Big deal. The Star Tribune’s Nicole Norfleet reports: “The Wells Fargo Center in downtown Minneapolis is being sold for $315 million, according to a source with direct knowledge of the deal. … The 57-story office tower, located at 90 S. 7th St. in the heart of the downtown commercial district, is being purchased by the Connecticut-based Starwood Capital Group, according to the source. The sale was expected to close Monday.” Everyone knows the way to get a building renamed at the U is to write a big check to the development department. The Minnesota Daily’s Austen Macalus writes: “After more than a year of investigating racist and anti-Semitic actions in the University of Minnesota’s past, a push to rename buildings on campus has come to an impasse amidst pushback from members on the Board of Regents. … Several regents have repeatedly attacked a task force’s recommendations to strip the names of Coffman Union, Nicholson Hall, … [Read more...] about Downtown Minneapolis Wells Fargo Center to sell for $315 million
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Reporting from Washington — Wells Fargo & Co.’s embattled chief executive, Tim Sloan — who has struggled to get the giant San Francisco bank past a seemingly endless series of customer abuse scandals — is retiring.He is stepping down as CEO, president and board member, effective immediately, and his retirement takes effect June 30, Wells Fargo announced Thursday.His interim replacement will be C. Allen Parker, who has served as the company’s general counsel since March 2017 after joining the bank from an outside law firm. Wells Fargo said a permanent chief executive would be hired from outside the bank.Sloan, a low-key Wells Fargo veteran of 31 years, took over the top job in 2016 amid the fallout over the bank’s acknowledgement that employees had opened millions of checking, savings and credit card accounts that customers never authorized.He was a top executive at Wells Fargo when the accounts were being created as early as 2002, … [Read more...] about Wells Fargo CEO Tim Sloan is retiring as bank struggles to get past scandals
Looking for news you can trust?Subscribe to our free newsletters. When Leigh McIlvaine first learned that her student loan debt could be forgiven, she was thrilled. In 2008, at age 27, she’d earned a master’s degree in urban and regional planning from the University of Minnesota. She’d accrued just under $70,000 in debt, though she wasn’t too worried—that’s what it took to invest in her future. But graduating at the height of the recession, she found that the kind of decent-paying public-sector job she’d anticipated pursuing was suddenly closed off by budget and hiring freezes. She landed a gig at a nonprofit in Washington, DC, earning a $46,000 salary. Still, she was happy to live on that amount if it was the cost of doing the work she believed in. At the time, she paid about $350 each month to stay in a decrepit house with several roommates, more than $100 for utilities, and $60 for her cellphone bill. On top of that, her loan bill averaged … [Read more...] about The Incredible, Rage-Inducing Inside Story of America’s Student Debt Machine
Mayoral candidate Daniel Valenzuela neglected to disclose outstanding debt owed in his name when he filed two recent public financial statements.Filing a false or incomplete financial disclosure statement is a misdemeanor for local candidates under the Phoenix City Code.In the first instance, Valenzuela listed no debts in a disclosure required to run for mayor. However, during the period of time covered by the filing, Valenzuela's city salary was still being garnished for a $12,208 debt that he owed to the Arizona Federal Credit Union. He also didn't list the debt on his 2017 Phoenix City Council member disclosure.Valenzuela has represented the council's District 5 since 2011, but resigned his seat in July to run for mayor.Phoenix New Times reported Valenzuela's debt and salary garnishment on Thursday, and learned after publication about his disclosure forms. Valenzuela's campaign staff said he didn't need to disclose the debt because it was "disputed" when he filled out the disclosure … [Read more...] about Mayoral Candidate Daniel Valenzuela Failed to Mention Debt on Financial Disclosures
Though weakened, CFPB still serves as sounding board By Bob Sanders Published: August 3, 2018 “I have a credit card with Bank of America. I couldn’t figure out how I always had a balance carried forward even though I always paid the ‘current balance’ in full. Then I realized: The bank has set my payment due date BEFORE the end of the finance period. … Is this not dishonest? Sneaky? Possibly fraudulent???” “I got a call saying I still owed the money and I told them I did not and that I would send them the receipt stating the money was paid. Before I could get the receipt in the mail … it was reported on my credit report again … Equifax had no right to put it back on my report. How do I stop them from harassing me?” “My problem is that Wells [Fargo] paid the property taxes out of my escrow funds without ever checking if they had already been paid. They have said it is the city’s job to reimburse me. I say … [Read more...] about What do NH consumers complain about most?