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Our NewsletterHEALTHCARE: 'Insurance Companies Dirty Little Secret'
Federal and state investigators are probing insurance companies that take advantage of families who lost loved ones in Iraq and Afghanistan. Prudenti... Posted by Kevin Liptak, 9:08 am Jul 30, 2010
IMMIGRATION: Obama Administration Could Bypass Congress on Immigration Reform
With Congress unlikely to pass immigration reform this year, the Obama administration is considering taking actions that don't require congressional... Posted by Kevin Liptak, 12:48 pm Jul 30, 2010
ENVIRONMENT: China Hides Rising Number of Environmental Disasters
As Americans observe with horror the destruction caused by the BP oil spill, similar disasters in China are happening quietly and without coverage f... Posted by Kevin Liptak, 9:16 am Jul 30, 2010
SAFETY: State Regulators and Law Enforcement Failed to Protect Women Against Dangerous Doctors
New details are emerging about sex offending doctors in Illinois. An investigation of claims against one particular physician finds law enforcement ... Posted by Kevin Liptak, 9:11 am Jul 30, 2010
INTELLIGENCE: Company Claiming to Predict the Future Finds Backers at CIA and Google
Investors at the CIA and Google have both identified a company that represents the next phase of intelligence-gathering: Recorded Future monitors th... Posted by Kevin Liptak, 11:07 am Jul 29, 2010
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FDIC Chief Got Bank of America Loans While Working On Its Rescue
Sheila Bair, one of the chief regulators overseeing Bank of America’s federal rescue, took out two mortgages worth more than $1 million from the ... Posted by Keith Epstein, 2010-01-21 11:14
FDIC Responds to I-Fund Story on Sheila Bair's Bank of America Mortgages
Below is a statement received Jan. 22, 2010, from the Federal Deposit Insurance Corp. regarding the ... Posted by I-Fund Staff, 2010-01-22 20:10
FDIC Statement Regarding Sheila Bair's Dealings with Bank of America
In response to inquiries from the Huffington Post Investigative Fund about FDIC chair ... Posted by I-Fund Staff, 2010-01-21 11:10
From Bank of America, Two Different Stories About Tracking Bailout Funds
Is Bank of America, the nation’s largest bank, tracking how it spends $45 billion in taxpayer funds? That depends on which Bank of America... Posted by Ben Protess, 2009-08-25 13:10
When Banks Fail, So Do Those Promised CD Rates
Norma Jean Scott, a 63-year-old Alabama retiree, thought she was being prudent three years ago when she stashed her $100,000 retirement nest egg in... Posted by Keith Epstein, 2009-11-03 14:21
Topics
TIMELINE: Sheila Bair's Official, Personal Dealings With Bank of America
As chair of the Federal Deposit Insurance Corporation, Sheila Bair played a key role in last year's government bailout of Bank of America. At the same time, Bair obtained two loans from Bank of America.
2003 »
Bair and husband obtain $306,500 loan from Florence Savings Bank to refinance home in Amherst, Mass., at 5.75 percent interest for 15 years.
2006
Bair sworn in as chair of Federal Deposit Insurance Corporation.
2008 »
Discussions begin regarding federal assistance to Bank of America, which is reluctant to acquire ailing Merrill Lynch without federal help. Participants include top officials at Federal Reserve, Treasury, Office of the Comptroller of the Currency and FDIC. FDIC raises questions but Bair ultimately favors aid, given risk to financial system.
2009 »
In closed meeting, FDIC board approves terms for government assistance to Bank of America. Government agrees to guarantee up to $118 billion in securities backed by real estate loans and corporate debt. In return, FDIC is to get $1 billion in preferred Bank of America stock.
Government's Bank of America deal is made public.
Bank of America notifies government regulators it wants to end negotiations on Jan. 15 guarantee.
Bair suggests bank CEOs will be replaced based on regulatory review; FDIC qualifies her statement. Later, news reports detail secret "memorandum of understanding" imposing deadlines on Bank of America to address management issues. Eventually, CEO Ken Lewis announces retirement following shakeup of board. FDIC hasn't commented on its role in memorandum.
Bair and family buy house in Chevy Chase, Md., for $1,123,000, securing $898,400 mortgage from Bank of America.
Bair meets with Bank of America executive Gregory Curl. Curl is bank's prime negotiator on government rescue.
Bair and husband get $204,505 loan from Bank of America to refinance Amherst house. Mortgage includes second-home rider that prohibits renting the property.
Bank of America and government end FDIC loan guarantee agreement. Bank of America to pay $425 million in fees to Fed, Treasury and FDIC. FDIC gets $92 million from the deal.
After being contacted by Huffington Post Investigative Fund, FDIC's chief ethics officer reviews Bair's dealings with Bank of America and grants waiver on ethics rules dating back to March 1. He says he is unaware of Bair's meeting with Curl.
FDIC says August meeting with Curl was informal "meet and greet" and no official business was discussed.
Sources: Real estate records, government records, news reports, Congressional testimony
