Broken Promises

Number 23906
Subject Banks
Source Bloomberg Business News (Princeton, N.J.)
State NJ
Year 2008
Publication Date 02/01/2008; 05/22/2008; 10/27/2008
Summary JPMorgan Chase has become the central focus of what is now the largest-ever criminal investigation of the $2.6 trillion municipal bond market. This report shows how JPMorgan Chase convinced school districts, counties and cities to use so-called interest-reat swps, complex derivatives that were supposed to provide low-cost financing to the public. Instead, taxpayers lost millions of dollars as JPMorgan reaped profits.
Category Contest Entry
Pages 15
Keywords finances; banks; corruption; scams; overcharging; municipal bond market;
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