Shocked, just shocked. /s
Indicted?? Really, why doesn’t Goldman Sachs just cover some minor fines and hire them? Worked well with Enron trading platform etc??
NO! Who would have thunk it? /Everyone???
Bank A = J P Morgan
Now this is interesting.
And I know this is not even scratching the surface.
Sounds complicated. All I know is that I ignore all the commercials on TV to buy silver. Doesn’t sound like that TV peddler was implicated, but I’m still not buying it...yet.
CROSS POSTING FROM ANOTHER FR THREAD (post by Little Jeremiah):
Is this it? I can’t watch youtubes other than very rarely. More at Zero Hedge link, interesting and thanks for posting.
DOJ Accuses JPMorgan’s Precious Metals Trading Desk Of Being A Criminal Enterprise
Mon, 09/16/2019 - 13:52
Who would have thought that JPMorgan’s precious metals trading desk is the functional equivalent of the mafia, and that its one-time leader, Blythe Masters, was the mafia’s don?
Well, almost everyone who didn’t mind being designated a conspiracy theorist for years. And now comes vindication, because this has just been confirmed by the DOJ, which accused the PM trading desks at JPMorgan of being deeply involved in what prosecutors described as a “massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants.”
In an indictment unsealed on Monday morning, the DoJ charged Michael Nowak, a JPMorgan veteran and former head of its precious metals trading desk and Gregg Smith, another trader on JPM’s metals desk, in the probe. (Blythe Masters was somehow omitted).
“Based on the fact that it was conduct that was widespread on the desk, it was engaged in in thousands of episodes over an eight-year period — that it is precisely the kind of conduct that the RICO statute is meant to punish,” Assistant Attorney General Brian Benczkowski told reporters.
Here’s where it gets extra interesting: according to Bloomberg, the unusually aggressive language language embraced by prosecutors reminds legal experts of indictments utilizing the RICO Act - a law allowing prosecutors to take down ‘criminal enterprises’ like the mafia by charging all members of the organization for any crimes committed by an individual on behalf of the organization.
Prosecutors charged the head of JP Morgan’s global metals trading operation and two other traders with “conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity” - language that is typically used to describe a RICO charge.
This hints at the possibility of a deeper prosecution for JP Morgan. Already, 12 people have been charged in the precious metals market-rigging conspiracy.
365 posted on 9/16/2019, 1:14:06 PM by little jeremiah (New tagline in the pipeline)
If we go back to a gold standard, these perps must first be put away
The whole system is fraudulent. All of it.
They’re not the only ones who’ve been doing this. In fact, they’re small potatoes. 4 or 5 central banks from nefarious countries (Russia, Saudi, China, Nigeria, maybe Venezuela) have been playing this game for about 15 years: push metals prices up $100 over a period of weeks, then run them back down $100, rinse and repeat. That way, their stockpiles of physical metal stays relatively stable in value, while they clean house on futures contracts (most likely using proxies to do the dirty work).
It’s been obvious and frustrating.
How do you make a small fortune trading commodities? Start with a large fortune
p