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.
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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 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.'
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