JPM, Lehman, UBS alleged as conspiring to cheat municipalities on investments

Now it is getting closer to being official. This Bloomberg story reports that not only do Wall Street firms screw their clients (hardly a novel revelation these days) but a large group of firms allegedly conspired to price-fix on guarantee investment contracts, a product used by government issuers to park cash raised via bond issues before they deploy it.

Our complicit and craven government hasn’t yet charged anyone with wrongdoing yet.

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