The IRE Resource Center is a major research library containing more than 23,250 investigative stories — both print and broadcast. These stories are searchable online or by contacting the Resource Center directly (573-882-3364 or rescntr@ire.org) where a researcher can help you pinpoint what you need. Browse or search the tipsheet section of our library below. Stories are not available for download but can be easily ordered by contacting the Resource Center:
Search results for "financial advising" ...
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Investor's Club
The eight-month investigation found that the University of California invested $2 billion in private equity funds and companies in which several Regents held significant financial interests. The Regents include Gov. Arnold Schwarzenegger, his personal investment adviser, Paul Wachter, and Richard C. Blum, a Wall Street professional married to Senate Dianne Feinstein (D-CA).
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"Allegations of Enrollment Abuses at U. of Phoenix"
In this series, Marketplace and ProPublica team up to investigate accusations that The University of Phoenix has been lying to potential students, as well as improperly advising students on financial aid options. They found enrollment counselors frequently pressured students to sign up, and also lied to students about "whether their credits" were transferable.
Tags: University of Phoenix; Bill Pepicello; Congressman George Miller; American Association of Collegiate Registrars and Admissions Officers; Barmak Nassirian; Career College Association; Department of Education; Harris Miller; The Apollo Group
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Risky Business
The investigation revealed “how a school district’s use of risky “swaps” - derivatives that are bets on interest rate swings - caused huge losses and higher taxes for the district”. These “swaps”, given by financial advisors and investment banks, brought in millions of fees for them and left the school district in debt. Further, the school and adviser failed to terminate two swaps, which cost taxpayers millions more.
Tags: Bethlehem Area School District; education; tax system; finances; board; administration; Stanley J Majewski; Joseph Lewis
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Way Ahead of the Curve
This is a series of three stories by senior writer David Evans that ran in the February, July and November issues of Bloomberg Markets magazine. In "The Risk Nightmare," (July 2008), Evans pierced the opacity and complexity of credit default swaps, unregulated securities that were supposed to act as a form of insurance and protect investors against risk. He found that CDS had built up so many interconnections that one player could jeopardize the entire financial system. In "Banks on the Edge" (November 2008), Evans reported that scores of regional banks across the U.S. would fail within a year because they hadn't yet realized their losses on defaulting mortgages. In "Peddling Tainted Debt to Florida," (February 2008), he reported that Lehman Brothers was both advising and selling toxic debt to Florida's "money market pool." This disclosure prompted a run on the pool, and it was then shut down as the state investigated its holding and worked to restore its creditworthiness.
Tags: Lehman Brothers; Bear Stearns; Florida; Charlie Crist; bank collapse; Wells Fargo; Washington Mutual; bailout
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Broken Promises
Tax-exempt deals that provided $7 billion in bonds for low-income housing or inner-city schools turned out to be another way for banks and advisers to make money. Bloomberg investigates situations such as a deal in which JPMorgan Chase and Co. and American International Group "pocketed fees, along with their advisers, totaling $12 million." AIG and CDR of Beverly Hills actually had a deal "in which the financial firms made more money and faced less risk if none of the $220 million in bond funds was used by the public. None of it was." There were 70 other such deals across the country in Florida, Georgia, Oklahoma, Illinois, Wisconsin and Missouri. The investigation also includes similar situations of schools being neglected while insurance companies, banks and advisers profit.
Tags: school bonds; Wall Street; JPMorgan Chase and Co.; American International Group; Bank of America; housing bonds
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Money Players
This story deals with NFL players paying a hefty price for allowing people to manage their money. U.S. News examined more than 20 investment deals involving current and former NFL players and found many victims. In exclusive interviews with the magazine, the players described how they were allegedly defrauded. An example includes Buffalo Bills cornerback Antoine Winfield, who was bilked of $1.35 million by a close friend and financial adviser. Other examples illuminate the sometimes tawdry world of player recruitment.
Tags: investment adviser; Tampa Bay Buccaneers; NFL players; Securities and Exchange Commission; investment deals; defraud; Buffalo Bills; Donald Lukens; player recruitment; FBI; money laundering; National Football League Players Association; Cincinnati Bengals; Los Angeles Rams; Carolina Panthers; St. Louis Rams; Baltimore Ravens; San Diego Chargers; Global Sports and Entertainment; Denver Broncos; National Association of Securities Dealers
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"All in the Family"
This investigation showed how the military contracting process in Iraq is replete with cozy relationships between the Pentagon and industry that raise potential conflicts of interest. The Army Corps of Engineers awarded a secretive $7 billion no-bid contract for oil field services in Iraq to Halliburton, whose chief Washington lobbyist was a top official at the corps and whose former CEO is Vice President Dick Cheney. Furthermore, nine members of the Defense Policy Board, which advises the Pentagon, have financial ties to companies that won billions of dollars in defense contracts.
Tags: Halliburton; Iraq; Gulf War; oil industry; Army Corps of Engineers; Defense Department; contracts; political connections; Pentagon
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Banking on your money
Commerce Bancorp- one of the nation's fastest growing financial services companies-has also become the biggest private political benefactor New Jersey has seen in a century. The bank's far-reaching political clout and regular campaign contributions-more than $1.6 million in the last five years-have helped Commerce obtain more no-bid government banking, bond and insurance contracts in the state than any of its competitors, including much larger banks such as Wachovia and Fleet.
Tags: Commerce Bancorp; Wachovia Bank; Fleet Bank; FDIC; Office of the Comptroller of the Currency; Securities and Exchange Commission; SEC; Municipal Securities Rulemaking Board (MSRB); campaign contributions; taxpayer money; Morgan Stanley Dean Witter trust; government banking; underwriting; financial advising; New Jersey State League of Municipalities'; Commerce Insurance Services; Gloucester County Democratic Committee; Gloucester County Board of Freeholders; Ocean County Republican Finance Committee
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"Background check"
The story explains ways to check the background of financial advisers. The author recommends to check out the disciplinary and employment history of brokers. Simon says: "[...] Investors should generally avoid a broker whose record shows a pattern of misconduct or violations of securities laws. [...] frequent job hopping can be a sign of trouble, particularly if the broker seems to move to a new firm every year."
Tags: Securities and Exchange Commission; Consumer Federation of America; Central Registration Depository System; Association of Securities Dealers
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"Caution ahead"
The story deals with the question of being cautious when dealing with investment advisers. Emshwiller says: "[...] the number of novice investors [...] has never been greater. And the fact that they know little makes them the ideal targets for scams." Although there are rules saying investment advisers must be registered, there are many people who work as such without registration. In this respect, the Securities and Exchange Commission and the states "try to catch wrongdoing by auditing investment advisers." Emshwiller adds the ideal thing to do id to interview at least two candidates when choosing a financial adviser, and not to rely on old friendships or word-of-mouth.
Tags: North American Securities Administrators Association (NASAA); American Association of Retired Persons; Securities and Exchange Commission; California Department of Corporations; Social Security