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JPMorgan, Bank Of America Municipal Bond Scam May Be 'Tip of the Iceberg'

Jamie Dimon thinks about the culture of fraud he's built at Chase.  

Bid-rigging always seems like such an easy game.  At least until someone at Bank of America gets scared and starts talking to the Feds.  Uh-oh...

We started coverage of this story yesterday...

More color is leaking, and it appears other large banks have been implicated in the fraud.  Imagine that.


Source - Bloomberg

Bank of America Corp.’s agreement to pay $137 million in restitution for taking part in a nationwide bid-rigging conspiracy for municipal-investment contracts may soon be followed by more settlements to repay the scheme’s victims, the Justice Department’s Antitrust Division head said.


  • “Stay tuned to this channel -- I think you will see a lot more activity in the coming weeks and months,” Christine Varney, the antitrust chief, told reporters yesterday. “We are committed to getting restitution, full restitution, to all the municipalities that were victims of this scheme.”


Bank of America, which has assisted the government probe of the $2.8 trillion municipal-bond market since at least 2007 in return for leniency, has provided documents, e-mails and recordings of phone calls, according to court records of civil suits. In September, Douglas Lee Campbell, formerly employed by the bank’s municipal derivatives group, pleaded guilty to taking part in a conspiracy to pay state and local governments below- market rates on investments purchased with bond proceeds.


  • Bank of America’s settlement is “likely the tip of the iceberg,”Andrew Gavil, a law professor at Howard University in Washington, D.C., said in an e-mail. He said other conspirators may pay much higher penalties.


The government has identified more than a dozen firms, including JPMorgan Chase & Co., UBS AG, and Societe Generale as unindicted co-conspirators in a criminal case brought by the Justice Department against a Los Angeles investment broker.

JPMorgan, UBS, a unit of General Electric Co. and a former subsidiary of Belgian bank Dexia SA have also reported in regulatory filings that they face civil suits by the U.S. Securities and Exchange Commission. The companies say they are cooperating with the government.


  • “I had conversations prior to the bid with the broker about who the bidders were going to be and who was going to win or lose,” Campbell, the former Bank of America executive, told a federal judge when he pleaded guilty on Sept. 9, according to a court transcript.


Eight one-time bankers and financial advisers, including former employees of UBS, JPMorgan and Bank of America, have pleaded guilty in connection with the municipal bid-rigging probe.

Continue reading...



William Black With Dylan Ratigan: "There Is Bank Fraud Everywhere And BERNANKE Is Leading The Cover-Up," PLUS Part 2 Of 'Seize Bank Of America'...


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Reader Comments (15)

Dec 9, 2010 at 3:21 PM | Registered CommenterDailyBail
Insiders Say New Machines Have Poor Detection

Fears Mount on TSA Body Scanners


Dec 9, 2010 at 3:22 PM | Registered CommenterDailyBail
2.8 trillion.
Dec 9, 2010 at 4:05 PM | Unregistered Commenterjohn
Hold fast to the Bible. To the influence of this Book we are indebted for all the progress made in true civilization and to this we must look as our guide in the future.
Ulysses S. Grant

And the Oscar for best supporting actress goes to Nancy Pelosi for her portrayal of the hated elitist woman who helped her Marxist Fuhrer dupe the left wing lunatics into believing that they were forced into agreeing with George Bush in the Marxist hostage taking docudrama aptly titled Obamanomics and the Devil from Kenya.

“And call to her
For her evil is come to an end
Her iniquity is forgiven
She hath received of the hand of the Lord double
For all her sins.”

Behold the lamb of God who takest away the sins of the world.
Dec 9, 2010 at 4:07 PM | Unregistered CommenterJohn Patmos
Surely all Republicans are without sin John of Patmos, surely none have experienced the big 7:

Pride- is excessive belief in one's own abilities, that interferes with the individual's recognition of the grace of God. It has been called the sin from which all others arise. Pride is also known as Vanity.

Envy- is the desire for others' traits, status, abilities, or situation.

Gluttony- is an inordinate desire to consume more than that which one requires.

Lust- is an inordinate craving for the pleasures of the body.

Anger- is manifested in the individual who spurns love and opts instead for fury. It is also known as Wrath.

Greed- is the desire for material wealth or gain, ignoring the realm of the spiritual. It is also called Avarice or Covetousness.

Sloth is the avoidance of physical or spiritual work.

How about Queen Nancy's wardrobe, give us a fashion report.
Dec 9, 2010 at 4:24 PM | Unregistered CommenterS. Gompers
One of the investment brokers was CDR Financial Products. Isn't that the outfit that helped end Gov. Richardson's run for president? I wonder what kind of "investments" CDR was putting taxpayer's money into. Strange that municipal money would be brokered via that great financial capitol, Los Angeles.
Dec 9, 2010 at 5:28 PM | Unregistered CommenterG Street
Religion is the sigh of the oppressed creature, the heart of a heartless world, and the soul of soulless conditions. It is the opium of the people.
B.H. Obama

Whenever anyone has offended me, I try to raise my soul so high that the offense cannot reach it.
Rene Descartes
Dec 9, 2010 at 9:35 PM | Unregistered CommenterJohn Patmos
@g street...nice catch..i had forgotten about richardson...
Dec 10, 2010 at 3:36 AM | Registered CommenterDailyBail
Dec 10, 2010 at 5:20 AM | Registered CommenterDailyBail
Jct: Isn't it interesting that no matter how bad the news, it is always getting worse.
No matter how bad, we eventually find out that "it's the tip of the iceberg!
It always gets worse and there is no way out other than to reboot the banks
malfunctioning computers to get rid of the 1/(s-i) positive feedback that makes
debts grow beyond the money to pay it with. Usury. Of course, these students
are too dumbed-down to go study the source of their financial woes. They don't
care to find out how it's being done to them, just that they make as much noise
until it stops. Ha. As if demanding it be done right will work when no one is claiming
to know how to run money chips right like LETS timebanks (who gets on
mainstream news, that is).
Dec 10, 2010 at 6:12 AM | Unregistered CommenterKingofthePaupers
Massachusetts Green Bonds Mirror World Bank: Muni Deals


The tax-exempt general obligations are modeled after ones from the Washington-based development lender, which has sold more than $3 billion in green securities since 2008 to help combat climate change. Endowments and pension funds that are required to invest in environmental ventures may be attracted to the issue, state Treasurer Steven Grossman said.
Sep 28, 2013 at 8:34 AM | Unregistered Commenterjohn
Carbon Markets Need Global Regulator to Spur Climate Funding


United Nations envoys meeting in November should appoint a regulator to link carbon markets emerging from China to California and stimulate investment in emission-reduction projects, according to a carbon lobby group.
A global overseer would coordinate markets and boost private-sector confidence in efforts to cut greenhouse gas, said Anthony Hobley, president of the Climate Markets & Investment Association, whose members include JPMorgan Chase & Co. and Cargill Inc. More than 50 jurisdictions have set up or are considering carbon markets, UN and World Bank data show.
Sep 28, 2013 at 11:00 AM | Unregistered Commenterjohn

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