wells fargo. 2013, wells fargo used a forced arbitration clause to silence a consumer who had accused the company of opening bank accounts in his name. you will remember that wells fargo opened as many as 3.5 million fake accounts, 3.5 million fake accounts, meaning they opened an account that the senator from texas or that i or others had not given permission to, they opened accounts on people's names. i'm obviously not saying personally the senator from texas and me, but they opened three million fake accounts from consumers that many of them didn't even know these accounts had been opened. they subjected their employees to harsh sales goals. they threatened to fire anyone who didn't keep up. think about how much damage could have been prevented if that consumer is allowed to take wells fargo to open court four years ago, but they couldn't because of forced arbitration. well, equifax pulled back its use of forced arbitration clauses after the public shaming of what they did. wells fargo seems to have no shame in continuing to hide behind arbitration clauses following scandal after s

. >>> and millions of wells fargo customers wonder if they're the latest victims. >>> a police officer's shocking words caught on camera. the action the force is now taking. "early today" starts right now. >> good monday morning, i'm frances rivera. >> i'm phillip mena, great to be back. harvey is hurling towards tennessee. creating a wake of devastation in its path. in some areas of texas the water is still rising, impacting an estimated 100,000 homes. 38 deaths are blamed on the storm and rescue missions are still under way. the coast guard chopping away to save a mother and her four children trapped in the home. but the water is not the only threat. a flooded chemical plant near houston is under a 24-hour emergency watch. after two explosions. the owner says eight more chemical containers could possibly explode. home owners within a 1 1/2-mile radius were urged to evacuate. epa air tests reportedly found no concentrations of toxic materials. and in another glimmer of hope, the country's biggest fuel supplier has announced a fuel pipeline that supplies 40% of east coast fuel could be r

. >>> and janet yellen rips wells fargo over the fake account bank scandal. 'll tell you what she said when "worldwide exchange" returns. cd's, baseball cards... your old magic set? and this wrestling ticket... which you still owe me for. seriously? $25? i didn't even want to go. ahhh, your diary. "mom says it's totally natural..." $25 is nothing. abracadabra, bro. the bank of america mobile banking app. the fast, secure and simple way to send money. you myour joints...thing for your heart... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement in drug stores nationwide. prevagen. the name to remember. >>> welcome back to "worldwide exchange." let's get you up to speed on market action. the key takeaway from the fed's actions yesterday was that we didn't see a selloff 0.2% of gains for the dow. the s&p 500 and nasdaq either side of the flat line. a little bit of gains for banks, bit of gains for

george rusnakis of wells fargo, kathy jones, and matt brill of invesco. your reaction?: i am stunned. it seems as if people believe in a deflationary trend persisting for decades in europe, otherwise institutions that need to own long-duration, i don't know who would buy. jonathan: that was the size of the order book. a lot of people wanted to buy it. kathy: i think it was desperation for any sort of positive yield. when your choices between negative and positive, they will take positive all day long. jonathan: just in terms of the duration risk, we can do that on the austrian debt, what does it take to get a 5% or 10% move? we just need to back out 20 basis points, and you will get a 10% move. the duration people are taking is quite significant. >> it is. i don't know if they are looking at it totally from a return respective. i think there is just a tremendous demand for duration assets, and this is feeding that demand. i don't think it logically make at,e to buy 100 your debt if you have to have a, this makes sense. it certainly makes sense for the issuer, does it ma

is it my am i incorrect in saying that part of having a free market economy is a terrorist like wells fargowhen they commit massive fraud they go out of business even though interest rates might go up that's the way the free bar. it works right yeah well the for the free market says you can make a mistake but if you make a mistake you're likely to go out of business in this case we failed to prosecute these leaders we did it time and time and time again no one got thrown in the bank for anything other than thrown into jail other than bernie made off they see you know a wells fargo ought to be in jail or he ought to have one hundred percent of his wealth confiscated or you know find so the man is penniless so it's so easy to understand. what he did was wrong and that any other c.e.o.'s of all the rest of these banks say you know what i'm not going to do this because i might end up in jail or i might end up with one hundred percent of my wealth today we have no rules like this and people saying well it's lack of regulation access not lack of regulation that cause this yes it's we've got the f

san francisco based wells fargo is cutting jobs at one of its corporate headquarters.says it is laying off c harlleotpete, north carolina. it isn't saying how many people are losing their jobs but more 24,000 people in thethan area. wells fargo has been plagued by controversy in recent months including a massive fake account scandal. >>> we have a new representation of our state. see california's newest symbol of pride when we come back. >>> abc 7 is celebrating hispanic heritage month on instagram everyday. bay area mom grew concerned when her young daughter, anna, worried when her daughter said math wag boring pf after looking for a nn prove it to inspire her daughter and not finding one, she created her own. the organization empowers girls to discover an interest in science, technology, engineering and math. can you learn more about this >>> dropping levi stadium from his tour, the chronicle saying the singer won't perform because of the 10:00 p.m. curfew. the president negotiating is told there is no way he would be done by 10:00 p.m. therefore the deal is scuttled

ramÓn: continÚa la controversia con el banco wells fargo. por mÁs de una dÉcada marÍa ha sido cliente de wells fargohoy se enterÓ que una revisiÓn que se extendió hacia el aÑo 2009 para revisar cuentas en el banco saliÓ a relucir mÁs anomalÍas. un experto en derechos del consumidor asegura que aÚn clientes del banco que no crean haber sido afectados revisen sus cuentas bancarias. > esos cargos escondidos que le es hizo al banco los pueden mirar por el estado de cuenta. luz: esta Última revisiÓn dice que wells fargo tenÍa mÁs cuentas de negocios falsas mÁs de las que tenÍa hace un aÑo. la tÁctica fue revelada por empleados para recibir bonos y lograr metas de ventas >> lo mÁs importante es revisar sus reportes de crÉdito para saber si todas las cuentas son de ustedes. reportera: usted puede recibir un recorte de su crÉdito gratuito en una vez al aÑo. >> no tenÍa idea de eso porque soy clienta del banco. luz: hoy la compaÑÍa bancaria respondiÓ con este siguiente comunicado. en el transcurso del Último aÑo hemos hecho muchas mejorÍas al banco,

i mean not just wells fargo but the entire interview again there's various reasons and one giant ponzi scheme as we've covered on this show numerous times i mean when you look at wells fargo i mean the list is incredible you know from oh you only do about you know about one point four million of these fraud accounts were basically were kind of like taking people's existing accounts putting a little money into a fake account under that person's name keeping it open to build a certain kind of like sales quota and then like giving the money back i'd assume that the other come before no one notices that particularly two accounts that jumped three point five million after they told congress that this was just you know i just related how people do it. then you go through both recharging and that turns in concealing this misconduct from the u.s. department of veterans affairs to obtain get this obtain guarantees for the loans under a federal mortgage refinancing program this is according to their recent settlement so overcharging veterans for overcharging veterans and then on top of it in ord

esta Última revisiÓn comprueba que wells fargo tenÍa cuentas personales y de negocios falsas mÁs de lasa vez al aÑo. esta compaÑÍa bancaria respondiÓ con el siguiente comunicado. en el transcurso del Último aÑo hemos hecho muchas mejorÍas , como por ejemplo, ventas de productos para nuestros banqueros en sucursales y hemos aumentado controles y monitoreos. tambiÉn confirmÓ que habÍan despedido a 5300 empleados involucrados en este fraude. han pagado mÁs de $100,000 en multas. empleados nos confirmaron que las prÓximas semanas estarÁn indemnizando a clientes afectados en esta nueva revisiÓn. puede llamar al nÚmero en pantalla, si quiere averiguar si estÁ afectado. >> si tienes alguna historia que reportar, comunÍcate al 4155388014. noticias14@univisiÓn.net la patrulla de caminos no sÓlo se enfoca en la seguridadde las personas, sino que les brinda apoyo a los animales. un oficial encontrÓ a este lince . el animal estaba herido. es atendido en una instalaciÓn de cuidados crÍticos de la ciudad, donde se recupera de la lesiÓn. gracias. nos vemos eesta noche a las 11:00 p.m.

the bad news keeps coming for san francisco based wells fargo... company has revealed that more customers were affected by its fake accounts scandal than previously estimated.(vicki) wells fargo is now saying three-point-five million customers were affected... (vicki) that's a huge jump from the two-point-one million the san francisco based bank originally estimated. news of the fake account scandal first broke nearly a year ago. wells fargo also found a new problem...hundreds of thousands of potentially unauthorized online bill-pay enrollments. the bank says unrealistic sales goals placed on employees... were to blame for the unauthorized accounts and enrollments. they're scrapping those goals, installing new management, and paying out millions in refunds and settlements. (vicki) cereal maker kellogg company announced today it plans to lay off 223 salaried and hourly employees at its battle creek plant. the company plans to shut down two production lines and end warehouse operations. once that change happens, kellogg will ship products directly to

. >>> coming up next, a new lawsuit is filed over wells fargo's unauthorized account scandal. >> thi one isn't just against the company, it's against specific >>> stocks suffered the biggest drop in almost three weeks today. wells fargo m have rung the closing bell but declines among bank scks were one reason for today'slosses. at 21,753.st 234 points ending the nasdaq tumbled 59 points. the s&p lost 18. in addition to bank stocks slipping technology stocks were also down today. the declines are blamed on growin tensions between the uned states and north korea. >>> a n lawsuit filed here in the bay are is taking aim at the directors of wells fargo bank. the suit argues bank ecutives and members of the board of directors are ultimately responsible for a culturef deceptive practices and suld be financially liable. in a recent development, the bank is accused of bundling a type auto insurance with its car loans without customers' knowledge. attorney mark mulavy says the suit is being filed on behalf of concerned shareholders. >> they want tohange the way this bank is doing business. the

>> i have read all the reports about wells fargo. if i could go back for a moment -- >> okay. >> if i could go back to a moment to the equifax issue and, jim, i know you get this the breach at equifax is so monumental 140 million americans with their cred information, personal information, social security number, birth dates, that will affect the banking system. the banking regulators and the big banks need to be very worried about this they can't control what goes on at the credit controlling companies but they will hold the bag at the end for the fraud and abuse of consumers that results from all this information being criminally hacked. we all have an interest in putting the right preventive regime in place so that this could not happen again and that the public can be confident that the right monitoring is in place to make sure data security is at the very highest standards and the credit reporting companies just as we work hard to make sure it's in place at the banks. that's incredibly important piece of this. >> do you think th

.>>> wells fargo. the cuts the bank is planning. >>> would you let someone put your groceries away you are away? the new delivery service. headquarters... in charlotte, north carolina. the company has more than 24 >>> wells fargo is laying off workers but not in california. different headquarters in charlotte, health -- north carolina. it is not saying how many will be let go. wells fargo has been dealing with problems including a massive fake accounts scandal and the faces vestigations. wells fargo has not said if the layoffs are linked.>>> move over amazon, walmart wants to deliver your groceries and put them away for you. they will do it if you are not home. the new service they tested in the silicon valley.>> reporter: cool or creepy? a new way to get groceries. order online aimed set your system to let them and even if they are not -- you are not there and they put it away. you watch it all on your smartphone expect i don't like that at all.>> that was the most common reaction.>> no.>> it does not

still with us is george rusnak from the wells fargo investment institute, kathy jones, and matt brill from invesco.

wells fargo stock fell yesterday behind big rivals. cheryl: let's talk about tesla, big labor complaint against them tracee: allegations of unfair labor practices from workers in freemont california factory, nondisclosure agreements and tesla harassed them during unionizing efforts. administrative scheduled for november 14th. we will be watching that. lauren: getting back to harvey, cell phone drying companies that are helping the victims. tracee: it's not just the homes that were damaged by the flooding, cell phones good ruined too, to help people get back up in running, one company, the ekdry drove 15-hour trips to help make dead phones back to life. they set up next to convention center, by the first night there they saved about 20 cell phones. cheryl: that's a great story. tracee: 20 cell phones. lauren: they are suggesting people to do that by flood damage today because the law changes after today. that's a great story. you couldn't think of that right away. tracee: getting in touch of family members, these people without their ph

shares of wells fargo down nearly 7% so far this year, remember, warren buffet big investor in wells argo. no longer a rumor, apple will hold product launch tuesday september 12th, apple gives us maybe a new iphone, an ipad, a maxpro. this is the ten year anniversary of iphone. there are rumor that is they could introduce three new devices, iphone 8 or whatever they're going to call it, that's why we don't know what they're going to call it. apple shares in the premarket. dagen: i can't wait to see that phone. i'm definitely getting one. i'm going to admit it. thank you so much, cheryl. phil, are you excited about the launch? >> i am, i needed a new phone, bought the 7. beautiful phone. [laughter] >> you've got to start with the consumer reaction in order to build that, you know, september 12th maybe late for back to school but that will help to drive christmas sale and chinese new year's sales and set apple for decent section months. dagen: new record high for apple. probably the first company to a trillion dollar market cap. >> apple and the nasdaq, everybody was using tech stocks a

jonathan: joining me around the table is george rusnak of wells fargo investment institute, kathy jonesief fixed-income strategist at financial research, and coming to us from atlanta is matt brill of invesco. great to have you with us. kathy, the prince for inflation for the week, which one was the most important? chinese ppi or u.s. cpi? kathy: i would say u.s. cpi. it is hard to translate chinese wholesale prices through to the finished goods in the united states and the developed world. i think the u.s. tripping up a little bit was significant. jonathan: george, just globally, the reflation team making a comeback. 10 year yields last year just north of 2%. north of 220 several times through the week george: i think. a lot of that was the result of the whole back we had with the risk off trade coming back. you are seeing that now, risk off coming back and yields are creeping up more than inflation, we think. jonathan: just in terms of the chinese number at the start of the year it was critical for the reflation trade. a lot of people make noise about it. will it be important in the c

. >>> coming up next, a new lawsuit is filed over wells fargo's unauthorized account scandal. >> this one isn't just against the company, it's against specific for years, centurylink has been promising fast internet to small businesses. but for many businesses, it's out of reach. why promise something you can't deliver? comcast business is different. ♪ ♪ we deliver super-fast internet with speeds of 250 megabits per second across our entire network, to more companies, in more locations, than centurylink. we do business where you do business. ♪ ♪ been trying to prepare for this day... and i'm still not ready. the reason i'm telling you this is that there will be moments in your life that... you'll never be ready for. your little girl getting married being one of them. ♪ ♪ ♪ ♪ hi! leaving a career to follow a calling takes courage. a personalized financial strategy can give you confidence to take the next step. hi guys! aw yeah! see how access to j.p. morgan investment expertise can help you. chase. make more of what's yours. >>> stocks suffered the biggest drop in almost three weeks to

. >> wells fargo i bought it today. continue to see call buying coming into wells fargo. a reason that a lot of poem aren't fans of. >> i think wells fargo is going to be one of the names that move back to the upside >> i'm still in bank of america, still am with pete. >> still am. >> it's made a nice pop today. one of the outper formers in the secretaryor. it's the only one of the fins that i open right now. like a lot of tech instead >> you don't end jpmorgan. >> not right now even though i love jamie dimon. >> what you said is a $100 stock. >> will be a $100 stock by year end, and i think that a lot of that might come in december if i'm right. >> you're going to get a better opportunity you think to buy that stock than you have hat just about 90 bucks. >> i think so. >> what's going to give you that >> that i don't know i don't know if it's going to be another missile or whatever it might be, by think i'll get a better chance to buy it at a better price they are not going to have the kind of misstep that wells fargo had. >> i'll remind you and everybody else that jamie

. >>> and lady gaga wows a soldout audience at the wells fargo center. the special treat for one young fan. we'll show that next. >>> also, rough trip. how pope francis suffered an injury during a weekend tour in colombia. fios is not cable. we're a 100% fiber optic network. and with the new fios gigabit connection... you get our fastest... internet ever. with download speeds up to 940 megs - 20 times faster than most people have. switch to fios gigabit connection with tv and phone for $79.99 a month online for the first year. plus hbo for one year and multi-room dvr service for two years, all with a two-year agreement. and switching has never been easier. get out of your contract with up to a $500 credit to help cover your early termination fee. go to fiosgigabit.com >>> at the jersey shore the new miss america will take her ceremonial toe dip at the jersey shore. here's the big moment when she was crowned. take a look. >> miss north dakota -- [ cheers ] >> there it is. and there she is. cara mund from north dakota beat out 50 other contestants to take

and now now wells fargo has admitted that according to the new york times.

and now now wells fargo has admitted that according to the new york times it had opened as many as three point five million unwanted accounts for customers one point four million more than previous estimates and that they enrolled more than half a million accounts into its own high end bill pay service without customers permission and we know a bunch of fun online bill pay services are or can be when they get screwed up so what can the public do about these kind of abuses well our value in the elected officials stand up to the banks. yeah let's wind out as we start watching the hawks . at the bottom. that i got. this. week.

barclays, banks like city, wells fargo, goldman, and with the share price is around one dollar 43 -- street sees room for upside with wells fargo at 185 and on the lower end, ever core at 145. you mentioned earnings, 27% growth in revenue, that comes when some of the other companies in the cybersecurity space were struggling. a good standup company which was reiterated from wells fargo analysts, saying the company remains competitive, especially when it comes to living on growth on the revenue side and the free cash flow side. vonnie: why is the share price underperforming? >> relative to other competitors from a year ago, you see a little bit of underperformance. in the middle of reorganizing their sales force in the midst of increased competition, specifically from check point, a rival firm. looking to reverse that are rolling out an application to integrate its platform with other vendors. and do more with the clout to boost subscription sales. cloud to boost subscription sales. mark: time for the bloomberg business flash. we are finding out how automakers did in the u.s. last mon

later wells fargo to dump disney. >>> first, stocks having their worst day since august 17. dow dropping 300 points at the session. check out the stunning move in the ten-year treasury yield falling to lowest level since day after election. hovering over 2%. number of issues weighing on the markets today. north korea, debt ceiling looming and fears a long immigration fight could hurt tax reform. is this a start of september swoon or once again by the dip. >> hurricane as well obviously. . i don't mean to be glib. it should have been worse today. not could have been. i think it should have been worse. given where we've been. given how low the vix has been. i think you could have made a excelling argument the market would have been down 30 s&p handles and closed on low. didn't do that again. not going to say we couldn't see it down again. in the context of today, i don't think it was a terrible thing. you mentioned it was a continued move lower in yields. now we're below in a ten year at 2.09% rate that had been supported for quite some time. below that now. see what happens.