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String of recent scandals show Wall Street is living up to its bad reputation

If you judge a bank by its scandals,recent headlines will have you convinced that Wall Street is hell-bent on living up to all of its stereotypes.

Driving the news: Goldman Sachs,of course, is the biggest and the boldest, paying a total of $6.45 billion in fines and guarantees in the wake of the 1MDB scandal.


  • Goldman Sachs pleaded guilty to bribing Malaysian officials, among others, a total of $1.6 billion in order to get deal mandates in the bond and stock markets.
  • That's the largest set of bribes ever prosecuted under the Foreign Corrupt Practices Act.
  • In a very Goldman twist, the $1.6 billion was not paid from Goldman's own funds. Instead it came out of other people's money — it was skimmed off of bond-issue proceeds that were supposed to belong to the Malaysian people.
  • Gary Cohn, who was Goldman's chief operating officer when the bribes were paid, cashed out all of his bonuses when he joined the Trump administration in 2017. He's the one former Goldman official who hasn't agreed to repay a chunk of his 2011 bonus, as the board has requested.

Wells Fargo paid a $3 billion fine for taking advantage of millions of customers by opening accounts in their names that they weren't even aware of.

JPMorgan, which lost billions in the "London whale" trading scandal, paid $920 million in fines to settle charges that it manipulated futures markets in Chicago.

Citigroup, which has been considered "too big to manage" since at least the financial crisis, was fined $400 million for its management's failure to effectively stay on top of its operations.

Morgan Stanley paid a relatively modest $60 million fine for failing to protect its customers' data. According to a pair of lawsuits, the bank failed to remove sensitive data from computers it decommissioned — including Social Security numbers, passport numbers, and account numbers.

Bank of America has kept its nose relatively clean of late, although Waqas Ali, who worked as a client relationship manager for the bank in Boston, did plead guilty to embezzling $1.5 million from one of his Texan clients.

  • According to the complaint, Ali said that he targeted the family in question because they hadn't pressed charges when they were stolen from in the past.

The bottom line: In a sign of how deep the rot runs, hundreds of bank employees have been fired from Wells Fargo and JPMorgan Chase for abusing the government's coronavirus relief programs. So far, there's little sign that banks are shedding their reputation for being greedy to the point of criminality.

CES was largely irrelevant this year

Forced online by the pandemic and overshadowed by the attack on the Capitol, the 2021 edition of CES was mostly an afterthought as media's attention focused elsewhere.

Why it matters: The consumer electronics trade show is the cornerstone event for the Consumer Technology Association and Las Vegas has been the traditional early-January gathering place for the tech industry.

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The FBI is tracing a digital trail to Capitol rioters

Capitol rioters, eager to share proof of their efforts with other extremists online, have so far left a digital footprint of at least 140,000 images that is making it easier for federal law enforcement officials to capture and arrest them.

The big picture: Law enforcement's use of digital tracing isn't new, and has long been at the center of fierce battles over privacy and civil liberties. The Capitol siege is opening a fresh front in that debate.

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Off the rails: Inside Air Force One ahead of Trump's last stand in Georgia

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 6: Georgia had not backed a Democratic presidential candidate since 1992 and Donald Trump's defeat in this Deep South stronghold, and his reaction to that loss, would help cost Republicans the U.S. Senate as well. Georgia was Trump's last stand.

On Air Force One, President Trump was in a mood. He had been clear he did not want to return to Georgia, and yet somehow he'd been conscripted into another rally on the night of Jan. 4.

If both David Perdue and Kelly Loeffler — the two embattled Georgia senators he was campaigning for — lost their runoff elections the following day, the GOP would lose control of the U.S. Senate. And Trump did not want the blood of Georgia on his hands.

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Parler shows signs of life

Far-right-friendly social network Parler is beginning to resurface after going dark last week following a series of bans by Google, Apple and Amazon.

The big picture: By getting a new internet provider that's friendly to far-right sites, Parler — home to a great deal of pro-insurrection chatter before, during and after the Capitol siege — may have found a way to survive despite Big Tech's efforts to pull the plug.

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Historian Michael Beschloss: Trump has "no business" dictating who is an American hero

Data: Trump Executive Order and Axios reporting. Chart: Danielle Alberti/Axios

Delivering on a promise he made at Mount Rushmore this summer, President Trump yesterday released his 244 candidates for a "National Garden of American Heroes."

By the numbers: Men outnumber women nearly four to one (192 to 52). 86 of the nominees,nearly a third, were born between 1900 and 1950. 

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Demand for coronavirus vaccines is outstripping supply — as expected

Now that nearly half of the U.S. population could be eligible for coronavirus vaccines, America is facing the problem experts thought we’d have all along: demand for the vaccine is outstripping supply.

Why it matters: The Trump administration’s call for states to open up vaccine access to all Americans 65 and older and adults with pre-existing conditions may have helped massage out some bottlenecks in the distribution process, but it’s also led to a different kind of chaos.

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First look: Mayors press Biden on immigration

A coalition of nearly 200 mayors and county executives is challenging Joe Biden and the incoming Congress to adopt a progressive immigration agenda that would give everyone a pathway to citizenship.

Why it matters: The group's goals, set out in a white paper released today, seem to fall slightly to the left of what the president-elect plans to propose on Inauguration Day — though not far — and come at a time of intense national polarization over immigration.

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Woman who allegedly stole laptop from Pelosi's office to sell to Russia is arrested

A woman accused of breaching the Capitol and planning to sell to Russia a laptop or hard drive she allegedly stole from Speaker Nancy Pelosi's office was arrested in Pennsylvania's Middle District Monday, the Department of Justice said.

Driving the news: Riley June Williams, 22, is charged with illegally entering the Capitol as well as violent entry and disorderly conduct. She has not been charged over the laptop allegation and the case remains under investigation, per the DOJ.

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