JPM Pays $35 Million To Settle Bid Rigging Case
America's toothless regulators strike again. JPM, which recently got away virtually scott free with an identical settlement on CDO security fraud that dragged Goldman stock for months back in 2010, has once again exposed its "most favored fraud" status with America's regulators after Reuters announced that the firm will settle a charges of a 6 year long bid-rigging fraud in municipal securities with the SEC... for the princely sum of $35 million.
"JPMorgan Chase was ordered to pay more than $35 million to settle allegations that employees participated in a bid-rigging scheme for derivatives sold to municipalities and non-profit organizations. The Office of the Comptroller of the Currency said JPMorgan employees engaged in the scheme beginning in at least 1999 though 2005, submitting false or sham courtesy bids and communicating with direct competitors to fix prices. The OCC said the enforcement action is part of a global resolution with the U.S. Department of Justice, Internal Revenue Service, Securities and Exchange Commission, Federal Reserve Board, and about 25 state attorneys general."
It would be great to discover just what the profit that JPM had generated for the 6 year period associated with this fraudulent activity was, and what the ratio of payoff to illgotten gains has been. 1% would be our generous, upper estimate.
But at least justice is service and the stealing can continue.
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