The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States.
Australian cotton trader Brighann Cotton Marketing bought the shipment bound for the port city Qingdao from U.S. division Brighann Cotton in Texas, the companies and their banks said in a joint statement. The blockchain trade, for 88 bales, totaled $35,000, Commonwealth Bank told Reuters.
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Time For Truth: (Reuters) – Major banks mark first-ever international trade using blockchain tech
John Stumpf’s trip to Capitol Hill on Tuesday opens Wells Fargo’s sales practices—and the executive himself—to a fresh round of scrutiny.
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Time For Truth: (Wall Street Journal) – Wells Fargo’s John Stumpf Takes Center Stage at Senate
The Wells Fargo bank account scandal took center stage in the news last week and in all likelihood will continue to make headlines for many weeks to come. What Wells Fargo employees did in opening bank accounts without customers’ authorization was obviously wrong, but in true Washington fashion the scandal is being used to deflect attention away from larger, more enduring, and more important scandals.
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Time For Truth: (Zero Hedge) – Wells Fargo Or The Fed: Who's The Bigger Fraud?
Warren Buffett had $1.4 billion wiped from his fortune Tuesday after Wells Fargo & Co. fell 3.3 percent as the fallout continued from revelations that bank employees had opened more than 2 million accounts without clients’ approval.
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Time For Truth: (Bloomberg) – Buffett Loses $1.4 Billion as Wells Fargo Tumbles on Scandal
Everyone hates paying bank fees. But imagine paying fees on a ghost account you didn’t even sign up for.
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.
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Time For Truth: (CNN) – 5,300 Wells Fargo employees fired over 2 million phony accounts