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Thursday, March 27, 2014

First Drip (3/27/14): Cannon resigns after arrest, BofA settles for $9.3 billion, more

Posted By on Thu, Mar 27, 2014 at 9:47 AM

In "Charlotte has officially hit the big time" news, Mayor Patrick Cannon was arrested yesterday on charges of corruption after only four months in office. He allegedly took thousands of dollars in bribes, including $20,000 just last month. City Council members gathered for a press conference after the news broke; many looked visibly shaken. City Manager Ron Carlee said council couldn't force Cannon out of his position as mayor. No worries, though - a couple of hours later, Cannon resigned.

Bank of America has agreed to a settlement of $9.3 billion with Fannie Mae and Freddie Mac after the Federal Housing Finance Agency brought allegations that the bank "falsely represented the quality of mortgages it sold to Fannie and Freddie in mortgage-backed securities."

Back to coal ash news: The N.C. Department of Environment and Natural Resources has hired former U.S. attorney Mark Calloway to help navigate it through the federal investigation launched last month into the Dan River coal ash spill. Calloway, a Democrat, not only has ties to the prosecutor who's heading that investigation, but he has also represented Duke Energy in the past.

The FBI was cleaning up all over the place on Wednesday. California state Sen. Leland Yee allegedly accepted tens of thousands of dollars from undercover FBI agents "to provide introductions, help a client get a contract and influence legislation." While Cannon dealt with possibly fictitious feminine hygiene products, Yee, who not only backed but actually authored gun-control legislation, is accused of "conspiracy to deal firearms without a license and to illegally import firearms."

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