Friday, March 26, 2010

JPMorgan, Lehman, UBS Named as Conspirators in Muni Bid-Rigging




March 26 (Bloomberg) -- 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.

More evidence of Wall Street's criminality. The financial sector has become like a cancer on the economy. It needs to be shrunk dramatically. Many of these firms should be shut down. (At least Lehman's gone!)

And to think, Jamie Dimon has been considered a front runner for Treasury Secretary at times. Not surprising considering who's in there now!

2 comments:

googleheim said...

Well, ....

it looks like we should have let the banks fall and crumble and let the world eat their cake and swipe the sarcastic smiles off Iranian, Venezuelan, Brazilian, Indian and Chinese caPRICious

and then stoke up our car industry as well as infrastructure.

a little bit of creative destruction for the creative destructionists themselves !!!

Mike Norman said...

Yeah, we don't even need banks. We could have a "Treasury funded" economy. But at least let's get rid of the avaricious speculators like Goldman, etc.