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Wednesday, November 12, 2014

Big Banks Busted Massively Manipulating Foreign Exchange, Precious Metals ... And Every Other Market

Citizens feverishly resurrecting Lamppost Justice
in DC and Wall Street. They warn lamppost justice
'growth' could spread to immigration, gun control,
socialist healthcare, taxes, oathbreakers, abortion,
Zionists, and numerous other un-Constitutionalist
promoters. Neighborhood klatches forming.
Any remnant of congressional oversight has long since had its tent folded. You’ll suffocate yourself if you’re holding your breath for jail justice to be applied to the banking cartel’s syndicate bosses and their government co-conspirator  ‘regulators’. Small fry junior “executives” maybe, but only enough to let you gasp for a quick breath. Do you really...really believe our government can convict itself?

 Big Banks Busted Massively Manipulating Foreign Exchange, Precious Metals ... And Every Other Market 

Posted on November 12, 2014 by WashingtonsBlog

Currency Markets Are Rigged

Currency markets are massively rigged. And see this and this.

Reuters notes today:

Regulators fined six major banks including Citigroup (C.N) and UBS (UBSN.VX) a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a year-long global investigation.

HSBC (HSBA.L), Royal Bank of Scotland (RBS.L), JP Morgan (JPM.N) and Bank of America (BAC.N) also face penalties resulting from the inquiry that has put the largely unregulated $5 trillion-a-day market on a tighter leash, accelerated the push to automate trading and ensnared the Bank of England.

In the latest scandal to hit the financial services industry, dealers shared confidential information about client orders and coordinated trades to make money from a foreign exchange benchmark used by asset managers and corporate treasurers to value their holdings. Dozens of traders have been fired or suspended.
Britain’s Financial Conduct Authority (FCA) fined five lenders $1.77 billion, the biggest penalty in the history of the City of London, and the U.S. Commodity Futures Trading Commission (CFTC) ordered them to pay a further $1.48 billion.
The U.S. Office of the Comptroller of the Currency, which regulates banks, also fined the U.S. lenders $950 million and was the only authority to penalise Bank of America.

Gold and Silver Are Manipulated

Today, Switzerland’s financial regulator (FINMA) found “serious misconduct” and a “clear attempt to manipulate precious metals benchmarks” by UBS employees in precious metals trading, particularly with silver.

Reuters reports:
Swiss regulator FINMA said on Wednesday that it found a “clear attempt” to manipulate precious metals benchmarks during its investigation into precious metals and foreign exchange trading at UBS …

Gold and silver prices have been “fixed” in daily conference calls by the powers-that-be.

Bloomberg reported last December:

It is the participating banks themselves that administer the gold and silver benchmarks.

So are prices being manipulated? Let’s take a look at the evidence. In his book “The Gold Cartel,” commodity analyst Dimitri Speck combines minute-by-minute data from most of 1993 through 2012 to show how gold prices move on an average day (see attached charts). He finds that the spot price of gold tends to drop sharply around the London evening fixing (10 a.m. New York time). A similar, if less pronounced, drop in price occurs around the London morning fixing. The same daily declines can be seen in silver prices from 1998 through 2012.

For both commodities there were, on average, no comparable price changes at any other time of the day. These patterns are consistent with manipulation in both markets.

Derivatives Are Manipulated
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