Meet the Banking Caucus, Wall Street's secret weapon in Washington

By Daniel Wagner and Alison Fitzgerald

Industry campaign cash flows to pro-bank activists in Congress, yielding big returns.

Excerpts from this story referencing "Citigroup":

"… nance companies, is married to a banker who has worked for Wells Fargo and Citigroup. Himes spent 12 years at Goldman Sachs Group Inc. before joining a nonprof …"

Ex-Wall Street chieftains living large in post-meltdown world

By Alison Fitzgerald

CEOs of banks that fueled the subprime crisis that led to the economic meltdown largely avoid consequences.

Excerpts from this story referencing "Citigroup":

"… immy Cayne (Bear Stearns), Stanley O’Neal (Merrill Lynch), Chuck Prince (Citigroup) and Ken Lewis (Bank of America) are also living in quiet luxury. Meltdow …"

"… ompanies falter from a distance. Charles O. Prince III resigned as CEO of Citigroup on Nov. 5, 2007, when the company announced it had lost between $8 bi …"

"… ough 2008. It’s unclear whether he’s sold any since he resigned.  Citigroup shares were priced at more than $300 the week Prince resigned and today ho …"

"… h $1.5 million a year, according to SEC filings. By the end of 2008, Citigroup had received $45 billion in bailout money from the U.S. Treasury and the F …"

Bear Stearns mortgage executives have plum jobs on Wall Street

By Lauren Kyger and Alison Fitzgerald

Executives from the mortgage finance division that helped sink Bear Stearns have similar jobs at major Wall Street banks.

Excerpts from this story referencing "Citigroup":

"… eptable to me." ResCap, Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup settled for $25 billion with the Justice Department over what be …"

Benefit payment change hurts poor

By Daniel Wagner

Move away from paper checks means big money for bank, confusion for some Social Security beneficiaries.

Excerpts from this story referencing "Citigroup":

"… to consumers include Bank of America, J.P. Morgan Chase, U.S. Bancorp and Citigroup. Comerica offered to issue the Direct Express cards at no cost to Treasur …"

Lobbying firm PACs start 2013 slow

By Dave Levinthal

Few raising or spending big money early in 2013 — if at all.

Excerpts from this story referencing "Tony Podesta":

"… le of this than No. 3 lobbying firm Podesta Group, whose leader, Tony Podesta, ranks among the most active individual political donors in the nation and …"

JPMorgan Chase’s record highlights doubts about big banks’ devotion to fighting flow of dirty money

By Michael Hudson

JPMorgan Chase’s record highlights doubts about devotion to fighting flow of dirty money

Excerpts from this story referencing "Citigroup":

"… of suspect cash. Last year U.S. authorities reached settlements with HSBC, Citigroup and UK-headquartered Standard Chartered Bank over alleged money-laundering …"

Lobbyist PACs hurting for cash following election

By Dave Levinthal

Political cash machines of many top government affairs shops see a slow start to 2014 election cycle.

Excerpts from this story referencing "Citigroup":

"… cy department. The firm's dozens of recent clients include AT&T, Citigroup, Delta Airlines, Facebook, FedEx, General Electric, Goldman Sachs, the Lan …"

OPINION: Who wins with Medicare Advantage?

By Wendell Potter

Medicare Advantage plans are profit centers for private insurance companies because of government incentives to participate.

Excerpts from this story referencing "Citigroup":

"… utional investors that own the majority of health insurance company stock. Citigroup analyst Carl McDonald predicts that should Romney win and the GOP take the …"

Bailed-out banks, Freddie Mac, AIG gave $6 million to 2008 conventions

By John Dunbar and Michael Beckel

Corporate donors to 2008 party conventions included financial institutions bailed out by government.

Excerpts from this story referencing "Citigroup":

"… n; nearly $317,000 from U.S. Bancorp; $250,000 from both Goldman Sachs and Citigroup; $150,000 from Morgan Stanley and $100,000 from Bank of America.Most of th …"

OPINION: Why insurers want ObamaCare's Medicaid business

By Wendell Potter

Pay no attention to GOP governors; health insurers want that new Medicaid business.

Excerpts from this story referencing "Citigroup":

"… big insurers will still seek to get more business in the public sector. As Citigroup financial analyst Carl McDonald wrote in his report about WellPoint’s pr …"

ANALYSIS: Shareholders raising ruckus about CEO pay

By Wendell Potter

Big pay raises and parting bonuses increasingly raising ire of shareholders.

Excerpts from this story referencing "Citigroup":

"… ed these challenges as mere annoyances, but no longer. Certainly not after Citigroup’s shareholders made front page headlines last week when they voted again …"

"… gainst the bank’s $15 million pay package for its CEO.If shareholders of Citigroup, which with a market cap of almost $100 billion is more than seven times a …"

FACT CHECK: Obama White House ‘full of Wall Street executives’?

By FactCheck.Org

Conservative super PAC runs ad on 'Obama's Wall Street Inner Circle'

Excerpts from this story referencing "Citigroup":

"… get director.Orszag had no Wall Street experience before joining Citigroup after he left the administration. His background is in governmen …"

"… White House — including White House budget director Jacob Lew (Citigroup) and former chief of staff William Daley (J.P. Morgan Chase). He …"

Raging against the foreclosure machine

Automated foreclosure process creates errors, stifles modifications and enrages helpless homeowners

Excerpts from this story referencing "Citigroup":

"… four big bank-owned servicers along with Bank of America, Wells Fargo, and Citigroup, says that it concluded that modification is a better alternative by about …"

Judge in Citigroup case has bucked trend of rubber stamping SEC settlements

SEC has long history of settling cases without requiring companies to admit guilt

Excerpts from this story referencing "Citigroup":

"… w York, the jurisdiction where the Securities and Exchange Commission sued Citigroup for knowingly selling toxic mortgage securities to clients. For most, appr …"

"… w Wall Street’s top regulator does business. The deal would have allowed Citigroup to walk without admitting guilt for its actions — just like every other …"

"… rity nuns in the Bronx. None of these men admitted or denied guilt. In the Citigroup case, the government alleged that the bank had misled investors about the …"

"… tial loans. Investors lost about $700 million, according to the SEC, while Citigroup earned a $160 million profit. This type of boilerplate language protects c …"

Whistleblowers ignored, punished by lenders, dozens of former employees say

By Michael Hudson

Former mortgage company employees say fraud was widespread in industry

Excerpts from this story referencing "Citigroup":

"… ng a growing number of emails and phone messages from people who worked at Citigroup’s subprime lending unit, CitiFinancial. The lender, they told Lee, was u …"

"… e demanded to resolve an employment dispute.”With the pressure building, Citigroup went out of its way to warn other current and former employees to keep qui …"

"… iet about what went on at CitiFinancial, according to Reuters news service.Citigroup, Reuters said, hired a famed litigator “to help fight allegations of ill …"

"… h at least 15 current or former employees, reminding the ex-employees that Citigroup would enforce the “non-disparagement clauses” in their severance agree …"

As housing crisis festers, mortgage servicers spend $8 million on political contributions

By Michael Hudson and Aaron Mehta

Mortgage servicers pony up $8 million in political donations as housing crisis festers

Excerpts from this story referencing "Citigroup":

"… negotiating with the firms — Bank of America, JP Morgan Chase & Co., Citigroup, Wells Fargo & Co. and Ally Financial Inc. — over allegations of wid …"

"… ive companies under scrutiny—Bank of America, JP Morgan, Wells Fargo and Citigroup — are major donors for state and federal political campaigns. Between th …"

"… s committee’s Subcommittee on Financial Institutions and Consumer Credit.Citigroup has given $850,000 to candidates, party committees and other PACs since th …"

U.S. stock market plunge followed Financial Stability Oversight Council warning

By Michael Hudson

Financial Stability Oversight Council's warning of fragile markets borne out by stock market plunge

Excerpts from this story referencing "Citigroup":

"… has tumbled more than 10 percent.Shares in some of biggest U.S. banks – Citigroup, Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co. -- fel …"

No unemployment worries for bank lobbyists in Washington, where business is booming

By Shirley Gao

Big banks bulking up Washington offices by hiring more lobbyists

Excerpts from this story referencing "Citigroup":

"… cial services companies are hiring more lobbyists to influence the process.Citigroup, JPMorgan Chase & Co., TD Bank and Fifth Third Bank are among the bank …"

"… nks that have added Washington staff in the past year.  For instance, Citigroup hired Candida Wolff, an ex-Bush administration legislative affairs liaison …"

“Go tell a Republican,” Rep. Frank says to complaints that Congress has failed to curb foreclosures

By Julie Vorman

Foreclosure complaints? "Go tell a Republican" says Rep. Frank

Excerpts from this story referencing "Citigroup":

"… reclosure practices with 14 big banks, including JPMorgan Chase & Co., Citigroup, Wells Fargo and Bank of America. …"

Senior Treasury Dept. official is latest financial regulator to resign

By Julie Vorman

Yet another senior vacancy among banking regulators

Excerpts from this story referencing "Citigroup":

"… head dinner were the heads of JPMorgan Chase & Co., Goldman Sachs and Citigroup, reports the New York Times’  Dealbook.  “It would be bad fo …"

International regulators order mega-banks to boost capital to 9.5 percent

By Shirley Gao

International regulators order mega-banks to boost capital to 9.5 percent

Excerpts from this story referencing "Citigroup":

"… ent, bringing their capital up to 10.5 percent.That means Bank of America, Citigroup, and JPMorgan Chase & Co. will need a combined $150 billion of extra c …"

Reform reading: Will Warren aide fill top job at new consumer agency?

By Shirley Gao

Reform reading: Will Warren aide fill top job at new consumer agency?

Excerpts from this story referencing "Citigroup":

"… resolution mechanism to handle the failure of an international bank like a Citigroup or Goldman Sachs, says Johnson, who was recently named to the FDIC's resol …"

ANALYSIS: Blue Shield of California's refund is peanuts compared to its profits

By Wendell Potter

ANALYSIS: Don't take Blue Shield's $180 million refund offer at face value

Excerpts from this story referencing "Citigroup":

"… ording to a recent in-depth study of the 33 nonprofit Blues in the U.S. by Citigroup analyst Carl McDonald, Blue Shield of California is one of the most profit …"

As IRS crusades against Americans hiding money offshore, Latin American tax cheats flock to U.S. banks

By Michael Hudson

U.S. and its banks called "biggest tax haven" in world

Excerpts from this story referencing "Citigroup":

"… maintain “near-Swiss secrecy” for foreign depositors, Henry claims. A Citigroup spokesman declined to comment on its private banking unit’s history in L …"

Regulatory brawl over debit cards sidesteps the real fee-setters: card companies

By Amy Biegelsen

Lobbying brawl sidesteps the real fee-setters: card companies

Excerpts from this story referencing "Citigroup":

"… ay, MasterCard’s board of directors includes senior executives from Citigroup and UniCredit Group, plus former executives at Goldman Sachs and Southern …"

Data shows Deutsche Bank was key patron of questionable mortgage lenders

By Michael Hudson

Data shows Deutsche Bank was key patron of questionable mortgage lenders

Excerpts from this story referencing "Citigroup":

"… work of “rogue” employees.Ameriquest stopped making loans in 2007, and Citigroup acquired its loan-servicing unit and its sister company, Argent Mortgage.A …"

TARP watchdog sounds alarm about "too big to fail" banks

By Julie Vorman

For U.S. banks, bigger is still better despite the financial reform law’s attempt to rein in “too big to fail” institutions, a government wa

Excerpts from this story referencing "Citigroup":

"… too big to fail” institutions, a government watchdog says.An analysis of Citigroup's $20 billion government rescue in 2008 shows that "unless and until insti …"

"… n government rescue in 2008 shows that "unless and until institutions like Citigroup can be left to suffer the full consequences of their own folly, the prospe …"

"… tutions would adjust and “migrate around them,” the report said.In the Citigroup bailout, the Treasury Department imposed strict terms on the bank and rece …"

"… about 46 percent of all U.S. bank deposits and has $2 trillion in assets. Citigroup and Bank of America Corp. each also have about $2 trillion in assets, foll …"

Betting on Justice: Borrowing to sue

By Binyamin Appelbaum and Ben Hallman

Large banks, hedge funds and private investors hungry for new and lucrative opportunities are bankrolling other people’s lawsuits, pumping h

Excerpts from this story referencing "Citigroup":

"… cases. Lenders including Counsel Financial, a Buffalo company financed by Citigroup, provided $35 million for the lawsuits brought by ground zero workers that …"

"… oans, too. During the lending boom of the last decade, companies including Citigroup, Commerce Bank of New Jersey and Credit Suisse provided financing for laws …"

WaMu examiner sheds new light on bankruptcy, criticizes FDIC for lack of cooperation

Joshua Hochberg's report on the fall of Washington Mutual discloses no Lehman-like allegations of accounting chicanery, nor does it establis

Excerpts from this story referencing "Citigroup":

"… he debt of the holding company was too great.A handful of banks, including Citigroup, Wells Fargo, and Banco Santader in Brazil had expressed interest in acqui …"

The end of Lehman, part 3

By Ben Hallman

In Parts 1 and 2 of this series, Michael Hudson wrote about how Lehman was a leader in turning what had been a backwater market for subprime

Excerpts from this story referencing "Citigroup":

"… rica said it wrongly classified $10.7 billion in repo agreements as sales, Citigroup said it misclassified $9.2 billion, and American International Group said …"

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