Wells Fargo faces possible $1 billion fine for fraud

❝ Wells Fargo & Co. confirmed industry and analyst speculation Friday that its two federal regulators want the bank to pay up to $1 billion in civil penalties to resolve multilayered customer-account issues…

The bank said those issues include “our compliance risk management program and our past practices involving certain automobile collateral protection insurance policies and certain mortgage interest rate lock extensions…”

❝ At $1 billion, it is likely to be among the largest fines in financial services history and already being considered at a historic level by analysts…

Never steal anything small. You’d probably get jail time.

Shkreli gets 7 years in the slammer!


Ars Technica — NEPA Scene/Flickr/Aurich

❝ The smirk wiped off his face, a crying Martin Shkreli was sentenced to seven years in prison for securities fraud Friday in a hard fall for the pharmaceutical-industry bad boy vilified for jacking up the price of a lifesaving drug.

Shkreli, the boyish-looking, 34-year-old entrepreneur dubbed the “Pharma Bro” for his loutish behavior, was handed his punishment after a hearing in which he and his attorney struggled with limited success to make him a sympathetic figure. His own lawyer confessed to wanting to punch him in the face sometimes…

❝ Shkreli, the boyish-looking, 34-year-old entrepreneur dubbed the “Pharma Bro” for his loutish behavior, was handed his punishment after a hearing in which he and his attorney struggled with limited success to make him a sympathetic figure. His own lawyer confessed to wanting to punch him in the face sometimes…

❝ Shkreli became the face of pharmaceutical industry evil in 2015 when he increased by 5,000 percent the price of Daraprim, a previously cheap drug used to treat toxoplasmosis, a parasitic infection that can be fatal to people with the AIDS virus or other immune system disorders.

Wonder if our Fake President will give him a pardon.

2008-2016, 35 states cut imprisonment and crime rates simultaneously

❝ After peaking in 2008, the nation’s imprisonment rate fell 11 percent over eight years, reaching its lowest level since 1997, according to an analysis of new federal statistics by The Pew Charitable Trusts. The decline from 2015-16 was 2 percent, much of which was due to a drop in the number of federal prisoners. The rate at which black adults are imprisoned fell 4 percent from 2015-16 and has declined 29 percent over the past decade. The ongoing decrease in imprisonment has occurred alongside long-term reductions in crime. Since 2008, the combined national violent and property crime rate dropped 23 percent, Pew’s analysis shows.

❝ Also since that 2008 peak, 36 states reduced their imprisonment rates, including declines of 15 percent or more in 20 states from diverse regions of the country, such as Alaska, Mississippi, South Carolina, and Connecticut. During the same period, almost every state recorded a decrease in crime with no apparent correlation to imprisonment (see Figure 1). The latest data, released Jan. 9 by the federal Bureau of Justice Statistics, show that trends in crime and imprisonment continue to be unrelated…

Not that anyone expects Trumplets to claim any credit for results directly reflecting changes during Obama’s two terms in office. Nope, our Republican priests will have to write new dogma which makes this effect somehow the result of some new sort of crime measurement.

Of course.