Team Mighty – Photos courtesy of CTT Solutions and Pillar Media Group
CZ USA has released its newest pistol, a polymer, striker-fired handgun called the CZ P-10Z. It has been described as weapon that combines all the best features of its competitors: a Steyr M-A1 bore axis, VP9 trigger, MP grip, and the safety and ergonomics of a customized Glock — all for a price comparable to the XDM.
If all that is true, this might be the best pistol of this breed yet. Time and round count will tell.
The CZ P-10 C (presumably so named in anticipation of a full-sized and sub-compact version yet to come) is a 9mm or .40 fiber-reinforced polymer framed, striker-fired pistol. It features a cold hammer-forged barrel, trigger safety and firing pin block safety with three-dot “stepped” metal sights suitable for use in racking the weapon off a bootheel or belt. MSRP is set at $499, which means barring political shenanigans you’ll be able to pick one up for even less.
When news of the new pistol first broke a couple months ago, Mike Pannone (a former Unit operator who now runs CTT Solutions) spoke highly of it.
“I’ve shot it and I’m gonna tell you all, this will be a big player in the striker market,” Pannone said. “Great ergos, legendary CZ reliability/durability/accuracy, incredible trigger right out of the box…and it fits in nearly every Glock 19 holster. Just wait until the full-size model hits…Duty gun and Production class USPSA here we go!”
Here he is more recently, going into more detail.
Now, why should you give a damn what this guy thinks?
Easy. Mike “Noner” Pannone of CTT Solutions is a former Force Marine turned CAG (1ST SFOD-D) operator. Pannone came back out of retirement after 9/11 to serve as the head marksmanship instructor for the (then-fledgling) Federal Air Marshals Service, the agency said to have the most stringent and rigorous firearms/marksmanship standards in US law enforcement.
He later worked as a security contractor for the Department of State overseas in highly non-permissive areas, later working with the Army’s Asymmetric Warfare Group.
Pannone is a CZ-sponsored competitive shooter, yes, but by all accounts is reckoned a blunt, even brutally candid SME. Knowing what we know of him, if he wasn’t happy with the weapon, he’d say so (or just wouldn’t say anything at all).
Here’s how CZ lists out the P-10 C’s primary advantages.
•Slide and barrel with extremely durable surface finish
•Two pairs of cocking grip surfaces for comfortable handling
•New “degree” of resistance against corrosion and mechanical damage
•Exceptional iron sights accentuated by three luminescent dots
•Automatic striker block guaranteeing drop safety
•Mechanically and thermally stable polymer frame reinforced with glass fibre
•Three interchangeable backstraps in S, M, L sizes
•Excellent magazine capacity of 15 (17) rounds in 9×19 calibre
•Excellent shooting comfort thanks to the well-designed ergonomic grip with distinct checkering
•Flat ambidextrous slide stop and magazine catch; a magazine catch with a wider grip for right-handed as well as left-handed shooters is available as an accessory
The pistol should be hitting shelves sometime during the first half of 2017. Find more details online at CZ USA.
China launched its first domestically-built Type 055 guided-missile stealth destroyer in July 2017, and since then, has added three more Type 055s to its fleet, with the last two launched in July 2018.
In regards to propulsion, Type 055s have four QC-280 gas turbines, each providing about 23-28 megawatts of energy. This large amount of energy may one day power railguns or other future weapons systems.
The Zumwalt, on the flip side, has two Rolls-Royce MT30 gas turbines, providing the ship with 78 megawatts of energy, including 58 megawatts in reserve. This reserve power may also power railguns or high-energy lasers in the future.
USS Zumwalt transits the Atlantic Ocean during acceptance trials on April 21, 2016.
(US Navy photo)
But the Zumwalt only has 80 VLS cells, each of which have a diameter of about 2.3 feet.
The Zumwalt VLS cells can fire Tomahawk, Evolved Sea Sparrow, and other guided missiles.
It’s also equipped with two 155 mm Advanced Gun Systems on the bow, and two Mark 46 close-in guns which fire 30 mm rounds. Rounds for the AGS are so expensive, about id=”listicle-2612880833″ million apiece, that the Navy doesn’t have any and has no plans to buy them, rendering the deck guns effectively out of service.
The Zumwalt sails alonside a Littoral Combat Ship.
(US Navy photo)
Ultimately though, the two destroyers will have different mission sets.
Type 055 destroyers will focus more on air defense, anti-submarine missions and protecting carriers, which is why they have more VLS cells and a longer range than the Zumwalt. These mission sets, along with its large size, are why the US has even classified the Type 055 as a cruiser.
Army Veteran Kenneth Augustus loved adventure. He loved to rock climb, and scuba dive, and always had a longing for falling hundreds of feet per second from an airplane.
VA Salt Lake City Recreation Therapist Lili Sotolong knew skydiving was a lofty goal considering his condition, but she was determined to make that dream come true.
“I got a call out of the blue to come work with this Veteran,” Lili said. “I was told he only had a few months to live but when I got there he was beyond positive, and so easy to work with. He had made peace with what was happening to him and was really preparing himself for the inevitable; he just had some things he wanted to experience first.”
Lili made several calls and finally arranged the jump through two very generous community partners: Skydive Utah and the Elks Lodge. It was go-time!
“He got to jump with his brother and his son, and they wanted me to do it with them! We had a group hug and were all fist-pumping in the plane prior to the jump. It really was an extraordinary experience.”
On Veterans Day 2017 Kenny Augustus fulfilled his dying wish. Attached to a highly-experienced instructor and with a big smile on his face, he dove out of a prop plane at 13,500 feet. Imagine a free fall at 120 miles per hour for 60 seconds. Moments later, the jolt of a chute opening was followed by a peaceful glide to the ground. Lili remembers Kenny’s smile and a big thumbs-up.
From one extreme to the next: scuba diving one last time (check)
Later that evening, Kenny went scuba diving with his son via virtual reality goggles at the Crater in Midvale, Utah. He was too sick to go in the water, but enjoyed the next best thing. Using a drone especially equipped for water, Kenny followed his son underwater and experienced everything his son was seeing. Kenny was hoping for the real thing, but just being there, surrounded by the love and support of his family, was thrill enough.
A week later, Kenny passed.
“I went to my supervisor and I just broke down,” Lili said. “I am touched and hurt all at the same time. I really got to know him and his family over a short time. I just never thought it would hurt this much.”
Lili agreed to tell this story because of this extraordinary Veteran she came to admire. His spirit and positivity in the face of such pain and uncertainty impacted her in ways she never imagined.
The Arctic could become the location of the next phase of an arms race between the United States and Russia – and the Russians have taken an early lead.
According to a report by Reuters, Russian military assets, including Cold War-era bases in the Arctic, are being brought back into service as Vladimir Putin makes a play to control what could be massive reserves of oil. The Russian build-up reportedly includes effort to winterize modern weapons, like the Su-34 “Fullback” strike aircraft and the MiG-31 “Foxhound” interceptor.
According to Globalsecurity.org, the Su-34 is capable of carrying up to eight tons of weapons or a dozen air-to-air missiles, has a crew of two, and saw some combat action over Syria. The Fullback is slated to replace Su-24 Fencers currently serving with the Russian Air Force and Russian Naval Aviation. That site also notes that the MiG-31, an improved development of the MiG-25 Foxbat interceptor, also has a two-person crew, and is capable of firing the AA-9 “Amos” air-to-air missile, which has a range of just under 100 miles. The Foxhound has been upgraded with a new radar.
Also included in the buildup are new icebreakers – including three nuclear-powered icebreakers according to a 2014 World Nuclear News report. In 2015, Port News reported that construction had started on two conventionally-powered icebreakers, while the Barents Observer reported in 2014 that the LK-25 would be delayed by up to two years from a planned delivery date of 2015.
Port News reported in December 2016 that the vessel, now named Viktor Chernomyrdin, wouldn’t be completed until sometime in 2018.
The British news agency noted that the push comes even though a combination of economic sanctions and low oil prices have shelved Russian plans to explore for some of the massive oil and natural gas reserves in the Arctic.
“All persons born or naturalized in the United States and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside. No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any State deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.” — United States Constitution
On July 28, 1868, the 14th Amendment to the U-S Constitution was adopted, finally guaranteeing citizenship to Black Americans.
The 1865 Union victory in the Civil War may have won over 4 million enslaved Africans their freedom, but the path to equality and the process of rebuilding the South was wrought with obstacles.
The period known as Radical Reconstruction saw the passing of the 14th Amendment, which stated that “all persons born or naturalized in the United States are citizens of the United States,” and was meant to grant every citizen “equal protection of the laws.”
Segregation, racial discrimination, and white supremacist organizations like the Ku Klux Klan would inhibit true equality for another century, when Black people would raise their voices in the Civil Rights Movement of the 1960s, demanding the political, economic, and social equality they deserve.
In 1963, the youngest B-52 was less than a year old. The ABC network soap opera “General Hospital” started airing. The nuclear attack submarine USS Thresher (SSN 593) sank in an accident.
One other thing happened: a young man from Emporia, Virginia, by the name of Frederick Grant enlisted in the United States Marine Corps.
“I had stopped going to school. I was looking for excitement and the Marine Corps recruiter really impressed me. He told me I would be able to trust the Marines beside me, and he was right. I also joined to see the world,” Grant said during a Marine Corps interview. “When I first came in, I was a normal infantry guy and then I became a communicator.”
Grant would end up spending 38 years in the Marine Corps, eventually becoming first a warrant officer, then a commissioned officer. He retired on Sept. 1, 2001 as a lieutenant colonel. His service included at least one tour in Vietnam.
“It was a small-unit war full of patrolling. Most of the time, I was in pretty safe areas,” he said. “I’m reluctant to talk too much on it because there were so many that had it so much worse than I did. It was just very hard to describe.”
After retiring from the Marine Corps, Grant got a job running the Tactical Exercise Control Group, which handled the simulations for III Marine Expeditionary Force in Okinawa. He did so for 16 years, until his retirement in January.
“I never thought of it as a job. I never consider myself going to work,” he said. “Obviously there are dangerous times; there are exciting times; there are fun times, and I just feel very fortunate. The environment was great; it still is.”
He added that life as a civilian contractor was different than life as a Marine.
“I don’t have to do a Physical Fitness Test anymore although I’m always willing to work out with the Marines,” he said. “There isn’t much difference, and that’s because I choose it to be so. I could take the easy way out, but I don’t want to take that path.”
And after 54 years of service, what does Lt. Col. Grant intend to do?
“I’m going to relax. I mean, it has been 50 some years, so I’m going to golf or something. I’m a big runner, so I’ll run in the Southern California sunshine,” he said. “I guess the primary goal will be to reciprocate to my family all the support they’ve shown me throughout the years.”
One look at the amphibious assault ship USS Wasp (LHD 1), and you know you are looking at a powerful vessel. Just the size alone – about 40,000 tons – makes it a significant asset. But much of what makes the Wasp such a lethal ship isn’t so easy to see when you just look at her from the outside. In this case, what’s on the inside matters more.
One of the biggest changes between the Wasp-class vessels and their predecessors, the Tarawa-class amphibious assault ships, is the fact that they can operate three air-cushion landing craft, known as LCACs. Tarawas can only operate one. This is because when the Tarawa-class was being designed, the LCAC wasn’t even in the fleet.
The Wasp, of course, was able to be designed to operate more LCACs. As such, while these ships are the same size, the Wasp is able to unload the Marines on board with much more speed. Since Marines and their gear are her primary weapons, this makes her much more lethal. It doesn’t stop there.
Despite both displacing about 40,000 tons, USS Wasp (LHD 1), the fatter ship on the left, is far more capable than USS Saipan (LHA 2).
(Photo by U.S. Navy)
The Wasp is surprisingly versatile. In Tom Clancy’s non-fiction book Marine, he noted that the Wasp-class ships in the Atlantic Fleet that are not at sea are part of the Commonwealth of Virginia’s emergency planning. The reason? These vessels can be configured as hospitals with six operating rooms and as many as 578 hospital beds.
Yeah, she has helos, but she can also haul a couple dozen Harriers. So, pick the method of your ass-kicking: Air strikes, or 2,000 ticked-off Marines.
(Photo by U.S. Navy)
These ships can also carry MH-53E Super Stallion and MH-60S Seahawk helicopters configured for the aerial minesweeping role. During Operation Iraqi Freedom, two of the Wasp’s sister ships operated a couple of dozen AV-8B Harriers each as “Harrier carriers.”
In a pinch, the Wasp can even refuel her escorts. Why risk a tanker when the amphibious assault ship can top off a tank?
(Photo by U.S. Navy)
The eight ships in the Wasp class will be around for a while. According to the Federation of American Scientists USS Wasp is slated to be in service until as late as 2039! Learn more about this versatile and lethal ship in the video below!
Iran and Israel engaged in a war of words two days after an exchange of missile fire in Syria, with a prominent Iranian cleric threatening to “raze” two Israeli cities if it “acts foolishly” and attacks Iranian forces in Syria again.
Israel’s defense minister issued his own warning, saying Syrian President Bashar al-Assad will face only “damage and problems” unless he kicks the Iranian military presence out of his country.
Israeli minister Avigdor Lieberman said Assad should especially beware of Qassem Soleimani, the head of Iran’s Quds Force, a branch of the Islamic Revolutionary Guards Corps that oversees operations outside Iran’s borders.
“I have a message for Assad: Get rid of the Iranians, get rid of Qassem Soleimani and the Quds Force. They are not helping you, they are only harming,” Lieberman said.
“Their presence will only cause problems and damage. Get rid of the Iranians and we can, perhaps, change our mode of life here,” he said.
On May 10, 2018, Israel accused Iran of firing rockets from Syria into the Israeli-occupied Golan Heights, the first time that Iran is believed to have attacked Israel with rockets.
Israel struck back with its heaviest air strikes in Syria since the start of the Syrian civil war in 2011, saying it had attacked nearly all of Iran’s military infrastructure in the country. A war monitor said the missile exchange left 23 fighters dead.
Israel has warned it will not allow Iran to establish a military presence close to its borders in Syria, where Iranian military advisers, troops, and allied Shi’ite militia have since 2011 played a key role backing Assad in his civil war against Sunni rebels.
Iran on May 10, 2018, called Israel’s accusations, which were supported and corroborated by the United States and Western allies, “fabricated and baseless excuses” to stage attacks in Syria.
A senior Iranian cleric, Ayatollah Ahmad Khatami, warned that the Jewish state could face destruction if it continues to challenge Iran.
“We will expand our missile capabilities despite Western pressure…to let Israel know that if it acts foolishly, we will raze Tel Aviv and Haifa to the ground,” he said in remarks during Friday Prayers that were carried on Iranian state television.
A prominent Iranian ally in Lebanon joined the verbal volley on May 10, 2018, warning that both Israel and the United States will face retaliation for repeated Israeli air strikes in Syria that monitors say have killed dozens of Syrian, Iranian, and Hizballah fighters in recent weeks.
Lebanese parliament speaker Nabih Berri, who is allied with Hizballah, told the Associated Press in an interview that some 1,000 U.S. troops that are stationed in northern and eastern Syria to fight the Islamic State extremist group may be in danger.
“There are American interests in Syria and if there is a larger war, I don’t think even the American president can bear the consequences,” Berri said.
The White House on May 10, 2018, repeated its demand that Iran stop its “reckless actions” against U.S. allies Israel and Saudi Arabia.
After a telephone call between U.S. President Donald Trump and British Prime Minister Theresa May, “both leaders condemned the Iranian regime’s provocative rocket attacks from Syria against Israeli citizens,” the White House said.
“It is time for responsible nations to bring pressure on Iran to change this dangerous behavior,” said White House spokeswoman Sarah Sanders.
Birkenhead, England, is an odd place for a discussion of the U.S. Civil War, but two ships built in the Laird and Sons Shipyard there nearly provided the seapower necessary for the South to break the blockade, get recognized as a sovereign nation, and win their war for independence.
All that stood in the South’s way was a group of dedicated diplomats and spies who managed to get the ships seized, guaranteeing Union naval superiority and helping end the war.
The most famous Laird ship ordered by Bulloch for the Confederacy was the CSS Alabama. The Alabama was technically ordered as a British merchant ship but was outfitted with a Confederate crew and weapons after launch. It went on to destroy 67 Union vessels — mostly merchant ships — before it was sunk.
The two ships are often described as the most powerful in the world at that time and they were custom-built for breaking the Union blockade of the South and with it the Union’s grand “Anaconda Plan” for the war. The Anaconda Plan rested entirely upon Union control of the seas and rivers.
The “Laird Rams” — as they were known — were nearly identical copies of one another. Each ship was 242 feet long and equipped with a seven-foot ram at the front that would allow them to punch holes in enemy ships below the waterline. Each ship also boasted iron armor and two turrets carrying 220-pounder Armstrong cannons.
For those unfamiliar with naval armaments, “220-pounder” doesn’t refer to the weight of the gun, it refers to the weight of each shell. And each gun was “rapidly firing” for the time.
And that iron armor was a game changer in the Civil War. Sufficient iron armor made a ship nearly invulnerable, as the navies learned after the first battle between ironclads took place in 1862. The three-hour battle on March 9, 1862, ended as a tie because neither ship could sufficiently damage the other.
You must stop them at all hazards, as we have no defense against them … As to guns, we have not one in the whole country fit to fire at an ironclad…it is a question of life and death.
Early indications were that the British would allow the rams to launch and eventually join the Confederate cause, but diplomats pressuring Great Britain to follow its neutrality obligations slowly made headway.
At the start of the war, the British position was that it couldn’t allow its shipbuilders to sell any warships to a belligerent in war, but that they could sell unarmed merchant ships to anyone without concern as to whether the ship would be later outfitted with weapons.
This was how the Confederacy received many of its early ships. But the Union State Department pressured the English government to start blocking the launches of ships that were destined for wartime duty by basically threatening war if they didn’t.
But the British required a high threshold of proof that a ship was destined for the war before they would seize it from the shipyards. American consuls and spies in England gathered information on every ship as fast as they could.
Their first major target, the CSS Florida, was still able to reach the water because the evidence against the ship was improperly collected and documented and therefore inadmissible. The consuls and spies tried again with the Alabama and were successful, but not in time. The Alabama launched just before British forces could arrive to seize her.
When it came to the two Laird rams, though, the U.S. pulled out all the stops. They bribed dock officials, recruited spies and informants, and even promised a young mechanic help getting a job in America if he first worked in the Laird shipyards and collected information for them.
The mechanic agreed but was just a boy. When the child’s mother learned of the plan, she threatened to expose the spy operation and the U.S. backed off.
The first ram, the El Tousson, was launched into the water and was being equipped for sea while its sister ship was receiving final touches in the shipyard in October 1863. The U.S. made its final, last-ditch case to the British that the ships were destined for the Confederate war effort.
To add to the pressure, the U.S. ambassador promised war if the ships were allowed to launch, and the English government gave in.
Two nearly indestructible ships capable of sinking almost any ship in the blockade would have allowed the Confederacy to sweep it away, re-opening the smuggling trade that helped finance the land war early on. The Union Army would have been hard pressed to win with the two rams erasing the Union’s naval dominance.
The shipbuilders tasked with constructing the US Navy’s next supercarrier have finished installing the flight deck, using a massive crane to place the final 780-ton piece.
The USS John F. Kennedy will be the Navy’s second Ford-class aircraft carrier after the USS Gerald R. Ford, which has been delayed due to unexpected problems and increased maintenance demands. The installation of the JFK’s upper bow at Newport News Shipbuilding early July 2019 completed the carrier’s main hull, which, at a length of 1,096 feet, is longer than three football fields.
The final piece weighed nearly 800 tons — as much as 13 main battle tanks — and took a year and a half to build. Huntington Ingalls Industry (HII) released a video of the installation.
More than 3,200 shipbuilders and 2,000 suppliers are involved in the construction of the Kennedy, which will, if everything goes according to plan, be launched later this year.
“The upper bow is the last superlift that completes the ship’s primary hull. This milestone is testament to the significant build strategy changes we have made — and to the men and women of Newport News Shipbuilding who do what no one else in the world can do,” Mike Butler, the program director for the Kennedy construction project, said in a HII statement.
While the US is not the only country to field aircraft carriers, no other country has built anything that even comes close to the new nuclear-powered Ford-class supercarriers.
China’s only operational carrier, for instance, is a previously-discarded Soviet ship that China transformed into the country’s first flattop. Russia’s situation is even worse: It’s only carrier is out of action and the foreign-made dry dock used to repair it.
While the US force of 11 carriers is much more modern and capable, the Ford-class carriers have certainly had their share of problems.
Aircraft carrier USS Gerald R. Ford.
(U.S. Navy photo by Erik Hildebrandt)
June 2019, US lawmakers expressed concern after learning that the Ford and the Kennedy would not be able to deploy with the stealthy fifth-generation F-35 Lightning II Joint Strike Fighters when the carriers are first delivered to the Navy. A congressional staffer told reporters that it’s “unacceptable to our members that the newest carriers can’t deploy with the newest aircraft.”
And, in May 2019, the Navy admitted that the advanced weapons elevators on the Ford, systems required to quickly move ordnance to the flight deck to increase the aircraft sortie rate and the overall lethality of the ship, will not be working properly when the carrier leaves the shipyard to rejoin the fleet in October 2019.
Maintenance on the Ford was expected to wrap up in July 2019, but problems with the ship’s propulsion system, elevators, and a few other areas resulted in unplanned delivery delays.
HII says that it has leveraged the lessons learned from its work on the Ford and insists that the Kennedy is on schedule to launch in the fourth quarter of this year; the JFK’s construction is estimated to cost at least .4 billion.
This article originally appeared on Business Insider. Follow @BusinessInsider on Twitter.
The United Nations has determined that debris from five ballistic missiles launched from Yemen into Saudi Arabia since July 2018, contained components manufactured in Iran and shared key design features with an Iranian missile, a new report says.
UN Secretary-General Antonio Guterres said in the report to the UN Security Council, which was seen by media on June 14, 2018, that — while the missile parts are Iranian — the United Nations has been unable to determine whether they were transferred from Iran after UN restrictions went into force in January 2016.
Guterres said the UN was also “confident” that some arms seized by Bahrain and recovered by the United Arab Emirates from an unmanned vessel laden with explosives were manufactured in Iran.
But he said, once again, investigators could not determine whether the arms were transferred from Iran after UN restrictions took effect.
The secretary-general was reporting on the implementation of a 2015 Security Council resolution that endorsed the Iran nuclear deal. The resolution includes restrictions on transfers to or from Iran of nuclear and ballistic missile material as well as other arms.
The latest UN findings are less conclusive than those of a separate UN panel of experts, which reported in January 2018, that Iran was in violation of the arms embargo on Yemen for failing to block supplies of its missiles to allied Huthi rebels in the war-torn country.
The inconclusiveness of the report could deal a setback to the United States, which has repeatedly called on the UN Security Council to take action against Iran over illegal arms transfers to Yemen and elsewhere in the region.
Iran has strongly denied arming the Huthis.
In other key findings, Guterres said the UN is looking into reports from two unnamed countries that Iran received “dual-use items, materials, equipment, goods, and technology” in violation of UN restrictions.
Guterres also said the UN hasn’t had an opportunity to examine a drone that Israel intercepted and downed after it entered its airspace. Israel said it was Iranian.
The secretary-general noted that Iranian media had reported that “various Iranian unmanned aerial vehicles” have been deployed in Syria.
Guterres reported that the Hamas leader in Gaza said on TV on May 21, 2018, that Iran provided the Al-Qassam Brigades with “money, (military) equipment and expertise.” Guterres said any such arms transfers might violate UN restrictions.
He also reported receiving a letter dated May 15, 2018, from Ukraine’s UN ambassador indicating that its security service “prevented an attempt by two Iranian nationals to procure and transfer” to Iran components of a Kh-31 air-to-surface missile and related technical documents.
While Army National Guardsman Dennis Singleton was getting ready to deploy to Afghanistan, Wells Fargo suddenly repossessed his car. Now Singleton is getting some retribution.
The Justice Department says the repossession was illegal under the Servicemembers Civil Relief Act, which requires Wells Fargo to get a court order before repossessing a military member’s vehicle. DOJ also says the bank didn’t stop there. According to the Los Angeles Times‘ Jim Puzzanghera, Wells Fargo charged Singleton and his family a $10,000 balance and then reported the repossession to credit agencies.
Wells Fargo allegedly did the same thing 413 times, according to the Justice Department — more in a series of misdeeds and misuses of customer information that now has the bank and its CEO in hot water, especially with the U.S. Congress.
Wattles’ report says the Office of the Comptroller of the Currency also fined Wells Fargo $20 million for denying federally mandated protections for active duty military members, which includes capping interest rates at 6 percent.
“In those instances where some service members did not receive the appropriate benefits and protections, we did not live up to our commitment and we apologize,” the company said in a statement. “We have been notifying and fully compensating customers and will complete this work in 60 days.”
In its largest fine to date, the Consumer Finance Protection Bureau fined Wells Fargo $185 million for opening 1.5 million fraudulent deposit accounts and more than 560,000 credit card accounts in its customers’ names. The bank repaid $5 million to its affected customers.
Since the story broke, Wells Fargo fired 5,300 of its employees, withheld $41 million of CEO John Stumpf’s unvested stock awards, and denied him an annual bonus as well as a chunk of his $2.8 million salary.
The New York Times reports that in recent years, the bank has paid $10 billion in fines for violations like subprime loan abuses, discrimination against African-American and Latino mortgage borrowers, and various home foreclosure violations.