Your daily dose of financial news

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Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported – NYTimes and WSJ

The WF episode has also exposed gaps in the US regulatory teamwork—as best exemplified by the DOJ’s uber-late notice of the issues at the bank – NYTimes

As we hinted at a few days ago, the SEC’s officially opened an investigation into Exxon Mobil’s valuation and accounting procedures – WSJ and Law360

RBC and its LA-based subsidiary City National are the targets of an investor suit in California state court alleging that the financial institutions aided and abetted a branch manager who scammed them of $123 million through an ATM lease Ponzi scheme – Law360

Japan has announced a major overhaul to its country’s stimulus program after years of economic stagnation – WSJ

Tesla’s got ideas.  Lots of them.  Apple’s got money.  Lots of it.  Breakingviews smells synergy there – NYTimes

Barclays is suggesting that a recent 2d Circuit terrorism decision works to prevent a purported antitrust class from pursuing claims in the US for alleged Libor rate-fixing abroad – Law360

Fed Chair Yellen will be holding her usual post-FOMC press conference this afternoon.  A September rate hike appears off the table [probably?], but here are some things for which to listen – WSJ

Speaking of, here’s a handy Times feature on why it’s been so hard for the Fed to pull the trigger on another rate increase – NYTimes

Let’s be clear, says SDNY Judge Alison Nathan: Bitcoin is money. Here’s why that was bad news for the defendants – Law360

JPMorgan has named Warren Buffet-protégé Todd Combs to its board. Combs, formerly of Castle Point Capital, had an $11.4 million fund stake in JPM before joining Berkshire Hathaway in 2010 – NYTimes and WSJ

Sometimes, you just need some Goldblum in your life.  And sometimes, your hotel understands – HuffingtonPost

MDR

Follow me on Twitter: @reifmd

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