As the Securities and Exchange Commission continues to make a half-pass at holding Wall Street players accountable for pre-Great Recession chicanery, the city of Cleveland might see some of JP Morgan Chase & Co’s indulgence money come its way.
The state of Ohio was recently named in a $92 million settlement between the bank and local governments for “fraudulent bidding practices” in municipal bond derivatives transactions. That chunk of change is part of a larger $228 million dollar bill government regulatory agencies have handed the bank for prior bad acts. According to the Ohio Attorney General’s office, the city of Cleveland may have been one of the duped parties.
This article appears in Sep 14-20, 2011.
I hope all of the $92 million goes directly to the State Education department, then dispursed to each individual school system by how much our Governor cut each individual budget. Will it happen, no. Would it be the most fair way to appropriate the windfall, yes.