la venta de combustible a la que detuvieron fue su cuÑada identificada como angÉlica, quienes la operadora financiera del cartero de santa rosa de lima y la encargada de pagarle a la gente para manifestarte cuando fuera necesario. tambiÉn cayÓ un policÍa federal. autoridades han detenido a siete personas, los agentes encontraron la camioneta blanca que aparece aquÍ. varios agentes han compensado que el operativo no terminarÁ, tienen informaciÓn de que el prÓfugo continÚa en santa rosa de lima. >>el rÉgimen de nicolÁs macerra con colombia pero y les devele sÓlo nos crucen a diario

banking scandal in wells fargo, somebody like bernie made off, a ponzi scheme that ripped off a number of investors. when there is a big case like that, custom credits are looking at basically applying a fee to whatever settlement comes out of these big court cases, and then putting the money that comes from those fees into a fund that would then find public campaign-finance reform. that i would say is the biggest change that is coming out of the amendments process. >> we have seen republicans in the house be successful a couple of times now in amending bills through the motion to recommit. gunmost recent, last week's legislation. is there any indication the gop will try that this time around, and if so, what are their priorities in this hr one? >> i think there's a possibility that could happen. if the gop will be as successful this time around, just because hr1 is popular among moderate and the left wing of the democratic party. a number of these candidates, some of which the gop was kind of successful in peeling off last week with the background check bill. a number of these candida

i want to switch gears to wells fargo. wells fargo announced the chief executive received a 5% pay raise last year. this comes among continued settlements on behalf of the bank on various consumer abuse and reports that new consumer sales incentives are returning. do you have concerns about wells fargo's efforts to fix its problems? chairman powell: wells fargo -- what happened at wells fargo was a remarkably widespread series of breakdowns in their risk management apparatus, which resulted in significant consumer abuses, let's say. as it has gone on and on, it became clear that these are deep problems that needed to be addressed in a fundamental kind of way. there's a lot of work to do on that. we put in place an unprecedented sanction in the form of an asset growth cap. we will not lift that until wells fargo gets their arms around this and implements those plans and we are satisfied with what they've done. and that is not where we already know. reporter: do believe it is appropriate for the ceo to get a pay raise in lig