Center report spurs investigation of Bank of America, JPMorgan prison deals

By Daniel Wagner

No-bid contracts with Bank of America and JPMorgan under government scrutiny after Center report.

Excerpts from this story referencing "Center for Public Integrity":

"… cial agents,” the watchdog's general counsel, Rich Delmar, told The Center for Public Integrity. The Center first reported this month that the banks have exclusive acces …"

"… be. Delmar said the investigation was launched on Oct. 3, a day after The Center for Public Integrity published a report on the contracts. Bank of America’s deal also d …"

Senator questions Bank of America’s no-bid prison deal

By Daniel Wagner

After a Center report, Sen. Charles Grassley, R-Iowa, says Bank of America's no-bid prison banking deal "raises significant questions"

Excerpts from this story referencing "Center for Public Integrity":

"… xpayers the most bang for the buck,” Grassley said in a statement to the Center for Public Integrity. “Any time the government avoids competitive bidding, the practice needs …"

Megabanks have prison financial services market locked up

By Daniel Wagner

Bank of America and JP Morgan Chase & Co. avoid competitive bidding process in contracts serving federal prisoners.

Excerpts from this story referencing "JPMorgan Chase":

"… nders. On Wall Street, Bank of America plays a perpetual second fiddle to JPMorgan Chase & Co., the only U.S. bank that holds more assets. A few blocks north, …"

Treasury extends controversial bank-card deal with Comerica

By Daniel Wagner

Treasury extends Comerica program that exposed the elderly and poor to fraud.

Excerpts from this story referencing "Elizabeth Warren":

"… r bank partner after senators pummeled him during a hearing. Sen Elizabeth Warren asked incredulously if “we agreed to give Comerica — we, the U.S. gove …"

Treasury to Comerica: Take our money, please!

By Daniel Wagner

Officials handed bank tens of millions, asked few question, in troubled card program.

Banks seek to sway critical GAO report

By Alison Fitzgerald

Big banks say new regulation is unnecessary thanks to Dodd Frank reforms.

Excerpts from this story referencing "Bank":

"… ut systemically important Banks that reads like a list of talking points. Bank lobbyists were able to point to only one independent academic research tea …"

"… vantage simply by virtue of having that designation. He warned the Senate Banking Committee in a hearing last week that the GAO would be bombarded with s …"

"… ties, we’re aware of the conflicts of interest,” he said. At a Senate Banking Committee hearing last week, Brown urged Evans to be mindful of the sou …"

Wall Street favorite Rep. Garrett flirts with default

By Alison Fitzgerald

Will investment firms that deal in U.S. Treasury securities regret their support of GOP congressmen who are flirting with default?

Excerpts from this story referencing "Securities and Exchange Commission":

"… subcommittee on the House Financial Services Committee, which oversees the Securities and Exchange Commission. His spokeswoman, Maggie Seidel, did not respond to emails and a phone cal …"

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.

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 …"

IMPACT: Treasury to open Comerica deal to new bids after CPI report

By Daniel Wagner

Multimillion-dollar government deal with Comerica will be re-bid in 2015 after reports of lack of transparency and competition.

Excerpts from this story referencing "Social Security":

"… ive contract to issue Direct Express cards, which Treasury uses to deliver Social Security and other benefits to people who do not directlly deposit benefits into a …"

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 "JPMorgan Chase":

"… arkey was moving in select company. As a Manhattan-based vice president at JPMorgan Chase & Co.’s Private Wealth Management group, she juggled relationships w …"

"… ent to fighting the flow of dirty money around the world. Over the years, JPMorgan Chase and its corporate forebears have been accused of serving as conduits for m …"

"… untries alike to shelter their wealth tax-free offshore.” Rich history JPMorgan Chase is an amalgam of America’s two most storied banks. Historian Ron Chernow …"

"… . Morgan & Co. and Chase Manhattan Corp. merged in late 2000, creating JPMorgan Chase & Co. In March 2001, a U.S. Senate investigation revealed Chase Manha …"

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 "American International Group":

"… big donors from the 2008 event that won’t be giving this time around — American International Group and Freddie Mac.The two institutions together gave $1 million to the Repub …"

New whistleblower cases allege continued bank fraud

By Amy Biegelsen and Emma Schwartz

Mortgage modifications and appraisal processes in question

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 "American Future Fund":

"… l Street executives” in the Obama White House. In a major TV ad buy, the American Future Fund lists 27 people it claims are part of “Obama’s Wall Street Inner Circl …"

"… ugher regulations on the industry.The Geithner Myth and Other ExaggerationsAmerican Future Fund announced Feb. 27 that it would spend nearly $4 million in nine …"

"… sector — more than double Obama’s take of $5.2 million.Certainly, the American Future Fund has a point about the massive amounts of money the Obama campaign raised i …"

"… S. ambassador to Germany. But in its zeal to build its case against Obama, American Future Fund strains credibility by padding its list of “Obama’s Wall Street Inner …"

Corzine gave $5 million to help candidates win office; now he's being grilled by Congress

By Aaron Mehta and Sandy Johnson

Once a member of Congress, Corzine now grilled by lawmakers on MF Global

Excerpts from this story referencing "Democratic Congressional Campaign Committee":

"… on), Democratic Senatorial Campaign Committee (at least $1.4 million), and Democratic Congressional Campaign Committee (at least $140,000) all received large chunks from Corzine, who took full …"

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

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 "Mortgage":

"… d Ed Parker, former fraud investigations manager at now-defunct Ameriquest Mortgage Co., a leading subprime lender. “But we were not welcome because we affe …"

"… “boiler room” operation and a frat-house blowout.At Citizens Financial Mortgage Inc., a small Pennsylvania-headquartered lender, the out-of-control behavi …"

Bailed-out banks paid no income tax in some years, according to study

By John Dunbar and John Dunbar

New study shows bailed-out banks among those companies that paid no income tax at least one year

Obama bundler Jon Corzine's financial firm hits the skids in bankruptcy

By Aaron Mehta

Jon Corzine, Obama's conduit to Wall Street, loses midas touch with new firm

The weekly watchdog: Oct. 24 - Oct. 28

By Bill Buzenberg

In case you missed them, catch up on this week's top investigations from iWatch News

Excerpts from this story referencing "Bill Buzenberg":

"… ter will also live-stream the program online.  Until next week, Bill Buzenberg Executive Director …"

Mortgage industry tanks, fraud continues at Countrywide

By Michael Hudson

As the mortgage industry melted down, fraud investigator kept up the pressure, soon lost her job

Excerpts from this story referencing "employee relations official":

"… ding. It was her 51st birthday. Later, in an email exchange, the employee relations official who’d led the investigation told Foster that her firing was due to her …"

Mortgage industry whistleblower wins case against Bank of America

By Michael Hudson

Government awards mortgage whistleblower $930,000, job reinstatement

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

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 "Elizabeth Warren":

"… Protection Bureau, will take over daily operations of the new agency when Elizabeth Warren departs at the end of July to return to Harvard Law School.Date joined the …"

Dodd-Frank author is proudest of "skin in the game" requirement for mortgage securitizers

By Shirley Gao

Rep. Barney Frank defends Dodd-Frank law as first anniversary nears

SEC aims to shed more light on murky world of derivatives

By Shirley Gao and Julie Vorman

SEC aims to shed more light on murky world of derivatives

Excerpts from this story referencing "Mary Schapiro":

"… t customers in these transactions are treated fairly,” said SEC Chairman Mary Schapiro.The SEC will collect public comment on its proposal before finalizing the …"

Bank of America, which spent $4 billion to buy Countrywide, now must pay $8.5 billion settlement to Countrywide investors

By Julie Vorman

BofA settles big investors' complaints about Countrywide mortgage-backed loans

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 "Freddie":

"… up for their lifestyle. Of course they would tell you that only Fannie and Freddie had a government guarantee, but I would ask how many large banks defaulted …"

Reform reading: CFTC chief says "my thinking has evolved" on derivatives regulation

By Shirley Gao

Ex-Goldman exec at the forefront of regulating derivatives

Excerpts from this story referencing "ExxonMobil Corp.":

"… Libyan fund – The Securities and Exchange Commission is investigating if ExxonMobil Corp., ConocoPhillips and Occidental Petroleum Corp. made payments to a Libyan s …"

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 …"

Pages