Well Well Well. It looks like everything we folks here at ATS Suspected was actually true after all. So our Good Citizen Banksters have been rigging
markets, All Sorts now for a long time and it looks like The Chickens are Coming Home to Roost for these scammers.
So My ATS Brethren and Sisterhood , What:s your take on this, obviously they,ve been trying to make us believe that The Pieces of Paper they give us
for our labor are actually worth something and this particular scam is how they accomplish this.
So, what should the punishment be, a few dollars slap on the wrist, )which they have stolen from us anyway0. Or, Maybe a Little Real Hard Time. I
know which way I would vote on the last proposal of mine.
Mods please feel free to move this thread at your discretion, if you find a more appropriate place for it. I have searched ATS and there is nothing
about this article anywhere yet.
Anywaze, Thanks for reading and Have A Good Weekend Y:All Peace, Arjunanda.
Remember when everyone decried wholesale Libor manipulation as a crazy conspiracy theory (Zero Hedge: January 2009: "This Makes No Sense: LIBOR By
Bank") because after all, it was impossible for so many people to keep their mouth shut or whatever the generic justification is for disproving such
"conspiracy theories"? Why, none other than ICAP chief Michael Spencer says they all though Libor was "unmanipulable." As it turns out, not only
is Libor manipulable(sic), and a vast rate-rigging "conspiracy theory" is quite possible when everyone's interests are aligned, but it also was
Then it was the turn of the even more massive, multi-trillion FX market, when first UBS squealed like a pig and soon ratted out every other bank in
the criminal "Cartel" (or was it "Bandits"?) syndicate (see: "Meet The (First) Seven Banks Who Rigged The FX Market"). End result: banks such as
JPM, Citi and BofA forced to review their criminal ways and adjusting their third quarter results a month into Q4. Many more legal fees, charges and
settlement coming however for those who lost money on the other side of such long-running manipulation, please accept our condolences: you won't see
And finally, there was the precious metals market: a market which all the Keynesian fanatic paper bugs said was immune from manipulation, be it of the
central or commercial bank kind, even with every other market clearly exposed for perpetual rigging either by hedge funds, by prop desks, by HFTs, or
central banks themselves.
Sadly this too conspiracy theory just was crushed into the reality of conspiracy fact, when moments ago the FT reported that alongside admissions of
rigging every other market, UBS - always the proverbial first rat in the coalmine, to mix and match metaphors- is about to "settle" allegations of
gold and silver rigging. In other words: it admits it had rigged the gold and silver markets, without of course "admitting or denying" it did so.
From the FT:
UBS is to settle allegations of misconduct at its precious metals trading business alongside a planned agreement between UK and US authorities and
seven banks over accusations of foreign exchange market rigging.
* * *
UBS is expected to strike a settlement over alleged trader misbehaviour at its precious metals desks with at least one authority as part of a group
deal over forex with multiple regulators this week, two people close to the situation said. They cautioned that the timing of a precious metals deal
could still slip to a date after the forex agreement.
Regulators around the world have alleged that traders at a number of banks have colluded and shared information about client orders to manipulate
prices in the $5.3tn-a-day forex market. UBS has previously disclosed that it launched an internal probe of its precious metals business in addition
to its forex investigation. It declined to comment for this article.
Unlike at other banks, UBS’s precious metals and forex businesses are closely integrated. The business units have joint management and the bank’s
precious metals staff – who mainly trade gold and silver – sit on the same floor as the forex traders.
One person familiar with UBS’s internal probe said the bank found a small number of potentially problematic incidents at its precious metals
"Potentially provlematic incidents"? One must give props to the FT for always finding just the right amount of politically correct lipstick to cover
up what was market manipulation, pure and simple, which continued for years and years, even as the same FT routinely mocked everyone who alleged