Wednesday, November 10, 2010

More bid rigging.. under the radar

AG Coakley has brought suite against a New York firm, Tradition North America, claiming the company lied to the Commonwealth and orchestrated a complicated bid-rigging process. Mind you... the company worked for the State from 2000 to 2004 and was supposed to get the highest interest rates from banks on investments of municipal bond proceeds. Some 16 banks are being investigated by the feds and one Tradition agent has pleaded guilty.

What this means to Framingham and the Commonwealth? It means that 160 local and State government bond issuers have been taken to the cleaners... once again. I wonder how much more money we would all have, if the fraud would just stop.It's amazing to see it took 6 years to find this out.


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