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
