Wells Fargo will pay the federal government a billion dollars to settle charges of misconduct in its car and home loans. That's a lot, but only a small percentage of the banks' recent profits. It's also the biggest bank fine imposed by the Trump administration and the first by the Consumer Financial Protection Bureau under the direction of Mick Mulvaney. He's no fan of the agency he's now in charge of, and he's still Trump's budget guy, so we had him on today to talk about all of it. Then: We'll talk over the interview with our friends on the Weekly Wrap and take a look at where all that money's going. Plus: unpacking Trump's tweets about OPEC.
Sometimes you've got a plan for reporting out a story, then circumstances change your mind. That's what happened to Marketplace Weekend host Lizzie O'Leary, who's in Puerto Rico this week. She was in the middle of reporting an update on how the island is recovering after last year's hurricanes, then the lights went out ... everywhere. We got Lizzie on the phone today to talk about how things are going. But first, the latest on the AT&T-Time Warner trial — and reminder of what's at stake. Plus: the business of a royal wedding.
American consumers can be a fickle bunch, and companies spend billions to make that fickleness break their way as best they can — especially in a crisis. Bloomberg calculated that Starbucks' upcoming shutdown for racial bias training is gonna cost $17 million in lost sales. But what do Starbucks customers think of last weekend's incident in Philadelphia, where two black men sat down without buying anything and left in handcuffs? That's where we're starting today. Then, another Trump tweet fact check: Are bilateral trade deals really better for the U.S. than big pacts like the Trans-Pacific Partnership? Plus: More on brand loyalty, and why disgruntled Facebook users are still relatively happy with its subsidiary, Instagram.
It was supposed to be Tax Day in America, but thanks to computer issues at the IRS, everyone gets another day to file. Taxes were still on the docket at the Supreme Court today though — the justices heard South Dakota v. Wayfair Inc. At issue is whether the online retailer and others like it should collect sales tax. We'll follow the money. But first: Starbucks is closing down all 8,000 of its company-owned stores for one day next month to give its 175,000 workers racial bias training. The move comes after two black men were arrested at a Starbucks in Philadelphia when a manager called the police because they were sitting in the cafe without buying anything. We'll talk about it. Plus: President Donald Trump is meeting with Japanese Prime Minister Shinzo Abe this week, and trade's on the table. Japan's one of several American allies and 2,200 companies looking for an exemption. We'll look at who else is on the list.
It's a bit of a musical episode today, from Beyoncé's mammoth Coachella performance to... the new Fed appointments? We'll explain. None of our trading partners were hit with a currency manipulator label in the latest report from the Treasury department last week, but decisions by the president's own government often don't dissuade him from tweeting what he believes, like "Russia and China are playing the Currency Devaluation game." We'll talk about it. Plus: We're just past the point of maximum pressure for a lot of high school seniors. College admissions are a roll of the dice, but early-decision admissions are getting a closer look from the Justice Department, possibly for antitrust violations, and that's not the only complaint people have with it.
President Donald Trump has gone back and forth on the Trans-Pacific Partnership the past few days, and you might be looking for a refresher. What exactly is in the thing? We'll get you up to speed today and talk a bit about the Farm Bill, too. Then: The president has kicked things up a notch in his fight with Amazon over the U.S. Postal Service. He's ordering a task force to dig into the operations and finances of the post office, which he says is on an unsustainable financial path. But is a task force gonna fix that? We'll look into it, but first, the Weekly Wrap.