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 »