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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGE Settles Probe Into Muni-Bond Bid Rigging
By Martin Z. Braun - Dec 23, 2011 11:59 AM CT
http://www.bloomberg.com/news/2011-12-23/ge-funding-capital-settles-u-s-municipal-bond-bid-rigging-investigation.html
General Electric Co. (GE) agreed to pay $70.4 million to settle a criminal probe and civil claims for conspiring to rig bids on U.S. municipal-bond deals, overcharging state and local governments on investments.
GE Funding Capital Market Services, a former unit, is the fifth company to settle in a more than five-year federal investigation. The deal will resolve probes by the Justice Department, the Securities and Exchange Commission and the Internal Revenue Service as well as attorneys general in 25 states, the Justice Department said today in a statement.
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The settlement will bring to $743 million the amount that banks have paid to end the case, some of which is being returned to localities that were overcharged, the SEC said in a news release. Bank of America Corp., (BAC) JPMorgan Chase & Co. (JPM), UBS AG (UBSN) and Wells Fargo & Co. (WFC) previously settled similar cases.
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The Justice Department said it agreed not to prosecute GE Funding because it admitted its illegal conduct, cooperated with the investigation and took steps to address anticompetitive conduct. The department also cited GE Fundings commitment to make restitution
more at ~~~ http://www.bloomberg.com/news/2011-12-23/ge-funding-capital-settles-u-s-municipal-bond-bid-rigging-investigation.html
So make sure you steal a lot of money and once you are caught be sure to help the investigation and you too can get the 'Get out of jail free card.'
Octafish
(55,745 posts)...in China.
Me, I recommend nationalizing the thing.
onethatcares
(16,254 posts)$70.4 million dollars.
Did Jack Welch contribute anything to that?
leveymg
(36,418 posts)Cheaper than running a red light.
elehhhhna
(32,076 posts)i hope if i commit a crime they let me do my own investigation.
pinboy3niner
(53,339 posts)Posted in GD by The Straight Story:
http://www.democraticunderground.com/100268300
And the L.A. City Attorney wants jail sentences up to 1 year for #Occupy demonstrators:
Los Angeles Councilman: Trutanich Wants To Silence Civil Disobedience
Posted in GD by Fire Walk With Me:
http://www.democraticunderground.com/100268480
dixiegrrrrl
(60,010 posts)The inequities are becoming so public,, so blatant, more and more people are forced to realize what is really going on.