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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 454.39+6.4%Feb 3 4:00 PM EST
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To: TobagoJack who wrote (85563)1/4/2012 7:47:58 AM
From: Haim R. Branisteanu2 Recommendations  Read Replies (1) of 220000
 
Wall Street’s Big Swingers Get the Biggest Breaks: Susan Antilla

bloomberg.com

Paying fines and walking away from liability, though, isn’t the only break that the accused have been catching. It has become routine that, on the heels of a settlement with the SEC, big banks and other defendants request and receive waivers from punishments designed to kick in as a result of their settlement orders. My personal favorites are the series of agreements between the SEC and the investment firms it accused of rigging prices of municipal bonds. Five firms have agreed to pay $743 million in bid-rigging cases since December 2010 -- all reaping the benefits of those “neither admit nor deny” clauses along the way, of course.

“Our complaint against UBS reads like a ‘how-to’ primer for bid-rigging and securities fraud,” said Elaine C. Greenberg, chief of the SEC’s Municipal Securities and Public Pensions Unit. “They used secret arrangements and multiple roles to win business and defraud municipalities through the repeated use of illegal courtesy bids, last looks for favored bidders, and money to bidding agents disguised as swap payments.”

I don’t know about you, but that sounds pretty bad to me. Fraud.
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