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 "Miami":

"… prisons. The first part of the series detailed how JPay Inc., a Miami-based technology company, has gained access to 70 percent of U.S. offender …"

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 "Bank of America":

"… U.S. Senator is questioning the Treasury Department’s decision to award Bank of America Corp. an exclusive contract to provide technology and financial services i …"

"… he practice needs exploration.” The Center first reported Thursday that Bank of America has been paid at least $76.3 million dollars to manage inmates’ accounts …"

"… uirements do not apply to financial agency agreements such as the one with Bank of America,” Grassley wrote. “The Treasury Department’s decision to repeatedly …"

"… Lew, Grassley asks Treasury to detail all payments by Treasury and DOJ to Bank of America or its subcontractors. He also asks Treasury to disclose the 22 amendments …"

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 "federal government":

"… se financial agents must be banks or credit unions that are insured by the federal government. Mother ship of contracts The bank’s power to choose which vendors prov …"

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 "Bank":

"… sury spokesman. The Treasury Department has extended a deal with Comerica Bank to distribute benefits to the elderly and disabled on payment cards despit …"

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 "bank":

"… t Friday by Treasury’s inspector general. Taxpayers ended up paying the bank $32.5 million through March 2013 under an amended deal that officials offe …"

"… ervices. Treasury did not even realize Comerica had fallen short until the bank told them. Yet they readily agreed to pay Comerica retroactively for card …"

"… adline to stop using paper checks neared. Earlier, when it was selecting a bank to issue the cards, Comerica had claimed that it could handle up to 20 mil …"

"… d users without charging the government a penny. Treasury awards deals to banks without competitive bids under an obscure authority found in a Civil War- …"

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 "Goldman Sachs Group Inc.":

"… aggie Seidel, did not respond to emails and a phone call seeking comment. Goldman Sachs Group Inc. contributed $4,000 to Garrett’s 2012 campaign through its PAC. The PAC o …"

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":

"… Sept. 15, Lehman Brothers Holdings Inc. filed for Chapter 11, the largest bankruptcy in the nation’s history. The move set off a series of dramatic act …"

"… ff a series of dramatic actions in Washington, D.C., and on Wall Street as bankers and regulators sought to avoid a shutdown of the global economy. To mar …"

"… t consumers and sluggish business investment. Many of the top Wall Street bankers who were largely responsible for the disaster — and whose companies e …"

"… ee time between mansions and golf, skiing and tennis. Meantime, the major banks that survived the crisis, largely because they were saved with taxpayer m …"

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.

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 "U.S. government":

"… ok Islands and other offshore locales. The banks deny wrongdoing. A 2008 U.S. government report found JPMorgan had 50 subsidiaries in Bermuda, the Bahamas and othe …"

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 "Wells Fargo":

"… ions as “our sponsors.”This year, companies ranging from Coca-Cola and Wells Fargo to Xerox and UPS are working to ensure that they have a presence at both c …"

"… both conventions.“There’s a lot of cost around the convention,” said Wells Fargo spokesman Kathy Harrison. “It is important as a good corporate citizen t …"

"… “It is important as a good corporate citizen to support the host city.”Wells Fargo was one of the banks that benefited from the government’s bank bailout, …"

"… s came from U.S. Bancorp ($1 million), Goldman Sachs & Co. ($255,000), Wells Fargo ($250,000), J.P. Morgan Chase ($100,000) and Morgan Stanley ($100,000) and …"

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 "Center for Public Integrity":

"… ide actions.These cases highlight issues that have been explored by recent Center for Public Integrity investigations. One piece documented evidence that Countrywide worked to s …"

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 "Pentagon":

"… circle” didn’t even work at the White House. His assignment was at the Pentagon. He was just one of 13 fellows selected for a one-year stint in government …"

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 "Lehman Brothers":

"… pursued criminal cases more aggressively in the aftermath of disasters at Lehman Brothers and other banks.“I don’t think any Wall Street executives have gone to …"

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 "Wells Fargo":

"… according to an iWatch News analysis of a new study of tax dodgers. Wells Fargo & Co., Goldman Sachs Group, PNC Financial Services Group, Capital One …"

"… purchases from the Treasury Department’s Troubled Asset Relief Program. Wells Fargo received the greatest benefit among all 280 companies studied. If the bank …"

"… rly $18 billion, the study said. The banking giant paid no taxes in 2009. Wells Fargo was also among the most profitable corporations on the list, having collec …"

"… list, having collected $21.8 billion in profits over the three-year span. Wells Fargo received a $25 billion government investment in October, 2008 from the TAR …"

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 "Senate":

"… mpaign Committee in 2003-2004. It is worth noting that his party lost four Senate seats in that election. Corzine has also personally contributed tens of th …"

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 "Los Angeles":

"… itness statement in a Countrywide shareholders lawsuit in federal court in Los Angeles. After the company had closed one branch and was preparing to shut fi …"

"… ny’s fraud hotline. The company responded, her lawsuit in state court in Los Angeles said, by firing her.The case was settled last year before Countrywide had …"

"… a colleague and boss. Among them is Larry Goebel, a former captain in the Los Angeles Police Department’s internal affairs unit who worked with Foster at Coun …"

"… y. He now works as head of security for the Performing Arts Center of Los Angeles County.Bank of America declined to answer questions about Goebel’s accou …"

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 "lobbyist":

"… k reform law, banks and other financial services companies are hiring more lobbyists to influence the process.Citigroup, JPMorgan Chase & Co., TD Bank and …"

"… y with a lot at stake in how derivatives regulations are written – hired lobbyist Dan Cohen, to open the company’s first Washington office, the newspaper …"

"… ent of the Consumer Bankers Association, whose group has added lawyers and lobbyists and is in the market for more.Date in charge of CFPB – Raj Date, a top …"

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 &nbs …"

Senior Treasury Dept. official is latest financial regulator to resign

By Julie Vorman

Yet another senior vacancy among banking regulators

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 "Goldman Sachs Group Inc.":

"… eform law.From Goldman to CFTC – Gary Gensler spent 18 years working for Goldman Sachs Group Inc. and was among the Clinton administration officials who rejected any regula …"

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?