Bank of America’s settlement is “likely the tip of the iceberg
Bloomberg news Dec 8, 2010
"The government has identified more than a dozen firms, including JPMorgan Chase & Co.
, UBS AG
, and Societe Generale
as unindicted co-conspirators in a criminal case brought by the Justice Department against a Los Angeles investment broker.rosecutors have said that favored bankers got inside information from brokers who handled bidding for the contracts so they could carve up the market. In some cases, bankers admitted paying kickbacks to brokers.
“I had conversations prior to the bid with the broker about who the bidders were going to be and who was going to win or lose,” Campbell, the former Bank of America executive, told a federal judge when he pleaded guilty on Sept. 9, according to a court transcript. "