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. 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. 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.” 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.
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. 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.
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. 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. Microsoft accused of Windows 10 upgrade 'nasty trick'