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Wells Fargo workers worry the bank still has unethical business practices

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Wells Fargo lost so much public trust for the bank’s shady business practices, which came to light in the aftermath of the Great Recession, that it spent much of last year apologizing with its Wells Fargo “Re-established” campaign. But according to a new report from the New York Times, the nation’s fourth-largest bank hasn’t been reformed as much as it’s been rebranded.

According to Times reporters Emily Flitter and Stacy Cowley, “Wells Fargo workers say they remain under heavy pressure to squeeze extra money out of customers” and that employees “have witnessed colleagues bending or breaking internal rules to meet ambitious performance goals.”

There’s “no evidence” that workers are secretly opening accounts in customers’ names, as they did in the past, but employees have reportedly been pressured by Wells Fargo to sell financial products customers can’t afford, collect credit-card debt at neck-breaking speeds, and send incorrect interest rates and fee calculations on mortgages. A financial adviser interviewed noted the company pushed her to steer clients towards fee-generating investments including an instance where “it was not in the client’s best interest.”

The investigation indicated that there is large-scale concern internally among the rank-and-file workers about the authenticity of Wells Fargo’s new commitment to ethical business practices:

“In a survey of more than 27,000 employees in the bank’s information-technology department late last year, top concerns included their ability to raise grievances with managers and whether ‘Wells Fargo conducts its business activities with honesty and integrity.’ Workers recently flooded the bank’s internal blog with hundreds of angry comments about Wells Fargo’s sales incentives, pay and ethics and leaders’ ‘doublespeak,’ according to screenshots of the blog reviewed by The Times.”

In Time’s interviews responding to the criticism, Wells Fargo executives stated that the bank’s culture had improved and that fewer employees were incentivized to sell products to customers.

The long shadow of Wells Fargo impropriety

Over the last decade, Wells Fargo seemed to seek new ways to outdo itself in fraudulent activity. After the bank was caught creating fake accounts for its customers, Vox’s Emily Stewart wrote that it had developed a reputation as “one of the financial industry’s worst actors.”

The San Francisco-based firm created up to 3.5 million fake accounts for its customers over a more than seven-year span, resulting in a $185 million fine levied in September 2016, including $100 million to the Consumer Financial Protection Bureau (CFPB), the federal government’s top consumer watchdog. Wells Fargo fired at least 5,300 employees who were involved in the scam, in which they issued credit cards without customers’ consent that were only discovered when they began accumulating fees. The bank’s CEO, John Stumpf, was forced into retirement.

The bank accounts were only the most recent infraction. Leading up to the financial crisis, Wells Fargo pedaled subprime mortgages and targeted black neighborhoods with toxic loans. The bank created an emerging-markets unit that went after black churches, and investigations revealed that loan officers described black customers as “mud people” and called subprime products “ghetto loans.”

These infractions, the reports of toxic culture, and the more recent creation of fake accounts continue to undermine the company’s rebranding goals.

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Introducing the Exclusive ELLE Beauty Advent Calendar

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Meet the brand new ELLE Beauty Advent Calendar. Wrapped up in an exclusive print from designer of the moment and ELLE friend Richard Quinn, and housing no less than 24 luxury beauty products worth £340, the ELLE Beauty Advent Calendar is the only Christmas present you need this year. Buy yours now: https://bit.ly/2Rhdg2b

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Whales dying from plastic bags: The alarming trend, explained

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Another dead whale has washed ashore with a belly full of plastic.

This week, the carcass of the young sperm whale, estimated to have been 7 years old, was found on a beach in Cefalù, Italy. Investigators aren’t certain whether the plastic killed the whale. But it’s part of a gruesome pattern that’s become impossible to ignore.

In April, a pregnant sperm whale washed up on a beach in Sardinia with nearly 50 pounds’ worth of plastic bags, containers, and tubing in her stomach. Biologists in Florida last month euthanized a baby rough-toothed dolphin with two plastic bags and a shredded balloon in its stomach.

“The dolphin was very young and emaciated,” said Michelle Kerr, a spokesperson for the Florida Fish and Wildlife Conservation Commission, in an email. “Due to a poor prognosis, the decision was made to humanely euthanize the animal on scene.”

In March, a 1,100-pound Cuvier’s beaked whale was recovered in the Philippines filled with 88 pounds of plastic bags, fishing line, and rice sacks. A beached sperm whale was found in Indonesia last year with more than 1,000 pieces of plastic inside.

As the quantity of plastic humans dump in the ocean has reached obscene proportions, we’re seeing more and more sea life — including birds, otters, sea turtles, and fish — choking on it.

But the impact on whales is particularly alarming. After centuries of whaling and overfishing, the survival of many whale species is already precarious. Now, just as their numbers are starting to recover, whales are consuming our toxic waste. And their deaths aren’t just about biodiversity loss: Whales play a critical role in marine ecosystems, which provide 3 billion people with their primary sources of protein.

To find out more about why whales are so vulnerable to plastic waste, I talked to Lars Bejder, director of the Marine Mammal Research Program at the University of Hawaii Manoa. He said there are multiple mechanisms at work here and that dying isn’t the only plastic hazard for whales, and explained why the problem will only get worse.

There’s a gargantuan amount of plastic in the ocean

The root cause of these stranded, plastic-filled whales is that plastic is cheap and easy to produce but almost impossible for nature to destroy. Chunks of plastic linger for decades, breaking down into smaller and smaller pieces. This waste then churns in the ocean in massive gyres.

Roughly 8 million metric tons of plastic — a mass greater than that of the Great Pyramid of Giza — enters the ocean each year.

Meanwhile, we’re still trying to figure out how much plastic waste has already accumulated in the ocean. A study published this week in the journal Scientific Reports estimated that 414 million bits of garbage weighing 238 tons have been deposited on the Cocos (Keeling) Islands 1,300 miles off the coast of Australia. It’s a sign that even the most remote regions of the world are now contaminated with the detritus of civilization.


Prince Charles, Prince of Wales stands beside a huge Whale made from plastic bottles as part of the Sky Ocean rescue Campaign, outside the Queen Elizabeth II building at Westminster on April 17, 2018 in London, England.

Charles, Prince of Wales, stands beside a huge whale made from plastic bottles as part of the Sky Ocean rescue campaign, outside the Queen Elizabeth II building at Westminster on April 17, 2018, in London.
John Stillwell/WPA Pool/Getty Images

“Sadly, the situation on the Cocos (Keeling) Islands is not unique, with significant quantities of debris documented on islands and coastal areas from the Arctic to the Antarctic,” researchers wrote. “[G]lobal debris surveys, the majority of which are focused solely on surface debris, have drastically underestimated the scale of debris accumulation.”

And the amount of plastic waste in the ocean is surging. Our current trajectory puts us on track to have more plastic in the ocean than fish by weight by 2050, according to the World Economic Forum.

So for the largest, hungriest animals in the ocean, plastic is becoming an unwelcome part of their diets.

Different whales face different risks from plastic

Whales are among the more intelligent creatures in the ocean, so why aren’t they smart enough to avoid eating plastic?

Well, one reason is that often plastic is in their food.

Small crustaceans like krill and tiny fish like anchovies often end up inadvertently consuming microplastics. Whales, the largest animals ever known to have existed, have a voracious appetite for these critters. A blue whale eats between 2 and 4 tons of krill per day.

Whales like the blue whale have baleen plates in their mouths that act as filters, trapping their small prey as well as small bits of plastic. This means they are less likely to ingest larger plastic waste items like bottles and containers, but the small plastic bits they consume quickly pile up.

“These baleen whales filter hundreds of thousands of cubic meters of water per day,” Bejder said. “You can imagine all these microplastics they encounter through this filtration process that then become bioaccumulated.”

Microplastics are unlikely to obstruct the digestive tract of a baleen whale, but as they build up inside an animal’s tissues, they can leach toxic chemicals like endocrine disruptors that make the creature sick. This problem can affect all ocean filter feeders, including manta rays and whale sharks.


Rescuers found a baby dolphin in distress in Fort Myers, Florida. After the animal was euthanized, officials found two plastic bags and a piece of a balloon in its stomach.

Rescuers found a baby dolphin in distress in Fort Myers, Florida, last month. After the animal was euthanized, officials found two plastic bags and a piece of a balloon in its stomach.
Florida Fish and Wildlife Conservation Commission

That means there could be large whales dying of plastic poisoning without obvious culprits like flip-flops and food containers in their stomachs, according to Bejder.

A study published this week in Royal Society Open Science also reported that plastic pollution is more dangerous to baleen whales than oil spills. “Particle capture studies suggest potentially greater danger to [baleen whales] from plastic pollution than oil,” the authors wrote.

Toothed whales like sperm whales and dolphins normally catch bigger prey, like squid. But since they can swallow larger animals, they are vulnerable to larger chunks of plastic, like bags and nets.

“They might be seeking those out because they’re thinking they might be prey,” Bejder said. A plastic container in murky waters could resemble a fish to a toothed whale, or a sperm whale may inadvertently swallow plastic garbage as it hunts for a meal.

Once ingested, the plastic piles up in the whale’s stomach. It can then obstruct bowels, preventing whales from digesting food and leading them to starve to death. It can also give a whale a false sense of being full, leading the whale to eat less and get weaker. That leaves it vulnerable to predators and disease.

We’re only seeing a tiny fraction of the whales being harmed by plastic

Part of the reason we pay so much attention to whales killed by plastic is because the whales themselves are very big and the plastic culprits are startlingly obvious. Large animals decay slowly, giving people plenty of time to figure out the cause of death, whereas smaller fish and crustaceans dying from plastic decompose quickly and are rarely investigated. Even for casual observers, a dead whale blocking a beach vacation photo is pretty hard to ignore.

Still, we’re missing a big part of the picture.

“The ones that land on the beach that are killed through ingestion, they’re just the tip of the iceberg. They’re just the ones that we see,” Bejder said. “I’m sure that many, many marine mammals have some levels of plastic bags and plastic items in their stomachs.”

Many more whales could be dying from plastic poisoning without our knowledge. Around the Gulf of Mexico for example, 2 to 6 percent of whale carcasses end up on a shoreline. That means the vast majority sink to the ocean floor. This is likely the case for most of the world’s waters.

And the fact that whales are suffering shows that our marine ecosystems in general are in peril. “Whales, baleen whales, these larger dolphins species are pretty much at the top of the food chain,” Bejder said. “They are sentinels of ocean health for sure.”

But with more plastic waste pouring into the ocean, the prognosis for the most mega of megafauna is grim.

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Yoga With ELLE: When You’re Low On Energy

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Join Fern Ross, our Chief Sub-Editor / Production Editor and resident (ahem, registered) yoga teacher as she takes you through several yoga poses each tailored to specific needs. This week, yoga for when you’re low on energy aka yoga for when you’re on your period.

#ELLEFit

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