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41 percent, which turned out to be the winning bid. Utah lost out on 10 basis points, GE bilked the state out of untold sums, and CDR got another nice kickback. This, basically, is how a lot of the calls went. The provider would tentatively offer a number, and the broker would guide him to a new bid. You have a little bit of room there, he might say, or Thats gonna put you about a nickel short. Guiding the bidders to the lowest possible bid was called figuring out the level or being in the market; obtaining information about other bids was called giving an indicative or seeing the market. The brokers and providers used a dizzying array of methods for rigging deals. In some cases, the broker helped the winner by simply excluding other bidders, who may or may not have been in on the scam. In one hilarious sequence that sounds like something out of a wiretap of a Little Italy social club, CDR executive Dani Naeh tells GEs Steve Goldberg that hes not sure he can guarantee a win on a bid for a New Jersey hospital bond. There were too many triple A rated companies interested in the bond, Naeh explains, and he couldnt control their bids the way he could those of the lesser, double A rated companies he usually did business with. It would be easier for us to contact other providers who were rated double A and ask them to submit an intentionally losing bid, Naeh testified.