Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported – NYTimes and WSJ
The WF episode has also exposed gaps in the US regulatory teamwork—as best exemplified by the DOJ’s uber-late notice of the issues at the bank – NYTimes
As we hinted at a few days ago, the SEC’s officially opened an investigation into Exxon Mobil’s valuation and accounting procedures – WSJ and Law360
RBC and its LA-based subsidiary City National are the targets of an investor suit in California state court alleging that the financial institutions aided and abetted a branch manager who scammed them of $123 million through an ATM lease Ponzi scheme – Law360
Japan has announced a major overhaul to its country’s stimulus program after years of economic stagnation – WSJ
Tesla’s got ideas. Lots of them. Apple’s got money. Lots of it. Breakingviews smells synergy there – NYTimes
Barclays is suggesting that a recent 2d Circuit terrorism decision works to prevent a purported antitrust class from pursuing claims in the US for alleged Libor rate-fixing abroad – Law360
Fed Chair Yellen will be holding her usual post-FOMC press conference this afternoon. A September rate hike appears off the table [probably?], but here are some things for which to listen – WSJ
Speaking of, here’s a handy Times feature on why it’s been so hard for the Fed to pull the trigger on another rate increase – NYTimes
Let’s be clear, says SDNY Judge Alison Nathan: Bitcoin is money. Here’s why that was bad news for the defendants – Law360
JPMorgan has named Warren Buffet-protégé Todd Combs to its board. Combs, formerly of Castle Point Capital, had an $11.4 million fund stake in JPM before joining Berkshire Hathaway in 2010 – NYTimes and WSJ
Sometimes, you just need some Goldblum in your life. And sometimes, your hotel understands – HuffingtonPos
