Ex-SEC chief now helps companies navigate post-meltdown reforms

By Lauren Kyger, Alison Fitzgerald and John Dunbar

Former regulators profit from their experience with jobs, book deals and speaking fees.

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 …"

"… tal that Bear Stearns and the other publicly traded Wall Street investment banks had on hand. Days later, Bear was gone, becoming the first investment ba …"

"… nks had on hand. Days later, Bear was gone, becoming the first investment bank to disappear in 2008 under the watch of Cox’s SEC. By the end of the yea …"

Subprime lending execs back in business five years after crash

By Daniel Wagner

Executives from all of the top 25 subprime lending firms are working in the mortgage business five years later.

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 …"

"… rs hastened the downfall of Merrill Lynch after the Wall Street investment bank bought it in 2006 for $1.3 billion. He was still running First Frankl …"

"… t assure the quality of the loans we originate.” The next year, federal banking regulators said First Franklin was among the lenders with the highest f …"

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 …"

Yellen as Fed chair would be tougher on banks

By Alison Fitzgerald

Janet Yellen, President Obama’s intended nominee for Federal reserve chief, may prove to be tougher on banks.

Excerpts from this story referencing "bank":

"… ter’s recent profile of Yellen provides an illuminating road map of what bankers, investors and markets can expect from the academic economist now ascen …"

"… running to become chairwoman of the Federal Reserve and that has many bankers and Wall Street titans worried. The diminutive vice chairwoman of the …"

"… Street titans worried. The diminutive vice chairwoman of the U.S. central bank — an academic economist who is married to a Nobel Prize-winning economis …"

"… n — an area where she’d have tremendous power as leader of the central bank — are less well-known. “Her strengths are as an economist and thinkin …"

Weekly watchdog 2/23/12

Watchdog

Excerpts from this story referencing "Washington Mutual":

"… Writers and Editors for our coverage of mortgage fraud at Countrywide, GE, Washington Mutual and other banks. …"

Ex-WaMu worker claims he was shunned for refusing to push toxic loans on borrowers

By Michael Hudson

Ex-WaMu employee says he fought pressure to sell toxic loans

Excerpts from this story referencing "Washington Mutual":

"… hed against Saffer because it bought Saffer’s ex-employer, Seattle-based Washington Mutual Bank, in September 2008, after regulators seized WaMu in what was the larg …"

"… ns Mortgage, before he took a job in mid-2007 as a mortgage sales rep at a Washington Mutual office in Ladera Ranch, Calif.WaMu, the nation’s largest savings and loa …"

"… “NegAm” in industry parlance.Option ARMs accounted for roughly half of Washington Mutual’s home-loan production during the mortgage boom years, according to fede …"

"… rowers, he says.That didn’t leave him many other products he could sell. Washington Mutual purposely priced traditional 30-year fixed-rate mortgages higher than what …"

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 "Citigroup":

"… ng a growing number of emails and phone messages from people who worked at Citigroup’s subprime lending unit, CitiFinancial. The lender, they told Lee, was u …"

"… e demanded to resolve an employment dispute.”With the pressure building, Citigroup went out of its way to warn other current and former employees to keep qui …"

"… iet about what went on at CitiFinancial, according to Reuters news service.Citigroup, Reuters said, hired a famed litigator “to help fight allegations of ill …"

"… h at least 15 current or former employees, reminding the ex-employees that Citigroup would enforce the “non-disparagement clauses” in their severance agree …"

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 …"

Investor protections imperiled by Wall Street, GOP assault on financial reform

By John F. Wasik

Wall Street and GOP assault consumer protections in Dodd-Frank reforms

Excerpts from this story referencing "Connecticut":

"… second-highest amount of any House member, from the industry. Jim Himes of Connecticut received $1.2 million. He was followed by Ron Klein of Florida and Carolyn …"

Financial reform this week: How to handle a Too Big To Fail bank near collapse

By Julie Vorman

FDIC panel tackles tools needed to dismember biggest banks

Excerpts from this story referencing "Washington Mutual":

"… 08 when several large institutions such as Merrill Lynch, Countrywide, and Washington Mutual saw their liquidity and stock prices rapidly plunge, forcing the governmen …"

WaMu, other banks motivated by greed, financial crisis probe concludes

By David Heath

WaMu, other bankers knowingly sold bad loans, Senate probe of crisis concludes

Excerpts from this story referencing "Troubled Asset Relief Program":

"… ncial markets and the Treasury Department's management of the $700 billion Troubled Asset Relief Program bailout program. The panel disbanded after issuing its final report last m …"

Reform reading: JPMorgan CEO not embarrassed to be banker

By Julie Vorman

A roundup of news and commentary to help consumers monitor the transparency and accountability of the Dodd-Frank financial reform law....

Excerpts from this story referencing "JPMorgan Chase":

"… Small banks have long criticized the reports as time-consuming and costly. …"

WaMu examiner sheds new light on bankruptcy, criticizes FDIC for lack of cooperation

Joshua Hochberg's report on the fall of Washington Mutual discloses no Lehman-like allegations of accounting chicanery, nor does it establis

Excerpts from this story referencing "Washington Mutual":

"… ything — in life, and, it seems, in bankruptcies.Consider the failure of Washington Mutual Bank, seized by federal regulators in the fall of 2008 and quickly sold in …"

"… report, though valuable, doesn’t address the decision-making that led to Washington Mutual’s precarious position as of the spring of 2008. For that, it is instruct …"

Backing Pelosi: A labor of love

By Josh Israel and Aaron Mehta

A labor of love

Excerpts from this story referencing "Washington Mutual":

"… t now make up the global financial services behemoth (Providian, Bank One, Washington Mutual, and Chemical Bank, among others). As speaker, Pelosi was key to the 2008 …"

John Boehner: A pro-business agenda

By Josh Israel, Aaron Mehta and Caitlin Ginley

A pro-business agenda

Excerpts from this story referencing "Securities Industry and Financial Markets Association":

"… to fight to preserve the rule. FedEx did not return calls for comment.10. Securities Industry and Financial Markets Association — $142,390In tenth place with at least $142,390 in contributions: the Se …"

"… on — $142,390In tenth place with at least $142,390 in contributions: the Securities Industry and Financial Markets Association (SIFMA), a financial trade organization that represents banks, securities …"

Mitch McConnell: Fueled by tobacco and whiskey

By Josh Israel, Aaron Mehta and Caitlin Ginley

Mitch McConnell

Excerpts from this story referencing "Bank":

"… companies that now make up the global financial services behemoth, such as Bank One, Providian, and Washington Mutual. McConnell helped negotiate agreemen …"

"…  issues.” Reynolds did not return a request for comment.5. American Bankers Association — $93,000In fifth, with at least $93,000 in contributions …"

"… east $93,000 in contributions to McConnell’s committees, is the American Bankers Association. The association strongly backed the Troubled Asset Relief …"

"… egislation in the House. The group did not return a request for comment.6. Bank of America — $91,385Bank of America Corp. (BoA) ranks sixth among donors …"

Too big to jail?

By David Heath

Executives unscathed as regulators let banks report criminal fraud

Excerpts from this story referencing "Investigative Fund":

"… among states where the mortgage meltdown hit hardest, the Huffington Post Investigative Fund identified 170 mortgage fraud prosecutions in federal courts. Only two are …"

"… in federal courts. Only two are against employees of a regulated lender.An Investigative Fund analysis shows that two-thirds of the 170 prosecutions are against mortgag …"

"… rush to make as many loans as possible. As previously reported by the Investigative Fund, such lending practices contributed to the demise of Washington Mutual.Not …"

"… the BeatThe Justice Department, in response to written questions from the Investigative Fund, acknowledged the absence of criminal referrals from financial regulators. …"

WaMu bank executives aware of rampant fraud

By David Heath

WaMu bank executives aware of rampant fraud but failed to act

Excerpts from this story referencing "Seattle":

"… most of its history, Washington Mutual had a reputation as a conservative Seattle-based thrift. Its homey motto was, “Friend of the Family.”But as the H …"

"… end of the Family.”But as the Huffington Post Investigative Fund and the Seattle Times reported last year, Killinger made a radical shift in business strat …"

WaMu bank executives aware of rampant fraud

By David Heath

WaMu executives knew of fraud yet they failed to act, Senate investigation finds

Excerpts from this story referencing "Washington Mutual":

"… oans.A Senate committee tomorrow will present evidence that in the case of Washington Mutual Bank, the largest bank failure in history, executives knew about the fraud …"

"… n Democrat who will chair the hearing, sidestepped questions about whether Washington Mutual executives broke criminal laws.But Levin’s committee has unearthed docum …"

"… esident of Home Loans. Sources close to the committee say Kerry Killinger, Washington Mutual’s president, chief executive officer and chairman at the time, knew abou …"

"… f tried to raise red flags. The story detailed how management practices at Washington Mutual became an invitation for fraud. Within Long Beach Mortgage, former employe …"

At top subprime mortgage lender, policies Were invitation to fraud

By David Heath

Long Beach Mortgage employees say firm routinely ignored warnings

Excerpts from this story referencing "Seattle":

"… .Acquisition SpreeKosch, an industry veteran, reminisces about working for Seattle-based Washington Mutual in the early 1990s, when loans were carefully scru …"

Mortgage companies and the new regulatory regime

By Kat Aaron

Everyone knew it was coming. With all the turmoil in the American financial system, a push for re-regulation was inevitable. The Obama admin

Excerpts from this story referencing "Washington Mutual":

"… Mac, which was seized by the FDIC in July 2008. Also on the OTS roster was Washington Mutual, whose collapse in September 2008 stands as the single biggest bank failur …"

The roots of the financial crisis: Who is to blame?

By John Dunbar and David Donald

Banks that financed subprime industry collecting billions in bailouts

Excerpts from this story referencing "Bush":

"… k bailout programs. Bailout Recipients On Oct. 3, 2008, former President Bush signed the $700 billion Emergency Economic Stabilization Act of 2008& …"

The Subprime 25

A full text list of the top 25 lending companies responsible for subprime loans

Excerpts from this story referencing "Lehman Brothers":

"… ount of Subprime Loans: At least $49.6 billion BNC Mortgage Inc./Lehman Brothers Amount of Subprime Loans: At least $47.6 billion *** Chase Home …"

The appraisal bubble

By Joe Eaton

In 2004, years before plummeting real estate values turned Fort Myers, Florida, into a top five foreclosure capital, appraiser Mike Tipton f

Excerpts from this story referencing "Mortgage":

"… $8,000 less than the estimate. He knew the difference might disappoint DHI Mortgage, the prospective buyer’s lender, which is a subsidiary of developer D.R. …"

"… e County,” Tipton said. “I didn’t see any further appraisals for DHI Mortgage. So you tell me.”Carrie Gaska, a spokeswoman for First American eApprais …"

"… comment on why Tipton received no further orders from the company for DHI Mortgage properties.Tipton is among dozens of appraisers who have told the Center f …"

"… n of appraisers and established penalties for it, was folded into the 2007 Mortgage Reform and Anti-Predatory Lending Act. The legislation faced stiff opposit …"

A look at Locke’s disclosure statement

By Josh Israel

Now that President Obama has nominated former Washington Gov Gary Locke to head the Department of Commerce, PaperTrail (and probably Obama h

Excerpts from this story referencing "Washington Mutual":

"… t $3,000), Microsoft (at least $75,000), Starbucks (at least $75,000), and Washington Mutual (at least $30,000) — clearly favoring investments in companies based in …"

Lee Meyerson, lawyer for the big banks, to the financial rescue

By Marianne Lavelle

A lawyer who has represented some of the nation’s largest banks — and helped them in their bids to grow even larger — has been tapped to adv

Excerpts from this story referencing "Washington Mutual":

"… experience in dealing with financial industry emergencies. He represented Washington Mutual earlier this year in its effort to climb out of a deep subprime mortgage h …"

The ‘Other’ Howard

By Lisa M. Fetta

While he’s put $200,000 behind Proposition 90, Howard Ahmanson, Jr., says that he’s never even spoken to Howard Rich

Excerpts from this story referencing "Washington Mutual":

"… which was the nation’s largest thrift before its acquisition in 1998 by Washington Mutual.In e-mailed responses to questions posed by the Center for Public Integrit …"

"… 90 been in effect during the negotiations, Home Savings and its successor, Washington Mutual, “would have been much more confident in their long-term desire to devel …"

When the Democrats wined and dined, here's who paid the piper

By Josey Ballenger

WASHINGTON, September 14, 2000 — Anyone who thought the Democratic National Convention was only about presidential nominee Al Gore must have

Excerpts from this story referencing "American Israel Public Affairs Committee":

"… ewish Community Convention Celebration, August 13, 4 p.m.-6 p.m. Sponsors: American Israel Public Affairs Committee, National Jewish Democratic Council, the Jewish Federation of Greater Los …"

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