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Wells Fargo fined record $1 billion

The markets tumbled during the midday with the Dow plunging 180 points to 24,484. Nasdaq plummeted 75 points to 7162.


Wells Fargo was fined a combined $1 billion by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for auto insurance and mortgage lending abuses. The bank had forced clients with auto loans to buy insurance that they did not need and had charged mortgage borrowers unnecessary fees. In addition to the fine, Wells Fargo must refund customers all the fees and insurance payments that had been collected.


A former employee of SunTrust Banks may have compromised data on up to 1.5 million clients. The information stolen may include names, addresses, phone numbers and account balances but not Social Security numbers, account numbers, driver's license numbers, user IDs, passwords, or PINs. Free identity theft protection services will be offered to all SunTrust Bank clients.


Harley-Davidson is recruiting eight summer interns to ride motorcycles across the country while documenting their adventures on social media. The college students would ideally be pursuing careers in communications, marketing, public relations or social media. They will be taught how to ride a motorcycle and will be expected to post pictures, stories and videos on their own social media accounts as well as Harley-Davidson's channels.


In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 dropped 19 points to 2,673. Bitcoin soared $187 to $8,464.


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