Airbnb Adopts Rules in Effort to Fight Discrimination by Its Hosts – New York Times

New York Times

Airbnb Adopts Rules in Effort to Fight Discrimination by Its Hosts
New York Times
Airbnb, whose San Francisco headquarters are seen here, said that it would institute a new nondiscrimination policy that goes beyond what is outlined in several anti-discrimination laws. Credit Jason Henry for The New York Times. SAN FRANCISCO — For ...
Airbnb Plans To Fight Racism With Diversity. But Will It Be Enough?Forbes
Here's Airbnb's plan to fix its racism and discrimination problemTechCrunch
Airbnb adopts new anti-discrimination: Do they go far enough?Christian Science Monitor
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Chipotle to test burrito delivery by drone with Project Wing at Virginia Tech

Project Wing A Google Solve for X team focused on drones, Project Wing, today announced a plan to commence aerial burrito delivery, in partnership with Chipotle, on the campus of Virgina Tech next week. Project Wing’s mission it to make fully autonomous, or self-flying drones, that can deliver anything to anyone. But the X team is focused, for now, on delivering small packages in the U.S. and… Read More


Wells Fargo Fires 5,300 Employees For Creating Millions of Phony Accounts

An anonymous reader quotes a report from CNNMoney: 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 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 confirmed to CNNMoney that it had fired 5,300 employees related to the shady behavior over the last few years. Employees went so far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said. The scope of the scandal is shocking. An analysis conducted by a consulting firm hired by Wells Fargo concluded that bank employees opened up over 1.5 million deposit accounts that may not have been authorized, according to the CFPB. Wells Fargo is being slapped with the largest penalty since the CFPB was founded in 2011. The bank agreed to pay $185 million in fines, along with $5 million to refund customers. The report says that "employees moved funds from customers' existing accounts into newly-created accounts without theier knowledge or consent," which resulted in "customers being charged for insufficient funds or overdraft fees," since their original accounts didn't contain the money. What's more is that "Wells Fargo employees also submitted applications for 565,443 credit card accounts without their knowledge or consent," causing customers who had unauthorized credit cards opened in their names to be "hit by annual fees, interest charges and other fees."

Read more of this story at Slashdot.


Snapchat could buy startups without raising money via new credit line

Snapchat Ads Buying cool is the best way for big companies to stay cool. Snapchat rightly believes in itself, and now it’s getting bankers to bet on that vision without selling its precious equity. Snapchat has secured a line of credit led by Morgan Stanley, potentially with other banks participating, according to Recode. Snapchat can borrow against that credit line and pay it back later if it… Read More


How to watch Disrupt SF 2016

disrupt-video Everyone has a different preference for how to watch Disrupt, so we’re giving you tons of options. Here’s what’s on deck for the show. How to live stream Disrupt SF 2016 – The entire show will be live streamed to The video feed will be featured on the homepage. There’s no way you can miss it. YouTube – The entire show will… Read More


5,300 Wells Fargo employees fired after 2 million fake accounts discovered

(credit: Mike Mozart)

Since at least 2011, Wells Fargo employees have been creating fake accounts using customers’ identities to boost their sales numbers, federal regulators said on Thursday.

The Consumer Financial Protection Bureau (CFPB) fined the bank $100 million after a third-party consulting firm found that 2 million fake deposit and credit card accounts had been made without the consent of the person whose name was on the account. According to CNN Money, the bank fired 5,300 employees for taking part in the scheme, which constitutes about 1 percent of the bank’s payroll.

In order to boost their sales numbers, employees opened 1.5 million deposit accounts and 565,000 credit card accounts on customers’ behalf but without authorization from those customers. “Employees then transferred funds from consumers’ authorized accounts to temporarily fund the new, unauthorized accounts,” the CFPB wrote. “This widespread practice gave the employees credit for opening the new accounts, allowing them to earn additional compensation and to meet the bank’s sales goals.”

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