Airbnb Apologizes for Slow Reaction to Site’s Racists; Wells Fargo Eats $185 Million for Ridiculous Sales Quotas; Apple’s Latest Bites Wall Street

Diss-crminate…

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Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Airbnb said sorry. Not because of all the discrimination that occurs on its site but because Airbnb was on the slow side when it came to responding to complaints about racist hosts and all the horrible stories surrounding #AirbnbWhileBlack. So, like any major company hit with a scandalous fiasco, Airbnb, which has a valuation around $26 billion and hosts in more than 30,000 cities, has come up with a new set of policies it hopes will act as a deterrent to those who wish to practice discrimination. Now, if would-be hosts claim that their lodgings are unavailable for certain dates, Airbnb will not allow those users to re-list their lodgings at a later time for the same-exact dates. While the site plans to reduce the significance of profile photos, critics argue that there shouldn’t even be any photos of hosts and guests. That way host discriminators can’t claim their lodgings are “unavailable” based on the color of a guest’s skin and guests wouldn’t be able to choose accommodations based on a host’s race and/or ethinicity. Airbnb, however, disagrees and feels that photos are a security measure that allows hosts and guests to recognize each other. Just for good measure, former ACLU head Laura Murphy and former U.S. Attorney General Eric Holder were brought in to consult and institute the new company policies.

No credit to you…

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Image courtesy of Sira Anamwong/FreeDigitalPhotos.net

Fraud hurts. Just ask Wells Fargo, now that it will be choking down more than $185 million in the form of fines and penalties for pushing customers to open accounts that they didn’t want. According to the Consumer  Financial Protection Bureau, the largest U.S. bank opened some 2 million fee-generating accounts that were probably not authorized. Of those, 565,00 unwanted credit card accounts were opened. This was the largest fine ever imposed by this agency. Some employees took the liberty of opening accounts for unwilling customers and when that failed, made up fake accounts and even forged signatures. All in the name of sales quotas. The complaint was filed following an investigation that began back in 2013. The employees said they took those measures because of the intense pressure of meeting some very strict and unreasonable sales quotas. Wells Fargo has set aside $5 million to cover refunds to customers.  As part of the settlement, Wells Fargo doesn’t have to admit wrongdoing. I guess the $185 million says it anyway. But be sure to stop by your local Well Fargo. Employees there are eager to help you close up any accounts customers don’t want. Well, maybe eager is not the right word.

Overripe…

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Image courtesy of Sira Anamwong/FreeDigitalPhotos.net

Wall Street is not sweet on Apple today as the latest iPhone 7 failed to impress the masses and the analysts. The lackluster reception for the device put a drag on the Street sending the stock down 2.3% at one point. That was its biggest one day fall since June 24th’s Brexit vote, when investors scrambled to unload their Apple shares. Gone is the headphone jack, replaced by the aptly named AirBuds, which are sold separately for a cool $159. How very shrewd – or callous? – of Apple to take that route. The AirBuds innovation sheds a whole new light on Apple’s $3 billion deal to pick up Beats and their headphone technology. But, to be fair, the phone is water and dust-resistant and I’ll be the first to admit that the water-resistant feature speaks to me. Apple has a market value of around $680 billion, but brass at the company have no plans on sharing how many iPhones will have been sold by the weekend’s end. That’s presumably because of the gadget’s less than impressive…impression.

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One response to “Airbnb Apologizes for Slow Reaction to Site’s Racists; Wells Fargo Eats $185 Million for Ridiculous Sales Quotas; Apple’s Latest Bites Wall Street

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