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" ...
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Indentured Students
In a year-long series, Bloomberg detailed how the $1 trillion in outstanding student loans has imprisoned borrowers in a lifetime of debt, enabling a host of predatory collections practices, misleading financial-aid offers and out-of-control college spending -- while politicians for decades ignored mounting danger signals.
Tags: Student loans; debts; financial aids; college expenses; politicians
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For-Profit-College Business Model Breeds Exploitative Marketing Tactics
In the first radio piece: Interviews with former recruiters, faculty, administrators and students of a small group of for-profit colleges in Minnesota paint a picture of schools that are exploiting unsophisticated students for their financial-aid money. Analysis points to a high-enrollment, high-dropout business model that earns the company millions but provides questionable return on taxpayer investment. In the second radio piece: Political differences at the federal level make it unclear how much the government will regulate for-profit colleges. At the Minnesota state level, the leading official for higher-ed says his agency doesn’t have the resources to go after problem colleges – and isn’t sure whether beefing up enforcement would be the best use of higher-education funding.
Tags: Non-profit colleges; financial aid; business models; for-profit colleges
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Dark Markets
The Wall Street Journal’s coverage of financial markets in 2012 performed a rare and extraordinary service: It exposed evidence of hidden manipulation by corporate executives and professional traders that the markets’ official government watchdogs were utterly unaware of. Reflecting potential widespread harm to millions of ordinary investors, federal prosecutors and securities regulators raced to follow the Journal stories with major investigations. A team of reporters spent six months creating a database examining how more than 20,000 corporate executives traded their own companies’ stocks over the course of eight years. What the team found was disturbing: More than 1,000 executives had generated big profits, or avoided big losses, by trading their company stock in the days ahead of corporate news announcements that led to big moves in the shares. The Journal also exposed a regulatory loophole that had helped the executives take advantage of inside knowledge ahead of other investors. The Federal Bureau of Investigation, the Manhattan U.S. Attorney's office and the Securities and Exchange Commission all launched investigations the day the Journal article appeared.
Tags: Financial markets; corporate executives; stocks; Federal Bureau of Investigation
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City Hall Documents Out in the Open
The NBC Connecticut Troubleshooters discovered thousands of documents containing the personal and financial information of city residents dumped in the basement of Hartford City Hall. The basement is easily accessible to anyone who enters City Hall. As a result of our investigation, City Hall cleared out the basement, put locks on the door and secured the documents in another location.
Tags: Government; city hall; document security
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Platts: Russian Gas Giant Mines U.S. Energy Data
Russia’s state-owned natural gas company says the U.S. shale-gas boom is economically unsustainable — and it’s buttressing its claim with financial data collected by an American consulting firm located less than 20 miles from the White House. Moscow-based Gazprom, the world’s largest gas company, is working with Pace Global Energy Services, a consulting firm in Fairfax, Virginia, to analyze how much money U.S. gas companies are spending on hydraulic fracturing and horizontal drilling. Gazprom, citing the Virginia company’s data, says the true costs of U.S. shale-gas production are upwards of 150% higher than the revenues its practitioners have been reaping in the last few years. Gazprom says this will ultimately lead to the demise of fracking-based shale-gas drilling in the US and other countries that are considering adopting it. But Gazprom’s critics say the company and its unlikely Washington-area ally are spreading “myths and misconceptions” about the U.S.-led shale-gas gas boom so that European and Asian countries will not develop their own shale plays, and will instead continue to buy conventional Russian gas.
Tags: Oil; gas; natural resources; fraud; oil wells
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Green Energy Going Red
In this series of original and exclusive investigations, CBS documented the fate of $90 billion dollars in green energy stimulus tax spending and dug in to find out why it did not produced the promised results: a boom in green energy technology and products accompanied by a burst in employment. In Solar Scorching, we identified eleven green energy companies besides Solyndra that together got billions of tax dollars, only to declare bankruptcy or suffer other serious financial issues. Since our initial report, the number of failures has risen dramatically. CBS exposed the fact that the government secretly knew what a poor investment some of these companies were, even before it committed taxpayer billions. We obtained exclusive documents showing one project had confidentially been rated as a “junk bond,” but the government committed $43 million tax dollars anyway. It went bankrupt.
Tags: Taxes; green energy; Solyndra; taxpayers
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Bales: Army suspect in Afghan shooting was liable in financial fraud
On the day that tips arose about a U.S. soldier who may have strafed two Afghan villages, I left the office for a flight to Tacoma. Within 48 hours of the soldier’s being identified as Staff Sgt. Robert Bales, I and two colleagues broke the news that the emerging hagiography of Bales drafted by family and attorneys had more to it than the story of a soldier who enlisted at the ripe of 27 driven by outrage over the 2001 terrorist attacks—and then broken down by an unrelenting cycle of deployments to Iraq and Afghanistan. Our story started with pure spidey senses: Bales’ s family and lawyer said he had left a stockbroker’s career to enlist, as they explained his call to serve. Yet he had not finished college and clearly had financial troubles, I had determined. And he was active in brokerage in the late 1990s in Florida I learned by checking assorted online records—which raised my suspicions about the quick-money penny stock trading that was commonplace then. Based on those instincts, while also doing the running daily story from Bales’ Army base in Washington state, I had checked some online brokerage records and enlisted Julie Tate to look at others and run through civil and criminal filings in Ohio (Bales’s home state and then nationally). Within an hour, I had found one suspicious record and Julie had found others and we were off on a 30-hour run of investigative reporting and boots on the ground interviews that yielded the breaking news of Bales’s more complicated—and less laudatory—past in the period just before he joined the Army. We located and I interviewed an elderly couple who had lost substantial savings in accounts managed by Bales and received copies of detailed financial records that corroborated their claims and showed Bales as the account manager. We also peeled back corporate records for a now-shuttered firm run by Bales and his brother with backing from a longtime friend and reached him to further flesh out the checkered professional history of the Staff Sgt. at the center of an explosive, fast-moving and intensely competitive story. The story demanded intense investigative reporting that netted notable results in far far less than 30 days of a breaking event.
Tags: U.S. soldier; Afghanistan; military draft; terrorist attacks; deployment
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Local officials are likely to profit from fracking in Southern Tier
Local government officials have been lobbying the state to the controversial oil and gas extraction process known as fracking. But when they spoke at public hearings and pushed in other forums, were they just representing their communities, or did they have more at stake? In a four-month investigation, SUNY New Paltz students reviewed thousands of public records in two states. The investigation found more than 30 locally elected officials who have been outspoken proponents for fracking. Public records and additional examinations identified about 20 percent of those with more than political philosophy at stake — the chance to gain personally and financially. To open government advocates such as Common Cause, these instances raise concerns about transparency and conflicts of interest among locally elected officials. About six months after publication, and after further moves by local officials to press the state to approve fracking, the state attorney general has launched inquiries into whether local officials have violated conflicts of interest.
Tags: Oil; gas; oil and gas extraction; fracking
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Grandma can’t accept your call: Inmates disconnected by phone costs
This series of stories started with a simple question. Why does it cost so much for inmates to make calls from the Cook County Jail? In the course of my reporting on criminal and legal affairs for WBEZ, the public radio station in Chicago, I had heard numerous people complain about the high cost of phone calls. Some digging confirmed that the price could be as high as $15.00 for 15 minute calls. Three or four calls a week at that price gets expensive even for financially stable middle class folks, but the people paying these fees were mostly the poorest residents in Chicago. That’s because most of the people in the Cook County Jail are there because they and their families couldn’t afford to post bond of a couple thousand, or sometimes even just hundreds of dollars to secure their freedom while awaiting trial. They are the people who are least able to afford such expensive phone calls. A few FOIA requests revealed the scheme (and scheme is the right word… I just looked it up: a crafty or secret plan of action). Cook County gave an exclusive phone contract to a company called Securus Technologies. Securus charged inflated phone rates and their exclusive deal in the jail meant inmates wanting to talk to their families or arrange their defense had no choice but to pay the rates. Securus then paid back to the county 57½ percent of the revenue from the calls. It netted the county about $4 million a year. Securus wouldn’t tell us their take but I imagine they did alright too. All of the money was coming out of the pockets of the poorest residents in Cook County, people who couldn’t even afford to post bond for their freedom. (As an aside, this isn’t just an issue in Cook County. According to its website Securus provides the phone systems for 850,000 inmates in 2,200 jails and prisons across the country.) Our reporting shed public light on a hugely profitable contract that no one was paying attention to. We documented the lives of the impoverished people getting hammered by the policy and then turned the hammer on the local elected officials to ask them to explain how this was a good policy. The public officials responded in a way that once again proved the genius of democracy. Our efforts and the results are detailed in subsequent answers below.
Tags: prison inmates; phone calls; fees
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Our Money, Their Failures
A six-week investigation by The Virgin Islands Daily News into the people and the money connected to the U.S. Virgin Islands governor's proposal for a $55 million sports complex. The investigative report was published on one day across 11 pages and achieved the result of stopping the project and forcing the governor to pledge no further contracts without vetting the principals. In the case of the sports complex that the governor and some V.I. senators were trying to push through, the investigation uncovered misrepresentations and a string of financial failures by a number of the private parties in the deal with the governor.
Tags: Government; governor; Virgin Islands