Bank of America admits guilt in antitrust case

[Valli6]

Bank of America admits guilt in US antitrust case
US banking giant Bank of America has admitted it committed fraud in the bond derivatives market and will pay 137.3 million dollars in damages, the government said Tuesday.

"Bank of America entities have agreed to pay a total of $137.3 million in restitution to federal and state agencies for its participation in a conspiracy to rig bids in the municipal bond derivatives market," the Department of Justice said in a statement.

According to the agreements, Bank of America employees engaged in illegal conduct, including bid rigging, in connection with the marketing and sale of tax-exempt municipal bond derivatives contracts, the department said.

Bank of America, the biggest US bank by assets, was the first and only entity to voluntarily report its wrongdoing before the department opened its investigation into antitrust activities in the municipal bond derivatives industry, the department noted.

Payment of the damages is a condition of Bank of America's admission into the department's antitrust corporate leniency program, in which corporations and individuals can avoid criminal conviction and fines.

The Justice Department said its ongoing investigation has resulted in charges against seven executives and one corporate entity and guilty pleas by eight executives for antitrust and related federal crimes.

http://www.alternet.org/rss/breaking_news/382416/bank_of_america__admits_guilt_in_us_antitrust_case/
Just before the bank-related Wikileak is being released!
Coincidence?

WHO in the Department of Justice, created this outrageous "antitrust corporate leniency program"?!!

 

[HOLLYWOOD]

"...committed fraud in the bond derivatives market and will pay $137.3 million dollars in damages..."

How much did BofA make off the Fraud?

Nice example of the Fascism-Corporatism racketeers that control the country.

Yeah, WIKILEAKS should of released the data, BUT... what WIKILEAKS has shown all of us is just how corporations, banks, and the government(s) conspired together.

Talk about a Den of Devils

 

[tangent4ronpaul]

They must be trying to pre-empt the WikiLeaks release. Minimize the damages...

-t

 

[Valli6]

Department of "Justice", Antitrust Division

From the Department of "Justice":

...The Department of Justice’s Antitrust Corporate Leniency Program is essential to our criminal enforcement of the antitrust laws," said Christine Varney, Assistant Attorney General in charge of the Department of Justice’s Antitrust Division. "Bank of America’s disclosure of wrongdoing and cooperation has led to an aggressive, ongoing investigation by the Department of Justice into anticompetitive activity in the municipal bond derivatives industry. The bank’s participation in the leniency program has also resulted in today’s resolution to address the harm caused by its wrongdoing. The Division’s investigation of this matter continues and the prosecution of anticompetitive conduct in the financial markets remains our highest priority."

The Department of Justice’s Antitrust Corporate Leniency Program is designed to deter and detect anticompetitive behavior. Through the Leniency Program, a corporation can avoid criminal conviction and fines, and individuals can avoid criminal conviction, prison terms and fines, if the corporation or individual is the first to report participation in a criminal antitrust violation and if other specified requirements of the program are met. The requirements of the program include self-reporting, acknowledgment of wrongdoing, full cooperation with the department’s investigation into the conduct, and payment of restitution to victims. The requirements provide the division with critical information to conduct investigations and enforce the criminal antitrust laws.

With the agreements announced today, Bank of America has met its obligation, under the Leniency Program, to pay full restitution to the IRS and municipalities based on anticompetitive conduct identified by these federal and state agencies. The bank’s agreements with the SEC, IRS, OCC and State Attorneys General represent the substantial benefits for victims that can result from the Department of Justice’s Antitrust Corporate Leniency Program, and reflect Bank of America’s commitment to address the harm caused by the conduct it discovered.

As a result of its voluntary disclosure of its anticompetitive conduct and its ongoing cooperation, Bank of America will not be required to pay penalties as a part of the agreements reached today.

http://www.justice.gov/opa/pr/2010/December/10-at-1400.html

 

[HOLLYWOOD]

The bank’s agreements with the SEC, IRS, OCC and State Attorneys General represent the substantial benefits for victims that can result from the Department of Justice’s Antitrust Corporate Leniency Program, and reflect Bank of America’s commitment to address the harm caused by the conduct it discovered.

What a load of Bullshit Propaganda!

 

[Jordan]

You know, I just can't help but laugh any more.

 

[Brian4Liberty]

Interesting...This will be a defense of Wikileaks...for those who care about criminal fraud.

 

[ViniVidiVici]

And of course nobody is going to jail because the banks are above the law.

 

[heavenlyboy34]

Just goes to show you...

The American regime is of, by, and for the corporations-The People be damned.