Top bar

About POGO's Federal Contractor Misconduct Database (FCMD)

The government awards contracts to companies with histories of misconduct such as contract fraud and environmental, ethics, and labor violations. In the absence of a centralized federal database listing instances of misconduct, the Project On Government Oversight (POGO) is providing such data. We believe that it will lead to improved contracting decisions and public access to information about how the government spends hundreds of billions of taxpayer money each year on goods and services. Report an instance of misconduct »

General Electric

Anticompetitive Conduct in the Municipal Bond Investments Market (Non-Prosecution Agreement)

Date: 12/23/2011 (Date of Non-Prosecution Agreement)

Misconduct Type: Antitrust

Enforcement Agency: Justice

Contracting Party: None

Court Type: Criminal

Amount: $0

Disposition: Non-Prosecution Agreement

Synopsis: GE Funding Capital Market Services Inc. entered into a non-prosecution agreement with the Department of Justice to resolve the company’s role in anticompetitive activity in the municipal bond investments market. As part of its agreement with the department, GE Funding admitted, acknowledged and accepted responsibility for illegal, anticompetitive conduct by its former traders. From 1999 through 2004, the traders entered into unlawful agreements to manipulate the bidding process on municipal investment and related contracts, and caused GE Funding to make payments and engage in other related activities in connection with those agreements through at least 2006. These contracts were used to invest the proceeds of, or manage the risks associated with, bond issuances by municipalities and other public entities. See related General Electric instance, “Anticompetitive Conduct in the Municipal Bond Investments Market (SEC Settlement)”.