Wells Fargo executives under criminal investigation may face arrest soon
Federal prosecutors are currently investigating a number of people who used to be Wells Fargo executives and may be close to arresting them. The executives were all connected to the Wells Fargo fake accounts scandal and will likely face criminal charges. The bank is also in talks with the US Justice Department to resolve this issue.
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SBA watchdog probes small business loans as scrutiny intensifies
In his letter, Ware said the SBA inspector general's office started reviews of the PPP and the Economic Injury Disaster Loan program on April 24. “The Criminal Division’s Fraud Section is working with our law enforcement partners, the Small Business Administration and banks processing loans under the Paycheck Protection Program to identify outliers in the data," DOJ spokesperson Peter Carr said.
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Airbus decides to settle allegations of bribery and corruption
Airbus, Europe's largest planemaker, has agreed to a settlement with the British, French and American governments due to allegations of corruption and bribery. The company was also accused of violating the U.S. International Traffic in Arms Regulations. It is currently unknown if the company will face any other penalties or what the settlement amount is.
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Facebook is being sued for anti-competitive conduct by four companies
Four different tech companies took Facebook to court on Thursday, accusing the social media giant of ant-competitive behavior. They said that Facebook restricted access to its user data for some apps while placing no restrictions on others. Facebook allegedly did this because it felt that these apps were a threat to it.
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Wells Fargo’s Stablecoin ‘Faster, Cheaper’ Than SWIFT, Says Exec
Banking giant Wells Fargo says its blockchain for internal cross-border money transfers is faster and more efficient than SWIFT, the global messaging system used by over 11,000 financial institutions. She told CoinDesk,
"It’s faster than SWIFT, cheaper and definitely more efficient".
Today, for internal book transfers between branches in different countries, the bank needs to use SWIFT.
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CoinDesk