Labour's Rebecca Long-Bailey 'won't use morally wrong Uber' Media playback is unsupported on your device Labour's shadow business secretary Rebecca Long-Bailey has said she doesn't use taxi app Uber because it is not "morally acceptable". "I don't like the way they treat their workers," she told BBC Radio 4's Today programme. Ms Long-Bailey claimed Uber drivers were being "exploited" and should have the same rights as workers with permanent jobs. Uber said its drivers liked "being their own boss". Ms Long-Bailey told Today: "I don't personally use Uber because I don't feel that it is morally acceptable but that's not to say they can't reform their practices.
" She added: "I don't want to see companies model their operations on the Uber model. " The San Francisco-based company argues that its drivers are not employees but self-employed contractors. Image copyright Reuters An Uber spokesman said: "Millions of people rely on Uber to get around and tens of thousands of drivers use our app to make money on their own terms. 'Dependent contractor' 'Real benefits' Not so friendly skies: United Airlines' public relations disaster.
Image copyright Scott Korlanach/Twitter Another day, another public relations disaster for United Airlines. America's third biggest carrier is being slammed online for violently dragging a passenger - a 69-year-old Asian man, believed to be a doctor - off an overbooked flight. This comes just weeks after the company, whose slogan is "Fly the Friendly Skies", was ridiculed for refusing to allow two teenage girls to board a flight because they were wearing leggings. Chief executive Oscar Munoz added more fuel to the fire with his response, which didn't mention the use of force. "This is an upsetting event to all of us here at United.
Media playback is unsupported on your device But Mr Munoz also sent an email to employees calling the passenger, who was pictured with a bloodied face, "disruptive and belligerent". The Twitterverse quickly responded. Image copyright Eugene Gu/Twitter Image copyright Ting Ik Hon/Twitter Image copyright Getty Images Image copyright Waris Ahluwalia/Instagram. All the Talk Is of Ackman and Valeant. A bounce in oil helped the indices to finally bounce, but it has been a tough day.
The bounce fizzled, and now we will see if the morning lows will be retested. Breadth is still worse than 3 to 1 negative, and there is no place to hide today. I'm doing very little, as the technical deterioration is building. There is lots of talk in the media today about Bill Ackman's Pershing Square hedge fund dumping the last of his stock in Valeant Pharmaceuticals (VRX) and taking a loss of about $2.8 billion, overall.
Some of the talk is just Schandenfreude -- taking pleasure in the pain of others -- but it really is remarkable to see a high-profile hedge fund manager handle a position like a rookie. Ackman is lucky that he had sufficient capital to handle this loss, but for most folks it would have been a death knell. The first mistake he made was becoming emotionally attached to the stock. The second mistake he made is averaging down into a losing investment. Uber's sexual harassment scandal an example of HR gone wrong. Uber is known for its very aggressive, only-the-strong-survive competitive culture. Getty Images | Mlenny An important responsibility of all CEOs is to deal with toxic managers and toxic cultures within their organizations.
I wrote about this recently, and find myself doing so again with the recent high-profile sexual harassment complaint against Uber. First, a little context. In a blog published Feb. 19 by former Uber engineer Susan Fowler, she outlined how her sexual harassment complaint to the Uber human resources department against her team manager was ignored. Fowler wrote, “When I reported the situation, I was told by both HR and upper management that even though this was clearly sexual harassment and he was propositioning me, it was this man's first offense, and that they wouldn't feel comfortable giving him anything other than a warning and a stern talking-to.
Fowler later learned that this was not his first offense, making it obvious that HR and management had lied to her. Don't be fooled: Mylan's "bargain" price for its generic EpiPen conceals a massive price hike. Mylan, which showered itself in infamy by jacking up the price of its EpiPen, a potentially life-saving epinephrine injector, by 500% over less than a decade, announced Friday that it is finally bringing out a promised generic version of the device for $300 per two-pack. That compares with more than $600 for the branded package. Some news reports described this as “a more than 50% discount.” That’s incredibly misleading, which is exactly what Mylan hoped. In fact, the device will still cost three times as much as it did when Mylan acquired the rights in 2007. This for a product that delivers a dose of a generic drug that Mylan played no role in developing. Sen. Mylan also said it would offer a $25 discount on the co-pays for buyers with health insurance, and a savings card good for a discount of up to $300 on deductible or co-pay expenses for the branded EpiPen, which still lists for more than $600.
Still, most of the bad PR arose from Mylan’s pricing of the EpiPen. Theranos and its founder just got hit with another lawsuit. Elizabeth Holmes, the founder and CEO of Theranos, at the Wall Street Journal Digital Live conference at the Montage hotel in Laguna Beach, California, in 2015. REUTERS/Mike Blake Theranos and its CEO, Elizabeth Holmes, are being sued by investors who claim Holmes lied about the company's technology as the startup raised funds. The lawsuit, filed in California, names two shareholders who are seeking class-action status. They include Robert Colman, a co-founder of Robertson Stephens, the San Francisco investment bank.
The lawsuit claims that Holmes knew the company's technology — advertised as being able to use a finger prick's worth of blood to test for diseases — didn't work when she pitched it. Theranos declined to comment on the suit. The company is also facing a lawsuit from one of its major investors, lawsuits filed by patients, and a breach-of-contract lawsuit by Walgreens.
The shareholders named in the lawsuit are Colman and Hilary Taubman-Dye. Wells Fargo workers: I called the ethics line and was fired - Sep. 21, 2016. Wells Fargo admitted to firing 5,300 employees for engaging in these shocking tactics. The bank earlier this month paid $185 million in penalties and has since apologized. Now CNNMoney is hearing from former Wells Fargo (WFC) workers around the country who tried to put a stop to these illegal tactics. Almost half a dozen workers who spoke with us say they paid dearly for trying to do the right thing: they were fired. "They ruined my life," Bill Bado, a former Wells Fargo banker in Pennsylvania, told CNNMoney. Bado not only refused orders to open phony bank and credit accounts. Eight days after that email, a copy of which CNNMoney obtained, Bado was terminated. Related: Elizabeth Warren's epic takedown of Wells Fargo CEO HR official describes 'retaliation' Retaliating against whistleblowers is a major breach of trust.
Wells Fargo CEO John Stumpf made precisely that point on Tuesday when he testified before angry Senators. But that's not the experience of some former Wells Fargo workers. Fake Accounts and Artisanal Data - Bloomberg View. Wells Fargo. This turns out to have been an awkward thing for Wells Fargo Chief Executive Officer John Stumpf to have said about Carrie Tolstedt, Wells Fargo's head of Community Banking, when she announced her retirement in July: “A trusted colleague and dear friend, Carrie Tolstedt has been one of our most valuable Wells Fargo leaders, a standard-bearer of our culture, a champion for our customers, and a role model for responsible, principled and inclusive leadership,” said John Stumpf, Wells Fargo’s chairman and chief executive officer.
It turns out that Wells Fargo's community banking culture involved creating millions of fake accounts for customers to satisfy the bank's frenzy for cross-selling products and services. Another investor said: “If this person presided over this, why no accountability? Wells Fargo's cross-selling scandal is so odd because it is both at the absolute core of the bank's business, and also curiously irrelevant. Elsewhere in consumer banking. Data. Feelings. Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million. Wells Fargo & Co’s WFC -3.17% “sandbagger”-in-chief is leaving the giant bank with an enormous pay day—$124.6 million. In fact, despite beefed-up “clawback” provisions instituted by the bank shortly after the financial crisis, and the recent revelations of massive misconduct, it does not appear that Wells Fargo is requiring Carrie Tolstedt, the Wells Fargo executive who was in charge of the unit where employees opened more than 2 million largely unauthorized customer accounts—a seemingly routine practice that employees internally referred to as “sandbagging”—to give back any of her nine-figure pay.
On Thursday, Wells Fargo WFC -3.17% agreed to pay $185 million, including the largest penalty ever imposed by the Consumer Financial Protection Bureau, to settle claims that that it defrauded its customers. The bank’s shareholders will ultimately have to swallow the cost of that settlement. The bank also said it had fired 5,300 employees over five years related to the bad behavior. 5,300 Wells Fargo employees fired over 2 million phony accounts - Sep. 8, 2016. That's exactly what happened to Wells Fargo customers nationwide. On Thursday, federal regulators said Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts -- without their customers knowing it -- since 2011.
The phony accounts earned the bank unwarranted fees and allowed Wells Fargo employees to boost their sales figures and make more money. "Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," Richard Cordray, director of the Consumer Financial Protection Bureau, said in a statement. Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees over the last few years related to the shady behavior. Related: Who owns Wells Fargo? The scope of the scandal is shocking. The way it worked was that employees moved funds from customers' existing accounts into newly-created ones without their knowledge or consent, regulators say. Related: ATM and overdraft fees top $6 billion at the big 3 banks. Valeant Posts a Loss, Says It Will Retool. Ackman Said to Maintain Bet Against Herbalife After FTC Deal. Billionaire hedge fund manager Bill Ackman plans to maintain his bet against shares of Herbalife Ltd. and will push regulators outside of the U.S. to investigate the nutrition company, according to a person familiar with the situation.
Herbalife’s settlement with U.S. Federal Trade Commission last week -- instead of ending Ackman’s campaign against the seller of wight-loss shakes -- has given the effort new life, said the person, who asked not to be identified because the matter is private. The strategy going forward will include using the FTC’s complaint, which laid out findings similar to Ackman’s allegations, to drum up interest from regulators in other countries, said the person.
Ackman and his hedge fund, Pershing Square Capital Management, have spent more than three years trying to bring down Herbalife, which sells its products using a multi-level marketing system, by alleging that it’s a global pyramid scheme that preys on the poor. Deceived Recruits Outlandish Claims Verified Sales. Microsoft accused of Windows 10 upgrade 'nasty trick'