Bankers from BofA, JPMorgan and UBS named as suspected conspirators in bid-fixing case

March 26, 2010 by · Leave a Comment
Filed under: Legal News 

Good to see more investigations into our financial system.  We need much more to get the players to realize that they do not have a license to break and bend the law in pursuit of profits.  They are already in a inherently profitable industry and these actions are actually harmful to the economy due to the increase financial transaction costs.

Reuters – The list, made public this week in Manhattan federal court in a criminal case, said the 29 bankers included employees of Bank of America, JPMorgan Chase, Lehman Brothers, UBS, Wachovia Bank and Societe General.

None of the individuals or institutions on the list has been criminally charged. The papers were filed by lawyers defending a former employee of CDR Financial Products Inc, also known as Rubin/Chambers, Dunhill Insurance Service Inc.

Executives of CDR were indicted in October on charges of participating in bid-rigging and fraud.

S0urce:  Reuters

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