An anonymous reader quotes CNN: The Federal Reserve has dropped the hammer on Wells Fargo, [handing] down unprecedented punishment late Friday for what it called the bank’s “widespread consumer abuses, ” including its notorious creation of millions of fake customer accounts. Wells Fargo won’t be allowed to get any bigger than it was at the end of last year — $2 trillion in assets — until the Fed is satisfied that it has cleaned up its act. Under pressure from the Fed, the bank agreed to remove three people from the board of directors by April and a fourth by the end of the year. It is the first time the Federal Reserve has imposed a cap on the entire assets of a financial institution, according to a Fed official. “We cannot tolerate pervasive and persistent misconduct at any bank, ” outgoing Fed Chairwoman Janet Yellen said in a statement. Friday was her last day on the job…. Wells Fargo admitted that its workers responded to wildly unrealistic sales goals by creating as many as 3.5 million fake accounts. The bank has also said it forced up to 570, 000 customers into unneeded auto insurance… About 20, 000 of those customers had their cars wrongfully repossessed in part due to these unwanted insurance charges. In August, Wells Fargo was sued by small business owners who say the bank used deceptive language to dupe mom-and-pop businesses into paying “massive early termination fees.” The company was in the headlines again in October for charging about 110, 000 mortgage borrowers undue fees. One U.S. congressman argued that the harsh penalty “demonstrates that we have the tools to rein in Wall Street — if our regulators have the guts to use them.” Wells Fargo has also spent $3.3 billion on legal bills in just the last three months of 2017. Read more of this story at Slashdot.
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Wells Fargo Hit With ‘Unprecedented’ Punishment Over Fake Accounts
schwit1 writes The Justice Department and FBI have formally acknowledged that nearly every examiner in an elite FBI forensic unit gave flawed testimony in almost all trials in which they offered evidence against criminal defendants over more than a two-decade period before 2000. Of 28 examiners with the FBI Laboratory’s microscopic hair comparison unit, 26 overstated forensic matches in ways that favored prosecutors in more than 95 percent of the 268 trials reviewed so far, according to the National Association of Criminal Defense Lawyers (NACDL) and the Innocence Project, which are assisting the government with the country’s largest post-conviction review of questioned forensic evidence. The cases include those of 32 defendants sentenced to death. Of those, 14 have been executed or died in prison, the groups said under an agreement with the government to release results after the review of the first 200 convictions. Read more of this story at Slashdot. 
mpicpp sends this news from CNET: Reports are emerging that Samsung smart TVs have begun inserting short advertisements directly into video streaming apps, with no influence from the third-party app providers. The news comes just days after Samsung made headlines for another incursion into users’ lounge rooms, when it was revealed that its TV voice recognition software is capable of capturing personal information and transmitting it to third parties. … The issue has been reported on the Plex streaming service — a brand of media player that allows users to stream their own video from a personal library or hard drive and push it to a smart TV. Samsung says this was not intentional, and that they’ve fixed it so the ads should no longer show up. Read more of this story at Slashdot. 
formaggio writes “According to the Xinhua News Agency, the Chinese government is now allowing courts to punish those who commit environment crimes with the death penalty. The new judicial interpretation comes in the wake of several serious environmental problems that have hit the country over the last few months, including dangerous levels of air pollution, a river full of dead pigs, and other development projects that have imperiled public health.” Read more of this story at Slashdot. 
