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Chicago suspends Wells Fargo from city business for a year

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The Chicago City Council on Wednesday approved a one-year suspension for Wells Fargo & Co from city business in the wake of its scandal over phony accounts.

The ban includes bond underwriting, brokerage, trustee and other services the bank has provided to Chicago. Wells Fargo has earned $19.5 million in fees from Chicago since 2005.

Wells Fargo staff opened checking, savings and credit card accounts without customer say-so for years to satisfy managers’ demand for new business, according to a $190 million settlement with U.S. regulators and California prosecutors reached on Sept. 8. The bank said it fired 5,300 employees over the issue.

“I hope this action by the city of Chicago will echo around the nation and make it clear to other institutions this conduct is unacceptable,” said Alderman Edward Burke, who heads the council’s finance committee.

Wells Fargo said it was disappointed in Chicago’s action, but that it would continue to serve local customers and support nonprofit community agencies and educational institutions and foundations.

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“Wells Fargo is disappointed that the Chicago City Council has chosen to suspend a relationship with one of the nation’s safest and strongest financial institutions at a time when the city needs access to dependable financial partners,” the bank said in a statement.

Last week, California State Treasurer John Chiang announced a sweeping suspension of the state’s business relationships with Wells Fargo for the next 12 months. Illinois Governor Bruce Rauner’s office, which included Wells Fargo in a pool of senior underwriters for bond sales, said on Sunday the state would not be using the bank for debt deals “until further notice.”

Illinois Treasurer Michael Frerichs on Monday suspended $30 billion in state investment activity with the bank. Those activities include investments in Wells Fargo debt and bank broker/dealer services.

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(Reporting by Karen Pierog and Dave McKinney; Editing by Matthew Lewis)


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Susan Collins might back out of 2020 election as her approval rating plummets

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It's been one week to the day since Sen. Susan Collins' (R-ME) public job approval ratings showed she was in trouble. As a result, she may be rethinking running at all in 2020.

Collins has seen a significant drop in her approval rating since President Donald Trump came to Washington and now she's thinking about not running. Four years ago, Collins was one of the most popular senators in the United States with 78 percent job approval in her home state. That number is now at 45 percent.

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The GOP just made a really huge mistake: David Cay Johnston

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House Republicans made a huge mistake during the Mueller hearings Wednesday. Unintentionally, for sure, they created the opportunity for Speaker Nancy Pelosi to overcome the only reason to avoid impeaching Trump – the certainty that Mitch McConnell would never allow the Senate to convict.

The GOP mistake? Not raising one word of concern about Russian interference in the 2016 election. 

Not a word about the fact that the Kremlin wanted Trump to win, set out to make that happen. Not one word about the fact that Trump and his team eagerly embraced their help. Not one word asking about the sensitive campaign strategy materials that Trump’s campaign chairman, now a convicted felon, shared with a Russian oligarch. Not one question designed to pursue all the lying, denying and hiding the facts of Russian interference in our democracy.

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More than half of online gamers hit with racist or sexist harassment: Anti-Defamation League

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Two-thirds of the people who play video games on the internet find themselves subjected to campaigns of "hate, harassment and discrimination," according to a new study conducted by the Anti-Defamation League's Center on Technology and Society.

The ADL says that it has found that 65 percent of gamers surveyed said they had experienced forms of "severe" harassment such as physical threats and stalking, while 74 percent of gamers experienced some lesser form of online harassment.

What's more, the nature of this harassment had a decidedly racial edge, as 53 percent reported "being targeted based on their race, religion, ability, gender, gender identity, sexual orientation, or ethnicity."

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