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Philadelphia sues seven big banks, alleges municipal bond collusion

ipfd320

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This Story is in Reuters--Seems Like these Banks were making Big Bucks for doing nothing--Below is a few paragraphs to the Story

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The city of Philadelphia has filed an antitrust lawsuit accusing seven major banks of conspiring to inflate interest rates for a type of bond used by cities, towns and other public entities, costing them potentially billions of dollars.

In a complaint filed on Wednesday night, Philadelphia accused Bank of America Corp, Barclays Plc, Citigroup Inc, Goldman Sachs Group Inc, JPMorgan Chase & Co, Royal Bank of Canada and Wells Fargo & Co of secretly manipulating rates for tax-exempt bonds known as VRDOs, or variable-rate demand obligations.

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The COMPLETE Story is Here-->
Philadelphia sues seven big banks, alleges municipal bond collusion | Reuters
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