Posts from 2013

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Bank of America Lied to Homeowners and Rewarded Foreclosures, Former Employees Say

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by Paul Kiel Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees. The employee statements were filed late last week in federal court in Boston as part of a multi-state class […]

Choice of Mary Jo White to Head SEC Puts Fox In Charge of Hen House

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I was shocked when I heard that Mary Jo White, a former U.S. Attorney and a partner for the white-shoe Wall Street defense firm Debevoise and Plimpton, had been named the new head of the SEC. I thought to myself: Couldn’t they have found someone who wasn’t a key figure in one of the most […]

Are State-Owned Banks the Antidote to the Too-Big-To-Fail Epidemic?

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The American Great Plains are known for their expansive farm lands, endless horizons, and — in recent history — staunchly conservative politics. So it may come as a surprise that only state-owned bank in the U.S. (an institution more widely associated with communist China than the Republican Party) can be found in ruby-red, rural North […]

What’s Inside America’s Banks?

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Jamie Dimon, JPMorgan’s CEO, testifying last summer before the House Financial Services Committee about his bank’s sudden $6 billion loss. (Jacqueline Martin/AP)

  Some four years after the 2008 financial crisis, public trust in banks is as low as ever. Sophisticated investors describe big banks as “black boxes” that may still be concealing enormous risks—the sort that could again take down the economy. A close investigation of a supposedly conservative bank’s financial records uncovers the reason for […]