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HomeMuni Payoffs or, Once Again, Wall Street Screws Main Street
Posted by Larry Doyle on March 26th, 2010 3:13 PM |
If you think there was fraud involved in the underwriting of mortgages, then you ain’t seen nothing yet. If there is one sector of Wall Street that has notoriously been connected with fraudulent activities it is the municipal bond sector. Why is that?
Very simply, when you have individuals who are earning municipal salaries (high 5-figures to low 6-figures) awarding bond deals which generates millions in fees for Wall Street underwriters, then it is not hard to understand that those municipal employees are going to have their hands out looking to get ‘greased.’ Who really pays for that grease? You and me. (more…)
Tags: antitrust case against Wall Street, Bank of America Bear Stearns Societe Generale, CDR Financial Products, failure of financial regulation, GE financial businesses, JP Morgan Lehman UBS Named in Bid-Rigging Conspiracy, municipal bid-rigging, municipal conspiracy, municipal financial employees, municipal frauds, municipal kickbacks, municipal market, municipal payoffs, penalties do not fit the crime, Richard Donovan of Kelley Drye and Warren LLP, Salomon Smith Barney, Wall Street crime, white collar crime, white collar crimes
Posted in General, municipal finance | 3 Comments »
