GE Pays out $70.4 Million to ‘Resolve’ Bid-Rigging Investigations

The Blaze reports:

General Electric has agreed to pay $70.4 million to settle a criminal probe and civil claims brought against the corporation for having allegedly conspired to rig bids on U.S. municipal bond deals, overcharging state and local governments on their investments.

GE’s settlement stems from an investigation into the conduct of three now-former GE employees between 1999 and 2004 at a unit of the finance division that was discontinued in April 2010, GE said in a statement today.

“Our in-depth investigations have uncovered pervasive corrupt practices in the municipal securities reinvestment market, and we are requiring financial firms one by one to step up and pay the price for their misconduct,” said Robert Khuzami, the director of the SEC’s Division of Enforcement.

No word yet on this one from MSNBC's Chris Matthews or Ed Schultz.