IRS Steps Up Probes of GIC Bid Rigging

Newman, Emily; Hume, Lynn
January 2005
Bond Buyer;1/7/2005, Vol. 351 Issue 32045, p1
Trade Publication
The article informs the U.S. Internal Revenue Service is broadening its investigation into possible bid-rigging practices involving guaranteed investment contracts in the municipal market, and the U.S. Justice Department and the U.S. Securities and Exchange Commission are looking at alleged abuses in this area as well, key market sources said yesterday. The heightened concerns about GIC transactions come as regulators have obtained evidence showing that bid rigging is much more prevalent in the municipal market than believed.


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