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Bank of America settles muni-market fraud charges

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posted on Dec, 7 2010 @ 04:47 PM
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Bank of America settles muni-market fraud charges


www.marketwatch.com

WASHINGTON (MarketWatch) — Bank of America Corp. on Tuesday settled with the Securities and Exchange Commission, the Internal Revenue Service, the Federal Reserve, 20 state attorneys-general and other regulators over charges of rigging bids for investments in municipal securities, agreeing to pay $137 million to authorities.
(visit the link for the full news article)




posted on Dec, 7 2010 @ 04:47 PM
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Following hot on the heals the recent threat/promise by WikiLeaks that the next major expose coming from them will target the banking sector, we now find the 1st major US bank "voluntarily" pleading guilty to misconduct and mismanagement.

I guess they figure it's better to own up, attempt to keep some control and hopefully gain some brownie points with the banking public rather than being seen as having been "forced" into coming clean due to incriminating documents being released by WikiLeaks.

Will be interesting to see if this "admission of guilt" by BOA spurs any other banks to follow suit and decide to "come clean" on their illegal own banking activities.

Looks like there may be a major shakeup of the banking sector on the horizon. Isn't it amazing what just the threat of public info release can do to make the rats go into self-protection and damage control mode !



www.marketwatch.com
(visit the link for the full news article)
edit on 7/12/10 by tauristercus because: (no reason given)



posted on Dec, 7 2010 @ 05:27 PM
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Now how coincidental is that .... hmmmm ?


The mere mention that WikiLeaks are going after the banks next and what do we see happen ? Here is BOA falling all over itself to plead guilty of wrongdoing !
When was the last time a major bank did that ? As far as I'm aware .... NEVER



posted on Dec, 7 2010 @ 05:50 PM
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This is so BS. I mean you can't be more crooked than the government to allow SETTLING on freaking fraud of hundreds of billions of $ if not TRILLIONS!

And it's FREAKING NOWHERE ON THE NEWS.


America has fallen, this is just another proof of that... the big banks rule America, the justice system, the states, the supreme court, the whole damn congress except a few like Ron Paul.

I just have no words for this.

If I could press a button to hang all those pieces of filth, I would do it without any hesitation a trillion times.



posted on Dec, 7 2010 @ 06:05 PM
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Without criminal charges?

Tisk tisk that is a sign of very bad things for the people to come.

reply to post by tauristercus
 



posted on Dec, 7 2010 @ 06:15 PM
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Obviously if you're a mega-business entity, you can easily escape a criminal conviction and time behind bars.

But the part that has me wondering is this:



agreeing to pay $137 million to authorities.


just WHO are these authorities that will receive the $137 million bribe ... sorry, meant to say fine !
edit on 7/12/10 by tauristercus because: (no reason given)



posted on Dec, 7 2010 @ 07:58 PM
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Originally posted by tauristercus
Obviously if you're a mega-business entity, you can easily escape a criminal conviction and time behind bars.

But the part that has me wondering is this:



agreeing to pay $137 million to authorities.


just WHO are these authorities that will receive the $137 million bribe ... sorry, meant to say fine !
edit on 7/12/10 by tauristercus because: (no reason given)


So let me get this straight.

One of the biggest US banks is accused of perpetrating fraud and is charged for rigging bids for investments, and the only punishment is a slap on the wrist and a puny fine of only $137 million ? Whats a $137 million to such a bank ... a weeks profit ?

And they say crime doesn't pay




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