Trump’s pick for Treasury Secretary is Steven Mnuchin, a former Goldman Sachs executive and hedge fund manager. Mnuchin has been receiving critical coverage for his role as chairman of OneWest, a California lender that became notorious for its predatory foreclosure practices, which disproportionately affected communities of color. His close ties to the Los Angeles Police …
Buffalo developer Paul Ciminelli was legally required to file annual financial disclosure statements with New York State during his four-year tenure on the public authority controlling Buffalo Billion spending, Empire State Development (ESD). But Ciminelli’s forms are extremely deficient for the first two years he served on the board and missing for the second two. …
A hedge-fund backed front group opposing bankruptcy in Puerto Rico is in disarray. Board members of the group, the 60 Plus Association, are suing the group’s president, Amy Frederick, for secretly funneling payments to companies controlled by her husband. Hedge funds recruited 60 Plus to form a group, Main Street Bondholders, that pretends to represent …
Following the Ferguson grand jury’s decision not to indict Darren Wilson, critics observed that prosecutor Bob McCulloch acted more like a defense attorney than a prosecutor seeking an indictment. In doing so, he may have been channeling his younger brother. LittleSis has learned that Joe McCulloch, who is an attorney, has represented several Missouri cops …
The Endless Chain A single example will illustrate the vicious circle of control–the endless chain–through which our financial oligarchy now operates: J.P. Morgan (or a partner), a director of the New York, New Haven, & Hartford Railroad, causes that company to sell to J.P. Morgan & Co. an issue of bonds. J.P. Morgan & Co. …
Last week, Senator Chuck Schumer recused himself from further oversight of the Comcast-Time Warner Cable merger after we reported that his brother had played a key role in the deal. Schumer had initially called the merger “a good deal for New York.” His office later claimed that the Senator had not known that his brother …
Yesterday we reported that Senator Chuck Schumer, who called the Comcast-Time Warner Cable “a good deal” for New York, has ties to one of the key dealmakers involved – his brother, Robert Schumer, was Time Warner Cable’s lead outside attorney on the deal. Our report prompted Senator Schumer, who sits on the antitrust subcommittee, to …
Following news of the Comcast-Time Warner Cable deal, key members of Congress promised to take a close look at the merger. Some, like Senator Al Franken, sharply criticized the deal and what it would mean for consumers. Senator Amy Klobuchar, the chair of the antitrust subcommittee, announced plans for a hearing to “scrutinize the details …
The “Bridgegate” scandal has shone a spotlight on the Port Authority of New York and New Jersey, the public authority responsible for the George Washington Bridge lane closures. Christie political appointees at the Port Authority ordered the closures, apparently as an act of political retribution; now the Daily Beast is referring to the organization as …
The departing Heinz Endowments president, Robert Vagt, is doubling down on his oil and gas industry ties and joining Rice Energy, a natural gas production company, as chairman. Vagt‘s oil and gas ties came under scrutiny last year when we released a report on the Center for Sustainable Shale Development (CSSD), a group hailed in …
As if heeding the Pope’s call, the New York Times has published a new series, titled Invisible Child, on inequality and homelessness in New York City, focusing on the story of Dasani, a 12-year-old homeless child. The series is a remarkable piece of reporting, insightful and moving in its portrayal of Dasani and her family, …
There are plenty of predatory industries out there, but some have achieved extraordinary efficiencies in how they convert human misery to pure profit. The private prison industry is a good example. The abuses of private prison companies like Corrections Corp and the GEO Group have been well-documented, as have the skewed incentives that drive the …