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What was the craziest year of the 1960s?
1968-January 5 – Prague Spring: Alexander Dubček is chosen as leader of the Communist Party of Czechoslovakia.January 8 – British Prime Minister Harold Wilson endorses the I'm Backing Britain campaign for working an additional half-hour each day without pay.January 10 – John Gorton is sworn in as the 19th Prime Minister of Australia, taking over from John McEwen after being elected leader of the Liberal Party the previous day, following the disappearance of Harold Holt. Gorton became the first and so far only Senator to become Prime Minister; though he immediately transferred to the House of Representatives through a by-election in Holt's vacant seat of Higgins.January 14 – The Green Bay Packers defeat the Oakland Raiders by the score of 33-14 in Super Bowl II at the Miami Orange Bowl.January 15 – An earthquake in Sicily kills 380 and injures around 1,000.January 17 – Lyndon B. Johnson requests a bill ending the gold convertibility of the U.S. dollar.January 21 Vietnam War – Battle of Khe Sanh: One of the most publicized and controversial battles of the war begins, ending on April 8.A U.S. B-52 Stratofortress crashes in Greenland, discharging 4 nuclear bombs.January 22 – Rowan & Martin's Laugh-In debuts on NBC.January 23 – North Korea seizes the USS Pueblo, claiming the ship violated its territorial waters while spying.January 25 – The Israeli submarine INS Dakar sinks in the Mediterranean Sea, killing 69.January 23 USS PuebloJanuary 28 – The French submarine Minerve sinks in the Mediterranean Sea, killing 52.January 30 – Vietnam War: The Tet Offensive begins, as Viet Cong forces launch a series of surprise attacks across South Vietnam.January 31 Việt Cộng soldiers attack the US Embassy, Saigon.Nauru president Hammer DeRoburt declares independence from Australia.FebruaryMain article: February 1968February 1 Vietnam War: A Viet Cong officer named Nguyễn Văn Lém is executed by Nguyễn Ngọc Loan, a South Vietnamese National Police Chief. The event is photographed by Eddie Adams. The photo makes headlines around the world, eventually winning the 1969 Pulitzer Prize, and sways U.S. public opinion against the war.The Pennsylvania Railroad and the New York Central Railroad merge to form Penn Central, the largest ever corporate merger up to this date.February 6–February 18 – The 1968 Winter Olympics are held in Grenoble, France.February 8 – American civil rights movement: A civil rights protest staged at a white-only bowling alley in Orangeburg, South Carolina is broken up by highway patrolmen; 3 college students are killed.February 11 Border clashes take place between Israel and Jordan.Madison Square Garden in New York City opens at its current location.February 12 – Vietnam War: Phong Nhị and Phong Nhất massacre.February 13 – Civil rights disturbances occur at the University of Wisconsin–Madison and the University of North Carolina at Chapel Hill.February 17 – Administrative reforms in Romania divide the country into 39 counties.February 19 The Florida Education Association (FEA) initiates a mass resignation of teachers to protest state funding of education. This is, in effect, the first statewide teachers' strike in the United States.NET televises the very first episode of Mister Rogers' Neighborhood.February 24 – Vietnam War: The Tet Offensive is halted; South Vietnam recaptures Huế.February 25 – Vietnam War: Hà My massacre.February 27 – Ex-Teenagers singer Frankie Lymon is found dead from a heroin overdose in Harlem.MarchMain article: March 1968March 2 – Baggeridge Colliery closes marking the end of over 300 years of coal mining in the Black Country of England.March 6 – Un-recognized Rhodesia executes 3 black citizens, the first executions since UDI, prompting international condemnation.March 7 – Vietnam War: The First Battle of Saigon ends.March 8 The first student protests spark the 1968 Polish political crisis.The Soviet ballistic missile submarine K-129 sinks with all 98 crew members, about 90 nautical miles (104 miles or 167 km) southwest of Hawaii.March 10–11 – Vietnam War: Battle of Lima Site 85, the largest single ground combat loss of United States Air Force members (12) during the (at this time) secret war later known as the Laotian Civil War.March 11 – U.S. President Lyndon B. Johnson mandates that all computers purchased by the federal government support the ASCII character encoding.March 12 Mauritius achieves independence from British rule.U.S. President Lyndon B. Johnson barely edges out antiwar candidate Eugene McCarthy in the New Hampshire Democratic primary, a vote which highlights the deep divisions in the country, and the party, over Vietnam.March 13 – The first Rotaract club is chartered in North Charlotte, North Carolina.March 14 – Nerve gas leaks from the U.S. Army Dugway Proving Ground near Skull Valley, Utah.March 15 – British Foreign Secretary George Brown resigns.March 16 Vietnam War – My Lai Massacre: American troops kill scores of civilians. The story will first become public in November 1969 and will help undermine public support for the U.S. efforts in Vietnam.U.S. Senator Robert F. Kennedy enters the race for the Democratic Party presidential nomination.March 17 – A demonstration in London's Grosvenor Square against U.S. involvement in the Vietnam War leads to violence; 91 people are injured, 200 demonstrators arrested.March 18 – Gold standard: The United States Congress repeals the requirement for a gold reserve to back U.S. currency.March 19–March 23 – Afrocentrism, Black Power, Vietnam War: Students at Howard University in Washington, D.C., signal a new era of militant student activism on college campuses in the U.S. Students stage rallies, protests and a 5-day sit-in, laying siege to the administration building, shutting down the university in protest over its ROTC program and the Vietnam War, and demanding a more Afrocentric curriculum.March 22 – Daniel Cohn-Bendit ("Danny the Red") and 7 other students occupy the administrative offices of the University of Nanterre, setting in motion a chain of events that lead France to the brink of revolution in May.March 24 – Aer Lingus Flight 712 crashes en route from Cork to London near Tuskar Rock, Wexford, killing 61 passengers and crew.March 26 – Joan Baez marries activist David Harris in New York.March 28 – Brazilian high school student Edson Luís de Lima Souto is shot by the police in a protest for cheaper meals at a restaurant for low-income students. The aftermath of his death is one of the first major events against the military dictatorship.March 31 – U.S. President Lyndon B. Johnson announces he will not seek re-election.AprilMain article: April 1968April 2 Bombs explode at midnight in two department stores in Frankfurt-am-Main; Andreas Baader and Gudrun Ensslin are later arrested and sentenced for arson.The film 2001: A Space Odyssey premieres in Washington, D.C.April 3 – The American movie Planet of the Apes is released in theaters.April 4 Martin Luther King Jr. is shot dead at the Lorraine Motel in Memphis, Tennessee. Riots erupt in major American cities, lasting for several days afterwards.Apollo program: Apollo-Saturn mission 502 (Apollo 6) is launched, as the second and last unmanned test-flight of the Saturn V launch vehicle.AEK Athens wins the FIBA European Cup Winners Cup Final against Slavia Prague, in front of a record attendance of 80,000 spectators. It was the first major European trophy won at club level of every sport in Greece.April 6 La, la, la by Massiel (music and lyrics by Manuel de la Calva and Ramón Arcusa) wins the Eurovision Song Contest 1968 for Spain, at the Royal Albert Hall in London.A shootout between Black Panthers and Oakland police results in several arrests and deaths, including 17-year-old Panther Bobby Hutton.A double explosion in downtown Richmond, Indiana kills 41 and injures 150.April 7 – Racing driver Jim Clark is killed in a Formula 2 race at Hockenheim.April 8 – The Bureau of Narcotics and Dangerous Drugs (under Department of Justice) (BNDD) is created.April 10 – The ferry TEV Wahine strikes a reef at the mouth of Wellington Harbour, New Zealand, with the loss of 53 lives, in Cyclone Giselle, which created the windiest conditions ever recorded in New Zealand.April 11 Josef Bachmann tries to assassinate Rudi Dutschke, leader of the left-wing movement (APO) in Germany, and tries to commit suicide afterwards, failing in both, although Dutschke dies of his brain injuries 11 years later.German left-wing students blockade the Springer Press HQ in Berlin and many are arrested (one of them Ulrike Meinhof).U.S. President Lyndon B. Johnson signs the Civil Rights Act of 1968.MGM's classic film The Wizard of Oz makes its NBC debut after being telecast on CBS since 1956. It will remain on NBC for the next 8 years.April 18 – John Rennie's 1831 New London Bridge is sold to Arizona entrepreneur Robert P. McCulloch and is rebuilt in Lake Havasu City, Arizona, reopening on October 5, 1971.April 20 Pierre Elliott Trudeau becomes the 15th Prime Minister of Canada.English politician Enoch Powell makes his controversial Rivers of Blood speech.April 23 President Mobutu releases captured mercenaries in the Congo.Surgeons at the Hôpital de la Pitié, Paris, perform Europe's first heart transplant, on Clovis Roblain.The United Methodist Church is created by the union of the former Methodist and Evangelical United Brethren churches.April 23–April 30 – Vietnam War: Student protesters at Columbia University in New York City take over administration buildings and shut down the university (see main article Columbia University protests of 1968).April 26 – The nuclear weapon "Boxcar" is tested at the Nevada Test Site in the biggest detonation of Operation Crosstie.April 29 – The musical Hair officially opens on Broadway.MayMain article: May 1968May 2 – The Israel Broadcasting Authority commences television broadcasts.May 3 – Braniff Flight 352 crashes near Dawson, Texas, killing all 85 people on board.May 13 – Paris student riots: One million march through the streets of Paris.May 13 – Manchester City wins the 1967–68 Football League First Division by 2 clear points, over club rivals Manchester UnitedMay 14 – The Beatles announce the creation of Apple Records in a New York press conference.May 15 – An outbreak of severe thunderstorms produces tornadoes, causing massive damage and heavy casualties in Charles City, Iowa, Oelwein, Iowa, and Jonesboro, Arkansas.May 16 – Ronan Point, a 23 floor tower block in Canning Town, east London, partially collapses after a gas explosion, killing 5.May 17 – The Catonsville Nine enter the Selective Service offices in Catonsville, Maryland, take dozens of selective service draft records, and burn them with napalm as a protest against the Vietnam War.May 18 – Mattel's Hot Wheels toy cars are introduced. West Bromwich Albion win the Football Association Cup, defeating Everton 1-0 after extra time. The winning goal was scored by Jeff Astle.May 19 A general election is held in Italy.Nigerian forces capture Port Harcourt and form a ring around the Biafrans. This contributes to a humanitarian disaster as the surrounded population already suffers from hunger and starvation.May 22 – The U.S. nuclear-powered submarine Scorpion sinks with 99 men aboard, 400 miles southwest of the Azores.May 29 – Manchester United wins the European Cup Final, becoming the first English team to do so.May 30 – Bobby Unser wins the Indianapolis 500.JuneMain article: June 1968June 2 – Student protests have started in Belgrade, Yugoslavia.June 3 – Radical feminist Valerie Solanas shoots Andy Warhol as he enters his studio, wounding him.June 4 – The Standard & Poor's 500 index closes above 100 for the first time, at 100.38.June 5 – U.S. presidential candidate Robert F. Kennedy is shot at the Ambassador Hotel in Los Angeles. Sirhan Sirhan is arrested. Kennedy dies from his injuries the next day.June 7 – The Ford sewing machinists strike started in the United Kingdom.June 8 – James Earl Ray is arrested for the assassination of Martin Luther King Jr..June 10 – Italy beats Yugoslavia 2–0 in a replay to win the 1968 European Championship. The original final on June 8 ended 1–1.June 12 – The film Rosemary's Baby premieres in the U.S.June 17 – The Malayan Communist Party launches a second insurgency and the state of emergency is again imposed in Malaysia.June 20 – Austin Currie, Member of Parliament at Stormont in Northern Ireland, along with others, squats a house in Caledon to protest discrimination in housing allocations.June 23 A football stampede in Buenos Aires leaves 74 dead and 150 injured.The first round of voting took place in the French National Assembly elections that had been scheduled following the public unrest of May.June 24 – Giorgio Rosa declares the independence of his Republic of Rose Island, an artificial island off Rimini, Italy. Italian troops demolish it not long after.June 26 The Bonin Islands are returned to Japan after 23 years of occupation by the United States Navy.The “March of the One Hundred Thousand” took place in Rio de Janeiro as crowds demonstrated against the Brazilian military government.June 30 – The Lockheed C-5 Galaxy heavy military transport aircraft first flies in the U.S. This model will still be in service 40 years later.JulyMain article: July 1968July 1 The Central Intelligence Agency's Phoenix Program is officially established.The Nuclear Non-Proliferation Treaty opens for signature.July 4 – Yachtsman Alec Rose, 59, receives a hero's welcome as he sails into Portsmouth, England after his 354-day round-the-world trip.July 15 – The soap opera One Life to Live premieres on ABC.July 17 – Saddam Hussein becomes Vice Chairman of the Revolutionary Council in Iraq after a coup d'état.July 18 – The semiconductor company Intel is founded.July 20 – The first International Special Olympics Summer Games are held at Soldier Field in Chicago, Ill, with about 1,000 athletes with intellectual disabilities.July 23–July 28 – Black militants led by Fred (Ahmed) Evans engage in a fierce gunfight with police in the Glenville Shootout of Cleveland, Ohio, in the United States.July 25 – Pope Paul VI publishes the encyclical entitled Humanae vitae, on birth control.July 26 – Vietnam War: South Vietnamese opposition leader Trương Đình Dzu is sentenced to 5 years hard labor, for advocating the formation of a coalition government as a way to move toward an end to the war.July 29 – Arenal Volcano erupts in Costa Rica for the first time in centuries.July 30 – Thames Television starts transmission in London.July 31 – Dad's Army was broadcast for the first time.AugustMain article: August 1968August 2 - The 7.6 Mw Casiguran earthquake affected the Aurora province in the Philippines with a maximum Mercalli intensity of IX (Violent), killing at least 207 and injuring 261.August 5–August 8 – The Republican National Convention in Miami Beach, Florida nominates Richard Nixon for U.S. President and Spiro Agnew for Vice President.August 11 – The last steam passenger train service runs in Britain. A selection of British Railways steam locomotives make the 120-mile journey from Liverpool to Carlisle and return to Liverpool – the journey is known as the Fifteen Guinea Special.August 18 – Two charter buses are pushed into the Hida River on National Highway Route 41 in Japan, in an accident caused by heavy rain; 104 are killed.August 20–August 21 – The Prague Spring of political liberalization ends, as 750,000 Warsaw Pact troops and 6,500 tanks with 800 planes invade Czechoslovakia. It is dated as the biggest operation in Europe since WWII ended.August 21 – The Medal of Honor is posthumously awarded to James Anderson Jr.– he was the first black U.S. Marine to be awarded the Medal of Honor.August 24 – France explodes its first hydrogen bomb.August 22–August 30 – Police clash with anti-war protesters in Chicago, Illinois, outside the 1968 Democratic National Convention, which nominates Hubert Humphrey for U.S. President, and Edmund Muskie for Vice President. The riots and subsequent trials were an essential part of the activism of the Youth International Party.August 28 – John Gordon Mein, US Ambassador to Guatemala, is assassinated on the streets of Guatemala City. First US Ambassador assassinated in the line of duty.August 29 – Crown Prince Harald of Norway marries Sonja Haraldsen, the commoner he has dated for 9 years.SeptemberMain article: September 1968September 6 – Swaziland becomes independent.September 7 – 150 women (members of New York Radical Women) arrive in Atlantic City, New Jersey to protest against the Miss America Pageant, as exploitative of women. Led by activist and author Robin Morgan, it is one of the first large demonstrations of Second Wave Feminism as Women's Liberation begins to gather much media attention.The crash of Air France Flight 1611 kills 95 people, including French Army General René Cogny as the Caravelle jetliner plunges into the Mediterranean Sea while making its approach to Nice following its departure from the island of Corsica.The International Association of Classification Societies (IACS) is founded.September 13 Albania officially withdraws from the Warsaw Pact upon the Soviet Union-led Warsaw Pact invasion of Czechoslovakia, having already ceased to participate actively in Pact activity since 1962.U.S. Army Major General Keith L. Ware, World War II Medal of Honor recipient, is killed when his helicopter is shot down in Vietnam. He is posthumously awarded the Distinguished Service Cross.An agreement for merger between the General Electric Company and English Electric, the largest industrial merger in the UK up to that time.September 14 – Detroit Tiger Denny McLain becomes the first baseball pitcher to win 30 games in a season since 1934. He remains the last player to accomplish the feat.September 17 – The D'Oliveira affair: The Marylebone Cricket Club tour of South Africa is cancelled when the South Africans refuse to accept the presence of Basil D'Oliveira, a Cape Coloured, in the side.September 20 – Hawaii Five-O debuts on CBS, and eventually becomes the longest-running crime show in television history, until Law & Order overtakes it in 2003.September 21 – The Soviet's Zond 5 unmanned lunar flyby mission returns to earth, with its first-of-a-kind biological payload intact.September 23 – Vietnam War: The Tet Offensive comes to an end in South Vietnam.September 24 – 60 Minutes debuts on CBS and is still on the air as of 2018.September 27 – Marcelo Caetano becomes prime minister of Portugal.September 29 – A referendum in Greece gives more power to the military junta.September 30 – Boeing introduces its largest passenger aircraft up to that time, the Boeing 747 at a public event at Paine Field, near Everett, Washington.OctoberMain article: October 19681968 Summer OlympicsOctober 1 – Night of the Living Dead premieres in the United States.October 2 – Tlatelolco massacre: A student demonstration ends in bloodbath at La Plaza de las Tres Culturas in Tlatelolco, Mexico City, Mexico, 10 days before the inauguration of the 1968 Summer Olympics. 300-400 are estimated to have been killed.October 3 – In Peru, Juan Velasco Alvarado takes power in a revolution.October 5 – Police baton civil rights demonstrators in Derry, Northern Ireland, marking the beginning of The Troubles.October 7 – At the height of protests against the Vietnam War, José Feliciano performed "The Star-Spangled Banner" at Tiger Stadium in Detroit during Game 5 pre-game ceremonies of the 1968 World Series between the Tigers and the St. Louis Cardinals. His personalized, slow, Latin jazz performance proved highly controversial, opening the door for later interpretations of the national anthem.October 8 – Vietnam War – Operation Sealords: United States and South Vietnamese forces launch a new operation in the Mekong Delta.October 10 – 1968 World Series: The Detroit Tigers defeat the St. Louis Cardinals in the best of 7 series (4 games to 3) after being down 3 games to 1, completing an unlikely comeback against the heavily favored Cardinals led by the overpowering right-handed pitcher Bob Gibson. The final score of Game 7 is 4-1.October 11 Apollo program: NASA launches Apollo 7, the first manned Apollo mission (Wally Schirra, Donn Eisele, Walter Cunningham). Mission goals include the first live television broadcast from orbit and testing the lunar module docking maneuver.in Panama, a military coup d'état, led by Col. Boris Martinez and Col. Omar Torrijos, overthrows the democratically elected (but highly controversial) government of President Arnulfo Arias. Within a year, Torrijos ousts Martinez and takes charge as de facto Head of Government in Panama.October 12–October 27 – The Games of the XIX Olympiad are held in Mexico City, Mexico.October 12 – Equatorial Guinea receives its independence from Spain.October 14 – Vietnam War: The United States Department of Defense announces that the United States Army and United States Marines will send about 24,000 troops back to Vietnam for involuntary second tours.October 16 In Mexico City, African-American athletes Tommie Smith and John Carlos raise their fists in a black power salute after winning, respectively, the gold and bronze medals in the Olympic men's 200 metres.Kingston, Jamaica is rocked by the Rodney Riots, provoked by the banning of Walter Rodney from the country.October 18 – US athlete Bob Beamon breaks the long jump world record by 55 cm / 21 3/4ins at the 1968 Summer Olympics in Mexico City. His record stands for 23 years, and is still the second longest jump in history.October 20 – Former U.S. First Lady Jacqueline Kennedy marries Greek shipping tycoon Aristotle Onassis on the Greek island of Skorpios.October 22 – The Gun Control Act of 1968 is enacted.October 25 – Led Zeppelin makes their first live performance, at Surrey University in EnglandOctober 31 – Vietnam War: Citing progress in the Paris peace talks, U.S. President Lyndon B. Johnson announces to the nation that he has ordered a complete cessation of "all air, naval, and artillery bombardment of North Vietnam" effective November 1.NovemberMain article: November 1968November 5 U.S. presidential election, 1968: Republican challenger Richard Nixon defeats the Democratic candidate, Vice President Hubert Humphrey, and American Independent Party candidate George C. Wallace.Luis A. Ferré, of the newly formed New Progressive Party is elected Governor of Puerto Rico, by beating incumbent governor Roberto Sánchez Vilella of the People's Party, Luis Negrón López of the Popular Democratic Party and Antonio J. Gonzalez of the Puerto Rican Independence Party, he also becomes the first "statehooder" governor of the Island.November 11 – A second republic is declared in the Maldives.November 14 – Yale University announces it is going to admit women.November 15 – Vietnam War: Operation Commando Hunt is initiated to interdict men and supplies on the Ho Chi Minh trail, through Laos into South Vietnam. By the end of the operation, 3 million tons of bombs are dropped on Laos, slowing but not seriously disrupting trail operations.  November 17 – The Heidi Game: NBC cuts off the final 1:05 of an Oakland Raiders–New York Jets football game to broadcast the pre-scheduled Heidi. Fans are unable to see Oakland (which had been trailing 32–29) score 2 late touchdowns to win 43–32; as a result, thousands of outraged football fans flood the NBC switchboards to protest.November 17 - British European Airways introduces the BAC One-Eleven into commercial service.November 19 – In Mali, President Modibo Keïta's regime is overthrown in a bloodless military coup led by Moussa Traoré.November 20 – The Farmington Mine disaster in Farmington, West Virginia, kills seventy-eight men.November 22 The Beatles release their self-titled album popularly known as the White Album."Plato's Stepchildren", 12th episode of Star Trek 3rd season is aired, featuring the first-ever interracial kiss on U.S. national television between Lieutenant Uhura and Captain James T. Kirk.November 24 – 4 men hijack Pan Am Flight 281 from JFK International Airport, New York to Havana, Cuba.November 26 – Vietnam War: United States Air Force First Lieutenant and Bell UH-1F helicopter pilot James P. Fleming rescues an Army Special Forces unit pinned down by Viet Cong fire, earning a Medal of Honor for his bravery.DecemberMain article: December 1968December 3 – The videotaped NBC television special Singer Presents...ELVIS (sponsored by The Singer Company, the American sewing machine manufacturer) marks the comeback of Elvis Presley after the legendary musician had been away from singing.December 6 – The Rolling Stones release Beggars Banquet, which contains the classic song "Sympathy for the Devil."December 9 – Douglas Engelbart publicly demonstrates his pioneering hypertext system, NLS, in San Francisco, together with the computer mouse, at what becomes retrospectively known as "The Mother of All Demos".December 10 – Japan's biggest heist, the never-solved "300 million yen robbery", occurs in Tokyo.December 11 The film Oliver!, based on the hit London and Broadway musical, opens in the U.S. after being released first in England. It goes on to win the Academy Award for Best Picture.The Rolling Stones Rock and Roll Circus is filmed but is not released until 1996.December 13 – Prompted by growing unrest and proliferation of pro-communist terrorist actions, Brazilian president Artur da Costa e Silva enacts the so-called AI-5, the fifth of a series of non-constitutional emergency decrees that helped stabilize the country after the turmoils of the early 1960s.December 17 – In England, Mary Bell, aged 11, is found guilty of murdering two small boys and sentenced to life in detention, but is later released from prison in 1980 and granted anonymity.December 20 – The Zodiac Killer is believed to have shot Betty Lou Jensen and David Faraday on Lake Herman Road, Benicia, San Francisco Bay, California.December 22 David Eisenhower, grandson of former U.S. President Dwight D. Eisenhower, marries Julie Nixon, the daughter of U.S. President-elect Richard Nixon.Mao Zedong advocates that educated urban youth in China be sent for re-education in the countryside. It marks the start of the "Up to the mountains and down to the villages" movement.December 24 – Apollo program: The manned U.S. spacecraft Apollo 8 enters orbit around the Moon. Astronauts Frank Borman, Jim Lovell and William A. Anders become the first humans to see the far side of the Moon and planet Earth as a whole, as well as having traveled further away from Earth than any people in history. Anders photographs Earthrise. The crew also reads from Genesis.December 26 – Led Zeppelin make their American debut in Denver.December 28 – Israeli forces fly into Lebanese airspace, launchin an attack on the airport in Beirut and destroying more than a dozen aircraft.Dates unknownThe Khmer Rouge is officially formed in Cambodia as an offshoot movement of the Vietnam People's Army from North Vietnam to bring communism to the nation. A few years later, they will become bitter enemies.United Artists pulls eleven Looney Tunes and Merrie Melodies cartoons in its library from television due to the depiction of racist stereotypes towards African-Americans. These cartoons come to be known as the Censored Eleven. Above is taken from Wikipedia
How many correspondent banks does Wells Fargo do business with around the world? How much money does Wells Fargo manage for them? How many offshore branches does Wells Fargo own or operate and in what jurisdictions?
Wells Fargo - WikipediaWells FargoFrom Wikipedia, the free encyclopediaJump to navigationJump to searchFor other uses, see Wells Fargo (disambiguation).Wells Fargo & CompanyCompany logo since 2009Wells Fargo's headquarters complex in San Francisco, CaliforniaTypePublicTraded asNYSE: WFCS&P 100 componentS&P 500 componentISINUS9497461015IndustryBankingFinancial servicesInsurancePredecessorsCollapsible list[show]FoundedMarch 18, 1852 (167 years ago) in San Francisco, California, USFoundersHenry WellsWilliam FargoHeadquarters420 Montgomery Street, San Francisco, California, USNumber of locations8,050 branches (2018)13,000 ATMs (2018)Area servedWorldwideKey peopleElizabeth Duke(Chair)C. Allen Parker(Interim President & CEO)John R. Shrewsberry(CFO)ProductsCollapsible list[show]RevenueUS$86.40 billion (2018)Operating incomeUS$30.28 billion (2018)Net incomeUS$22.39 billion (2018)Total assetsUS$1.895 trillion (2018)Total equityUS$197.06 billion (2018)OwnerBerkshire Hathaway (10%)Membersc.70 million (2018)Number of employeesc.258,700 (2018)SubsidiariesWells Fargo AdvisorsWells Fargo Bank, N.A.Wells Fargo RailWells Fargo SecuritiesRatingFitch: A+ (2018)Moody's: A2 (2018)S&P: A− (2018)Websitewellsfargo.comFootnotes / referencesWells Fargo branch in Berkeley, CaliforniaWells Fargo & Company is an American multinational financial servicescompany headquartered in San Francisco, California, with central offices throughout the United States.It is the world's fourth-largest bank by market capitalization and the fourth largest bank in the US by total assets.Wells Fargo is ranked #26 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue.In July 2015, Wells Fargo became the world's largest bank by market capitalization, edging past ICBC,before slipping behind JPMorgan Chase in September 2016, in the wake of a scandal involving the creation of over 2 million fake bank accounts by Wells Fargo employees.Wells Fargo fell behind Bank of America to third by bank deposits in 2017and behind Citigroup to fourth by total assets in 2018.The firm's primary operating subsidiary is national bank Wells Fargo Bank, N.A., which designates its main office as Sioux Falls, South Dakota. Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia. Following the mergers, the company transferred its headquarters to Wells Fargo's headquarters in San Francisco and merged its operating subsidiary with Wells Fargo's operating subsidiary in Sioux Falls. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the "Big Four Banks" of the United States.As of June 2018, it had 8,050 branches and 13,000 ATMs.In 2018 the company had operations in 35 countries with over 70 million customers globally.In February 2014, Wells Fargo was named the world's most valuable bank brand for the second consecutive yearin The Banker and Brand Financestudy of the top 500 banking brands.In 2016, Wells Fargo ranked 7th on the Forbes Magazine Global 2000 list of largest public companies in the world and ranked 27th on the Fortune 500 list of the largest companies in the US.In 2015, the company was ranked the 22nd most admired company in the world, and the 7th most respected company in the world.As of December 2018, the company had a Standard & Poors credit rating of A−.However, for a brief period in 2007, the company was the only AAA‑rated bank, reflecting the highest credit rating from two firms.On February 2, 2018, the US Federal Reserve Bank barred Wells Fargo from growing its nearly US$2 trillion-asset base any further, based upon years of misconduct, until Wells Fargo fixes its internal problems to the satisfaction of the Federal Reserve.In April 2018, The Wall Street Journal reported that the US Department of Labor had launched a probe into whether Wells Fargo was pushing its customers into more expensive retirement plans as well as intoretirement funds managed by Wells Fargo itself.Subsequently in May 2018, The Wall Street Journal reported that Wells Fargo's business banking group had improperly altered documents about business clients in 2017 and early 2018.In June 2018, Wells Fargo began retreating from retail bankingin the Midwestern United States by announcing the sale of all its physical bank branch locations in Indiana, Michigan, and Ohio to Flagstar Bank.Contents1History1.1Wells Fargo History Museums1.2Key dates1.3Wachovia acquisition1.4Investment by US Treasury Department during 2008 financial crisis1.4.1History of Wells Fargo Securities1.5Environmental record2Operations and services2.1Community banking2.1.1Consumer lending2.1.2Wells Fargo private student loans2.1.3Equipment lending2.2Wealth and Investment Management2.2.1Wells Fargo Asset Management2.2.2Wells Fargo Securities2.3Cross-selling2.4International operations2.5Charter3Lawsuits, fines and controversies3.11981 MAPS Wells Fargo embezzlement scandal3.2Higher costs charged to African-American and Hispanic borrowers3.3Failure to monitor suspected money laundering3.4Overdraft fees3.5Settlement and fines regarding mortgage servicing practices3.6SEC fine due to inadequate risk disclosures3.7Lawsuit by FHA over loan underwriting3.8Lawsuit due to premium inflation on forced place insurance3.9Lawsuit regarding excessive overdraft fees3.102015 Violation of New York credit card laws3.11Executive compensation3.12Tax avoidance and lobbying3.13Prison industry investment3.14SEC settlement for insider trading case3.15Wells Fargo account fraud scandal3.16Racketeering lawsuit for mortgage appraisal overcharges3.17Dakota Access Pipeline investment3.18Failure to comply with document security requirements3.19Connections to the gun industry and NRA3.20Discrimination against female workers3.21Auto insurance4CEO-to-worker pay ratio5See also6Notes7References8External linksHistoryMain article: History of Wells FargoWells Fargo History MuseumsThe company operates 12 museums, most known as a Wells Fargo History Museum,in its corporate buildings inCharlotte, North Carolina, Denver, Colorado, Des Moines, Iowa, Los Angeles, California, Minneapolis, Minnesota,Philadelphia, Pennsylvania, Phoenix, Arizona, Portland, Oregon, Sacramento, California and San Francisco, California. Displays include original stagecoaches, photographs, gold nuggets and mining artifacts, the Pony Express, telegraphequipment and historic bank artifacts. The company also operates a museum about company history in the Pony Express Terminal in Old Sacramento State Historic Park in Sacramento, California, which was the company's second office,and the Wells Fargo History Museum in Old Town San Diego State Historic Park in San Diego, California.Wells Fargo operates the Alaska Heritage Museum in Anchorage, Alaska, which features a large collection of Alaskan Native artifacts, ivory carvings and baskets, fine art by Alaskan artists, and displays about Wells Fargo history in the Alaskan Gold Rush era.Key datesA late 19th Century Wells Fargo Bank in Apache Junction, Arizona1879 Wells Fargo Stagecoach on exhibit in the Wells Fargo Museum in PhoenixThe Wells Fargo Stage Stop built in 1872 in Black Canyon City, ArizonaWells Fargo bank in Chinatown,Houston, TexasA remodeled Wells Fargo bank inFort Worth, TexasWells Fargo in Laredo, Texas1852: Henry Wells and William G. Fargo, the two founders of American Express, formed Wells Fargo & Company to provide express and banking services to California.1860: Wells Fargo gained control of Butterfield Overland Mail Company, leading to operation of the western portion of the Pony Express.1866: "Grand consolidation" united Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name.1905: Wells Fargo separated its banking and express operations; Wells Fargo's bank was merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank.1918: As a wartime measure, the US Federal Government nationalized Wells Fargo's express franchise into a federal agency known as the US Railway Express Agency. The US Federal Government took control of the express company. The bank began rebuilding but with a focus on commercial markets. After the war, REA was privatized and continued service until 1975.1923: Wells Fargo Nevada merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.1929: Northwest Bancorporation was formed as a banking association.1954: Wells Fargo & Union Trust shortened its name to Wells Fargo Bank.1960: Wells Fargo merged with American Trust Company to form the Wells Fargo Bank American Trust Company.1962: Wells Fargo American Trust again shortened its name to Wells Fargo Bank.1968: Wells Fargo converted to a federal banking charter, becoming Wells Fargo Bank, N.A. Wells Fargo merged with Henry Trione's Sonoma Mortgage in a $10.8 million stock transfer, making Trione the largest shareholder in Wells Fargo until Warren Buffett and Walter Annenberg later surpassed him.1969: Wells Fargo & Company holding company was formed, with Wells Fargo Bank as its main subsidiary.1982: Northwest Bancorporation acquired consumer finance firm Dial Finance which is renamed Norwest Financial Service the following year.1983: Northwest Bancorporation was renamed Norwest Corporation.1983: White Eagle, largest US bank heist to date took place at a Wells Fargo depot in West Hartford, Connecticut.1986: Wells Fargo acquired Crocker National Corporation from Midland Bank.1987: Wells Fargo acquired the personal trust business of Bank of America.1988: Wells Fargo acquired Barclays Bank of California from Barclays plc.1995: Wells Fargo became the first major US financial services firm to offer Internet banking.1996: Wells Fargo acquired First Interstate Bancorp for US$11.6 billion.1998: Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis.(Norwest was the surviving company; however, it chose to continue business under the more well-known Wells Fargo name.)2000: Wells Fargo Bank acquired National Bank of Alaska.2000: Wells Fargo acquired First Security Corporation.2001: Wells Fargo acquired H.D. Vest Financial Services for US$128 million, but sold it in 2015 for US$580 million.2007: Wells Fargo acquired CIT's construction unit.2007: Wells Fargo acquired Placer Sierra Bank.2007: Wells Fargo acquired Greater Bay Bancorp, which had US$7.4 billion in assets, in a US$1.5 billion transaction.2008: Wells Fargo acquired United Bancorporation of Wyoming.2008: Wells Fargo acquired Century Bancshares of Texas.2008: Wells Fargo acquired Wachovia Corporation.2009: Wells Fargo acquired North Coast Surety Insurance Services.2012: Wells Fargo acquired Merlin Securities.2012: Wells Fargo acquired stake in The Rock Creek Group LP.2019: CEO Tim Sloan resigns causing stock to jump and leaves General Counsel Allen Parker as Interim CEOWachovia acquisitionA former Wachovia branch converted to Wells Fargo in the fall of 2011 in Durham, North CarolinaOn October 3, 2008, Wachovia agreed to be bought by Wells Fargo for about US$14.8 billion in an all-stock transaction. This news came four days after the USFederal Deposit Insurance Corporation (FDIC) made moves to have Citigroup buy Wachovia for US$2.1 billion. Citigroup protested Wachovia's agreement to sell itself to Wells Fargo and threatened legal action over the matter. However, the deal with Wells Fargo overwhelmingly won shareholder approval since it valued Wachovia at about seven times what Citigroup offered. To further ensure shareholder approval, Wachovia issued Wells Fargo preferred stock that holds 39.9% of the voting power in the company.On October 4, 2008, a New York state judge issued a temporary injunction blocking the transaction from going forward while the situation was sorted out.Citigroup alleged that they had an exclusivity agreement with Wachovia that barred Wachovia from negotiating with other potential buyers. The injunction was overturned late in the evening on October 5, 2008, by New York state appeals court.Citigroup and Wells Fargo then entered into negotiations brokered by the FDIC to reach an amicable solution to the impasse. Those negotiations failed. Sources say that Citigroup was unwilling to take on more risk than the US$42 billion that would have been the cap under the previous FDIC-backed deal (with the FDIC incurring all losses over US$42 billion). Citigroup did not block the merger, but indicated they would seek damages of US$60 billion for breach of an alleged exclusivity agreement with Wachovia.Investment by US Treasury Department during 2008 financial crisisOn October 28, 2008, Wells Fargo was the recipient of US$25 billion of Emergency Economic Stabilization Act funds in the form of a preferred stock purchase by the US Treasury Department.Tests by the US Federal Government revealed that Wells Fargo needed an additional US$13.7 billion in order to remain well capitalized if the economy were to deteriorate further under stress test scenarios. On May 11, 2009, Wells Fargo announced an additional stock offering which was completed on May 13, 2009, raising US$8.6 billion in capital. The remaining US$4.9 billion in capital was planned to be raised through earnings. On Dec. 23, 2009, Wells Fargo redeemed the US$25 billion of preferred stock issued to the US Treasury. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of US$131.9 million, bringing the total dividends paid to US$1.441 billion since the preferred stock was issued in October 2008.History of Wells Fargo SecuritiesWells Fargo Securities was established in 2009 to house Wells Fargo's capital markets group which it obtained during the Wachovia acquisition. Prior to that point, Wells Fargo had little to no participation in investment banking activities, though Wachovia had a well established investment banking practice which it operated under the Wachovia Securities banner.Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First Union. First Union had bought Bowles Hollowell Connor & Co. on April 30, 1998 adding to its merger and acquisition, high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public financecapabilities.Legacy components of Wells Fargo Securities include Wachovia Securities, Bowles Hollowell Connor & Co., Barrington Associates, Halsey, Stuart & Co., Leopold Cahn & Co., Bache & Co.. Prudential Securities, A.G. Edwards, Inc. and the investment banking arm of Citadel LLC.Duke Energy Center in Charlotte, North Carolina home of Wells Fargo SecuritiesEnvironmental recordIn 2009, Wells Fargo ranked #1 among banks and insurance companies, and #13 overall, inNewsweek Magazine's inaugural "Green Rankings" of the country's 500 largest companies.In 2013, the company was recognized by the EPA Center for Corporate Climate Leadership as a Climate Leadership Award winner, in the category "Excellence in Greenhouse Gas Management (Goal Setting Certificate)"; this recognition was for the company's aim to reduce its absolute greenhouse gas emissions from its US operations by 35% by 2020 versus 2008 levels.As of 2013, Wells Fargo had provided more than US$6 billion in financing for environmentally beneficial business opportunities, including supporting 185 commercial-scale solar photovoltaic projects and 27 utility-scale wind projects nationwide.[better source needed]Wells Fargo has launched what it believes to be the first blog among its industry peers to report on its environmental stewardship and to solicit feedback and ideas from its stakeholders.We want to be as open and clear as possible about our environmental efforts – both our accomplishments and challenges – and share our experiences, ideas and thoughts as we work to integrate environmental responsibility into everything we do," said Mary Wenzel, director of Environmental Affairs. "We also want to hear and learn from our customers. By working together, we can do even more to protect and preserve natural resources for future generations.—Mary Wenzel, director of Environmental Affairs, Wells Fargo, 2010 press releaseOperations and servicesMap of Wells Fargo branches in August 2015Wells Fargo delineates three different business segments when reporting results:Community Banking; Wholesale Banking; and Wealth, Brokerage and Retirement.Community bankingThe Community Banking segment includes Regional Banking, Diversified Products, and Consumer Deposits groups, as well as Wells Fargo Customer Connection (formerly Wells Fargo Phone Bank, Wachovia Direct Access, the National Business Banking Center, and Credit Card Customer Service). Wells Fargo also has around 2,000 stand-alone mortgage branches throughout the country.There are mini-branches located inside of other buildings, which are almost exclusively grocery stores, that usually contain ATMs, basicteller services, and, space permitting, an office for private meetings with customers.In March 2017, Wells Fargo announced a plan to offer smartphone-based transactions with mobile wallets including Wells Fargo Wallet, Android Pay and Samsung Pay.Consumer lendingAs of Q3 2011, Wells Fargo Home Mortgage was the largest retail mortgage lender in the United States, originating one out of every four home loans.Wells Fargo services US$1.8 trillion in home mortgages, the second largest servicing portfolio in the USIt was reported in 2012 Wells Fargo reached 30% market share for US mortgages, however, the then-CEO John Stumpf had said the numbers were misleading because about half of that share represented the aggregation of smaller loans that were then sold on in the secondary market. In 2013, its share was closer to 22%; of which eight percentage points was aggregation.Wells Fargo private student loansWells Fargo private student loans are available to students to pay for college expenses, such as tuition, books, computers, or housing.Loans are available for undergraduate, career and community colleges, graduate school, law school and medical school. Wells Fargo also provides private student loan consolidation and student loans for parents.Equipment lendingWells Fargo has various divisions that finance and lease equipment to different types of companies.One venture is Wells Fargo Rail, which in 2015 agreed to the purchase of GE Capital Rail Services and merged in with First Union Rail.In late 2015, it was announced that Wells Fargo would buy three GE units focused on business loans equipment financing.Wealth and Investment ManagementWells Fargo Advisors headquarters in St. Louis, MissouriWells Fargo offers investment products through its subsidiaries, Wells Fargo Investments, LLC and Wells Fargo Advisors, LLC, as well as through national broker/dealer firms. The company also serves high-net-worth individuals through its private bank and family wealthgroup.The logo for Wells Fargo AdvisorsWells Fargo Advisors is the brokerage subsidiary of Wells Fargo, located in St. Louis, Missouri. It is the third largest brokerage firm in the United States as of the third quarter of 2010 with US$1.1 trillion retail client assets under management.Wells Fargo Advisors was known as Wachovia Securities until May 1, 2009, when it legally changed names following the Wells Fargo's acquisition of Wachovia Corporation.In September 2018, Wells Fargo announced to cut 26,450 jobs by 2020 to reduce costs by US$4 billion.Wells Fargo Asset ManagementWells Fargo Funds Management, LLCTypeSubsidiaryIndustryMutual fundsHeadquartersKansas City, MissouriArea servedWorldwideWebsitewellsfargofunds.comWells Fargo Asset Management (WFAM) is the trade name for the mutual funddivision of Wells Fargo & Co. Mutual funds are offered under the Wells Fargo Advantage Funds brand name.Wells Fargo SecuritiesWells Fargo Securities, LLCTypeSubsidiaryIndustryInvestment BankingHeadquartersCharlotte, North CarolinaArea servedWorldwideWebsitewww.wellsfargo.com/com/securities/The Seagram Building: Home of Wells Fargo Securities' New York offices and trading floorsWells Fargo Securities (WFS) is the investment banking division of Wells Fargo & Co. The size and financial performance of this group is not disclosed publicly, but analysts believe the investment banking group houses approximately 4,500 employees and generates between US$3 and US$4 billion per year in investment banking revenue. By comparison, two of Wells Fargo's largest competitors, Bank of America and J.P. Morgan Chasegenerated approximately US$5.5 billion and US$6 billion respectively in 2011 (not including sales and trading revenue).WFS headquarters are in Charlotte, North Carolina, with other US offices in New York, Minneapolis, Boston, Houston, San Francisco, and Los Angeles, with international offices in London, Hong Kong, Singapore, and Tokyo.Cross-sellingA key part of Wells Fargo's business strategy is cross-selling, the practice of encouraging existing customers to buy additional banking products.Customers inquiring about their checking account balance may be pitched mortgage deals and mortgage holders may be pitched credit card offers in an attempt to increase the customer's profitability to the bank.Other banks have attempted to emulate Wells Fargo's cross-selling practices (described byThe Wall Street Journal as a hard sell technique);Forbes magazine describes Wells Fargo as "better than anyone" at the practice.International operationsWells Fargo has banking services throughout the world, with offices in Hong Kong, London, Dubai, Singapore, Tokyo,Toronto.They operate back-offices in India and the Philippines with more than 3,000 staff.CharterWells Fargo operates under Charter #1, the first national bank charter issued in the United States. This charter was issued to First National Bank of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency.Traditionally, acquiring banks assume the earliest issued charter number. Thus, the first charter passed from First National Bank of Philadelphia to Wells Fargo through its 2008 acquisition of Wachovia, which had inherited it through one of its many acquisitions.Lawsuits, fines and controversiesA Wells Fargo branch in Logan, Utah1981 MAPS Wells Fargo embezzlement scandalIn 1981, it was discovered that a Wells Fargo assistant operations officer, Lloyd Benjamin "Ben" Lewis, had perpetrated one of the largest embezzlements in history, through its Beverly Drive branch. During 1978 - 1981, Lewis had successfully written phony debit and credit receipts to benefit boxing promoters Harold J. Smith (né Ross Eugene Fields) and Sam "Sammie" Marshall, chairman and president, respectively, of Muhammed Ali Professional Sports, Inc. (MAPS), of which Lewis was also listed as a director; Marshall, too, was a former employee of the same Wells Fargo branch as Lewis. In excess of US$300,000 was paid to Lewis, who pled guilty to embezzlement andconspiracy charges in 1981, and testified against his co-conspirators for a reduced five-year sentence.(Boxer Muhammed Ali had received a fee for the use of his name, and had no other involvement with the organization.)Higher costs charged to African-American and Hispanic borrowersIllinois Attorney General Lisa Madigan filed suit against Wells Fargo on July 31, 2009, alleging that the bank steers African Americans and Hispanics into high-cost subprime loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..."An affidavit filed in the case stated that loan officers had referred to black mortgage-seekers as "mud people," and the subprime loans as "ghetto loans."According to Beth Jacobson, a loan officer at Wells Fargo interviewed for a report in The New York Times, "We just went right after them. Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches, because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans." The report goes on to present data from the city of Baltimore, where "more than half the properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant. And 71 percent of those are in predominantly black neighborhoods."Wells Fargo agreed to pay US$125 million to subprime borrowers and US$50 million in direct down payment assistance in certain areas, for a total of US$175 million.Failure to monitor suspected money launderingIn a March 2010 agreement with US federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachoviahad failed to monitor and report suspected money laundering by narcotics traffickers, including the cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico.Overdraft feesIn August 2010, Wells Fargo was fined by US District Court judge William Alsup for overdraft practices designed to "gouge" consumers and "profiteer" at their expense, and for misleading consumers about how the bank processed transactions and assessed overdraft fees.Settlement and fines regarding mortgage servicing practicesOn February 9, 2012, it was announced that the five largest mortgage servicers (Ally Financial, Bank of America, Citi,JPMorgan Chase, and Wells Fargo) agreed to a settlement with the US Federal Government and 49 states.The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about US$26 billion in relief to distressed homeowners and in direct payments to the federal and state governments. This settlement amount makes the NMS the second largest civil settlement in US history, only trailing the Tobacco Master Settlement Agreement.The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately.On April 5, 2012, a federal judge ordered Wells Fargo to pay US$3.1 million in punitive damages over a single loan, one of the largest fines for a bank ever for mortgaging service misconduct.Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible",stating that Wells Fargo has taken advantage of borrowers who rely on the bank's accurate calculations. She went on to add, "perhaps more disturbing is Wells Fargo's refusal to voluntarily correct its errors. It prefers to rely on the ignorance of borrowers or their inability to fund a challenge to its demands, rather than voluntarily relinquish gains obtained through improper accounting methods."SEC fine due to inadequate risk disclosuresOn August 14, 2012, Wells Fargo agreed to pay around US$6.5 million to settle US Securities and Exchange Commission(SEC) charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers.Lawsuit by FHA over loan underwritingOn October 9, 2012, the US Federal Government sued the bank under the False Claims Act at the federal court inManhattan, New York. The suit alleges that Wells Fargo defrauded the US Federal Housing Administration (FHA) over the past ten years, underwriting over 100,000 FHA backed loans when over half did not qualify for the program. This suit is the third allegation levied against Wells Fargo in 2012.In October 2012, Wells Fargo was sued by United States Attorney Preet Bharara over questionable mortgage deals.Lawsuit due to premium inflation on forced place insuranceIn April 2013, Wells Fargo settled a suit with 24,000 Florida homeowners alongside insurer QBE, in which Wells Fargo was accused of inflating premiums on forced-place insurance.Lawsuit regarding excessive overdraft feesIn May 2013, Wells Fargo paid US$203 million to settle class-action litigation accusing the bank of imposing excessiveoverdraft fees on checking-account customers. Also in May, the New York attorney-general, Eric Schneiderman, announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement, a US$25 billion deal struck between 49 state attorneys and the five-largest mortgage servicers in the US. Schneidermann claimed Wells Fargo had violated rules over giving fair and timely serving.2015 Violation of New York credit card lawsIn February 2015, Wells Fargo agreed to pay US$4 million for violations where an affiliate took interest in the homes of borrowers in exchange for opening credit card accounts for the homeowners. This is illegal according to New York credit card laws. There was a US$2 million penalty with the other US$2 million going towards restitution to customers.Executive compensationWith CEO John Stumpf being paid 473 times more than the median employee, Wells Fargo ranks number 33 among the S&P 500 companies for CEO—employee pay inequality. In October 2014, a Wells Fargo employee earning US$15 per hour emailed the CEO—copying 200,000 other employees—asking that all employees be given a US$10,000 per year raise taken from a portion of annual corporate profits to address wage stagnation and income inequality. After being contacted by the media, Wells Fargo responded that all employees receive "market competitive" pay and benefits significantly above US federal minimums.Tax avoidance and lobbyingIn December 2011, the non-partisan organization Public Campaign criticized Wells Fargo for spending US$11 million onlobbying and not paying any taxes during 2008–2010, instead getting US$681 million in tax rebates, despite making a profit of US$49 billion, laying off 6,385 workers since 2008, and increasing executive pay by 180% to US$49.8 million in 2010 for its top five executives.As of 2014 however, at an effective tax rate of 31.2% of its income, Wells Fargo is the fourth-largest payer of corporation tax in the US.Prison industry investmentMain article: Prison–industrial complexThe GEO Group, Inc., a multi-national provider of for-profit private prisons, received investments made by Wells Fargo mutual funds on behalf of clients, not investments made by Wells Fargo and Company, according to company statements.By March 2012, its stake had grown to more than 4.4 million shares worth US$86.7 million.As of November, 2012, the latest SEC filings reveal that Wells Fargo has divested 33% of its dispositive holdings of GEO's stock, which reduces Wells Fargo's holdings to 4.98% of Geo Group's common stock. By reducing its holdings to less than 5%, Wells Fargo will no longer be required to disclose some financial dealings with GEO.While a coalition of organizations, National People's Action Campaign, have seen some success in pressuring Wells Fargo to divest from private prison companies like GEO Group, the company continues to make such investments.SEC settlement for insider trading caseIn 2015, an analyst at Wells Fargo settled an insider trading case with the US Securities and Exchange Commission (SEC). The former employee was charged with insider trading alongside an ex-Wells Fargo trader.Sadis & Goldberg obtained a settlement that permitted the client to continue in securities industry, while neither admitting nor denying one charge of negligence-based § 17(a)(3) claim, and paying a US$75,000 civil penaltyWells Fargo account fraud scandalMain article: Wells Fargo account fraud scandalIn September 2016, Wells Fargo was issued a combined total of US$185 million in fines for creating over 1.5 million checking and savings accounts and 500,000 credit cards that its customers never authorized. The US Consumer Financial Protection Bureau issued US$100 million in fines, the largest in the agency's five-year history, along with US$50 million in fines from the City and County of Los Angeles, and US$35 million in fines from the Office of Comptroller of the Currency.The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly 5,300 employees and US$5 million being set aside for customer refunds on fees for accounts the customers never wanted.Carrie Tolstedt, who headed the department, retired in July 2016 and received US$124.6 million in stock, options, and restricted Wells Fargo shares as a retirement package.On October 12, 2016, John Stumpf, the then Chairman and CEO, announced that he would be retiring amidst the controversies involving his company. It was announced by Wells Fargo that President and Chief Operating Officer Timothy J. Sloan would succeed, effective immediately. Following the scandal, applications for credit cards and checking accounts at the bank plummeted.In response to the event, the Better Business Bureau dropped accreditation of the bank,S&P Global Ratings lowered its outlook for Wells Fargo from stable to negative,and several states and cities across the US ended business relations with the company.An investigation by the Wells Fargo board of directors, the report of which was released in April 2017, primarily blamed Stumpf, whom it said had not responded to evidence of wrongdoing in the consumer services division, and Tolstedt, who was said to have knowingly set impossible sales goals and refused to respond when subordinates disagreed with them.The board chose to use a clawback clause in the retirement contracts of Stumpf and Tolstedt to recover US$75 million worth of cash and stock from the former executives.Racketeering lawsuit for mortgage appraisal overchargesIn November 2016, Wells Fargo agreed to pay US$50 million to settle a racketeering lawsuit in which the bank was accused of overcharging hundreds of thousands of homeowners for appraisals ordered after they defaulted on their mortgage loans. While banks are allowed to charge homeowners for such appraisals, Wells Fargo frequently charged homeowners US$95 to US$125 on appraisals for which the bank had been charged US$50 or less. The plaintiffs had sought triple damages under the U S Racketeer Influenced and Corrupt Organizations Act on grounds that sending invoices and statements with fraudulently concealed fees constituted mail and wire fraud sufficient to allege racketeering.Dakota Access Pipeline investmentWells Fargo is a lender on the Dakota Access Pipeline, a 1,172-mile-long (1,886 km) underground oil pipeline transportsystem in North Dakota. The pipeline has been controversial regarding its potential impact on the environment.In February 2017, Seattle, Washington's city council unanimously voted to not renew its contract with Wells Fargo "in a move that cites the bank's role as a lender to the Dakota Access Pipeline project as well as its "creation of millions of bogus accounts." and saying the bidding process for its next banking partner will involve "social responsibility." The City Council ofDavis, California, took a similar action voting unanimously to find a new bank to handle its accounts by the end of 2017.Failure to comply with document security requirementsIn December 2016, the Financial Industry Regulatory Authority fined Wells Fargo US$5.5 million for failing to store electronic documents in a "write once, read many" format, which makes it impossible to alter or destroy records after they are written.Connections to the gun industry and NRAWells Fargo is the top banker for US gun makers and the National Rifle Association (NRA). From December 2012 through February 2018 it reportedly helped two of the biggest firearms and ammunition companies obtain US$431.1 million in loans and bonds. It also created a US$28-million line of credit for the NRA and operates the organization's primary accounts.In a March 2018 statement Wells Fargo said, "Any solutions on how to address this epidemic will be complicated. This is why our company believes the best way to make progress on these issues is through the political and legislative process. ... We plan to engage our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety for our communities."Wells Fargo's CEO subsequently said that the bank would provide its gun clients with feedback from employees and investors.Discrimination against female workersFurther information: Glass ceilingIn June 2018, about a dozen female Wells Fargo executives from the wealth management division met in Scottsdale, Arizona to discuss the minimal presence of women occupying senior roles within the company. The meeting, dubbed "the meeting of 12", represented the majority of the regional managing directors, of which 12 out of 45 are women.Wells Fargo had previously been investigating reports of gender bias in the division in the months leading up to the meeting.The women reported that they had been turned down for top jobs despite their qualifications, and instead the roles were occupied by men.There were also complaints against company president Jay Welker, who is also the head of the Wells Fargo wealth management division, due to his sexist statements regarding female employees. The female workers claimed that he called them "girls" and said that they "should be at home taking care of their children."Auto insuranceOn June 10, 2019, Wells Fargo settled a lawsuit for $ 385 million that was filed in 2017 concerning their customers andNational General Insurance.CEO-to-worker pay ratioPursuant to Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, publicly traded companies are required to disclose (1) the median total annual compensation of all employees other than the CEO and (2) the ratio of the CEO’s annual total compensation to that of the median employee.Total 2018 compensation for Timothy J. Sloan, CEO, was $18,426,734, and total compensation for the median employee was estimated to be $65,191. The resulting pay ratio was determined to be 283:1.See alsoSan Francisco Bay Area portalCompanies portalBanks portalList of Wells Fargo directorsList of Wells Fargo presidentsWells Fargo ArenaWells Fargo Center
What are some important world events that took place in 1968?
January• January 14 – The Green Bay Packers win Super Bowl II.• January 17 – Lyndon B. Johnson calls for the non-conversion of the U.S. dollar.• January 19 – At a White House conference on crime, singer and actress Eartha Kitt denounces the Vietnam War to Lady Bird Johnson while attending a "ladies' lunch".• January 21 – A U.S. B-52 Stratofortress crashes in Greenland, discharging 4 nuclear bombs.• January 22 – Rowan & Martin's Laugh-In debuts on NBC.• January 23 – North Korea seizes the USS Pueblo, claiming the ship violated its territorial waters while spying.• January 30 – The Viet Cong and North Vietnam launch the Tet Offensive against South Vietnam, the United States, and their allies.• January 31 – Viet Cong soldiers attack the US Embassy, Saigon.February• February 1• Vietnam War: A Viet Cong officer named Nguyễn Văn Lém is executed by Nguyễn Ngọc Loan, a South Vietnamese National Police Chief. The event is photographed by Eddie Adams. The photo makes headlines around the world, eventually winning the 1969 Pulitzer Prize, and sways U.S. public opinion against the war.• The Pennsylvania Railroad and the New York Central Railroad merge to form Penn Central, the largest ever corporate merger up to this date.• February 8 – American civil rights movement: A civil rights protest staged at a white-only bowling alley in Orangeburg, South Carolina is broken up by highway patrolmen; 3 college students are killed.• February 11 – Madison Square Garden in New York City opens.• February 12 – Memphis sanitation strike: Provoked by the crushing to death of two black workers, over 1000 black waste collectors in Memphis, Tennessee, begin a strike that lasts until April 16.• February 13 – Civil rights disturbances occur at the University of Wisconsin–Madison and the University of North Carolina at Chapel Hill.• February 19 – The Florida Education Association (FEA) initiates a mass resignation of teachers to protest state funding of education. This is, in effect, the first statewide teachers' strike in the U.S.March• March 11 – U.S. President Lyndon B. Johnson mandates that all computers purchased by the federal government support the ASCII character encoding.• March 12 – U.S. President Lyndon B. Johnson edges out antiwar candidate Eugene J. McCarthy in the New Hampshire Democratic primary, a vote which highlights the deep divisions in the country, as well as the party, over Vietnam.• March 14 – Nerve gas leaks from the U.S. Army Dugway Proving Ground near Skull Valley, Utah.• March 16• Vietnam War – My Lai massacre: American troops kill scores of civilians. The story will first become public in November 1969 and will help undermine public support for the U.S. efforts in Vietnam.• U.S. Senator Robert F. Kennedy enters the race for the Democratic Party presidential nomination.• March 17 – A demonstration in London's Grosvenor Square against U.S. involvement in the Vietnam War leads to violence; 91 people are injured, 200 demonstrators arrested.• March 18 – Gold standard: The Congress of the United States repeals the requirement for a gold reserve to back U.S. currency.• March 19–23 – Afrocentrism, Black power, Vietnam War: Students at Howard University in Washington, D.C., signal a new era of militant student activism on college campuses in the U.S. Students stage rallies, protests and a 5-day sit-in, laying siege to the administration building, shutting down the university in protest over its ROTC program and the Vietnam War, and demanding a more Afrocentric curriculum.• March 21 – Vietnam War: In ongoing campus unrest, Howard University students protesting the Vietnam War, the ROTC program on campus and the draft, confront Gen. Lewis Hershey, then head of the U.S. Selective Service System, and as he attempts to deliver an address, shout him down with cries of "America is the Black man's battleground!"• March 26 – Joan Baez marries activist David Harris in New York.• March 31 – U.S. President Lyndon B. Johnson announces he will not seek re-election.April• April 2 – The film 2001: A Space Odyssey premieres in Washington, D.C.• April 4• Martin Luther King, Jr. is shot dead at the Lorraine Motel in Memphis, Tennessee. Riots erupt in major American cities, lasting for several days afterwards.• Apollo Program: Apollo 6 is launched, the second and last unmanned test flight of the Saturn V launch vehicle.• April 5• Robert F. Kennedy gave a Speech at the Cleveland City Club.• April 6• A shootout between Black Panthers and Oakland police results in several arrests and deaths, including 16-year-old Panther Bobby Hutton.• A double explosion in downtown Richmond, Indiana kills 41 and injures 150.• April 11 – U.S. President Lyndon B. Johnson signs the Civil Rights Act of 1968.• April 23–30 – Vietnam War: Student protesters at Columbia University in New York City take over administration buildings and shut down the university (see main article Columbia University protests of 1968).• April 29 – The musical Hair officially opens on Broadway.May• May 14 – The Beatles announce the creation of Apple Records in a New York press conference.• May 15 – An outbreak of severe thunderstorms produces tornadoes causing massive damage and heavy casualties in Charles City, Iowa, Oelwein, Iowa, and Jonesboro, Arkansas.• May 17 – The Catonsville Nine enter the Selective Service offices in Catonsville, Maryland, take dozens of selective service draft records, and burn them with napalm as a protest against the Vietnam War.• May 22 – The U.S. nuclear-powered submarine Scorpion sinks with 99 men aboard, 400 miles southwest of the Azores.les évenements de Mai ’68 en FranceJune• June 5 – U.S. presidential candidate Robert F. Kennedy is shot at the Ambassador Hotel in Los Angeles, California by Sirhan Sirhan. Kennedy dies from his injuries the next day.• June 26 – Bonin Islands are returned to Japan after 23 years of occupation by the United States Navy.July• July 1 – The Central Intelligence Agency's Phoenix Program is officially established.• July 18 – The semiconductor company Intel is founded.• July 23–28 – Black militants led by Fred Evans engage in a fierce gunfight with police in the Glenville Shootout of Cleveland, Ohio.August• August 5–8 – The Republican National Convention in Miami Beach, Florida nominates Richard Nixon for U.S. President and Spiro Agnew for Vice President.• August 21 – The Medal of Honor is posthumously awarded to James Anderson, Jr. — he is the first black U.S. Marine to be awarded the Medal of Honor.• August 22–30 – Police clash with anti-war protesters in Chicago, Illinois, outside the 1968 Democratic National Convention, which nominates Hubert Humphrey for U.S. President, and Edmund Muskie for Vice President.September• September 7 – 150 women (members of New York Radical Women) arrive in Atlantic City, New Jersey to protest against the Miss America Pageant, as exploitative of women. Led by activist and author Robin Morgan, it is one of the first large demonstrations of Second Wave Feminism as Women's Liberation begins to gather much media attention.• September 13 – Army Maj. Gen. Keith L. Ware, World War II Medal of Honor recipient, is killed when his helicopter is shot down in Vietnam. He is posthumously awarded the Distinguished Service Cross.• September 24 – 60 Minutes debuts on CBSOctober• October 8 – Vietnam War – Operation Sealords: United States and South Vietnamese forces launch a new operation in the Mekong Delta.• October 10 – the Detroit Tigers win the 1968 World Series, defeating the St. Louis Cardinals 4 games to 3.• October 11 – Apollo program: NASA launches Apollo 7, the first manned Apollo mission (Wally Schirra, Donn Eisele, Walter Cunningham). Mission goals include the first live television broadcast from orbit and testing the lunar module docking maneuver.• October 14 – Vietnam War: The United States Department of Defense announces that the United States Army and United States Marines will send about 24,000 troops back to Vietnam for involuntary second tours.• October 16 – In Mexico City, Tommie Smith and John Carlos, 2 black Americans competing in the Olympic 200-meter run, raise their arms in a black power salute after winning, respectively, the gold and bronze medals for 1st and 3rd place.• October 20 – Former U.S. First Lady Jacqueline Kennedy marries Greek shipping tycoon Aristotle Onassis on the Greek island of Skorpios.• October 25 – The Jimi Hendrix Experience releases Electric Ladyland.• October 31 – Vietnam War: Citing progress in the Paris peace talks, U.S. President Lyndon B. Johnson announces to the nation that he has ordered a complete cessation of "all air, naval, and artillery bombardment of North Vietnam" effective November 1.November• November 5• U.S. presidential election, 1968: Republican challenger Richard M. Nixon defeats the Democratic candidate, Vice President Hubert Humphrey, and American Independent Party candidate George C. Wallace.• Luis A. Ferre is elected Governor of Puerto Rico.• November 11 – Vietnam War: Operation Commando Hunt is initiated to interdict men and supplies on the Ho Chi Minh Trail, through Laos into South Vietnam. By the end of the operation, 3 million tons of bombs are dropped on Laos, slowing but not seriously disrupting trail operations.• November 14 – Yale University announces it is going to admit women.• November 17 – The Heidi game: NBC cuts off the final 1:05 of an Oakland Raiders–New York Jets football game to broadcast the pre-scheduled Heidi. Fans are unable to see Oakland (which had been trailing 32–29) score 2 late touchdowns to win 43–32; as a result, thousands of outraged football fans flood the NBC switchboards to protest.• November 20 – The Farmington Mine Disaster in Farmington, West Virginia, kills seventy-eight men.• November 24 – 4 men hijack Pan Am Flight 281 from JFK International Airport, New York to Havana, Cuba.• November 26 – Vietnam War: United States Air Force First Lieutenant and Bell UH-1F helicopter pilot James P. Fleming rescues an Army Special Forces unit pinned down by Viet Cong fire, earning a Medal of Honor for his bravery.December• December 3 – The NBC special If I Can Dream marks the concert return of Elvis Presley.• December 9 – Douglas Engelbart publicly demonstrates his pioneering hypertext system, NLS, in San Francisco.• December 11 – The film Oliver!, based on the hit London and Broadway musical, opens in the U.S. after being released first in England. It goes on to win the Academy Award for Best Picture. The Rolling Stones Rock and Roll Circus is also filmed on this date, but not released until 1996.• December 20 – The Zodiac Killer is believed to have shot Betty Lou Jensen and David Faraday on Lake Herman Road, Benicia, San Francisco Bay, California.• December 22 – David Eisenhower marries Julie Nixon, the daughter of U.S. President-elect Richard Nixon.• December 23 – Release of the USS Pueblo crew after spending 11 months in captivity by the North Koreans.• December 24 – Apollo Program: U.S. spacecraft Apollo 8 enters orbit around the Moon. Astronauts Frank Borman, Jim Lovell and William A. Anders become the first humans to see the far side of the Moon and planet Earth as a whole. The crew also reads from Genesis.1968 in the United States - Wikipedia