JPM under investigation for metals price rigging
derryb
Posts: 36,824 ✭✭✭✭✭
fourth criminal probe of the bank in the past 8 years by the U.S. Department of Justice
"Six traders who worked on the precious metals desk at JPMorgan Chase have been indicted thus far but this is the first report that the bank itself is also under a criminal investigation."
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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Comments
this is on Bloomberg
they count articles and cut you off after 10.
good luck
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=1&ved=0ahUKEwjQxPucyL3nAhVoh-AKHcXkCIQQxfQBCCcwAA&url=https://www.bloomberg.com/news/articles/2020-02-05/jpmorgan-s-role-in-metals-spoofing-is-under-u-s-criminal-probe&usg=AOvVaw3gDLS6bqVbqqxrlYxS9WYL
JPMorgan’s Role in Metals Spoofing Is Under U.S. Criminal Probe
U.S. authorities that accused six JPMorgan Chase & Co. employees of rigging precious-metals futures are building a criminal case against the bank itself, two people familiar with the situation said.
so, this is just an extension of the spoofing cases discussed in 2019.
before, they went after traders.
now, they are going after the bank itself.
good.
They certainly manipulated silver prices higher back in 2011. Sure wish they could actually do it again.
The whole worlds off its rocker, buy Gold™.
Thanks for the link. I agree this is good news.
It just will not stop... jail these six and six more will take their place...if not already doing it....Cheers, RickO
Most likely the worst that will happen will be that they get a fine... which will be peanuts to the profits they made by the rigged trading.
That kind of penalty only encourages more of similar type activities. Just the cost of doing business... pull off activities where the investors are the victims... and pay a small fine (compared to the profits brought in by the scam) later down the line. Rinse and repeat.
According the the OP link, the bank itself is now in the cross-hairs. . . again.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I'd lay money that Morgan will never get the punishment that any other bank would get.
Ole J.P. bailing the U.S. out 100+ yrs ago won't ever be forgotten. Didn't he come up with about $100 million in gold over the weekend 100-120 years ago to pay our debt to France as their boat was scheduled to be docking in N.Y. on Tuesday? The U.S. was out of gold & J.P. 'made a few calls' as they say.
Don't know about JPM involvement with providing gold for France but there is more recent history of France getting US gold:
In 1971 Nixon directed Treasury Secretary Connally to suspend, with certain exceptions, the convertibility of the dollar into gold or other reserve assets, ordering the gold window to be closed so that foreign governments could no longer exchange their dollars for US gold. The rush to convert was a result of what foreign nations saw as the decline in value of their dollar holdings. Their need for these dollars was a result of the 1944 Bretton Woods agreement where many nations agreed to use the US dollar in trade. The modern "petrodollar," while in decline, is a result of this agreement.
Prior to the "Nixon Shock," France cashed in $191 million for gold that was picked up by a French warship in New York. The gold came from the fast dwindling reserves at the Federal Reserve Bank. The depletion of gold by honoring such exchanges is what led Nixon to close the convertibility window.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
https://www.stlouisfed.org/education/the-panic-of-1907-jp-morgan-and-the-money-trust
https://historydaily.org/panic-of-1893
Morgan may get a slap on the wrist. It's a love/hate relationship. Lol.
Just like the in-laws.
the us is not morally indebted to any ban
they're going to finally get em this time!
Loves me some shiny!
The business is about keeping your money safe and lining their pockets safely. Funny banking rules apply.
You are soooo correct!!
Wouldn't it be great if one could collect a royalty on the phrase "under investigation" each time it is used. It seems that phrase is so prevalent in our society today.
Oops there goes another one. . .
1/8/2021: DOJ announces PM price manipulation settlement against Deutsche Bank
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
lol, was that "they" or "them"? Fake news
The whole worlds off its rocker, buy Gold™.
Every time they get "these manipulators" the spot price tanks
The whole worlds off its rocker, buy Gold™.
settlement news on already known info.
just another spoofing settlement
with just another PM price manipulator. lol
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Prior to the "Nixon Shock," France cashed in $191 million for gold that was picked up by a French warship in New York. The gold came from the fast dwindling reserves at the Federal Reserve Bank. The depletion of gold by honoring such exchanges is what led Nixon to close the convertibility window.
Governments generally do what's best for governments, not the people. The US Constitution is based on limiting the power of the central government for various reasons, not the least of which is the obscene tendency of a large central government to encroach further and further and further and further and further upon individual freedoms.
The younger generations aren't even being taught the differences between fascism, communism, socialism, democracy, or a democratic republic. This is BY DESIGN.
All Nixon did in closing the gold window was to make profligate spending on the Vietnam War possible. He wouldn't have been able to do that if the US dollar hadn't already assumed the position of the world's reserve currency after the Bretton Woods agreement after WW2.
The politicians have managed to grossly mismanage the entire economy and government finances ever since.
But hey, another $1.9 trillion - this time for a covid-19 "response"? I would be willing to bet that less than half of this humongous sum will be used to mitigate or relieve the effects of covid-19. The rest will be used to further political agendas.
It's all about political agendas. There's nothing being done in DC to actually help anyone other than the banks & politicians.
Nothing more, nothing less.
I knew it would happen.
How just 4 to 8 major players control the spot price of gold and silver.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Tell us something new Derryb. You should change your handle to CaptainObvious000.
It's not a real person with a sincere opinion.