"Bank overcharged pension fund by $20m, state says" June 14, 2011|By Beth Healy, Globe Staff
Massachusetts officials yesterday alleged that the state pension fund was overcharged by at least $20 million over the past four years as a result of foreign-currency trading abuses by Bank of New York Mellon Corp.
We call it stealing around here.
State Treasurer Steven Grossman announced the allegations after receiving results of an outside audit of the trading expenses. His office had ordered the audit following a wave of lawsuits around the country against large banks that handle foreign-exchange trades on stock transactions.
“This has clearly been a rampant practice of bad behavior,’’ Grossman said at a press conference. “I think there is a violation of the public trust that has taken place.’’
Gee, SMELLS like a CRIME to ME!
So who is going to jail?
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