Wells Fargo faults two executives for scandal

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The markets traded higher during the midday with the Dow gaining 44 points to 20,700. Nasdaq rose 15 points to 5,892. 


The Wells Fargo Board of Directors completed its six month investigation into the fake accounts scandal that prompted the firing of 5,300 employees last year. The report said that there were abundant warning signs about the illegal behavior but the bank was failed to address the problem and protect their clients. An additional $75 million will be clawed back from the two executives who have been held accountable for the scandal, former chief executive John G. Stumpf and former head of community banking Carrie L. Tolstedt.


The Department of Labor has accused Google of underpaying women for positions that are comparable to jobs held by men. Google denied the allegations saying that the technology company performs an annual analysis of compensation practices and has found no disparities in pay. The government investigation into Google's pay practices began after a lawsuit was filed to prevent Google from working for the federal government until an employee compensation audit was completed.


Ford Motor introduced its new Ford Police Responder Hybrid Sedan that boasts 38 miles per gallon. The vehicle will be tested by the Los Angeles Sheriff's Department and the Michigan State Police to qualify as "pursuit rated." Ford claims that each car will save police departments approximately $3,900 in fuel expenses ever year.


In the broad market, advancing issues outpaced decliners by a margin of 7 to 3 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 index gained 6 points to 2,361. Bitcoin fell $6 to $1196.


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