Wake up and good morning. It must be an unwritten rule of our biggest banks. Thou shalt find a way to snooker your customers. At least it feels that way given the seemingly unending fines paid by or allegations confronting some of the behemoth banks that happen to dominate the Florida economy.
The latest? Wells Fargo, a recent arrival to the Sunshine State. Wells Fargo said Tuesday it agreed to pay at least $37 million in a lawsuit which alleges several banks rigged bidding competitions to win business from state and local governments. Banks help municipalities invest the money they raise from bond offerings to earn interest before paying for projects. They compete by submitting to state and local governments the best yield they can offer. According to this AP story, the lawsuit alleges several banks rigged the process and deprived governments of a true competitive process that would produce ...