New silver class action invokes RICO against Morgan, HSBC

New silver class action invokes RICO against Morgan, HSBC

www.gata.org

Banks Alleged to Have Used Naked Short Selling to Rig Market

JP Morgan Chase & Co. and HSBC Securities Inc. face charges of manipulating the market for silver futures and options in violation of federal commodities and racketeering laws, according to a new lawsuit filed Tuesday in the U.S. District Court for the Southern District of New York.

(visit the link for the full news article)

Damn greedy banksters manipulating the silver market to maximize their profits at the expense of individual investors that believed they were trading in a fair market. Violation of the RICO laws is pretty serious and normally calls for a long prison sentence. I am sure nothing will happen to them other than maybe paying a fine that is a fraction of what they made off this scheme. These guys never seem to be held accountable for their actions.

The suit alleges that, starting in early 2008, the two banks began manipulating the silver futures market by accumulating unusually large "short" positions and then secretly coordinating enormous sales of silver futures contracts on the Commodity Exchange

The MSM is not covering this story. The news broke yesterday and I just heard about it today.

It's all controlled and manipulated by these banksters. The stock market, commodities, real estate, all of it. The average individual investor doesn't stand a chance in the markets these days.







www.gata.org
(visit the link for the full news article)

I was wondering when they would get around to this.

There was no hiding it. Greed made them 'visible.'

But this kind of thing is to be expected in an organized crime environment. Of course they'll just pay a fine (probably about 1/10th of their net profit) for which they will create a shell corporation to pay - because they don;t like having to admit they ever did anything unethical.

The one sure bet is there will be "no admission of guilt" as this resolves itself. Except perhaps for some poor mid-level manager who may spend 18 months in a country club minimum security facility... which the taxpayers will pay for. But don;t feel too bad for the person (whoever takes the fall) because they (and their posterity) are already set for life.... 'taking one for the team' and all that.

Originally posted by Erasurehead
The MSM is not covering this story. The news broke yesterday and I just heard about it today.

What is there to cover?

Originally posted by Erasurehead

It's all controlled and manipulated by these banksters. The stock market, commodities, real estate, all of it. The average individual investor doesn't stand a chance in the markets these days.

Yeah no kidding, its not like we are talking about pre-historic capitalism where people used to trade goats&sheeps for olive oil and rice. We are talking about MEGA INTERNATIONAL corporations, of which many are indirectly run by bank/drug/weapon cartels, and they make the rules for everyone ELSE because THEY are above the law in every regard.

You have to be extremely naive to believe 21st century capitalism is for everyone. Mainstream media and the national insecurity state made sure people where dumbed down appropriately enough, little by little, day by day and month by month.

reply to post by EarthCitizen07


I would think that a RICO case against JP Morgan Chase & Co. and HSBC Securities Inc would be big news that should be covered by the MSM. I have yet to see a single story about it in the newspapers or the TV news networks. I think it's is something that people would like to know about.