Chinese military conducts anti-ship ballistic missile tests in the hotly contested South China Sea

WASHINGTON — China is in the midst of conducting a series of anti-ship ballistic missile tests in the hotly contested waters of the South China Sea, according to two U.S. officials with knowledge of the matter. While the U.S. military has ships in the South China Sea, they were not close to the weekend test and are not in danger, the official said. The South China Sea, which is home to more than 200 specks of land, serves as a gateway to global sea routes where approximately $3.4 trillion of tra


WASHINGTON — China is in the midst of conducting a series of anti-ship ballistic missile tests in the hotly contested waters of the South China Sea, according to two U.S. officials with knowledge of the matter. While the U.S. military has ships in the South China Sea, they were not close to the weekend test and are not in danger, the official said. The South China Sea, which is home to more than 200 specks of land, serves as a gateway to global sea routes where approximately $3.4 trillion of tra
Chinese military conducts anti-ship ballistic missile tests in the hotly contested South China Sea Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: amanda macias, courtney kube
Keywords: news, cnbc, companies, hotly, south, contested, chinese, tests, china, trade, military, missile, sea, official, conducts, waters, test, weekend


Chinese military conducts anti-ship ballistic missile tests in the hotly contested South China Sea

Crew members of the Chinese Navy stand guard on the deck of Chinese PLA Navy ship on May 23, 2014.

WASHINGTON — China is in the midst of conducting a series of anti-ship ballistic missile tests in the hotly contested waters of the South China Sea, according to two U.S. officials with knowledge of the matter.

The Chinese carried out the first test over the weekend, firing off at least one missile into the sea, one official said. The window for testing remains open until Wednesday, and the official expects the Chinese military to test again before it closes.

While the U.S. military has ships in the South China Sea, they were not close to the weekend test and are not in danger, the official said. However, the official added that the test is “concerning.” The official, who was not authorized to speak about the testing, could not say whether the anti-ship missiles being tested represent a new capability for the Chinese military.

The Pentagon did not immediately respond to CNBC and NBC’s requests for comment.

The development comes as the U.S. and China have paused tensions in their ongoing trade battle. U.S. President Donald Trump and Chinese President Xi Jinping agreed over the weekend at the G-20 summit in Japan to restart negotiations and not impose new tariffs on each other’s goods. A burgeoning trade deal between the two countries fell through in the beginning of May.

The South China Sea, which is home to more than 200 specks of land, serves as a gateway to global sea routes where approximately $3.4 trillion of trade passes annually.

The numerous overlapping sovereign claims to islands, reefs and rocks — many of which disappear under high tide — have turned the waters into an armed camp. Beijing holds the lion’s share of these features with approximately 27 outposts peppered throughout.

In May 2018, China quietly installed anti-ship cruise missiles and surface-to-air missile systems on three of its fortified outposts west of the Philippines in the South China Sea, a move that allows Beijing to further project its power in the hotly disputed waters, according to sources with direct knowledge of U.S. intelligence reports.

According to U.S. intelligence reports, the installations mark the first Chinese missile deployments to Fiery Cross Reef, Subi Reef and Mischief Reef in the Spratly Islands. The Spratlys, to which six countries lay claim, are located approximately two-thirds of the way east from southern Vietnam to the southern Philippines.

By all accounts, the coastal defense systems represent a significant addition to Beijing’s military portfolio in one of the most contested regions in the world.

The U.S. has remained neutral – but expressed concern – about the overlapping sovereignty claims to the Spratlys.

Still, the U.S. and China have disagreed over several issues regarding the South China Sea.

“China does need to have necessary defense of these islands and rocks, which we believe are Chinese territory,” high-ranking Chinese Col. Zhou Bo told CNBC in June. His remarks came after then-acting U.S. Defense Secretary Patrick Shanahan said America would no longer “tiptoe” around Chinese behavior in the region.

Amanda Macias covers the Pentagon for CNBC. Courtney Kube is an NBC News correspondent covering national security and the Pentagon.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: amanda macias, courtney kube
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Trump’s latest sanctions on Iran may be the end of the diplomatic road, says former US official

U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday. Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime. Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American m


U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday. Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime. Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American m
Trump’s latest sanctions on Iran may be the end of the diplomatic road, says former US official Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: shirley tay
Keywords: news, cnbc, companies, washington, road, responsible, waters, official, usiran, hochstein, ayatollah, sanctions, diplomatic, iranian, united, iran, end, trumps, latest


Trump's latest sanctions on Iran may be the end of the diplomatic road, says former US official

U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday.

Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime.

While the new sanctions aim to deny top Iranian officials access to important financial resources, “the Ayatollah and most of the people closest to him don’t really have bank accounts in their names … in Europe or outside of Iran” that would be hit by the sanctions, said Amos Hochstein, who served as U.S. special envoy for international energy affairs under the Obama administration.

Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American military drone last Thursday. The Trump administration has accused Iran of being responsible for a recent attack on six oil tankers in or near the Strait of Hormuz.

However, Washington may be treading into dangerous waters in its Iran policy, Hochstein told CNBC’s “Street Signs Asia. ”

“When (U.S. Secretary of State Mike) Pompeo says that the United States has sanctioned more than 80% of the (Iranian) economy, that’s the good news, but it’s also the bad news, ” he added.

“What else do you have to do that will actually have to affect the Iranians’ calculus?” Hochstein asked.


Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: shirley tay
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Congress will move ‘aggressively’ to examine Facebook’s cryptocurrency, Rep. Maxine Waters says

Top lawmakers are not hesitating to examine Facebook’s ambitious new cryptocurrency project. “We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, told CNBC’s “Closing Bell ” Thursday. Facebook has faced widespread scrutiny in the days following its plan to launch a global cryptocurrency. “We don’t have a regulatory agency to oversee who they are and what


Top lawmakers are not hesitating to examine Facebook’s ambitious new cryptocurrency project. “We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, told CNBC’s “Closing Bell ” Thursday. Facebook has faced widespread scrutiny in the days following its plan to launch a global cryptocurrency. “We don’t have a regulatory agency to oversee who they are and what
Congress will move ‘aggressively’ to examine Facebook’s cryptocurrency, Rep. Maxine Waters says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: kate rooney
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Congress will move 'aggressively' to examine Facebook's cryptocurrency, Rep. Maxine Waters says

Top lawmakers are not hesitating to examine Facebook’s ambitious new cryptocurrency project.

“We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, told CNBC’s “Closing Bell ” Thursday. “I think it’s very important for them to stop right now what they’re doing so that we can get a handle on this.”

Facebook has faced widespread scrutiny in the days following its plan to launch a global cryptocurrency. The social network’s announcement Tuesday caught the attention of Waters and other senior congressional finance committee members, global regulators, former lawmakers and industry insiders who questioned Facebook’s ambitions.

In a statement Tuesday, Waters asked Facebook to delay the project, which she said was a continuation of its “unchecked expansion and extending its reach into the lives of its users.”

“We don’t have a regulatory agency to oversee who they are and what they’re doing,” Waters said Thursday on CNBC. “This is like starting a bank without having to go through any steps to do it.”

Earlier this week, Facebook announced that it would launch a cryptocurrency run by the nonprofit Switzerland-based Libra Association in 2020. The project will not be controlled or fully run by Facebook, according to its white paper. It’s also being run by a collaboration of organizations and companies that include Stripe, Uber, Mastercard, Visa, PayPal and Spotify. But Facebook has plans to profit from it through a new subsidiary, Calibra, that is building a digital wallet to store and exchange the cryptocurrency.

Federal Reserve Chairman Jerome Powell said that Facebook spoke to the central bank about the digital currency and that to his knowledge, the social network has made “quite broad rounds around the world with regulators, supervisors and lots of people to discuss their plans, and that certainly includes us.”

Waters is not the only Congress member pushing back on Facebook’s plan. The senior Republican on the House Financial Services Committee, Rep. Patrick McHenry of North Carolina, highlighted “its potential unprecedented impact on the global financial system” and called for a hearing. Sen. Sherrod Brown of Ohio, the senior Democrat on the Senate Banking Committee, said, “Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy.”

“We look forward to responding to lawmakers’ questions as this process moves forward,” a Facebook spokesperson told CNBC.

Waters highlighted consumer protection, data and privacy issues and “ways that Facebook has conducted itself in the past” as reasons for a congressional hearing.

“There are a lot of issues with Facebook,” she said. “They’re creating their own cryptocurrency — it’s going to be an alternative to the dollar, so I think it’s very important for them to stop right now what they’re doing so that we can get a handle on this.”


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: kate rooney
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Congress looks into ways to regulate Facebook’s cryptocurrency, Libra

Congress looks into ways to regulate Facebook’s cryptocurrency, Libra11:33 AM ET Wed, 19 June 2019CNBC’s Ylan Mui reports on “Squawk Alley” that Rep. Maxine Waters, head of the House Financial Services Committee, has called for a moratorium on Facebook’s planned currency Libra until Congress has the opportunity to ask questions, claiming the company has gone “unchecked.”


Congress looks into ways to regulate Facebook’s cryptocurrency, Libra11:33 AM ET Wed, 19 June 2019CNBC’s Ylan Mui reports on “Squawk Alley” that Rep. Maxine Waters, head of the House Financial Services Committee, has called for a moratorium on Facebook’s planned currency Libra until Congress has the opportunity to ask questions, claiming the company has gone “unchecked.”
Congress looks into ways to regulate Facebook’s cryptocurrency, Libra Cached Page below :
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Congress looks into ways to regulate Facebook's cryptocurrency, Libra

Congress looks into ways to regulate Facebook’s cryptocurrency, Libra

11:33 AM ET Wed, 19 June 2019

CNBC’s Ylan Mui reports on “Squawk Alley” that Rep. Maxine Waters, head of the House Financial Services Committee, has called for a moratorium on Facebook’s planned currency Libra until Congress has the opportunity to ask questions, claiming the company has gone “unchecked.”


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Rep. McHenry calls for a hearing on Facebook’s cryptocurrency: ‘We should be better informed’

Rep. Patrick McHenry has questions about Facebook’s plan for its cryptocurrency. “There are so many open questions here, and I think we should actually be better informed,” he said on “Closing Bell. ” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, asked the company to delay the project until Congress and financial watchdogs can get more information. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion


Rep. Patrick McHenry has questions about Facebook’s plan for its cryptocurrency. “There are so many open questions here, and I think we should actually be better informed,” he said on “Closing Bell. ” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, asked the company to delay the project until Congress and financial watchdogs can get more information. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion
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Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: michelle fox
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Rep. McHenry calls for a hearing on Facebook's cryptocurrency: 'We should be better informed'

Rep. Patrick McHenry has questions about Facebook’s plan for its cryptocurrency.

The Republican from North Carolina is calling for a hearing on the matter, although he told CNBC on Wednesday he isn’t prejudging the social media giant and its proposal.

“There are so many open questions here, and I think we should actually be better informed,” he said on “Closing Bell. ”

“What I’m asking for is a hearing on what they’re proposing with project Libra and the consortium that they’ve built around the world, how they are going to utilize it, the opportunity and the intention that they have.”

Facebook announced on Tuesday that in 2020 it will launch a cryptocurrency, run by the nonprofit Switzerland-based Libra Association. It is also collaborating with several companies, including Mastercard, Visa and PayPal.

The news has some on Capitol Hill concerned, or at least hesitant.

Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, asked the company to delay the project until Congress and financial watchdogs can get more information.

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,” she said in a statement Tuesday.

However, McHenry said he’s looking at Facebook’s crypto as an issue separate from the regulatory ones the company is already facing.

“You can have a worldview about whether or not Facebook is a savior of the world or the ‘Death Star,’ but the question of cryptocurrency is a wholly separate thing than Facebook and the utilization of our data,” he said.

Tune in: Rep. Maxine Waters will appear on “Closing Bell” on Thursday at 3 p.m. ET.

— CNBC’s Kate Rooney contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: michelle fox
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Rep. Maxine Waters asks Facebook to pause work on cryptocurrency Libra

Democratic Rep. Maxine Waters, chair of the House Financial Services Committee, on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020. Facebook and a consortium of partners on Tuesday unveiled Libra, its much-awaited blockchain project that the company has been working on over the past year. Rep. Patrick McHenry, the ranking Republican on the committee, had requested Waters to call the hearing earlier in the day. “


Democratic Rep. Maxine Waters, chair of the House Financial Services Committee, on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020. Facebook and a consortium of partners on Tuesday unveiled Libra, its much-awaited blockchain project that the company has been working on over the past year. Rep. Patrick McHenry, the ranking Republican on the committee, had requested Waters to call the hearing earlier in the day. “
Rep. Maxine Waters asks Facebook to pause work on cryptocurrency Libra Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: salvador rodriguez
Keywords: news, cnbc, companies, maxine, cryptocurrency, work, past, pause, financial, company, libra, waters, asks, project, regulators, data, facebook, rep, provide


Rep. Maxine Waters asks Facebook to pause work on cryptocurrency Libra

Democratic Rep. Maxine Waters, chair of the House Financial Services Committee, on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” Waters said in a statement on Tuesday.

Facebook and a consortium of partners on Tuesday unveiled Libra, its much-awaited blockchain project that the company has been working on over the past year. Libra is an open-source digital currency that people will be able to use to transfer money to peers or merchants over the internet. Facebook is also introducing a digital wallet, Calibra, for users to store and exchange the currency.

Rep. Patrick McHenry, the ranking Republican on the committee, had requested Waters to call the hearing earlier in the day. “While there is great promise for this new technology in fostering financial inclusion and faster payments, particularly in the developing world, we know there are many open questions as to the scope and scale of the project and how it will conform to our global financial regulatory framework,” he wrote. “We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the financial system.”

Senator Sherrod Brown, a Democrat, also expressed skepticism, tweeting “We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight.”

Sen. Mark Warner, a Democrat, echoed the sentiment, saying Facebook is a company that has lost Americans’ trust in its ability to keep their data private.

“The idea that we are going to turn over our financial data and information to that company, I think they have a big uphill effort to try to convince Americans that they ought to trust in Facebook’s proprietary interest in keeping your data secret,” Warner said.

A Facebook spokesperson told CNBC, “We look forward to responding to lawmakers’ questions as this process moves forward.”

You can read Waters’ full statement below:

Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. It has also exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers. Facebook has also been fined large sums and remains under a Federal Trade Commission consent order for deceiving consumers and failing to keep consumer data private, and has also been sued by the government for violating fair housing laws on its advertising platform. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies. Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues.

WATCH: Here’s how to see which apps have access to your Facebook data — and cut them off


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: salvador rodriguez
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House passes $19 billion disaster relief bill after delays, sending it to Trump

Oliver Kelly, 1 year old, cries as he is carried off the sheriff’s airboat during his rescue from rising flood waters in the aftermath of Hurricane Florence in Leland, North Carolina, September 16, 2018. The House passed a long awaited $19 billion disaster aid package Monday that, pending President Donald Trump’s signature, would send relief to areas of the U.S. battered by storms. The chamber approved the measure by a 354-58 vote after Republicans blocked three previous attempts to pass it unan


Oliver Kelly, 1 year old, cries as he is carried off the sheriff’s airboat during his rescue from rising flood waters in the aftermath of Hurricane Florence in Leland, North Carolina, September 16, 2018. The House passed a long awaited $19 billion disaster aid package Monday that, pending President Donald Trump’s signature, would send relief to areas of the U.S. battered by storms. The chamber approved the measure by a 354-58 vote after Republicans blocked three previous attempts to pass it unan
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Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: jacob pramuk
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House passes $19 billion disaster relief bill after delays, sending it to Trump

Oliver Kelly, 1 year old, cries as he is carried off the sheriff’s airboat during his rescue from rising flood waters in the aftermath of Hurricane Florence in Leland, North Carolina, September 16, 2018.

The House passed a long awaited $19 billion disaster aid package Monday that, pending President Donald Trump’s signature, would send relief to areas of the U.S. battered by storms.

The chamber approved the measure by a 354-58 vote after Republicans blocked three previous attempts to pass it unanimously. Only GOP members voted against it Monday. As the Senate has already cleared the bill, it will head to Trump’s desk for his approval.


Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: jacob pramuk
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Philippines’ Duterte calls for action to reduce the risk of military conflict in the South China Sea

President Rodrigo Duterte of the Philippines has called for action to reduce the chance of conflict in the South China Sea, where the United States and other countries are challenging Chinese assertions of sovereignty. Beijing claims most of the disputed sea, parts of which are claimed by countries including the Philippines and Vietnam. China maintains that virtually the entire body of water — where trillions of dollars worth of international trade pass through each year — belongs to it. The Uni


President Rodrigo Duterte of the Philippines has called for action to reduce the chance of conflict in the South China Sea, where the United States and other countries are challenging Chinese assertions of sovereignty. Beijing claims most of the disputed sea, parts of which are claimed by countries including the Philippines and Vietnam. China maintains that virtually the entire body of water — where trillions of dollars worth of international trade pass through each year — belongs to it. The Uni
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Philippines' Duterte calls for action to reduce the risk of military conflict in the South China Sea

President Rodrigo Duterte of the Philippines has called for action to reduce the chance of conflict in the South China Sea, where the United States and other countries are challenging Chinese assertions of sovereignty.

Beijing claims most of the disputed sea, parts of which are claimed by countries including the Philippines and Vietnam. China maintains that virtually the entire body of water — where trillions of dollars worth of international trade pass through each year — belongs to it. The Asian giant has fortified, expanded and militarized reefs and islets to back up its stance.

The United States and other countries which claim no territory in the region have taken issue with Beijing’s position.

The U.S. Navy frequently sends ships within close distance of Chinese-held territory in the sea in what it calls displays of support for the right of freedom of navigation in international waters, angering Beijing. Navies from France and Britain have also carried out similar missions.


Company: cnbc, Activity: cnbc, Date: 2019-06-01  Authors: kelly olsen
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Rep. Maxine Waters calls Wells Fargo CEO’s $2 million bonus outrageous, calls for his removal

Rep. Maxine Waters, the California Democrat who runs the powerful House Financial Services Committee, called for the removal of Wells Fargo CEO Tim Sloan after news that he received a $2 million bonus as part of his 2018 pay package. The San Francisco-based bank disclosed Sloan’s compensation late Wednesday, revealing that the executive got a 5 percent increase in total pay to $18.4 million, including the $2 million bonus, for his work in 2018. “It is outrageous and wholly inappropriate that the


Rep. Maxine Waters, the California Democrat who runs the powerful House Financial Services Committee, called for the removal of Wells Fargo CEO Tim Sloan after news that he received a $2 million bonus as part of his 2018 pay package. The San Francisco-based bank disclosed Sloan’s compensation late Wednesday, revealing that the executive got a 5 percent increase in total pay to $18.4 million, including the $2 million bonus, for his work in 2018. “It is outrageous and wholly inappropriate that the
Rep. Maxine Waters calls Wells Fargo CEO’s $2 million bonus outrageous, calls for his removal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: hugh son, adam jeffery
Keywords: news, cnbc, companies, removal, work, ceos, wells, bank, waters, million, 2018, calls, pay, sloan, rep, wholly, maxine, bonus, outrageous, fargo


Rep. Maxine Waters calls Wells Fargo CEO's $2 million bonus outrageous, calls for his removal

Rep. Maxine Waters, the California Democrat who runs the powerful House Financial Services Committee, called for the removal of Wells Fargo CEO Tim Sloan after news that he received a $2 million bonus as part of his 2018 pay package.

The San Francisco-based bank disclosed Sloan’s compensation late Wednesday, revealing that the executive got a 5 percent increase in total pay to $18.4 million, including the $2 million bonus, for his work in 2018.

“It is outrageous and wholly inappropriate that the bank has rewarded Mr. Sloan with a $2 million bonus for 2018,” Waters said in an emailed statement. She pointed out that last year, “federal regulators and authorities capped the bank’s growth and fined the bank more than $3 billion for offenses such as improperly charging customers auto insurance and mortgage fees.”


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: hugh son, adam jeffery
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Watch Wells Fargo CEO Tim Sloan testify before Democrats in Congress

Embattled Wells Fargo CEO Tim Sloan is testifying before the House Committee on Financial Services. Sloan, 58, is defending his efforts aimed at cleaning up the bank’s fake accounts scandal since taking over Wells Fargo in October 2016. The San Francisco-based bank’s problems came to light earlier that year with the news that employees had created accounts to meet sales goals. Since then, issues have emerged across the bank’s business lines, including its mortgage, auto lending and wealth manage


Embattled Wells Fargo CEO Tim Sloan is testifying before the House Committee on Financial Services. Sloan, 58, is defending his efforts aimed at cleaning up the bank’s fake accounts scandal since taking over Wells Fargo in October 2016. The San Francisco-based bank’s problems came to light earlier that year with the news that employees had created accounts to meet sales goals. Since then, issues have emerged across the bank’s business lines, including its mortgage, auto lending and wealth manage
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Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: hugh son
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Watch Wells Fargo CEO Tim Sloan testify before Democrats in Congress

Embattled Wells Fargo CEO Tim Sloan is testifying before the House Committee on Financial Services.

Sloan, 58, is defending his efforts aimed at cleaning up the bank’s fake accounts scandal since taking over Wells Fargo in October 2016. The San Francisco-based bank’s problems came to light earlier that year with the news that employees had created accounts to meet sales goals. Since then, issues have emerged across the bank’s business lines, including its mortgage, auto lending and wealth management operations.

The session, led by House Financial Services chair Maxine Waters, is called “Holding Megabanks Accountable: An Examination of Wells Fargo’s Pattern of Consumer Abuses.”


Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: hugh son
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