Banks Misled Governments On Use Of Derivatives

We have written of this before as has happened in the U.S. And, I have a unique look at this in a future post. But this week the city of Milan joins the club by suing some of the international banksters.

The banks misled the city government on the advantages of buying the derivates, including the impact of the fees they charged on the contracts, according to the financial police. The banks also violated U.K. rules on managing conflicts and protecting customer interests as is outlined by the Financial Services Authority handbook, according to the financial police.