Posts Tagged: bid-rigging

Here we go again!

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting.

In a release on July 30, 2013, JP Morgan has agreed to pay a $410 penalty over allegations it manipulated U.S. electricity markets. According to the official release, JP Morgan Ventures Energy Corporation is alleged to have manipulated the electricity market through the company’s bidding activities in California and the Midwest during the period from… Read more »

Feds Catch Bid-Rigging Bankers

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

Federal authorities are pursuing legal action against bankers accused of systematically defrauding states, local governments and non-profits. The ongoing probe is focusing on bankers who have colluded about the offers they’ve made as they bid on contracts to invest municipal bond proceeds. Questions: 1. What is bid-rigging? Summarize the way in which the suspect bankers… Read more »