Bank of America’s No-Bid Prison Contract Facing Criticism in Congress

By: Friday October 10, 2014 11:52 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 ready to give them special deals.

 

DOJ and Treasury Schooled by College Athletes

By: Saturday August 9, 2014 9:00 am

First it was former Northwestern University quarterback Kain Coulter and his football teammates taking a chunk out of the NCAA, and yesterday it was former UCLA basketball player Ed O’Bannon and 19 other former college players. They did what few thought possible in going after a Too Big to Challenge institution, and won.

You know, the president is a sports-loving guy. Imagine what would happen if he called the attention of the DOJ and Treasury to these college athletes: “This is how you go after Too Big To Challenge institutions.” . . .

We’ve Been Providing Wall Street’s Next Bailout Fund

By: Wednesday March 13, 2013 1:45 pm

Substantive changes, alas, usually emerge only through substantive shocks. Yet, if we can channel the proper momentum towards these upcoming changes, not all will be lost.

In this post, we will see that lower- and middle-income households have unknowingly bailed out the Wall Street banks again, in advance of the next storm.

Obama Considering Ruth Porat For Deputy Treasury Secretary Despite Dodd-Frank Lobbying

By: Tuesday January 15, 2013 2:50 pm

In her role as CFO at Morgan Stanley Porat has been one of the leaders in killing the Dodd-Frank regulations behind closed doors.

HSBC Bankers Get No Jail Time for Terrorist Financing While Somali Sentenced for Charity Donation

By: Sunday December 16, 2012 12:55 pm

This past week, the Justice Department announced that HSBC Bank had agreed to forfeit $1.256 billion and “enter a deferred prosecution agreement” for engaging in money laundering that involved the financing of drug cartels and groups with ties to terrorism. The agreement indicated there would be no criminal prosecution. Not one bank executive or lower-level banker would be put on trial and possibly sentenced to jail for his or her role in allowing money to be transferred to drug cartels or terrorists.

Meanwhile, that same day, Nima Ali Yusuf, 26, a Somali woman who fled war-torn Somalia when she was a child, was sentenced to eight years in prison for sending $1,450 to “members of a terrorist organization in her native country.”

Treasury About to Embark on Measures to Hold Nation Back from Debt Limit Temporarily

By: Wednesday December 12, 2012 12:55 pm

The Treasury has begun its “extraordinary measures” to fend off the reaching of the nation’s debt limit. The US stands just $67 billion below the debt limit as of Friday, and without the measures would reach the debt limit before the end of the month.

US Regulators Secure Billions from Banks in Money Laundering Settlements

By: Tuesday December 11, 2012 9:55 am

Yesterday was “bust British banks for money laundering” day in America, if you didn’t know. (It’s on the calendar.) First, the Treasury Department and other federal regulators – the US Attorney’s Office for DC, two divisions of the main Justice Department and even “orders involving the Board of Governors with the cooperation of the UK’s Financial Services Authority” – settled with Standard Chartered Bank for $327 million over various money laundering of funds from Iran and other countries under US sanctions.

Treasury Declines to Label China a Currency Manipulator

By: Wednesday November 28, 2012 9:10 am

The Treasury Department once again declined to label China a currency manipulator, despite arguing that the yuan “remains significantly undervalued” and should rise further. They basically patted themselves on the back and tried to show that their policy of engagement with China has worked to this point.

Reports: Bowles Rules Out Treasury Secretary Job

By: Friday November 16, 2012 9:12 am

Erskine Bowles told Maria Bartiromo last night that he would not serve as the nation’s next Treasury Secretary. This apparently happened off-air, but it has been confirmed in local papers in North Carolina, Bowles’ home state.

Reminder: Executive Branch Can Delay Impact of Most Fiscal Slope Items

By: Wednesday November 14, 2012 8:30 am

I just want to add on to what Dean Baker says here. It’s not just that the people trying to hype the fiscal cliff as a scary, terrifying prospect shouldn’t be trusted given their track record. It’s that the short-term impact, say one month, of expiring measures really does approach zero.

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