Tuesday, September 9, 2008

Catherine Austin Fitts: JP Morgan Hand Caught In Swaps And Derivatives Cookie Jar With Local Governments

Erie, Pennsylvania Sues JP Morgan Chase

Facing Federal Probe, JPMorgan Exits Municipal Swaps

Business Standard (5 Sep 2008)

“JPMorgan Chase & Co will stop selling interest-rate swaps to government borrowers in the $2.6 trillion US municipal bond market roiled by an antitrust probe and the near-bankruptcy of Alabama’s most-populous county.

At least seven former JPMorgan bankers are under scrutiny in a Justice Department criminal investigation of whether banks conspired to overcharge local governments on swaps and other derivatives. JPMorgan also led a group of banks that charged $120 million in fees for such deals in Jefferson County, Alabama. That was as much as $100 million too high, the county’s former adviser said.”

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From Catherine Austin Fitts' Blog

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