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GAO says Federal Reserve should improve transparency
By Nancy Watzman Oct 19, 2011 11:57 a.m.In the wake of the financial crisis, when members of Congress and others raised questions about conflicts of interest within the Federal Reserve banking system and individual banks, the Federal Reserve should take concrete steps to become more transparent, reports the General Accountability Office (GAO) in a report issued today.
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With Fed foreign currency swaps on the rise, mystery remains which foreign banks benefit
By Nancy Watzman Oct 19, 2011 10:52 a.m.Since the end of August, the European Central Bank has been drawing on the foreign currency swap line established by the U.S. Federal Reserve Board, recently securing $1.8 billion to lend to European banks, most of it over a three-month time period. But the ECB does not name which banks or institutions are receiving these dollars. Who gets the money is anybody's guess.
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Federal Reserve forced to report which banks benefit from loan programs
By Nancy Watzman Oct 18, 2011 12:35 p.m.It took an act of Congress and a major lawsuit, but the details of the U.S. Federal Reserve Board's emergency loan programs and discount window lending--which peaked at more than a trillion dollars for the nation's biggest banks and other institutions during the recent financial meltdown--finally came into the light.
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Super committee member Van Hollen doubles campaign cash intake over last quarter
By Anupama Narayanswamy Oct 18, 2011 11:19 a.m.The campaign of super committee member Rep. Chris Van Hollen, D-Md., took in more than twice as much money in the third quarter of 2011 as it did in the second, newly released Federal Election Commission records show. Overall, two of the six House members of the Joint Select Committee on Deficit Reduction--popularly known as the "super committee"--reported increased fundraising totals in the third quarter.
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Meet the first “Corporate” Super PAC
By Lindsay Young Oct 17, 2011 4:07 p.m.Today came a moment campaign finance watchers have been waiting for: the first corporate "Super PAC"--that is a PAC whose sole source of funding is corporate money--filed its paper work with the U.S. Federal Election Commission (FEC).
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What happens in Vegas helps determine the Republican presidential nominee
By Stevie Mathieu Oct 17, 2011 10:16 a.m.Texas Gov. Rick Perry may be slipping in the polls, but his fundraising prowess is keeping him among those to watch at Tuesday night's Republican debate in Las Vegas.
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Longtime lobbying campaign pays off for South Korea with recent trade deal
By Lindsay Young Oct 14, 2011 4:12 p.m.Trade agreements stem from long-winded talks, some heavy handed diplomacy and, as it turns out, a substantial amount of lobbying. The newest trade deal between South Korea and the U.S. was a massive operation which cost the Koreans $39.9 million in lobbying and PR fees in 2010 alone.
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Online poker lobby gives timely donations to pair of congressmen pushing its cause
By Keenan Steiner Oct 14, 2011 2:06 p.m.Congressman Joe Barton, who is now lobbying the special deficit panel to legalize Internet poker, got some not so subtle nudges from the Poker Players Alliance when he introduced his own online poker bill in June.
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Barack Obama's other billionaire: How George Kaiser turned Oklahoma into his personal tax haven
By Bill Allison Oct 13, 2011 7:11 a.m.It's unlikely that President Barack Obama will be naming any tax proposals after George B. Kaiser. An investment by the Tulsa billionaire's family foundation in Solyndra, whose bankruptcy may leave taxpayers on the hook for $535 million in federal loans, has raised speculation that the administration acted in part to aid a financial supporter. But the impact on taxpayers of Kaiser's career goes far beyond the $535 million loss. Kaiser has built his fortune in part through shrewdly playing the Internal Revenue Code. In one six year period, during which he increased his net worth enough to land him on the Forbes list of the 400 wealthiest Americans, Kaiser reported taxable income to the Internal Revenue Service just once, totaling $11,699--equivalent to a full-time hourly wage of $5.62.
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SEC 'revolving door' data online but useful information redacted
By Stevie Mathieu Oct 11, 2011 10:48 a.m.The revolving door has been swinging rapidly for employees leaving the Securities and Exchange Commission to work in the private sector to represent big companies in actions brought by the agency. But while the commission gathers post-employment information from former employees, it does not make this information readily available.
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Sunlight Live Team Prepares for Oct 11 Debate
By Katy Schultz Oct 7, 2011 midnightTuesday, Oct. 11, will mark the 9th Republican presidential debate, two weeks after a string of debates in Florida, California and South Carolina. Sponsored by Bloomberg News and the Washington Post, this next matchup of Republican rivals will take place at Dartmouth University in New Hampshire. The Sunlight Live team will once again provide a live video feed, as well as real-time analysis, fact checking and context to help keep viewers informed.
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Big PACs contribute $83,000 to super committee members
By Bill Allison Oct 6, 2011 9:30 a.m.The political action committees of Lockheed Martin, the National Association of Realtors, Pfizer and Chevron all reported making contributions to members of the Joint Select Committee on Deficit Reduction--better known as the super committee--in the roughly 20 days of August after House and Senate leadership appointed them to the panel.
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Solyndra investor had three White House meetings on energy policy
By Bill Allison Oct 3, 2011 noonGeorge B. Kaiser, the Obama campaign bundler and Tulsa oilman whose foundation's investment in Solyndra has raised questions of whether political influence played a role in the now-bankrupt solar panel company's winning $535 million in federal loans, had three White House meetings to discuss energy policy from Dec. 2009 to April 2011.
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Bank fees are up, but disclosure is sorely lacking
By Nancy Watzman Sep 28, 2011 9:29 a.m.As banks continue to raise their fees for consumer accounts, and free checking appears to be going the way of the dodo, banks have a decidedly spotty record on clearly disclosing these fees to their customers--even though they are required to do so by law.
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