Wells Fargo Bank has been ordered to pay $185 million in fines and penalties to settle what the Consumer Financial Protection Bureau calls “the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.”
Wells Fargo Fined $185 Million Over Creation Of Fake Accounts For Bonuses – (NPR)
These findings should give investors confidence that time-series momentum will continue to be a strategy likely to provide diversification benefits and improve portfolio efficiency.
Swedroe: Trend Following Works Weakest After Crises (ETF.com)
The share of families in debt … remained almost unchanged between 1989 and 2007 and then increased 50% between 2007 and 2013,” the report said.
Americans’ debt problems have evolved – (USA Today)
“I worried about the separation between technical models and real people, and about the moral repercussions of that separation,”
Math is racist: How data is driving inequality – (Money CNN)
It took nearly nine years for total fuel use to surpass its prerecession peak
Americans Drive to a New Record in Gasoline Consumption – (Wall Street Journal)
Wang says his Guli Trend Aggressive Strategy fund has climbed about 750 percent this year, extending an advance since its March 2015 inception to 2,100 percent.
This Hedge Fund Made 2,100% From World’s Most Extreme Market Mania – (Bloomberg)
Man-made climate change about doubled the chances for the type of heavy downpours that caused devastating Louisiana floods last month,
NOAA: Global warming increased odds for Louisiana downpour – (AP)
“Whatever we throw, [it] sticks. That’s why they can learn Spanish in six months when it takes us six years,” says the New York City based child psychologist, “but also why if they’re exposed to community violence, or domestic violence, it really sticks.”
Screening Mental Health In Kindergarten Is Way Too Late, Experts Say – (NPR)
More than 60 percent of the world’s illiterate population are women. Females earn 24 percent less than male workers. Only a fifth of landowners are women and less than a quarter of all lawmakers.
The World Has a Sex Problem. It’s Hurting Growth – (Bloomberg)
“People seem to be in a rush these days and forgetting to say ‘please’ when they ask for something,”
Spanish café begins charging more for coffee if customers are rude – (Independent)
Chicago:
Two potentially major real-estate developments—both at highly desirable locations, at sites well-known for previous false starts—could begin early stages of development as early as next year.
New Plans For The Infamous Chicago Spire And The Riverfront Prairie Are In The Works – (Chicagoist)
The Associated Press has taken an official stance on a simmering Chicago spelling dispute:
The CTA Train System Is Spelled ‘L,’ AP Says, Bringing The Hammer Of Justice Down – (Chicagoist)