Bloomderg reports in, Bank of America Deal in Municipal Bid-Rig Case May Be `Tip of the Iceberg'
Bank of America Corp.’s agreement to pay $137 million in restitution for taking part in a nationwide bid-rigging conspiracy for municipal-investment contracts may soon be followed by more settlements to repay the scheme’s victims, the Justice Department’s Antitrust Division head said.
Bank of America, which has assisted the government probe of the $2.8 trillion municipal-bond market since at least 2007 in return for leniency, has provided documents, e-mails and recordings of phone calls, according to court records of civil suits. In September, Douglas Lee Campbell, formerly employed by the bank’s municipal derivatives group, pleaded guilty to taking part in a conspiracy to pay state and local governments below- market rates on investments purchased with bond proceeds.
Now reading this we know what we already know. Like all the other banks our elected representatives are pimping for BOA is and has be corrupt. What is intriguing is not only are they corrupt, but they are a government "SNITCH." Which makes the whole Merril Lynch gig a little easier to understand and might make one wonder if they received preferential "bail out" considerations.