Exchange Commission

Wells Fargo says it may find many more fake accounts

New York - AFP

Beleaguered banking giant Wells Fargo said Friday it might uncover even more fake accounts, broadening a scandal that has dogged the company for nearly a year. The third largest bank in the US said it was extending its internal probe to cover three additional years, which likely will uncover more fake savings and credit card accounts. The company also revealedRead more

Wall Street bonuses targeted in new US rules

New York - AFP

Senior executives with large banks would have to wait four years before collecting much of their bonus pay under a proposed regulation in response to the 2008 financial crisis. The draft rules unveiled Thursday as part of the 2010 Dodd-Frank financial reforms take aim at an incentive system that critics say helped precipitate the crisis by encouraging reckless, bad betsRead more

US probes target health care startup Theranos

San Francisco - AFP

Theranos, a startup that touted a revolutionary new way to test blood, has revealed it is under scrutiny by US civil and criminal authorities. Investigations by the US Attorney's Office and the Securities and Exchange Commission are ongoing, with documents being requested from the California-based company, Theranos told partners in a memo, a copy of which was obtained by AFPRead more

Stock buybacks stay popular despite criticism

New York - Arab Today

Confronted with a sluggish global economy, US companies have settled on a controversial tool that rewards shareholders and executives: share buybacks. First permitted by the US Securities and Exchange Commission in 1982, the use of share buybacks has spread rapidly over the last five years due in part to pressure from activist investors anxious for a quick payoff. When companiesRead more

Stock buybacks stay popular despite criticism

New York - AFP

ExxonMobil, Chevron told to allow investor climate votes

New York - AFP

US regulators have told ExxonMobil and Chevron to permit shareholders to vote on resolutions requiring assessments of how climate change policies might affect them, according to documents released Thursday. The two oil giants had sought to persuade regulators to allow them to drop the resolutions, which are backed by environmentalists and employee retirement programs in California and New York. TheRead more