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JPMorgan, Lehman, UBS Named in Bid-Rigging Conspiracy

Posted By admin On March 27, 2010 @ 7:13 am In Money Watch | Comments Disabled

William Selway and Martin Z. Braun
Bloomberg [1]
March 27, 2010

 JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS AG were among more than a dozen Wall Street firms involved in a conspiracy to pay below-market interest rates to U.S. state and local governments on investments, according to documents filed in a U.S. Justice Department criminal antitrust case.

A government list of previously unidentified “co- conspirators” contains more than two dozen bankers at firms also including Bank of America Corp., Bear Stearns Cos., Societe Generale, two of General Electric Co.’s financial businesses and Salomon Smith Barney, the former unit of Citigroup Inc., according to documents filed in U.S. District Court in Manhattan on March 24.

The papers were filed by attorneys for a former employee of CDR Financial Products Inc., an advisory firm indicted in October. The attorneys, as part of their legal filing, identified the roster as being provided by the government. The document is labeled “list of co-conspirators.”

None of the firms or individuals named on the list has been charged with wrongdoing. The court records mark the first time these companies have been identified as co-conspirators. They provide the broadest look yet at alleged collusion in the $2.8 trillion municipal securities market that the government says delivered profits to Wall Street at taxpayers’ expense.

Full article here [1]

JPMorgan, Lehman, UBS Named in Bid Rigging Conspiracy 100210banner1 [2]


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[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601109&sid=anl9vTKXKYyk&pos=10

[2] Image: http://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=354152106&mt=8#

[3] Conspiracy of Banks Rigging States Came With Crash: http://www.prisonplanet.com/conspiracy-of-banks-rigging-states-came-with-crash.html

[4] U.S. Stock-Index Futures Tumble on Lehman; AIG, JPMorgan Fall: http://www.prisonplanet.com/us-stock-index-futures-tumble-on-lehman-aig-jpmorgan-fall.html

[5] Lehman Cash Crunch Caused by Lender JPMorgan, Creditors Say: http://www.prisonplanet.com/lehman-cash-crunch-caused-by-lender-jpmorgan-creditors-say.html

[6] Investigators Are Closing In On Two Other Banks Involved In LIBOR Rigging: http://www.prisonplanet.com/investigators-are-closing-in-on-two-other-banks-involved-in-libor-rigging.html

[7] Bank of America, UBS, JPMorgan Sued Over Derivatives: http://www.prisonplanet.com/bank-of-america-ubs-jpmorgan-sued-over-derivatives.html

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