http://www.courant.com/business/hc-bank-of-america-1208-20101207,0,5363581,print.story
How does it feel to be sold out Connecticut for a mere $600,000,
while Bank of America gets to admit no guilt for illegal practices that would have buried the average Joe for committing?
This wasn't a one time thing for the bank, it was an on going practice for 6 years. It robbed your state as well as your towns and cities of much needed revenue that you were purposely set up to pay.
But because of political pull once again, they get off scot free, while you're still held to the terms of the bogus contract that they set you up to pay.
How far does that $600,000 go in terms of how much those rigged contracts netted for the bank?
Not far is my guess. It's certainly not far enough to actually be able to terminate the original source of the banks indiscretion.
So while your tax revenues are tied up for an untold amount of time paying for a loan that was rigged for the banks and investors to make maximum profit off of Bank of America is off the hook and ready to start a brand new game.
Bank of America will pay $137 million in restitution for its part in a nationwide scheme that included bid rigging and other anti-competitive practices that defrauded state agencies, cities and towns, school districtss and nonprofits in the purchase of municipal bond derivative, Connecticut's attorney general said today.
Bank of America will pay $137 million to settle government accusations that it rigged bids to win business from municipal governments, Connecticut's attorney general said today.
Connecticut is among 20 states that will share $67 million of that total in restitution tied to nationwide anti-competitive practices that defrauded state agencies, cities and towns, school districts and non-profits in the purchase of municipal bond derivatives.
Connecticut's share is expected to be about $600,000, according to Connecticut Attorney General Richard Blumenthal
Bank of America, Connecticut's largest bank, cooperated with authorities in exchange for leniency. In settling, the bank neither admitted or denied the accusations.
The investigation covers practices occurring between 1998 and 2003. In addition to Bank of America, the wide-ranging investigation is targeting several other major financial institutions.
"Bank of America is pleased to put this matter behind it, and
Showing posts with label Bid rigging. Show all posts
Showing posts with label Bid rigging. Show all posts
Thursday, December 9, 2010
Tuesday, May 18, 2010
Conspiracy of Banks Rigging States Came With Crash
http://www.bloomberg.com/apps/news?pid=20601109&sid=axH24KWxjVDE&pos=10
No nothing to see here because the Justice Dept made a deal, to only prosecute the peons rather than the banks
This makes it rather obvious just WHO destroyed the World's financial system and how they ALL did it.
The question is why is the Mafia prosecuted while "the banks" are allowed to consider it business as usual and get away with it?
Why are they given AMNESTY? Because they OWN the government
May 18 (Bloomberg) -- A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion municipal bond market.
The call came less than two hours before bids were due for contracts to manage $90 million raised with the sale of West Virginia bonds. On one end of the line was Steven Goldberg, a trader with Financial Security Assurance Holdings Ltd. On the other was Zevi Wolmark, of advisory firm CDR Financial Products Inc. Goldberg arranged to pay a kickback to CDR to land the deal, according to government records filed in connection with a U.S. Justice Department indictment of CDR and Wolmark.
[B]They rigged bids on auctions for so-called guaranteed investment contracts, known as GICs, according to a Justice Department list that was filed in U.S. District Court in Manhattan on March 24 and then put under seal. Those contracts hold tens of billions of taxpayer money[/B].
[B]Amnesty Agreement
In exchange, the government promised in an amnesty agreement not to prosecute the bank[/B]
No nothing to see here because the Justice Dept made a deal, to only prosecute the peons rather than the banks
This makes it rather obvious just WHO destroyed the World's financial system and how they ALL did it.
The question is why is the Mafia prosecuted while "the banks" are allowed to consider it business as usual and get away with it?
Why are they given AMNESTY? Because they OWN the government
May 18 (Bloomberg) -- A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion municipal bond market.
The call came less than two hours before bids were due for contracts to manage $90 million raised with the sale of West Virginia bonds. On one end of the line was Steven Goldberg, a trader with Financial Security Assurance Holdings Ltd. On the other was Zevi Wolmark, of advisory firm CDR Financial Products Inc. Goldberg arranged to pay a kickback to CDR to land the deal, according to government records filed in connection with a U.S. Justice Department indictment of CDR and Wolmark.
[B]They rigged bids on auctions for so-called guaranteed investment contracts, known as GICs, according to a Justice Department list that was filed in U.S. District Court in Manhattan on March 24 and then put under seal. Those contracts hold tens of billions of taxpayer money[/B].
[B]Amnesty Agreement
In exchange, the government promised in an amnesty agreement not to prosecute the bank[/B]
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