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JPM under investigation for metals price rigging

derrybderryb Posts: 36,111 ✭✭✭✭✭

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."

The decline from democracy to tyranny is both a natural and inevitable one.

Comments

  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    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.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    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.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • blitzdudeblitzdude Posts: 5,361 ✭✭✭✭✭

    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™.

  • hchcoinhchcoin Posts: 4,825 ✭✭✭✭✭

    Thanks for the link. I agree this is good news.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    It just will not stop... jail these six and six more will take their place...if not already doing it....Cheers, RickO

  • tincuptincup Posts: 4,748 ✭✭✭✭✭

    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.

    ----- kj
  • derrybderryb Posts: 36,111 ✭✭✭✭✭

    @ricko said:
    It just will not stop... jail these six and six more will take their place...if not already doing it....Cheers, RickO

    According the the OP link, the bank itself is now in the cross-hairs. . . again.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭

    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.

    Have a nice day
  • derrybderryb Posts: 36,111 ✭✭✭✭✭

    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.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭

    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.

    Have a nice day
  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    the us is not morally indebted to any ban

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • carew4mecarew4me Posts: 3,462 ✭✭✭✭

    they're going to finally get em this time!


    Loves me some shiny!
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,794 ✭✭✭✭✭

    The business is about keeping your money safe and lining their pockets safely. Funny banking rules apply.

  • silverman68silverman68 Posts: 539 ✭✭✭

    @ricko said:
    It just will not stop... jail these six and six more will take their place...if not already doing it....Cheers, RickO

    You are soooo correct!!

  • BLUEJAYWAYBLUEJAYWAY Posts: 7,939 ✭✭✭✭✭

    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.

    Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
  • derrybderryb Posts: 36,111 ✭✭✭✭✭

    The decline from democracy to tyranny is both a natural and inevitable one.

  • blitzdudeblitzdude Posts: 5,361 ✭✭✭✭✭

    lol, was that "they" or "them"? Fake news

    The whole worlds off its rocker, buy Gold™.

  • blitzdudeblitzdude Posts: 5,361 ✭✭✭✭✭

    Every time they get "these manipulators" the spot price tanks

    The whole worlds off its rocker, buy Gold™.

  • MsMorrisineMsMorrisine Posts: 32,123 ✭✭✭✭✭

    settlement news on already known info.

    just another spoofing settlement

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,111 ✭✭✭✭✭

    @MsMorrisine said:
    settlement news on already known info.

    just another spoofing settlement

    with just another PM price manipulator. lol

    The decline from democracy to tyranny is both a natural and inevitable one.

  • jmski52jmski52 Posts: 22,302 ✭✭✭✭✭

    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.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,111 ✭✭✭✭✭
    edited March 22, 2021 7:21AM

    The decline from democracy to tyranny is both a natural and inevitable one.

  • Tell us something new Derryb. You should change your handle to CaptainObvious000.

  • AzurescensAzurescens Posts: 2,679 ✭✭✭✭✭

    @derryb said:

    @MsMorrisine said:
    settlement news on already known info.

    just another spoofing settlement

    with just another PM price manipulator. lol

    It's not a real person with a sincere opinion.

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