SFGATE: Wells Fargo takes biggest loss in 2 years after new punishment

Wells Fargo takes biggest loss in 2 years after new punishment
Published on February 05, 2018 at 03:43PM by Laura J. Keller and Shahien Nasiripour, Bloomberg
(Bloomberg) — The Federal Reserve just devised a harsh new punishment after Wells Fargo & Co. landed in scandal after scandal — one that may haunt every big bank.
The San Francisco-based lender had its rating cut by three analysts and fell by the most in more than two years on Monday after the Fed banned the bank from growing until it convinces authorities it’s addressing shortcomings. The cap on total assets could cost it $400 million in profit this year and handicap it long-term by giving its largest competitors an advantage in pursuing new business.

Seattle Finds Facebook in Violation of City Campaign Finance Law

Seattle Finds Facebook in Violation of City Campaign Finance Law
Published on February 05, 2018 at 10:35PM
Seattle’s election authority said on Monday that Facebook is in violation of a city law that requires disclosure of who buys election ads, the first attempt of its kind to regulate U.S. political ads on the internet. From a report: Facebook must disclose details about spending in last year’s Seattle city elections or face penalties, Wayne Barnett, executive director of the Seattle Ethics and Elections Commission, said in a statement. The penalties could be up to $5,000 per advertising buy, Barnett said, adding that he would discuss next steps this week with Seattle’s city attorney.

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New story in Business from Time: The Dow Just Erased All the Gains for 2018 in a Single Day

The Dow Jones industrial average plunged 1,175 points, or 4.6 percent, erasing its gains for the year.

The Dow’s drop Monday was its biggest in terms of points, but it had a larger percentage drop as recently in 2011.

The Dow is down 8.5 percent from the record high it hit in late January.

The slump began Friday as investors worried that higher inflation and interest rates could derail the long-running rally.

At one point the Dow was down as much as 1,600 points.

The Dow ended at 24,345.

The Standard & Poor’s 500, the benchmark for many index funds, fell 113 points, or 4.1 percent, to 2,648. The Nasdaq fell 273, or 3.8 percent, to 6,967.

Bond prices rose. The yield on the 10-year Treasury fell to 2.73 percent.

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New story in Business from Time: The Dow Just Erased All the Gains for 2018 in a Single Day

The Dow Jones industrial average plunged 1,175 points, or 4.6 percent, erasing its gains for the year.

The Dow’s drop Monday was its biggest in terms of points, but it had a larger percentage drop as recently in 2011.

The Dow is down 8.5 percent from the record high it hit in late January.

The slump began Friday as investors worried that higher inflation and interest rates could derail the long-running rally.

At one point the Dow was down as much as 1,600 points.

The Dow ended at 24,345.

The Standard & Poor’s 500, the benchmark for many index funds, fell 113 points, or 4.1 percent, to 2,648. The Nasdaq fell 273, or 3.8 percent, to 6,967.

Bond prices rose. The yield on the 10-year Treasury fell to 2.73 percent.