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Many banks suspected co-conspirators in muni case

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posted on Mar, 27 2010 @ 03:50 PM
This strikes me as potentially enormous news. The government is finally taking notice of the blatant market manipulation that has been obvious to any investor with a pulse for some time.

The question becomes, is this the start of a serious shakeout or another bandaid over a sucking chest wound? I lean gloomily towards the latter but you never know.

Shenanigans and rigging in the silver market among certain big names have been noted elsewhere on ATS as well.

-- More than a dozen banks and investment firms are suspected co-conspirators in a criminal probe by the U.S. Justice Department's Antitrust Division into alleged bid rigging and price fixing in the municipal derivatives market, according to a court filing.

The list of banks was "inadvertently" filed earlier this week in U.S. District Court in Manhattan as part of a request for a bill of particulars in a criminal case against three former executives of CDR Financial Products Inc., a California municipal-bond broker. The executives, including CDR founder David Rubin, were indicted in October on conspiracy and fraud charges. They have denied wrongdoing.

In a letter Thursday, the lawyers asked U.S. District Judge Victor Marrero, who is hearing the criminal case, to strike the inadvertent filing.

More at source:

JPMorgan, Lehman, UBS Named in Muni Bid-Rigging Suit

[edit on 3/27/10 by silent thunder]

posted on Mar, 27 2010 @ 05:20 PM
If you ask me, I think there is Corruption and price fixing in all facets of the Money Market.

These people amd Companies probably stepped on someones toes and got the "Big Boy's" to get rid of them.

I have no idea why people keep Investing Money into these Markets. Every week you hear of something Shonky going on.

Can people keep losing money, Hand Over Fist?

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