GE Settles Probe Into Muni-Bond Bid Rigging

[ShockediSay]

Source: Bloomberg News

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. ...

Bank of America Corp., (BAC) JPMorgan Chase & Co. (JPM), UBS AG (UBSN) and Wells Fargo & Co. (WFC) previously settled similar cases.


Read more: http://www.bloomberg.com/news/2011-12-23/ge-funding-capital-settles-u-s-municipal-bond-bid-rigging-investigation.html

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IMHO, Bank of America, JPMorgan Chase, UBS, Wells Fargo and GE, One Per Centers screwing 99%, including municipalities that have to lay off police, firemen and teachers, and cut their pensions. No wonder the One Per Centers don't like government big enough to prosecute them for their unlawful conduct.

[DJ13]

1. agreed to pay $70.4 million to settle a criminal probe and civil claims

And I bet that amounts to less than 10% of the profits made off that criminal enterprise.

If crimes were committed monetary fines arent the solution, and they certainly arent a deterrence to similar acts in the future.

[ShockediSay]

2. AND if corporations are PEOPLE, they should be in jail nt