10-25-2020  6:05 am   •   PDX and SEA Weather
Vote like your life depends on it
  • 1
  • 2
  • 3
  • 4

NORTHWEST NEWS

Candidate Iannarone Welcomes Ruling on Complaint Against Mayor Wheeler

Mayoral challenger Sarah Iannarone has welcomed the Multnomah County Circuit court ruling requiring City Auditor Mary Hull Caballero to look into a complaint against Portland Mayor Ted Wheeler for loaning his own re-election campaign 0,000

Some Hospitals in Crisis as US nears high for COVID-19 cases

The global surge in coronavirus infections is hitting the United States hard and overwhelming hospitals across the nation

Report: Seattle Officers Used Excessive Force at Protests

Since May, the office has received 19,000 complaints about police misconduct during protests.

PSU’s Black Studies Department Grows, Offers Students Immediate Support

Chair Ethan Johnson announces new hire and COVID-19 Relief Fund

NEWS BRIEFS

How Martin Luther King Jr. Boulevard got its Name

Oregon Historical society has republished Publisher Bernie Foster's account of how activists persuaded Portland to rename Union Avenue...

New Crisis Line will Serve BIPOC Community

Lines for Life have launched a new crisis line dedicated to and staffed by Black, Indigenous and People of Color ...

Oregon Reports the Highest Daily Case Count Since the Beginning of the Pandemic

OHA reports 550 new confirmed and presumptive COVID-19 cases, 3 new deaths ...

Thursday, October 22: All Registered Voters Should Have Received Their Ballots

Contact Multnomah County Elections TODAY if you have not yet received your ballot in the mail. ...

Forest Service Now Hiring

Agency accepting applications for more than 1,000 seasonal positions in Oregon and Washington ...

Crews vacuum 'murder hornets' out of Washington nest

BLAINE, Wash. (AP) — Heavily protected crews in Washington state worked Saturday to destroy the first nest of so-called murder hornets discovered in the United States. The state Agriculture Department had spent weeks searching, trapping and using dental floss to tie tracking devices to Asian...

Roseburg VA police officer accused of placing hidden cameras

ROSEBURG, Ore. (AP) — A Roseburg man who works as a police officer at a Veterans Affairs hospital has been accused of hiding cameras in the bedroom of a young teen. Detectives began investigating after the cameras were found in the 14-year-old’s bedroom, the Douglas County...

Missouri grinds out 1st victory over Kentucky in five years

COLUMBIA, Mo. (AP) — Missouri kept handing the ball to Larry Rountree, and Kentucky barely got a chance to take a turn. Rountree carried 37 times for 126 yards and two touchdowns as the Tigers dominated the clock and the Wildcats in a 20-10 victory on Saturday.Missouri (2-2 Southeastern...

Humbled LSU eyeing QB contingency vs surging South Carolina

BATON ROUGE, La. (AP) — LSU coach Ed Orgeron was grateful for an extra week to help the Tigers confront considerable challenges on both sides of the ball.He’ll have to hope that’s enough time for the unranked Tigers (1-2, 1-2 SEC) to turn back South Carolina (2-2, 2-2), which...

OPINION

The Skanner News National 2020 Election Endorsements

Vote like your life depends on it. Read The Skanner News' endorsements for US President, and more ...

The Skanner News Statewide Election 2020 Endorsements

Read The Skanner News' endorsements for Portland Mayor, Portland City Council, and more ...

Muslim Advocates Denounces Trump’s Racist Attacks on Rep. Ilhan Omar and Refugees

The organization says Trump’s attacks invite violence against Rep. Omar and Minnesota’s Somali community ...

Trump and the Lost Country

Discussing the debate, Robert Koehler refers to an article by psychiatrists describing how power causes brain damage ...

AFRICAN AMERICANS IN THE NEWS

Black woman shot by officer seeks justice from hospital bed

WAUKEGAN, Ill. (AP) — A Black woman who was shot and wounded inside a vehicle by a police officer who also fatally shot her 19-year-old boyfriend on Satuday told about 200 people gathered at an emotional rally in suburban Chicago that she's fighting “to be strong" for her son. The...

Attack, then pandemic: Pittsburgh Jewish congregations cope

Two years ago, the three congregations sharing space at Pittsburgh’s Tree of Life synagogue relocated after an anti-Semitic gunman killed 11 worshippers. Last March, the congregations dispersed from their new locations due to the coronavirus pandemic and switched to virtual services. On...

Fields, No. 5 Ohio St run away from Huskers in opener, 52-17

COLUMBUS, Ohio (AP) — Justin Fields and No. 5 Ohio State shook off the rust in the first half and then buried Nebraska the rest of the way.Fields completed 20 of 21 passes for two touchdowns and ran for another, Master Teague III rushed for a pair of scores and the Buckeyes rolled over...

ENTERTAINMENT

Kevin Hart: Hosting MDA telethon is a 'major level-up'

LOS ANGELES (AP) — Kevin Hart says hosting a re-imagined online fundraiser for the Muscular Dystrophy Association is “a major level-up for me.”“It’s different from anything that you’ve really seen me do. And there’s a great reason behind it,”...

Sandra Oh celebrates Asian culture in film 'Over the Moon'

NEW YORK (AP) — Sandra Oh’s role in the new animated feature “Over the Moon” may not be her largest, but it has deep meaning.The story is set in China and Oh voices the stepmother of a girl named Fei Fei, grieving after the loss of her mother. So she builds a rocket to...

Film depicts Black Lives Matter, #MeToo as new feminist wave

LOS ANGELES (AP) — The documentary genre’s power of immediacy is evident in “Not Done: Women Remaking America," which includes the still-unfolding possibility of the first Black female vice president and the loss of Breonna Taylor.The film depicts a powerful female-driven...

U.S. & WORLD NEWS

Ukraine's local elections test leader and his young party

KYIV, Ukraine (AP) — Ukrainians were voting Sunday in local elections that are considered a test for...

Spain PM works on new state of emergency to curb outbreak

BARCELONA, Spain (AP) — Spanish Prime Minister Pedro Sánchez called a Cabinet meeting Sunday to...

Malaysia's king rejects PM's proposal to declare emergency

KUALA LUMPUR, Malaysia (AP) — Malaysia's king on Sunday rejected a proposal by embattled Prime Minister...

Polish women protest new abortion restriction in churches

WARSAW, Poland (AP) — Women's rights activists in Poland staged protests during Sunday church services in...

Italy closes gyms, shuts eateries early to fight COVID-19

ROME (AP) — Italy's leader imposed at least a month of new restrictions across the country on Sunday to...

Afghanistan claims killing an al-Qaida leader wanted by FBI

KABUL, Afghanistan (AP) — Afghanistan claimed Sunday it killed a top al-Qaida propagandist on an FBI...

Vote like your life depends on it
James O\'Toole CNN Money

NEW YORK (CNNMoney) -- New York attorney general Eric Schneiderman has filed suit against JPMorgan over the creation and sale of mortgage-backed securities during the housing bubble, alleging that bankers from the now-JPMorgan-owned Bear Stearns perpetrated "a systemic fraud on thousands of investors."

JPMorgan acquired Bear Stearns in 2008 at a steep discount in a deal backed by the government. At the time, regulators were attempting to prevent ailing Bear from touching off a panic on Wall Street.

Having acquired Bear Stearns, JPMorgan is now legally responsible for it. Schneiderman's lawsuit is a civil action and does not name individual bankers as defendants.

The suit, filed Monday, alleges that Bear misled investors into believing that its staff had carefully evaluated the quality of the loans making up the mortgage-backed securities it was selling. In fact, the suit claims, Bear "systematically failed to fully evaluate the loans, largely ignored the defects that their limited review did uncover, and kept investors in the dark about both the inadequacy of their review procedures and the defects in the underlying loans."

"Furthermore, even when Defendants were made aware of these problems, they failed to reform their practices or to disclose material information to investors," the complaint says.

The suit seeks the return of ill-gotten gains, as well as an unspecified total in damages and restitution. It claims that risky mortgage-backed securities issued by Bear Stearns in the years 2006 and 2007 alone suffered some $22.5 billion in losses.

Mortgage-backed securities are financial products comprising groups of mortgages pooled together and sold to investors. They played a central role in the financial crisis, as subprime mortgages began to fail in large numbers with the bursting of the housing bubble. This left banks and investors saddled with these so-called "toxic assets" and helped prompt the Wall Street bailouts.

JPMorgan spokesman Joe Evangelisti emphasized the lawsuit's focus on Bear Stearns, "which we acquired over the course of a weekend at the behest of the U.S. Government."

"We're disappointed that the NYAG decided to pursue its civil action without ever offering us an opportunity to rebut the claims and without developing a full record -- instead relying on recycled claims already made by private plaintiffs," Evangelisti said in an email. "We intend to contest these allegations."

Schneiderman was tapped earlier this year to lead President Obama's mortgage-backed securities task force, convened to investigate banks accused of packaging and selling bad mortgages in the years leading up to the financial crisis. A spokeswoman for Schneiderman declined to comment on whether similar actions were planned against other large banks.

The task forced was announced amid criticism of the government's failure to hold individuals from the financial sector criminally accountable in connection with the crisis. In the only major criminal trial to date stemming from Wall Street's role in the meltdown, a pair of former Bear Stearns hedge-fund managers were found not guilty in 2009 of falsely inflating the value of mortgage-backed assets in their portfolios.

JPMorgan shares fell 0.7% in after-hours trading Monday. Elsewhere in the sector, Bank of America fell 0.2%, Wells Fargo fell 0.3% and Morgan Stanley fell 0.2%.

 

Mingus Mapps 2020
Port of Seattle S King County Fund 2020
Calendar

Photo Gallery

Photos and slide shows of local events

Make a Plan to Vote