Under the terms of the agreement, BofA will pay $3.6 billion directly to Fannie Mae, and spend another $6.75 billion to buy back mortgages from the housing finance giant. BofA also agreed in a separate legal case to pay an undisclosed sum as part of a $8.5 billion settlement reached between federal regulators and several large banks. Bank of America officials assured their investors that the entire sum of the BofA payouts will be covered by reserves and 2012 fourth quarter set-asides.   read more

When individual citizens are investigated and prosecuted for white collar crimes or other wrongdoing, they often agree to pay a financial settlement to the federal government as a way to avoid prison time or criminal charges. When corporations are in similar situations, they often go on to claim the settlement payments as tax-deductible business expenses, something individuals cannot do. In effect, such corporations get taxpayers to foot the bill for their misconduct.   read more

The ACA includes a provision requiring insurance companies to cover breast pumps and visits to lactation consultants at no cost to the patient. Previously, 31 states required Medicaid to cover breast pumps, and some private plans included coverage for a fee. Now, Obamacare requires insurers to cover “comprehensive lactation support and counseling…and costs for renting breastfeeding equipment” in conjunction with each birth.   read more

Blake DeVolld, a civilian Air Force intelligence officer, lost top-secret security clearance in 2006 after his ex-wife told federal agents that he had classified documents in his home. After half a dozen years, the Air Force exonerated him and restored his security clearance. He collected his $93,000 salary for four years, but was suspended without pay for another two.   read more

• $43 million over two years for owners of motorsports entertainment complex properties (read: NASCAR racetracks) engaged in construction. • $150 million in deductions for Hollywood studios that film in low-income communities of just in the United States. • The bill allows the banks and multinationals to defer paying taxes on foreign income, thus encouraging the creation of jobs outside the United States.   read more

Thanks to unauthorized shredding of documents, U.S. officials in Afghanistan have been unable to account for about $200 million spent by the North Atlantic Treaty Organization (NATO) on fuel for the Afghan Army over a two-year period.   read more

McDonald’s USA Chief Operating Officer Jim Johannesen wrote in a memo that franchises operating on December 25, 2011, made about $5, 500 on average. Low-wage employees at McDonald’s don’t receive holiday pay, however. Working on December 25 is strictly voluntary, the corporation insists. That means those serving up Big Macs will earn the usual hourly wage, which according to the Food Chain Workers Alliance averages about $9.65 an hour.   read more

According to the application, Crossroads planned to spend half its efforts on “public education,” 30% on “activity to influence legislation and policymaking” and 20% on “research,” including sponsoring “in-depth policy research on significant issues.” In fact, Crossroads spent more than $70 million from anonymous supporters on the 2012 election.   read more

At the top 500 companies in the U.S., women this year accounted for about 14% of executive officer positions and 16.6% of board seats, according to the research organization Catalyst. Catalyst also found that 25% of all Fortune 500 companies had no women executive officers, and 10% had no women directors on their boards.   read more

When asked to choose between higher taxes and cutting entitlement programs, 35% of respondents to the new United Technologies/National Journal Congressional Connection Poll said they’re more worried about reductions to Social Security and Medicare. Only 27% said they were more concerned with their tax bill going up. Also, only 13% expressed worry over a budget deal resulting in the government spending too much money in the future.   read more

If a single man and a single woman each earn $200,000, Wimer explained, neither would owe any additional Medicare payroll tax. But if they are married, they would owe $1,350, thanks to the 0.9% extra tax on earnings over $250,000. Among the wealthiest 20% of households, the tax increases will average about $6,000 next year. Altogether, the new taxes are expected to raise $318 billion over 10 years.   read more

The committee is offering several inaugural packages, each with a different mix of goodies and named for a president: Washington ($1 million from institutions and $250,000 from individuals); Adams ($500,000 from institutions and $150,000 from individuals); Jefferson ($250,000 from institutions and $75,000 from individuals); and Madison ($100,000 from institutions and $10,000 from individuals).   read more

Since May 2011, the Centers for Medicare and Medicaid Services (CMS) has handed out more than $3.6 billion to 74,317 medical professionals and 1,333 hospitals who agreed to switch from paper to electronic files. But the agency hasn’t bothered to verify that doctors and hospitals are meeting the required quality goals, according to a report by the Department of Health and Human Services’ inspector general (IG).   read more

Planned Parenthood got none of the $237,522.99 raised by Integral Resources, while MDS Communications brought in $1,278,658 on behalf of Tea Party Patriots, but only turned off $15,603 to the group. At the other end of the scale, InfoCision raised $5,831,672.34 for The Leukemia and Lymphoma Society and kept only $17,111.25.   read more

Vice Admiral David “Jack” Dorsett, the director of naval intelligence, retired on August 1, 2011, and immediately took a job as vice president of cybersecurity with defense contractor Northrop Grumman. Seven months later, Northrop Grumman won a $16.3 million contract to provide cybersecurity and information operations support for the Navy.   read more

Building on an effort that began in 2006, the King County Sheriff’s Office started a cold-case squad in 2009 with a grant from the U.S. Department of Justice that funded two full-time detectives and a crime analyst. The grant was renewed for 2012, but not for 2013, forcing King County to supplement the unit’s budget so it could keep its doors open until the end of December. Many cold cases remain, but police admit that without funding they will have no time to investigate them properly.   read more