Wells Fargo Still Hasn’t Gotten Ahead of Its Problems

Again? Last week there was a report of over-charging pension plan customers. This week modifying business loan customer documents without their permission. When will this end at Wells Fargo?

Wells Fargo Still Hasn’t Gotten Ahead of Its Problems
https://www.bloomberg.com/view/articles/2018-05-17/wells-fargo-still-hasn-t-gotten-ahead-of-its-problems

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Robots Challenge Banks in Sweden’s $524 Billion Savings Market

Again, get comfortable building, maintaining, and using robots or you will be replaced by them…

Robots Challenge Banks in Sweden’s $524 Billion Savings Market
https://www.bloomberg.com/news/articles/2018-05-15/robots-challenge-banks-in-sweden-s-524-billion-savings-market

At NYC’s Big Crypto Conference, the Lamborghinis Are Rented and Protests Are Staged

For those who take crypto seriously, here is an example of the artificial nature of the hype. A Bitcoin exchange operator charging exorbitant fees ($1,500) for conference attendance, renting Lamborghinis to place out front, and hiring actors posing as bankers protesting the disruption by crypto currency.

Buy into the hype if you wish. The deceit is hidden in plain sight.

-Dr. Moore

At NYC’s Big Crypto Conference, the Lamborghinis Are Rented and Protests Are Staged
https://www.bloomberg.com/news/articles/2018-05-14/staged-protests-rented-lambos-show-bitcoin-hype-alive-and-well

Fidelity Fires About 200 Workers for Abusing Company Benefits – Bloomberg

If a brokerage employee, perhaps including brokers themselves, would pursue self-interest and exploit a company program, what would they do to their clients? And who says things like the fiduciary rule are unnecessary?

One thought is the rule can not “legalize morality.” Rather, the rule is needed to provide a stronger legal basis to seek damages when humans are caught pursuing self-interest (being human).

Regardless, buyer beware, including buyers of financial services.

https://www.bloomberg.com/news/articles/2018-05-07/fidelity-is-said-to-fire-about-200-workers-for-abusing-benefit

Fidelity Fires About 200 Workers for Abusing Company Benefits – Bloomberg

If a brokerage employee, perhaps including brokers themselves, would pursue self-interest and exploit a company program, what would they do to their clients? And who says things like the fiduciary rule are unnecessary?

One thought is the rule can not “legalize morality.” Rather, the rule is needed to provide a stronger legal basis to seek damages when humans are caught pursuing self-interest (being human).

Regardless, buyer beware, including buyers of financial services.

https://www.bloomberg.com/news/articles/2018-05-07/fidelity-is-said-to-fire-about-200-workers-for-abusing-benefit

A Small College’s Endowment Manager Beat Harvard With Index Funds – Bloomberg

Let me begin with a quote from the article:

“Some of the world’s sharpest investment thinkers, including Warren Buffett and Nobel laureate economist Eugene Fama, have endorsed the idea that most investors should track the market at the lowest possible cost. ”

Furthermore, the college will not replace the manager when he retires in June. The endowment management is so simplified that the team of volunteers can continue instead of hiring another person. Now that is low cost. Sounds like one example of a real life Occam’s razor.

-Dr. Moore

https://www.bloomberg.com/news/articles/2018-05-04/a-small-college-s-endowment-manager-beat-harvard-with-index-funds