Bank of America admits fraud and conspiracy in rigging municipal bond bids in derivatives trading. They are fined $137 million to make restitution to the IRS and municipalities that lost revenue. [The fine will be paid by stockholders in the form of lower dividends and by taxpayers who must pay for the inevitable bailouts. Innocent people will pay, while the executives who perpetrated the crime will not be punished but will earn bonuses.]

The above title is by the amazing G. Edward Griffin!

From: Google

Bank of America admits fraud in US antitrust case

WASHINGTON — US banking giant Bank of America has admitted it committed fraud in the municipal bond derivatives market and will pay 137.3 million dollars in damages, the government said Tuesday.

“Bank of America entities have agreed to pay a total of 137.3 million dollars in restitution to federal and state agencies for its participation in a conspiracy to rig bids in the municipal bond derivatives market,” the Department of Justice said in a statement.

Bank of America entered into agreements with the US Securities and Exchange Commission, the Internal Revenue Service (IRS), the Office of the Comptroller of Currency and 20 state attorneys general, the department said.

The combined outcome provides for payment of restitution to the IRS and to municipalities harmed by the bank’s anti-competitive conduct in the muni-bond derivatives market.

Bank of America employees engaged in illegal conduct, including bid rigging, in connection with the marketing and sale of tax-exempt municipal bond derivatives contracts, the department said.

Entire Article Here

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