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 "Senate":

"… s significant questions.” Grassley is the senior Republican on the Senate Judiciary Committee, which oversees the Justice Department. He could becom …"

"… uld become chairman of the committee if Republicans gain a majority in the Senate after this fall’s election. Prisons account for more than one-fourth of …"

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 "Washington":

"… : DynCorp International, a major military contractor based just outside of Washington; and Advanced Technologies Group, a Kansas-based technology company that t …"

"… tors and abusing their discretion, said Kathleen Clark, a professor at the Washington University School of Law who studies government ethics. Treasury’s broad …"

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 "inspector":

"… program, which exposed poor and elderly Americans to fraud. Treasury’s inspector general plans to review the selection process that led to another contract …"

"… urse of selecting a bank under this authority, Rich Delmar, counsel to the inspector general, said in an email Monday. He said those are the standards by which …"

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 "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 "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.

Excerpts from this story referencing "U.S. Treasury":

"… end of 2008, Citigroup had received $45 billion in bailout money from the U.S. Treasury and the Federal Reserve had guaranteed hundreds of millions of dollars of …"

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 "Goldman Sachs":

"… ing hold similar 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 uns …"

"… of asset-backed securities,   was hired as managing director at Goldman Sachs in 2008 and then promoted to global head of mortgage trading in March 2012 …"

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

"… t executives. The SEC has settled cases with a handful of banks, including Goldman Sachs, for sums that come to only a fraction of the companies’ quarterly profi …"

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 "The Washington Post":

"… ical people did not file reports here and there,” a Chase spokesman told The Washington Post at the time. “There was nothing willful about this thing.” Fallen ang …"

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 "Denver":

"… or the event, conducted in Minneapolis, while the Democratic convention in Denver drew about $63 million.Festivities for the opening day of the Republican c …"

"… to make "in-kind" contributions.During the Democrats’ 2008 convention in Denver, companies provided the host committee with about $5.8 million in in-kind …"

"… nies contributed more than $40 million to the Democratic host committee in Denver and unions donated about $9 million, according to federal records. And com …"

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 "Jon Corzine":

"… (Rahm Emanuel and Louis Caldera); and one was not part of the White House (Jon Corzine).The most blatantly false example is Geithner, who is pictured along with …"

"… now vice president of programs at the Jack Kent Cooke Foundation.Jon Corzine, an ex-chief executive at Goldman Sachs and former New Jersey governor. Co …"

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

Excerpts from this story referencing "Merrill Lynch":

"… approved a $150 million agency settlement with Bank of America over its Merrill Lynch acquisition, after having rejected an earlier, smaller deal. But make no m …"

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 "arbitrator":

"… yee” who lost his wrongful dismissal claim against the company before an arbitrator. In a 2007 opinion, the arbitrator ruled Parker hadn’t been able to prov …"

"… sal claim against the company before an arbitrator. In a 2007 opinion, the arbitrator ruled Parker hadn’t been able to prove that the company’s treatment of …"

"… ted three former WaMu employees out of court and ordered them to go before arbitrators to press their claims that the company pushed them out of their jobs in e …"

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

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

Excerpts from this story referencing "Assistant Secretary":

"… t Bank of America used illegal retaliatory tactics against this employee," Assistant Secretary of Labor David Michaels said in a statement. "This employee showed great c …"

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 "Bank of America Corp.":

"… hares were somewhat less battered, closing down less than 5 percent, while Bank of America Corp. fell a steeper 7 percent.Institutional investors which sold shares in the …"

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 "Scott Brown":

"… be considering running for a U.S. Senate seat against incumbent Republican Scott Brown of Massachusetts next year.SEC’s new tip machine – The Securities and …"

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 "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 "Financial Stability Oversight Council":

"… ill depart next month after playing a key role in setting up the  new Financial Stability Oversight Council to monitor systemic risk, as required by the Dodd-Frank financial reform l …"

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 "Occidental Petroleum Corp.":

"… change Commission is investigating if ExxonMobil Corp., ConocoPhillips and Occidental Petroleum Corp. made payments to a Libyan sovereign-wealth fund that lost billions of doll …"

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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