Posted on 07/01/2019 10:50:08 AM PDT by NRx
On July 18 of last year, the U.S. Department of Justice indicted two Merrill Lynch precious metals traders, Edward Bases and John Pacilio, charging them each with one count of conspiracy to commit wire fraud affecting a financial institution and one count of commodities fraud each. Pacilio was further charged with five counts of spoofing. (Spoofing is where a trader uses a high-speed computer to issue a rapid barrage of buy or sell orders, with no intention of executing the trades, in order to mislead the market and gain an advantage for his own position in the market.)
On Tuesday of this week, a unit of Merrill Lynch was given a deferred prosecution agreement in the same matter by the Justice Department in exchange for an agreement to cooperate. Merrill also agreed to pay a measly $25 million in fines and disgorgement. (The amount of the fine and disgorgement is like a fly on the backside of an elephant. The parent of Merrill Lynch, Bank of America, had profits of $7.3 billion in just the first quarter of this year.)
Merrill’s promise to “cooperate” is also looking quite specious.
The Justice Department said it had obtained an agreement from Merrill and its parent, Bank of America, to “cooperate with the government’s ongoing investigation of individuals and to report to the Department evidence or allegations of violations of the wire fraud statute, securities and commodities fraud statute, and anti-spoofing provision of the Commodity Exchange Act in BAC’s Global Markets’ Commodities Business…”
(Excerpt) Read more at wallstreetonparade.com ...
Title abbreviated to fit. Full title...
Wall Street Banks, In Drag as Trade Associations, Fight Indictments for Manipulating Precious Metals Markets
The financial institutions that are in bed with the Democrats about gun control (Bank of America, Chase, etc) have not yet realized that eventually, they will try to take them down, too. It’s like the game of alligator - hoping the alligator won’t eat you first (or at all).
Must be the damned Quakers and bussed in Amish.
Oops, wrong thread. Then again, maybe not.
As predicted by Yours Truly:
Banks are doing something incredibly STOOOOOOPID to boost the Fake Indian’s fortunes just as we are headed into an election.
Never fails.
Bfl.
yes wrong thread, this thread is about cornering the Precious metals market and not the Frozen Concentrated Orange juice market.
Or a bunch of teens gathering in Philly and damaging Police cars.
I take a somewhat less complicated view of things. Banks, at least the “Big Five,” are deeply and institutionally corrupt. Too big to fail, and too powerful to jail. Back in 2016 Trump openly suggested that we might have to break them up. Nothing though since the election.
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