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Are Jefferson County and a dozen other U.S. municipalities listening? In Italy, Deutsche Bank...

Are Jefferson County and a dozen other U.S. municipalities listening? In Italy, Deutsche Bank (DB), JPMorgan (JPM), and UBS are among the 4 banks fined €1M each and having employees sent to prison for fraud in the sale of derivative products linked to a Milan bond issue. The case could be a precedent-setting one as cases involving other local Italian governments are in the works.
Comments (5)
  • ridiculous. banks repremanded for local gov't inept financing practices.
    19 Dec 2012, 12:16 PM Reply Like
  • Bankers get their commissions and fees up front .$3.7 trillion in muni dept out there. Any rise in rates will make it worthless then the same people who sold it to them get to short it and make more; works for them. Fines like bribes are just part the cost of doing business
    19 Dec 2012, 12:25 PM Reply Like
  • Jefferson County and a dozen other U.S. municipalities are controlled by the banks.
    19 Dec 2012, 12:30 PM Reply Like
  • I wonder how many fines and arrests it would take before JPM cleans up its act? JPM, C BAC MS GS WFC are all gangsters. If someone doesn't take them all to task and CLEAN HOUSE with claw backs fines and jail time nothing will change and blogger june1234 is absolutely right. They laugh it off as cost of doing business.
    19 Dec 2012, 07:10 PM Reply Like
  • it really is amazing to me how you can be angry at the banks. municipalities have ZERO business getting into interest rate swaps and other deriv contracts they don't understand. poor decisions like that are putting people's communities, businesses, and livelihoods in danger, not jamie dimon.
    20 Dec 2012, 07:32 AM Reply Like
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