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 "Treasury Secretary":

"… deal also drew questions from Capitol Hill. In a letter to Treasury Secretary Jacob Lew sent Oct. 3, Sen. Charles Grassley, R-Iowa, asked how Treasury c …"

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 "Bank":

"… erforms money transfers for 70 percent of U.S. offenders. On Wall Street, Bank of America plays a perpetual second fiddle to JPMorgan Chase & Co., th …"

"… the New York Metropolitan Correctional Center, there exists a market that Bank of America has locked down, literally. For the 790 federal prisoners incar …"

"… locked down, literally. For the 790 federal prisoners incarcerated at MCC, Bank of America controls the provision of money transfers, e-messaging and some …"

"… f Prisons system — 121 institutions housing 214,365 inmates. Since 2000, Bank of America has collected at least $76.3 million for its work on the progra …"

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.

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.

Excerpts from this story referencing "Lobbying":

"… the big banks can take on and how much bigger they’ll be able to grow. Lobbying the GAO is somewhat unusual, and it wasn’t something that the Congress c …"

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 "U.S. Treasury":

"… itics. That includes $39,500 from the PACs sponsored by primary dealers in U.S. Treasury securities, the 21 companies that are designated to buy debt directly from …"

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 "Bank of America":

"… Stanley O’Neal (Merrill Lynch), Chuck Prince (Citigroup) and Ken Lewis (Bank of America) are also living in quiet luxury. Meltdown primer A quick crisis refresh …"

"… e wanted to buy. As the losses mounted, O’Neal made overtures, first to Bank of America, then to Wachovia, about buying Merrill Lynch — without the approval of …"

"… by John Thain, a former CEO of the New York Stock Exchange, who convinced Bank of America to buy Merrill Lynch for $50 billion just as Lehman was imploding and taki …"

"… 8 bloodbath and even came out looking like a hero to some when he arranged Bank of America’s hasty purchase of Merrill Lynch — O’Neal’s former employer — 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 "spokesman":

"… head of mortgage trading in March 2012. Andrew Williams, a Goldman Sachs spokesman, declined requests for comment. Verschleiser’s lawyer declined to commen …"

"… tein declined requests for interviews through Zia Ahmed, a Bank of America spokesman. Mary Haggerty Mary Haggerty was a co-head of mortgage finance at Bear. …"

"… ducts group. Haggerty declined a request for an interview through JPMorgan spokesman Mark Kornblau. Kornblau also declined to comment on behalf of the com …"

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 "U.S. Treasury":

"… ons of dollars in compensation that was not part of the original deal. …"

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 "Iran":

"… ettle regulators’ claims that it had violated economic sanctions against Iran, Cuba and other countries under U.S. embargoes. In January, a consent ord …"

"… banks of choice for Philippine President Ferdinand Marcos and the Shah of Iran, strongmen who looted their countries’ treasuries during their decades i …"

"… bsp;had ignored legal bans on doing business with Cuba, Sudan, Liberia and Iran. After the department subpoenaed information about one suspect transactio …"

"… 000 ounces of gold bullion, worth more than $20 million, to a bank in Iran. The agency charged that bank managers and supervisors knew about th …"

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.

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 bank bailout":

"… nbsp;the complaint stated.As a condition of accepting $45 billion from the federal bank bailout, Bank of America promised to help move troubled borrowers into the taxpaye …"

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'

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

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 "Bank of America Corp.":

"… ge documents and other fraud. In September the Labor Department ruled that Bank of America Corp., which bought Countrywide in 2008, had fired Eileen Foster, the mortgage l …"

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 "Troubled Asset Relief Program":

"… ived funds in the form of stock purchases from the Treasury Department’s Troubled Asset Relief Program. Wells Fargo received the greatest benefit among all 280 companies studie …"

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 "Obama administration":

"… s and candidates.There has been speculation that Corzine hopes to join the Obama administration if the president is re-elected. His contract with MF included provisions t …"

"… dlers from the 2008 campaign had received jobs or other patronage from the Obama administration.Obama has struggled to keep support from Wall Street, which has soured on …"

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 "Finance":

"… osure documents and push homeowners out of their homes.The Federal Housing Finance Agency, which oversees mortgage investing giants Fannie Mae and Freddie Ma …"

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 "administrative law judge":

"… law, Bank of America has 30 days to file an appeal with a Labor Department administrative law judge.In a news release, the Labor Department said that Foster’s allegations i …"

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

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

Excerpts from this story referencing "co-author":

"… ic job growth, causing investors to make safer but less lucrative trades. …"

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

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 "Goldman Sachs":

"… om the $35,800 per head dinner were the heads of JPMorgan Chase & Co., Goldman Sachs and Citigroup, reports the New York Times’  Dealbook.  “It w …"

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?

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