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 quotes TheBlaze: Digital gold from Blizzard’s massive multiplayer online game “World of Warcraft” is worth more than actual Venezuelan currency, the bolivar, according to new data. Venezuelan resident and Twitter user @KalebPrime first made the discovery July 14 and tweeted at the time that on the Venezuela’s black market — now the most-used method of currency exchange within Venezuela according to NPR — you can get $1 for 8493.97 bolivars. Meanwhile, a “WoW” token, which can be bought for $20 from the in-game auction house, is worth 8385 gold per dollar. According to sites that track the value of both currencies, KalebPrime’s math is outdated, and WoW gold is now worth even more than the bolivar. That tweet has since gone viral, prompting @KalebPrime to joke that “At this rate when I publish my novel the quotes will read ‘FROM THE GUY THAT MADE THE WOW GOLD > VENEZUELAN BOLIVAR TWEET.'” Read more of this story at Slashdot. 
mikeebbbd writes: As reported in the Los Angeles Daily News, during the current heatwave various officials swooped down on streets coated with an experimental light-gray sealer that makes the old asphalt into a “cool street” — and it works, with average temperature differences between coated streets and adjacent old asphalt around 10F. At a large parking lot, the temperature reduction was over 20F. If the material holds up and continues to meet other criteria, LA plans to use it on more pavement rehab projects, which could eventually make a difference in the heat island effect. The “CoolSeal” coating is apparently proprietary to a company named GuardTop LLC, costs $25-40K/mile, and lasts 5-7 years. At that price, it’s might not be used a lot, at least at first; typical slurry seals run $15-30K/mile. Read more of this story at Slashdot. 
President Trump on Thursday signed a long-delayed executive order on cybersecurity that “makes clear that agency heads will be held accountable for protecting their networks, and calls on government and industry to reduce the threat from automated attacks on the internet, ” reports The Washington Post. From the report: Picking up on themes advanced by the Obama administration, Trump’s order also requires agency heads to use Commerce Department guidelines to manage risk to their systems. It commissions reports to assess the country’s ability to withstand an attack on the electric grid and to spell out the strategic options for deterring adversaries in cyberspace. [Thomas Bossert, Trump’s homeland security adviser] said the order was not, however, prompted by Russia’s targeting of electoral systems last year. In fact, the order is silent on addressing the security of electoral systems or cyber-enabled operations to influence elections, which became a significant area of concern during last year’s presidential campaign. The Department of Homeland Security in January declared election systems “critical infrastructure.” The executive order also does not address offensive cyber operations, which are generally classified. This is an area in which the Trump administration is expected to be more forward-leaning than its predecessor. Nor does it spell out what type of cyberattack would constitute an “act of war” or what response the attack would invite. “We’re not going to draw a red line, ” Bossert said, adding that the White House does not “want to telegraph our punches.” The order places the defense secretary and the head of the intelligence community in charge of protecting “national security” systems that operate classified and military networks. But the secretary of homeland security will continue to be at the center of the national plan for protecting critical infrastructure, such as the electric grid and financial sector. Read more of this story at Slashdot.