Lawmakers: Phone Calls On Planes Are Unsafe Because People Will Have Fights

Lawmakers: Phone Calls On Planes Are Unsafe Because People Will Have Fights

Flying is painful enough as it is. Between arduous lines at security and ever-shrinking legroom, passengers are already plenty on-edge. Adding cell phone chatter to an already-tense high-altitude situation could be a recipe for disaster, and 77 members of Congress agree. [More]

DOJ Finally Confirms Record-Setting $16.65B Settlement With Bank Of America

(Adam Fagen)

More than two weeks after it was first reported that the Justice Dept. and Bank of America were coming to terms on a record-setting deal worth nearly $17 billion, the two parties have finally confirmed the details of a settlement that will resolve multiple federal and state claims involving the bank’s bad behavior in the lead-up to the collapse of the housing market. [More]

(Michael Daddino)

Bank Of America Settlement Could Be Worth As Much As $17 Billion

Earlier this summer, when it looked like Bank of America and the Justice Dept. were reported to be on the brink of a settlement that would close the books on multiple cases involving the bank’s mishandling of toxic home loans in the run-up to the collapse of the housing market, it looked like BofA would be on the hook for around $12 billion. But now comes news that the deal could hit the bank for anywhere from $16-17 billion. [More]

Citi To Pay $7B To Settle Mortgage Investigation; Includes $2.5B In Consumer Relief

Citi To Pay $7B To Settle Mortgage Investigation; Includes $2.5B In Consumer Relief

Nearly a week after it was first reported that Citigroup and the U.S. Justice Dept. had reached a deal to close the government’s investigation into toxic mortgage-backed securities sold by the bank in the years leading up to the crash of the housing market, Citi has now confirmed a settlement valued at a total of $7 billion. [More]

Citi Reportedly Ready To Pay $7 Billion For Selling Shoddy Mortgages

Citi Reportedly Ready To Pay $7 Billion For Selling Shoddy Mortgages

A half-decade on from the collapse of the housing bubble, it looks like the Justice Dept. and Citigroup may have finally reached a deal that will have the bank forking over several billion dollars to close the book on allegations that it sold off a large number of worthless mortgages in the lead-up to the 2008 crash. [More]

$18 Million WIC And Food Stamps Fraud Scheme Used Pretend Grocery Stores

$18 Million WIC And Food Stamps Fraud Scheme Used Pretend Grocery Stores

WIC (Women, Infants, and Children) and SNAP (Supplemental Nutritional Assistance Program) are both federally-funded, state-administered programs with the simple goal of preventing Americans from going hungry. In Georgia, 54 people have been indicted for setting up pretend grocery stores that defrauded the programs of millions of dollars. [More]

Bank Of America May Pay At Least Another $12 Billion For Mortgage-Related Hijinks

Bank Of America May Pay At Least Another $12 Billion For Mortgage-Related Hijinks

Bank of America has already agreed to mortgage meltdown-related settlements totaling more than $50 billion, so what’s another dozen or so billion dollars heaped on top of that pile? That’s the latest figure being thrown about in the seemingly never-ending series of complaints and settlements tied to the bank’s bad behavior in the home loan business. [More]

Documents Show That Big Tobacco Has Been Interested In Pot For At Least 45 Years

Documents Show That Big Tobacco Has Been Interested In Pot For At Least 45 Years

With medical marijuana now legal in nearly half the country and pot now a legal retail item in Washington and Colorado, it would make sense that the nation’s tobacco companies would be seeing the potential for making green from green. And a new report uncovers documents showing that the tobacco industry has been thinking about marijuana long before most of the people who smoke it today were even born. [More]

GM Confirms It’s Being Probed On Multiple Fronts Over Ignition Recall

GM Confirms It’s Being Probed On Multiple Fronts Over Ignition Recall

While there have been numerous reports of agencies poking their noses into General Motors’ long-delayed ignition-related recall tied to at least 13 deaths, today the car maker game some indication of just how many investigations it faces. [More]

Toyota Expected To Pay $1.2 Billion To Settle Unintended Acceleration Criminal Probe

Toyota Expected To Pay $1.2 Billion To Settle Unintended Acceleration Criminal Probe

An end to the four-year federal criminal investigation into claims of sudden unintended acceleration in Toyota vehicles may be coming to an end with news that the world’s largest carmaker has reached a deal with the Justice Dept. to pay $1.2 billion to close the case. [More]

Everyone At The FCC & DOJ Should Be Forced To Watch This “Comcast Doesn’t Give A F#!k” Video

Everyone At The FCC & DOJ Should Be Forced To Watch This “Comcast Doesn’t Give A F#!k” Video

In the debate over whether or not to approve the merger between Comcast and Time Warner Cable, there has been a lot of in-depth discussion of market share, divestments, fiber competition, and all sorts of other things the average cable subscriber doesn’t concern herself with because she has better things to do. What’s at risk of being overlooked is that Comcast is just a horrible company that really doesn’t care about its many millions of customers who have no other choice. [More]

Time Warner Cable Shareholder Sues To Block Comcast Merger

Time Warner Cable Shareholder Sues To Block Comcast Merger

It’s not just consumers and advocacy groups that are worried about the pending sale of Time Warner Cable to Comcast for $45 billion. On Friday, a TWC shareholder has filed a lawsuit to block the merger, claiming that executives prioritized their own bank accounts over investors’ interests for a deal that will have a difficult time passing regulatory muster. [More]

Justice Dept. Sued Over Validity Of $13 Billion Chase Mortgage Settlement

Justice Dept. Sued Over Validity Of $13 Billion Chase Mortgage Settlement

Remember back in November when JPMorgan reached the massive $13 billion settlement with the Justice Dept. over allegations tied to toxic mortgage-backed securities sold to investors before the housing market went kerflumpp? A non-profit group filed suit today against the DOJ, challenging the validity of the deal and asking for a court to review it. [More]

DOJ’s Antitrust Chief: Decision To Block AT&T/T-Mobile Deal Has Helped Consumers

DOJ’s Antitrust Chief: Decision To Block AT&T/T-Mobile Deal Has Helped Consumers

Not so many years ago, the folks at AT&T were so confident they could acquire the little pink wireless company called T-Mobile that they bet billions of dollars in cash and spectrum that the deal would go through. Then both the FCC and the Justice Dept. said they would fight the merger and AT&T ultimately left T-Mobile stranded at the altar. The head of the DOJ’s Antitrust division says that what has happened since that failed marriage is evidence that regulators did the right thing. [More]

U.S. Wants To Add $1.23 Billion To Bank Of America’s Tab For Countrywide Scam

U.S. Wants To Add $1.23 Billion To Bank Of America’s Tab For Countrywide Scam

Back in October, a federal jury found Bank of America liable for a Countrywide Financial program that deliberately sold piles of worthless loans to Fannie Mae and Freddie Mac before the housing bubble went kaflooey. At the time, prosecutors had only sought $864 million in penalties, but now the Justice Dept. claims that number should be $2.1 billion. [More]

Banks Say Target Hack Has Cost Them $153 Million In Replacement Cards

Banks Say Target Hack Has Cost Them $153 Million In Replacement Cards

It’s not just Target’s sales figures that are feeling the sting of the massive data breach that affected more than 100 million customers at the height of the holiday shopping season. According to a group representing the nation’s retail banks, financial institutions have had to spend more than $153 million to replace credit and debit cards in the last six weeks. [More]

Feds To Allow Tech Companies To Provide More Transparent Info On Data Requests

Feds To Allow Tech Companies To Provide More Transparent Info On Data Requests

While a number of the largest websites and telecom companies have recently published transparency data detailing the number of data requests made about consumers, these companies have been very limited with regard to what they could say about federal requests that fall under the header of national security. In response to a call for more transparency from several major Internet businesses, the government is changing its restrictions. [More]

Trio Charged With Running “One-Stop Shop” For Blank Bogus Credit Cards, Holographic Overlays

Trio Charged With Running “One-Stop Shop” For Blank Bogus Credit Cards, Holographic Overlays

All that credit and debit card information that gets stolen when criminals hack places like Target and Neiman Marcus is only worth so much to an ID thief. Sure, one could use that info to place online orders, but you’re just asking to be tracked down and caught that way. The real prize comes when you take that information and create real-looking credit cards with it. [More]