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Two U.S. Senators, Amy Klobuchar and Richard Blumenthal, proposed legislation on Friday Aug. 2 that would make it easier to penalize Big Tech companies for antitrust violations, according to a report by Reuters.Called the Monopolization Deterrence Act, the law would let the Department of Justice DOJ and the Federal Trade Commission FTC pursue civil penalties for companies that break monopolization laws.The bill proposes a fine of as much as 15 percent of a U.S. companys total revenue.Many antitrust regulators are inves stanley uk tigating tech companies like Alphabet and Apple to find out whether they are breaking antitrust laws. Klob stanley borraccia uchar, who is running for president, said the proposed law would give serious financial consequences to companies, and that the U.S. has a major monopoly problem. In early June, the DOJ and the F stanley de TC agreed on the jurisdiction of antitrust probes into Facebook and Google. They decided the FTC would lead the Facebook investigation, and the DOJ would lead an investigation of Alphabet, Googles parent company.There has been an ongoing probe into Facebook by the FTC for more than a year now. That particular inquiry doesnt delve into whether Facebook is smothering competition, however. The fact that the issue is so sharply focused shows that the government is ready to apply a higher level of scrutiny to digital giants.The FTC also has jurisdiction over Amazon, and The Washington Post reported the eCommerce giant was also under scrutiny. The agreement betw Yjit China s Didi Buys Uber s Biggest Latin American Competitor
Incentives are a way to optimize productivity and boost morale among employees, but the program instituted by Wells Fargo went seriously awry. In efforts to meet sales targets, Wells Fargo employees engaged in cross-selling, opened unauthorized deposit accounts and transferred funds without customer knowledge, submitted credit card applications for customers without their consent, issued and activated debit cards without authorization and created fictitious email addresses to enroll consumers in online banking services.The Consumer Financial Protection Bureau CFPB and the Office of the Comptroller of the Currency have levied the highest penalties ever on the leading U.S. bank, but this is not the first time that Wells Fargo has been taken to task. Wells Fargo was accused of highly deceptive student loan practices just a few weeks ago. Wells Fargo confirmed that it had already fired 5,300 employees for similar behavior in the past.Here are the numbers:$100 million | The amount that Wells Fargo has been fined by the CFPB$85 million | The total amount to be paid to the Comptroller of the Currency stanley cup $35 million and to t stanley cup he City and County of Los Angeles $50 million 565,443 | The number of credit card applicatio stanley termosy ns submitted by Wells Fargo employees without customer knowledge or consent$400,000 | The amount of annual fees, interest charges and overdraft protection fees that were charged on credit cards that customers had not authorized1.5 million | The number of deposit account
Two U.S. Senators, Amy Klobuchar and Richard Blumenthal, proposed legislation on Friday Aug. 2 that would make it easier to penalize Big Tech companies for antitrust violations, according to a report by Reuters.Called the Monopolization Deterrence Act, the law would let the Department of Justice DOJ and the Federal Trade Commission FTC pursue civil penalties for companies that break monopolization laws.The bill proposes a fine of as much as 15 percent of a U.S. companys total revenue.Many antitrust regulators are inves stanley uk tigating tech companies like Alphabet and Apple to find out whether they are breaking antitrust laws. Klob stanley borraccia uchar, who is running for president, said the proposed law would give serious financial consequences to companies, and that the U.S. has a major monopoly problem. In early June, the DOJ and the F stanley de TC agreed on the jurisdiction of antitrust probes into Facebook and Google. They decided the FTC would lead the Facebook investigation, and the DOJ would lead an investigation of Alphabet, Googles parent company.There has been an ongoing probe into Facebook by the FTC for more than a year now. That particular inquiry doesnt delve into whether Facebook is smothering competition, however. The fact that the issue is so sharply focused shows that the government is ready to apply a higher level of scrutiny to digital giants.The FTC also has jurisdiction over Amazon, and The Washington Post reported the eCommerce giant was also under scrutiny. The agreement betw Yjit China s Didi Buys Uber s Biggest Latin American Competitor
Incentives are a way to optimize productivity and boost morale among employees, but the program instituted by Wells Fargo went seriously awry. In efforts to meet sales targets, Wells Fargo employees engaged in cross-selling, opened unauthorized deposit accounts and transferred funds without customer knowledge, submitted credit card applications for customers without their consent, issued and activated debit cards without authorization and created fictitious email addresses to enroll consumers in online banking services.The Consumer Financial Protection Bureau CFPB and the Office of the Comptroller of the Currency have levied the highest penalties ever on the leading U.S. bank, but this is not the first time that Wells Fargo has been taken to task. Wells Fargo was accused of highly deceptive student loan practices just a few weeks ago. Wells Fargo confirmed that it had already fired 5,300 employees for similar behavior in the past.Here are the numbers:$100 million | The amount that Wells Fargo has been fined by the CFPB$85 million | The total amount to be paid to the Comptroller of the Currency stanley cup $35 million and to t stanley cup he City and County of Los Angeles $50 million 565,443 | The number of credit card applicatio stanley termosy ns submitted by Wells Fargo employees without customer knowledge or consent$400,000 | The amount of annual fees, interest charges and overdraft protection fees that were charged on credit cards that customers had not authorized1.5 million | The number of deposit account