Bank Of America’s No-Bid Prison Contract Facing Criticism In Congress

By: Friday October 10, 2014 10:38 am

The prison banking industry is really taking off with an assortment of small time players on the state level snatching all the taxpayer and prisoner money they can. But one of the Too Big To Fail Wall Street banks has it locked up on the federal level. And surprise surprise they have friends at Treasury [...]

Will Bank Of America Really Pay $17 Billion For Mortgage Fraud That Led To 08′ Crash?

By: Thursday August 21, 2014 9:12 am

Throughout the media the figure of $17 billion has been paraded out as the penalty Bank of America will pay for its crimes in the mortgage security market that led to the 2008 financial crisis and resulting Great Recession. But will BofA really be paying that much? If the other deals struck for the same [...]

Wall Street Still Serving Drug Cartels

By: Thursday May 22, 2014 12:38 am

One step forward two steps back? Though one Wall Street megabank, Credit Suisse, finally faced a bit of justice for criminal activity it seems there still has not been much of a change in some of the bankster community’s more unsavory practices – such as money laundering for drug cartels. First HSBC famously got off [...]

Bank Of America To Pay $800 Million For Duping Customers

By: Thursday April 10, 2014 5:22 am

Ever wonder about those “credit card protection” services? In exchange for added fees each month, your card is supposed to be protected from identity theft. Apparently when that service was offered by Bank of America it was a scam with lots of dubious fine print. Even when the banksters offer protection it’s a predatory act. [...]

Executive At Center Of Bank Of America Mortgage Fraud Case Now Working For JPMorgan Chase

By: Friday October 25, 2013 10:58 am

The Bank of America executive at the center of the recent mortgage fraud case – for which Bank of America was found liable by a jury – is not only still working on Wall Street, she is still working in the housing market. Rebecca Mairone, the architect of the scam known as “the Hustle”, now [...]

Bank Of America Found Liable For Selling Fraudulent Mortgages

By: Thursday October 24, 2013 6:04 am

Reality comes shining through as once again the facts reveal that the blame for the financial crisis falls on Wall Street not Main Street. Yesterday a jury found Bank of America liable for knowingly selling defective mortgages. Bank of America’s Countrywide unit was ground zero for the housing crash by degrading credit standards, creating horrendously [...]

JPMorgan Under Criminal and Civil Investigation Over Mortgages

By: Thursday August 8, 2013 8:04 am

One of Wall Street’s Too Big To Fail banks is under criminal investigation for its practices in the mortgage market.  JPMorgan Chase & Co. disclosed in a SEC filing that it was under criminal investigation and had already been notified by the Department of Justice’s civil division that it had violated federal securities laws in [...]

Jury Acquits Bank Of America Protester Of Vandalism Charges

By: Tuesday July 2, 2013 8:31 am

A San Diego jury decided that a man should not face up to 13 years in jail for protesting Bank of America by writing in water-soluble chalk on the sidewalk in front of bank branch buildings. The man, Jeff Olson, said he was inspired by the Occupy Wall Street movement and was engaging in political [...]

Bank of America Gave Bonuses to Foreclose on Clients, Lied To Homeowners

By: Wednesday June 19, 2013 5:58 am

Another heartwarming Bank of America story. The latest story is courtesy of one of those much maligned whistle-blowers who saw something and said something. In this case the whistle-blower disclosed that the Too Big To Fail/Jail bank had a bonus system setup encouraging foreclosure on desperate homeowners. Bank of America (BAC) rewarded staff with cash [...]

Elizabeth Warren Demands Mortgage Settlement Documents From Regulators

By: Thursday January 31, 2013 9:43 am

Elizabeth Warren is not wasting any time trying to get answers from Wall Street’s regulators. Warren asked for documents relating to the recent mortgage settlement. U.S. lawmakers on Thursday asked bank regulators to turn over documents related to the $8.5 billion settlement that ended a government-mandated review of crisis-era foreclosures, saying transparency was needed to [...]

Frontline Exposes DOJ’s Failure To Prosecute Wall Street

By: Wednesday January 23, 2013 5:55 am

Watch Alarm Bells In The Housing Market on PBS. See more from FRONTLINE. Last night Frontline aired a program on the Department of Justice’s failure to prosecute Wall Street executives over fraud in the mortgage market that caused the 2008 financial crisis. The program included compelling testimony from the “due diligence underwriters” those responsible for [...]

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