JP Morgan Allowed To Rape And Plunder Again

JP Morgan has done some REAL shady deals in the financial markets. One
of the deals was rigging the municipal bond market. That costs some
localities a lot of money, and if I remember correctly, may cause a
few local bankruptcies.

http://money.cnn.com/2011/07/07/news/companies/jpmorgan_sec_muni_settlement/

NEW YORK (CNNMoney) -- JPMorgan Chase will pay $228 million in a
setttlement of charges that the bank's securities division rigged the
market for municipal bond derivatives, state and federal regulators
announced Thursday.

The Securities and Exchange Commission and state attorneys general
accused the company's JPMorgan Securities unit of anti-competitive and
fraudulent conduct in reinvestment transactions linked to municipal
bonds.

According to the SEC, JPMorgan Securities reaped millions of dollars
in ill-gotten gains by manipulating the bidding process for securities
that state and local governments use to reinvest proceeds from the
sale of municipal bonds.

The SEC alleges that JPMorgan Securities (JPMS) entered into "secret
agreements" with bidding agents to obtain information on rival bids, a
practice known as "last looks."

This stinks. It gives capitalism a real bad name and the strongest
pro-capitalist screamers never say squat! THIS is why
regulations are necessary.