Recent developments in a Department of Justice probe into bid-rigging in the municipal bond industry points to the difficulty in assessing the impact the fraud actually inflicted. “You’re trying to make people whole for something that didn’t happen,” DC Partner Andrew Friedman told Policy and Regulatory Report (subscription required). According to Mr. Friedman, in calculating damages, officials have to estimate industry behavior in the absence of bid rigging. “You have to calculate what would have happened,” he said. Mr. Friedman added that based on the investigation, bid-rigging in the municipal bond industry was “pervasive,” noting that such widespread corruption makes it even more difficult to calculate damages. “The question is: ‘Which of these auctions were clean?” he asked.