Aaaaand, we’re back. A bright Tuesday morning to you all.
Wells Fargo’s board not only issued a massive report on its fake account scandal yesterday. It also announced that the bank would claw back an additional $75 million from former CEO John Stumpf and former head of community banking Carrie Tolstedt. The clawbacks are the “largest in Wall Street history” and among the biggest ever in corporate America – NYTimes and WSJ and Bloomberg and Law360
The already choppy turnaround waters facing Barclays’ Chief Jes Staley got even rougher this week after the revelation that Staley is under investigation by US and UK regulators after trying to unmask a whistleblower critical of the CEO – WSJ and Bloomberg
Last week it was Ford. This week, it was GM that found itself in the rear-view mirror of the hard-charging Tesla automotive phenomenon – NYTimes and Bloomberg
Taiwanese tech powerhouse Foxconn has reportedly offered $27 billion for Toshiba’s computer-chip business, a bid that dwarfs the current best offer and puts Japanese leadership hoping for an American buyer in a difficult position – WSJ
The latest from Fed Chair Yellen on the Fed’s mission, courtesy of an appearance at Michigan’s Ford School of Public Policy – Bloomberg
Citi has moved for summary judgment in a case by Pimco and other investors accusing the bank of falling down on the job in its role as trustee for 27 MBS trusts – Law360
Activist hedge fund Jana Partners revealed in an SEC filing Monday that it’s the second-largest shareholder of Whole Foods, and many expect that Jana’s stake and the grocer’s sliding share price will mean a shake-up ahead for the board – NYTimes and WSJ and Bloomberg
Not so lucky after all—that was the verdict for famed Vegas gambler Billy Walters on insider-trading charges, a big win for the DOJ in spite of some, ahem, challenging testimony from former Dean Foods chair Thomas Davis – NYTimes
Dave’s recent appearance inducting Pearl Jam into the Rock Hall of Fame left me wanting more. Luckily, Jason Zinoman has obliged – NYTimes
