Finance findings you may have missed

By The Center for Public Integrity

How big financial institutions profit off homeowners, investors and consumers.

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

"… es have been removed. Keep reading …"

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 "inspector":

"… p; Co. to provide financial services inside federal prisons. Treasury’s inspector general, Eric Thorson, will audit Treasury’s “awarding and administrat …"

"… to former inmates. “As always, the Treasury Department will support the inspector general’s review of this program,” an agency spokesman said. JPMorgan …"

"… racting. Grassley applauded the probe, calling it “just the kind of job inspectors general are set up to do — to take an independent look at whether the g …"

"… d to encompass other financial agency agreements, a sign that Treasury’s inspector general is broadening his scrutiny of the deals. In an audit this spring, …"

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 "Department of Justice":

"… r this fall’s election. Prisons account for more than one-fourth of the Department of Justice’s discretionary budget through fiscal 2018, Grassley said, so “we must …"

"… d the department had received Sen. Grassley's letter and will respond. The Department of Justice did not respond to a request for comment. In the letter, which was a …"

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 "Dallas":

"… . Treasury’s announcement that it had signed a new, five-year deal with Dallas-based Comerica to distribute Social Security and disability on bank-issued …"

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 "analyst":

"… passage of the Dodd-Frank financial reform act. Michel Araten, a JPMorgan analyst until he retired in June, wrote a paper while at the bank that argued …"

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 "Deutsche Bank":

"… gave his campaign $9,500. He also received contributions from the PACs of Deutsche Bank, UBS AG, Nomura Securities and HSBC, all of which are primary dealers. Ga …"

"… se spokesman Jack Grone also declined to comment. Spokespeople for UBS and Deutsche Bank did not respond to calls or emails seeking comment.     …"

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 "insurance giant":

"… f Lehman early Monday, Sept. 15, and ended with the $80 billion bailout of insurance giant American International Group and the sales of Merrill Lynch to Bank of Ame …"

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 "Securities and Exchange Commission":

"… ies for the future?” asked Jordan Thomas, a former attorney for the Securities and Exchange Commission who now runs the whistleblower practice at Labaton Sucharow in New York. …"

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 "Africa":

"… ngs show. Over that span its subsidiaries in Mauritius — a tiny isle off Africa’s eastern coast that’s been called “a Cayman Islands to India” — …"

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 "Qwest":

"… aid.The No. 1 corporate supporter of the Republican’s host committee was Qwest, now CenturyLink, which provided nearly $5 million. About half of that was …"

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 "Federal Housing Administration":

"… B Home.Those inflated prices, the complaint alleges, included thousands of Federal Housing Administration backed loans, which were supposed to be reviewed by qualified appraisers. …"

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 "Securities and Exchange Commission":

"… onth search by an outside firm. Storch went from Goldman Sachs to the Securities and Exchange Commission, where he heads up the Division of Enforcement. Obama did appoint&nbs …"

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 "Goldman Sachs":

"… .Corzine made his mark on Wall Street, rising to become co-CEO of behemoth Goldman Sachs. After losing a power struggle with Henry Paulson, who later became Treasu …"

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 "Federal Deposit Insurance Corp.":

"… ndants since at least the 1970s. And other federal agencies, including the Federal Deposit Insurance Corp., do so as well. David Martin, a former SEC attorney who now practices at 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 "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

Excerpts from this story referencing "Tax":

"… he study was released Thursday by nonpartisan advocacy groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy. All five finan …"

"… nonpartisan advocacy groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy. All five financial institutions named were prof …"

"… spond to a request for comment. Robert McIntyre, director of Citizens for Tax Justice and the report’s lead author said Tax breaks enjoyed by 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 "president":

"… in conduits to Wall Street, a donor base that has been a challenge for the president to hold in line. Corzine has been a major bundler, already reaching the $5 …"

"… also been active in arranging meetings between disgruntled donors and the president, including a secret meeting earlier this summer with leaders from a number …"

"… een speculation that Corzine hopes to join the Obama administration if the president is re-elected. His contract with MF included provisions that kick in if Co …"

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 "Credit":

"… the measure is one reason that its prospects for passage are mixed.IMPACT: Credit union drops payday loansA Utah-based lender featured prominently in an iWa …"

"… and is instead offering a more consumer-friendly product. Mountain America Credit Union had offered its 320,000 member-owners a “MyInstaCash” loan that …"

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 "big banks":

"… eys general and federal authorities are pressing Bank of America and other big banks to pay $20 billion or more to settle claims that they used so-called …"

Mortgage industry whistleblower wins case against Bank of America

By Michael Hudson

Government awards mortgage whistleblower $930,000, job reinstatement

Excerpts from this story referencing "Labor":

"… mail and bank fraud” at the lender, a federal agency ruled Wednesday.The Labor Department ordered Bank of America Corp., which bought Countrywide, to pay …"

"… corporate reform law, Bank of America has 30 days to file an appeal with a Labor Department administrative law judge.In a news release, the Labor Departmen …"

"… al with a Labor Department administrative law judge.In a news release, the Labor Department said that Foster’s allegations included a claim that workers …"

"… illegal retaliatory tactics against this employee," Assistant Secretary of Labor David Michaels said in a statement. "This employee showed great courage re …"

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 "TD Bank":

"… re lobbyists to influence the process.Citigroup, JPMorgan Chase & Co., TD Bank and Fifth Third Bank are among the banks that have added Washington staff …"

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

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 "Federal Trade Commission":

"… es may get attention from the Consumer Financial Protection Bureau and the Federal Trade Commission in coming months, an industry lawyer writes at AutoDealerMonthly.com. &nbs …"

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 "finance":

"… empty seat – Jeffrey Goldstein, the Treasury undersecretary for domestic finance, is the latest in a series of top financial regulators leaving the adminis …"

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 "Securities and Exchange Commission":

"… in better shape and can remain solvent.SEC probe into Libyan fund – The Securities and Exchange Commission is investigating if ExxonMobil Corp., ConocoPhillips and Occidental Petrol …"

"… complex mortgage securities just as the housing market began to fall, the Securities and Exchange Commission announced. The SEC's civil fraud charges accused JPMorgan of creating …"

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