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Anti-Trust Tangle?
The Justice Department is going to the anti-trust well to try to contain our nation’s largest banks.
A case brought by Justice alleges that JP Morgan Chase, Bank of America and others conspired to pay unfairly low interest rates to state and local governments on their investments. Lehman Brothers and UBS were also named in the suit.
According to Naked Capitalism, “the government’s case centers on investments known as guaranteed investment contracts that cities, states and school districts buy with the money they receive through municipal bond sales. Some $400 billion of municipal bonds are issued each year, and localities use the contracts to earn a return on some of the money until they need it for construction or other projects.”
Click here for NPR’s coverage.
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