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Tuesday, October 22, 2013

Why is Poland Covering-Up and not Investigating JP Morgan for Manipulating Poland's Equity Markets from Five Years Ago?

What Polish politician(s) has gotten paidoff with hush money not to investigate? Waldemar Pawlak?
JP Morgan Still Avoids Prosecution for Manipulating Markets in Poland - Media Colludes in Cover-Up

Poland Still Fearful of JP Morgan's Wrath which it Accuses of Manipulating Poland's Equity Markets

Posted by Charleston Voice again on  10.22.13
  "        "           "              "             "            09.24.13
  "        "           "              "             "            02.25.13
  "        "            "              "             "            11.27.12
  "        "            "              "             "            08.14.12
  "        "            "              "             "            05.21.12
After nearly five years we have seen no subsequent stories, follow-ups, or resolution to this story - - anyone have any info? Where are the financial journalist sleuths to sniff out the truth?

The government is investigating JP Morgan's activities in Poland

1st December 2008

Economy Minister Waldemar Pawlak has announced that the government will investigate financial services firm JP Morgan's activities in Poland, and will ask the US authorities for an explanation.

Concerns emerged in late November when the Polish Financial Supervision Authority (KNF) stated that it had reason to suspect that JP Morgan had been involved in manipulation of the blue-chip WIG20 index on November 12. That session ended in a 9.1 percent loss for the index. The KNF has contacted the Prosecutor's Office.
Waldemar Pawlak, Deputy Prime Minister, Minister of Economy, Poland
The loss resulted from a series of buy orders placed shortly before the close of trade, which pushed the WIG20 up five percent, and the KNF claims the orders came from JP Morgan Securities Limited in Great Britain. The buy orders, worth zł.130 million, were made for the stock of all 20 companies on the blue-chip index.

"The accusations presented by the KNF are serious. This looks like manipulation. It is good that the KNF has handled this issue so well," said Wiesław Rozlucki, a former president of the WSE toldRzeczpospolita.

This is not the first time JP Morgan has courted controversy in Poland. Earlier this autumn it issued a report which claimed that Poland's economy was in worse shape than Hungary's. "In the case of a crisis [the Polish economy] would be left almost with no reserves," the report stated.

In October, the firm also lowered its GDP growth predictions for Central and Eastern Europe, with Poland's 2009 growth estimated at 1.5 percent, half of what has been forecast by the National Bank of Poland and the EC.

JP Morgan's activities have aroused suspicion but Rozłucki did not think all these issues were connected. "I do not suspect any plot by JP Morgan. I reject suggestions that this could be a coordinated action," he said.

As WBJ went to press, JP Morgan was still working on an official statement on this matter and was thus unable to comment.

From Warsaw Business Journal 

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