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 "Federal Bureau of Prisons":

"… mail service and other technology inside the 121 facilities managed by the Federal Bureau of Prisons. The contract has been amended 22 times since it was awarded without compe …"

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 "Western Union":

"… ffer money transfers to federal prisons — a role explicitly reserved for Western Union and others chosen by Bank of America under the bank’s contracts with Tre …"

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 "U.S. government":

"… th Warren asked incredulously if “we agreed to give Comerica — we, the U.S. government, through Treasury — an additional $30 million without knowing if they we …"

Treasury to Comerica: Take our money, please!

By Daniel Wagner

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

Excerpts from this story referencing "Bill Nelson":

"… o little time making sure the program was being run properly,” said Sen. Bill Nelson, D-Fla., who chairs the Senate Special Committee on Aging and last year co …"

Banks seek to sway critical GAO report

By Alison Fitzgerald

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

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 "finance":

"… favorite son of financial services firms — and it shows in his campaign finance reports. Garrett’s biggest source of campaign cash in the 2012 election …"

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 "American International Group":

"… onday, Sept. 15, and ended with the $80 billion bailout of insurance giant American International Group and the sales of Merrill Lynch to Bank of America, Wachovia to Wells Fargo …"

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 "Bank of America":

"… r jobs at the most powerful banks on Wall Street: JPMorgan, Goldman Sachs, Bank of America and Deutsche Bank. The fact they were able to emerge unscathed from a fin …"

"… n in the affidavit. These flaws are entirely unacceptable to me." ResCap, Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup settled for $25 billion&n …"

"… e in the tony New York City suburb of Port Washington and work together at Bank of America in the divisions that issue mortgage-backed securities and collateralized …"

"… Os in 2006 alone. He’s now head of mortgages and securitized products at Bank of America. Silverstein, once a senior managing director at Bear and co-head of mort …"

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.

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 …"

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 "San Diego":

"… al Telephone & Telegraph offered $400,000 if the GOP would bring it to San Diego. Eight days later, the administration of President Richard Nixon dropped a …"

"… in the press, Republicans tried to save face and moved the convention from San Diego to Miami Beach.The scandal prompted Congress to enact a new law that would …"

New whistleblower cases allege continued bank fraud

By Amy Biegelsen and Emma Schwartz

Mortgage modifications and appraisal processes in question

Excerpts from this story referencing "Countrywide":

"… leblower case filed in 2009 but not unsealed until last month detailed how Countrywide Financial Corp., now owned by Bank of America, developed a scheme to …"

"… nsuccessfully to get the company stop.Instead, these relationships allowed Countrywide to “use its market power to pressure appraisers to inflate values to wha …"

"… use its market power to pressure appraisers to inflate values to whatever Countrywide needed and punish appraisers who refused to ‘play ball,’” the compla …"

"… punish appraisers who refused to ‘play ball,’” the complaint stated.Countrywide also set up a review system of the appraisals that the complaint alleges w …"

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 "Obama":

"… ve 501(c)(4) exaggerates the number of “Wall Street executives” in the Obama White House. In a major TV ad buy, the American Future Fund lists 27 peopl …"

"… ad buy, the American Future Fund lists 27 people it claims are part of “Obama’s Wall Street Inner Circle.” But the ad is either flat wrong or greatl …"

"… ng the most laughable examples we found of “Wall Street executives” in Obama’s “inner circle”:A “White House fellow,” class of 2009-2010, who …"

"… ho were appointed by President George W. Bush, and who left not long after Obama took office.Two men who never worked in the administration — including t …"

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 Senatorial Campaign Committee":

"… s of his party. The Democratic National Committee (at least $1.8 million), Democratic Senatorial Campaign Committee (at least $1.4 million), and Democratic Congressional Campaign Committee ( …"

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

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

Excerpts from this story referencing "spokeswoman":

"… recorded approximately $1.8 billion in federal income tax expenses. A spokeswoman from Capital One said the bank "fulfills all tax obligations" and that the …"

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

Excerpts from this story referencing "New Jersey":

"… ised a minimum of $55 million this year.  …"

"… bal Holdings, the company led by Corzine after he lost the governorship of New Jersey, reported major losses in the last few months. In the last two weeks alone …"

"… ds, family and colleagues for a particular candidate.)While a senator from New Jersey, Corzine raised $88 million as chairman of the Democratic Senatorial Campa …"

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

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

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

Excerpts from this story referencing "European Union":

"… fears the global debt crisis may hammer Italy and Spain into default. The European Union has already given financial aid to member countries Greece and Ireland, an …"

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 …"

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 "bank":

"… n Sachs paid $550 million to settle the SEC's civil fraud charges that the bank should have told investors in a collateralized debt obligation (CDO) that …"

"… erve’s decision to cap debit swipe fees at 21 cents may be a big win for banks, but says little about how financial reform efforts as a whole are succee …"

"… d not cause the financial crisis and have “nothing to do with making the banking system any safer, just about punishing the banks,” Gandel writes. The …"

"… g to do with making the banking system any safer, just about punishing the banks,” Gandel writes. The Fed ‘s final rule also allows banks to add five …"

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

Excerpts from this story referencing "Bank of America Corp.":

"… , did not endorse or reject certification. …"

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 …"

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 "JPMorgan Chase":

"… payments to overseas governments.JPMorgan pays $153.6 million settlement - JPMorgan Chase & Co. agreed to pay $153.6 million to settle charges that it misled bu …"

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 "Bank":

"… te Raj Date, a former Banker with Capital One Financial Corp. and Deutsche Bank AG, to head the Consumer Financial Protection Bureau, Bloomberg News and o …"

"… ercent equity to fund their asssets, may be a model for megaBanks, he says.Bank capital requirements – U.S. regulators aim to increase Banking capi …"

"… s being ineffective and too soft on participating mortgage servicers. Bank of America, JP Morgan Chase & Co., and Wells Fargo failed to meet HAMP …"