MORE NIBBLING AWAY AT THE MOTU

As I've written before, a fine is nice but some people really should go to jail because that would be a greater deterrent.

JPMorgan settles muni bid-rigging case for $211.2 million
Reuters
By David Henry | Reuters – 4 hrs ago

NEW YORK (Reuters) - JPMorgan Chase & Co agreed to pay $211.2 million to settle federal and state charges that its employees rigged bids for derivatives sold to at least 48 cities and charities.

Since December, Bank of America Corp has agreed to pay $137 million to settle charges and UBS has paid $160 million, according to the Securities and Exchange Commission, which has been part of all three cases.

Former JPMorgan employees submitted sham bids when seeking to provide derivatives to municipalities and not-for-profit organizations, law enforcers said. The bank also communicated with competitors to fix prices as part of a scheme that began as early as 1997 and continued into 2006, law enforcers said.

MY BAD! I didn't read the entire article so I missed this goody:

From JPMorgan and other banks in the industry, nine former employees have pleaded guilty to crimes and nine others have criminal charges pending, according to a statement from the U.S. Department of Justice.