Former Wall Street Precious Metal Traders Sentenced for Fraud
derryb
Posts: 35,114 ✭✭✭✭✭
You can't hit the brakes on the car when you've already driven off a cliff.
2
derryb
Posts: 35,114 ✭✭✭✭✭
derryb
Posts: 35,114 ✭✭✭✭✭
derryb
Posts: 35,114 ✭✭✭✭✭
Comments
I wonder if they'll just be hit with a fine and carry on like JP Morgan SMH
Good to see a bit of justice administered. Cheers, RickO
My question is, "where did the funds go?" I'm assuming that the money didn't all go into the traders' individual accounts directly, but that they also "earned" some hefty bonuses. Either way, how could management be totally unaware of what was going on?
If they were trading on behalf of bank clients, did management just look the other way as long as the results were positive? If these guys were also teaching other traders their same methodology, I would think that the word got out.
Managements should be investigated and held accountable.
I knew it would happen.
Useful link, but worth noting that the existence of spoofing has been widely acknowledged on this board.
A key sentence in the DOJ report: the spoofing activities "fraudulently pushed market prices up or down"
A key sentence in the DOJ report: the spoofing activities "fraudulently pushed market prices up or down"
And the salient question remains, "who benefited from the activities?"
I knew it would happen.
And the salient question remains, "who benefited from the activities?
The traders, and their employers ... until they got caught.
The "spoofers" typically pump prices higher. The PM crown has always amazed me with the conspiracy theories of all the manipulators only suppressing the price of the gutter. Crazy world. RGDS!
The whole worlds off its rocker, buy Gold™.
and many of those on this board do not see spoofing as price manipulation. LOL
You can't hit the brakes on the car when you've already driven off a cliff.
Did they move the prices up or down ?
This "crime" is akin to calling a real estate broker about a home's price when you have no intention of buying. It's called price discovery.
Is it manipulation UP or DOWN, Derry ?
It's usually minute moves that are very small.
Technically illegal, yes....but my guess is it might not pass muster with the courts.
What if their clients wanted to buy LOWER ?
it passes muster every time charges are brought
You can't hit the brakes on the car when you've already driven off a cliff.
And others 🙂
Hardly the same.
Price manipulation, they way they did it, is a crime (as evidenced by the fact that they were sentenced for committing said crimes). Asking about the price of a home is not a crime.
I agree with @dcarr above. It's a bit hard to find an appropriate analogy to the home real estate market, but it might be more like adding large numbers of listings to the MLIS that you never intend to sell, with the hope of driving prices down for a brief period.
how about real estate sales cmmission ;price fixing. I find it odd that they all arbitrarily wanr the same percentages. a deal was struck in some national back office
You can't hit the brakes on the car when you've already driven off a cliff.
But, but..............it's just a technicality! Pfft.
I knew it would happen.