Tag Archive: Fake Bank Accounts

Toxic Business Culture, Corporate Scandals, Business Ethics

What happens when corporations put profits before customers? With all the corporate scandals happening these days, we all know the answer that question. And someone needs to act.

I am still not over the footage i watched where a passenger was forcibly dragged out United Airlines just because he refused to give up his seat. To be honest, the details of the story are shameful, horrific and sickening to the core. ( You can read all about it on Fortune and CNBC )

I also can’t get over what United C.E.O. Oscar Munoz said in a statement on Monday …“I apologize for having for having to re-accommodate these customers…” Really? That statement got me thinking. The passenger was literally singled out, dragged, humiliated and thrown off the plane. And they call that ‘re-accommodate‘? What is going on?

No need to apply communication and PR skills to sugarcoat this matter! They need to address the issue of overbooking their flights and avoid disappointing their paying customers.

Wells Fargo is still plagued by scandals. Last year, it admitted that a large number of employees had set up sham accounts to meet sales quotas. The company was ordered to pay $185 million in penalties.(Washington post)  The Consumer Financial Protection Bureau (CFPB) fined Wells Fargo Bank about  $100 million for the widespread illegal practice. The bank was also expected to pay an additional $35 million penalty to the Office of the Comptroller of the Currency, and another $50 million to the City and County of Los Angeles. (Consumer Finance) Well now those scandals over fake accounts have continued to hurt its business. (More on CFO and Fortune)

Turmoil sweeping Uber- The startup has suffered scandals in the last few days. There has been reports and accusations about bad work place culture, legal threats and sexual harrassment( more at Yahoo.Finance and susanjfowler.com)  The company was also recently accused of using secret program to track rival LYFT drivers. (More at Newsweek)

In other news, from fake news to fake investment news –Fake Investment News Could Be Here to Stay. The SEC is prosecuting online stock fraud (More on Barrons.com)

With all the pressures facing corporations, there has never been a better time for business leaders with ethics and values.  I came across an article on BW Disrupt about the importance of business ethics and why it holds the key to lasting success for any organisation. The author writes “There is no greater satisfaction than achieving success by following the righteous path, even if it means choosing the longer and harder road, because while doing so, you build a solid and unshakeable foundation for the company that guarantees long lasting success.” Read more BW Disrupt .

 

Weekly Roundup- Cyber Security, Snaps Spectacles, Artificial Intelligence, Chinese Yuan

“Reading furnishes the mind only with materials of knowledge; it is thinking that makes what we read ours.”   ― John Locke

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Cyber Security and Self driving cars

Karamba Security, a cyber security startup based in Hod Hasharon, Israel, raises $2.5 million to keep self-driving cars safe from hackers. (Source Techcrunch)

-Who hacked Yahoo?Apparently, it was an Eastern European gang (Source Fortune) See also the main lesson to be learnt from the Yahoo breach ( Financial Times)

Artificial Intelligence

-The world’s largest technology companies; Amazon, DeepMind/Google, Facebook, IBM, and Microsoft, are collaborating to see the way forward for the future of Artificial Intelligence. The five tech titans, have joined forces to create a non-profit organization with an aim to advance the ‘public understanding of artificial intelligence technologies’ (AI) and to ‘ formulate best practices on the challenges and opportunities within the field’. (Source  Partnership on AI)

Snapchat Spectacles

-The cool Snap’s spectacles! Snapchat (renamed Snaps Inc.) recently released it’s first pair of sunglasses which record videos in 10-seconds. Isn’t that cool? According to Recode, the man behind Spectacles, Snapchat’s new smart sunglasses is Steve Horowitz, a former software engineer for Google’s Android platform.

-So why would users choose a pair of video sunglasses over traditional smartphones to take snaps? In a Wall Street Journal article, Evan Spiegel, CEO  Snap Inc responded by saying that the images are fundamentally different compared to those taken via a typical smartphone. He added that “Spectacles’ camera uses a 115-degree-angle lens, wider than a typical smartphone’s and much closer to the eyes’ natural field of view. The video it records is circular, more like human vision.” (Read more  at WSJ)

-How do the Snapchat Spectacles work?  According to the company, it has created the smallest wireless video cameras in the world, which are integrated into a pair of sunglasses and can take up to a day’s worth of Snaps on a single charge. It gets better, it’s available in 3 different colors!- BLACK, TEAL, AND CORAL!  (Find out how Snapchat’s Spectacles will work on the Verge)

Global Trade and Employment- Trade Policy in the EU

-More Wealth, More Jobs, but Not for Everyone- What’s going on?  Did the economists fail to ‘anticipate the accompanying joblessness’? And are governments just watching and doing nothing about it?  “… More global trade is a good thing if we get a piece of the cake…But that’s the problem. We’re not getting our piece of the cake….”  ( More at New York Times)

China’s Yuan- Renminbi 

-China’s ambition to ensure the yuan ‘enters the International Monetary Fund’s basket of reserve currencies’ has finally become a success. As from October 1, the IMF will make effective the new SDR basket which will also include the Chinese renminbi in addition to the current SDR basket currencies, which are the U.S. dollar, euro, yen and pound sterling. (Source-IMF)   But is it there yet? (Read more at Bloomberg)

Fake Bank Accounts at Wells Fargo 

-Apparently, the fake bank accounts at Wells Fargo began more than  5 years ago. In fact according to sources, the shocking fraudulent activities existed before 2011. Why didn’t anyone do something about it then? ( Read more at CNN Money)