While the great majority of the District's money is kept outside of local banks, that could eventually change. more ›

While the economy is still regaining its footing, Bank of America has begun to look to new sectors for development. In 2009, the first of a ten-year, $1.5 trillion initiative in community development lending, Bank of America racked up $6.16 billion in investments across the DC-area, reports the Washington Business Journal.The largest portion went to affordable housing, with small businesses and economic development also benefiting. Charter school operator KIPP DC was one project, receiving $24 million to bolster the program. more ›

The Post reported this afternoon that one more sentence has been handed down in the Office of Tax and Revenue embezzlement case. Walter R. Jones Jr., 34, the former Bank of America assistant branch manager who helped Harriette Walters deposit a total of 61 checks totaling almost $18 million, was sentenced to 6 1/2 years in prison today. Jones received approximately $360,000 from Walters for his participation in the scheme, a relatively small sum compared to his cohorts, who all together stole at least $50 million from District taxpayers. By all accounts Jones has been contrite and cooperative since his arrest and subsequent guilty plea, but he received a sentence roughly in the middle of the federal sentencing guidelines. U.S. District Judge Alexander Williams Jr. noted in his decision that were it not for Jones and his position at Bank of America, "the scheme would not have continued for so long." more ›

D.C. taxpayers may have some justice served. The Washington Post has the breaking news that the District just filed a $105 million lawsuit against Bank of America over the check cashing scam headed up by Harriette Walters in the D.C. Office of Tax and Revenue. more ›

The ax keeps coming down on the Harriette Walters crew. The Post is reporting that Walter Jones, 33, a former Bank of America manager from Essex, Md., has pleaded guilty to his role in the Office of Tax and Revenue embezzlement case, which included laundering roughly $18 million, and personally receiving more than $366,000 in stolen money. more ›