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Sun Dec 25, 2011, 02:59 PM

GE 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.

~~~

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.

~~~

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 Funding’s 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.'

10 replies, 1321 views

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Reply GE Settles Probe Into Muni-Bond Bid Rigging (Original post)
Angry Dragon Dec 2011 OP
Octafish Dec 2011 #1
onethatcares Dec 2011 #2
leveymg Dec 2011 #3
elehhhhna Dec 2011 #4
pinboy3niner Dec 2011 #5
dixiegrrrrl Dec 2011 #6
sarcasmo Dec 2011 #7
Angry Dragon Dec 2011 #8
Robb Dec 2011 #9
Angry Dragon Dec 2011 #10

Response to Angry Dragon (Original post)

Sun Dec 25, 2011, 03:12 PM

1. GE does hire people...

...in China.

Me, I recommend nationalizing the thing.

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Response to Angry Dragon (Original post)

Sun Dec 25, 2011, 03:24 PM

2. wow,

$70.4 million dollars.

Did Jack Welch contribute anything to that?

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Response to onethatcares (Reply #2)

Sun Dec 25, 2011, 03:34 PM

3. That's like a 50 buck fine for you or me.

Cheaper than running a red light.

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Response to Angry Dragon (Original post)

Sun Dec 25, 2011, 03:41 PM

4. "cooperated with the investigation" means "did a whitewash investigation outsourcing atin house..."

i hope if i commit a crime they let me do my own investigation.

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Response to Angry Dragon (Original post)

Sun Dec 25, 2011, 03:49 PM

5. It's true--some animals ARE more equal than others...

L.A. might sue Occupy L.A. protesters for financial damages

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

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Response to pinboy3niner (Reply #5)

Sun Dec 25, 2011, 07:20 PM

6. I am predicting a flashpoint sooner than later.

The inequities are becoming so public,, so blatant, more and more people are forced to realize what is really going on.

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Response to Angry Dragon (Original post)

Sun Dec 25, 2011, 09:44 PM

7. Way to many rich greedy criminals just paying fines and not going to jail.

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Response to sarcasmo (Reply #7)

Sun Dec 25, 2011, 10:03 PM

8. I agree

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Response to Angry Dragon (Original post)

Sun Dec 25, 2011, 10:09 PM

9. MSNBC cover this?

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Response to Robb (Reply #9)

Sun Dec 25, 2011, 11:11 PM

10. 24/7

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