Saturday, February 2, 2008

First of many? Bank reimburses city for miss-selling securities

Merrill Lynch Opens Legal Hornet's Nest

Discussion of various misselling cases. In one case a school required money for building renovations. They were talked into a credit default swap by JPMorgan Chase which gave them $750,000. "What New York-based JPMorgan Chase didn't tell them, the transcript shows, was that the bank would get more in fees than the school district would get in cash: $1 million." With the credit crunch things went wrong and the school board paid $2.9 million to JPMorgan to get out of the deal. Tax payers money for education!

Posted by happyrenterz @ 10:55 PM (526 views)
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3 thoughts on “First of many? Bank reimburses city for miss-selling securities

  • Spooky! I see lvmreader had already posted something similar a few minutes ago!

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  • housepricecrash.co.uk must be working! Bruno making videos, it even got mentioned in newspapers like the Independent today.

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