Friday, March 23, 2012
Gangster Banks Keep Winning Public Business. Why? | Matt Taibbi | Rolling Stone - Chase also entered into a $722 million settlement with the government over its behavior in Jefferson County, Alabama, where the bank essentially bribed local officials to take on onerous swap deals that left the county in debt until the next millenium. Bid-rigging is an old-school crime of machine pols and gangsters. - In modern times, it's the same thing, except that it's banks now doing the pantomiming. Here a circle of organized crooks (read: banks) gets together, parcels out territories so that each party gets to "win" business in certain areas, and then they all get together and agree to a rigged bid system.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment