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U.S.: FBI probe cracks down on municipal bid rigging

 |  September 21, 2012

According to the FBI, Bankers used a code like the Mafia to collude. The FBI was successful in decoding the Mafia-like code during the Municipal Bonds bid-rigging case, thanks to taping phone conversation to. The collusion begins with municipalities issuing bonds and putting the money they raise in an interest-yielding fund. The municipality and sometimes a company a municipality has agreed to help then spends the funds on the project for which the bonds were sold.

Full Content: UPI

Related Content: U.S./Switzerland: UBS Exec’s charged for Bid-rigging 

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