March 4, 2025

Chronoto.pe

Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
Headlines

Banking

As a taxi lender seizes medallions, cabbies are caught in the carnage | Crain’s New York Business

Matthew Flamm028 mins

Cab drivers and owners get caught in the headlights of a troubled taxi lender As Melrose Credit Union looks to seize assets instead of refinancing medallion loans, individual owners fear for their future Photo: Buck Ennis THE ROAD AHEAD Drivers such as Medina are 
weighing whether to stay 
 in the business. inheritedlink: /apps/pbcs.dll/article?AID=/20170709/SMALLBIZ/170709944&template=rwd& morning10:…

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The Car Was Repossessed, but the Debt Remains – The New York Times

Jessica Silver-Greenberg and Michael Corkery017 mins

close dealbook-branding close story-meta Photo Unable to recover the balance of loans by repossessing and reselling the cars of owners who default, some subprime lenders are aggressively suing the borrowers to collect what remains. Credit Spencer Platt/Getty Images More than a decade after Yvette Harris’s 1997 Mitsubishi was repossessed, she is still paying off her…

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Financiers Fight Over the American Dream – The New Yorker

Sheelah Kolhatkar097 mins

  Bill Ackman saw his hedge fund’s crusade against Herbalife as a moral battle with a billion-dollar payday.CreditIllustration by Mike McQuade / Photograph by Andrew Harrer / Bloomberg / Getty Barrier Status: ‘none’ One day in the summer of 2011, Christine Richard arrived at the forty-second floor of a high-rise on Fifty-seventh Street in Manhattan to visit a…

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Wells Fargo’s New Account Openings Down 30% After Fake Account Fiasco – Consumerist

Ashlee Kieler04 mins

Wells Fargo’s New Account Openings Down 30% After Fake Account Fiasco Image courtesy of Mike Mozart Despite overhauling its teller pay system and ditching a high-pressure sales goal incentive program, Wells Fargo continues to face the consequences of its fake account fiasco perpetrated by employees who opened more than two million unauthorized accounts, as customers continue…

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Real Estate Is Latest Target for Would-Be Disrupters – WSJ

Eliot Brown and Laura Kusisto09 mins

A real-estate startup called Compass Inc. has hired hundreds of sales agents away from older rivals, collected $225 million from marquee investors and amassed a valuation of over $1 billion, all with the pitch that its software can make brokers more efficient. Real-estate veterans say they’re baffled by how the four-year-old firm, active in only…

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Senate confirms Mnuchin as treasury secretary – The Washington Post

Max Ehrenfreund09 mins

The U.S. Senate voted to confirm former banker and Hollywood financier Steven Mnuchin as Treasury secretary. (Reuters) The Senate confirmed Steven T. Mnuchin as treasury secretary Monday evening, putting an end to a contentious and protracted debate while adding another former banker to President Trump’s roster of advisers. Mnuchin ran a bank, OneWest, that foreclosed on tens…

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Western Union Admits Anti-Money Laundering Violations and Settles Consumer Fraud Charges, Forfeits $586 Million in Settlement with FTC and Justice Department | Federal Trade Commission

Federal Trade Commission028 mins

Company also agrees to implement anti-fraud program and enhanced compliance obligations in agreements with federal authorities   The Western Union Company (Western Union), a global money services business headquartered in Englewood, Colorado, has agreed to forfeit $586 million and enter into agreements with the Federal Trade Commission, the Justice Department, and the U.S. Attorneys’ Offices…

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Traders scheme to cash in on Trump tweets – POLITICO

BEN WHITE and PATRICK TEMPLE-WEST09 mins

NEW YORK — President-elect Donald Trump issued a single tweet blasting defense contractor Lockheed Martin Corp. at 8:30 a.m. on Monday. By lunchtime, he had wiped $4 billion off the company’s market value. Wall Street traders began dumping the company’s stock after Trump criticized its fighter jet program: “The F-35 program and cost is out…

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