Fine-ally settled

[The beef 675] [I'm an image] "Finding out Wells Fargo was sketchy AF is like hearing that your favorite teacher got arrested for being too handsy." - Jeff Hey there carnivores, Markets were down big on Friday, as coronavirus cases are spreading outside of China. Today we’re talking Wells Fargo moving forward from its fake account scandal. Keep raging, Jeff & Jason [Image] [I'm an image] Fine-ally settled Wells, Wells, Wells, look who’s in the news again. Wells Fargo will pay $3B to the SEC and DOJ in what might be one of the last chapters of its fake account scandal. Don’t remember what I’m talking about? Well, let’s take a trip down memory lane. Look back at it From 2002 to 2016, Wells Fargo employees [opened up millions of fake accounts]( for customers without their notice, raking in dough from all of the associated fees. What was once alleged is now a fact, as the nation’s fourth-largest bank has admitted, finally, to setting unrealistic sales expectations, causing thousands of employees to open up these fake accounts or products for unsuspecting customers. As part of this settlement, [the bank admitted]( to collecting millions of dollars in unnecessary fees, harming customers’ credit ratings, and unlawfully misusing customers’ information. Pretty shady, even by financial institution standards. Wells will also enter into a three year deferment period where it will cooperate with all ongoing government investigations. It’s the least they can do. And while you may be thinking “great, another bank is fined, but no one was held responsible,”... that’s not necessarily true. Last month US regulators charged several former executives, which included fining former CEO John Stumpf $17.5M for his role and banning him from the banking industry. The bottom line... Wells Fargo [has paid over $7B]( in penalties since 2016. To put this in context, the bank's net profit last year was $19.5B... so while this is not just a drop in the bucket, it is still a small amount to pay considering... There's still more headwinds to face, including hearings with the House Financial Services Committee, consent orders, and the unknown timeline of when its $2T asset cap, set by the US Federal Reserve in 2018, would be lifted. Beyond legal matters, the bank will need to continue to revamp its sh*tty reputation, which will take years to rebuild. Maybe they can take some tips from HSBC, [which helped terrorists](, Iranians, and Mexican drug cartels launder money... People don't forget. [I'm an image] Former Elementary School Teacher Makes Six-Figures In One Month From Trading Two Simple Stock Chart Patterns. [Image] How to Quickly Turn Patterns Into Profits, Even if You’ve Never Traded Before. [Click Here For More Details.]( [I'm an image] ☑️Warren’s warning. Death, taxes, and Warren Buffett’s [annual report]( are the only sure things in this life. The Oracle of Omaha dropped his letter to investors in Berkshire Hathaway on Friday, urging them to focus more on companies operating earnings instead of quarterly and yearly performance. Buffett also commented that he still hasn’t found the “elephant” that would be worthy of being Berkshire’s next acquisition. He likened acquisitions to a marriage where “reality tends to diverge from pre-nuptial expectations…” I think it’s safe to say Warren slept on the couch over the weekend. ☑️Breakout szn. Coronavirus fears, like the virus itself, won’t go away. In fact, it’s spreading. Up to 750 cases of the virus have been identified in Seoul, Korea, the highest outside of China. And numbers are up in Europe as well, with Italy having the highest number of diagnosed cases at 130. The panic [is spreading to financial markets](. The Dow dropped sharply on Friday and is expected to open down 400 points this morning when the bell rings. It’s time to go long on surgical masks… ☑️Elon’s world. As if Tesla’s success isn’t enough to be satisfied with, Elon Musk’s SpaceX is looking to raise $250M from investors. The rocket ship manufacturer [plans to offer]( shares at $220 a pop, valuing the company at $36B. The money will be used to continue working on three of SpaceX’s promising big projects: Crew Dragon, Starlink, and Starship. Crew Dragon is building a capsule along with NASA to take astronauts to the International Space Station, Starlink hopes to provide high-speed internet to anywhere in the world via a network of satellites, and Starship is a next-generation fully reusable rocket. By giving the world access to high-speed internet, Elon can ensure that everyone has a chance to short Tesla. ☑️(Re)Done deal. T-Mobile and Sprint [reworked the acquisition]( deal between the two companies after Sprint’s share price dropped from the point it was at when the deal was first agreed upon. Instead of T-Mobile owners getting 9.5 shares of Sprint stock, they will now receive 11 shares. The amended deal amount has also increased from $26.5B to $37B. They still won’t be able to get any service, however. It’s been almost two years since the companies agreed upon a deal, during which T-Mobile’s stock price has increased while Sprint’s has declined. The two never went through the process of updating terms, as just about every attorney general and their mother was trying to block the deal. RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 Neither Raging Bull nor RagingBull.com, LLC (publisher of Raging Bull) is registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. 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