3 JPMorgan traders indicted in alleged pricing scheme (gold, silver, platinum and palladium)

Discussion in 'Gold' started by willrocks, Sep 17, 2019.

  1. willrocks

    willrocks Well-Known Member Silver Stacker

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    Interesting

    https://edition.cnn.com/2019/09/16/investing/jpmorgan-precious-metals-price-manipulation/index.html
     
  2. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    Greed... I hope they do a lot of time for it.
     
  3. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    One J.Dimon's name is missing, but like all good CEO's, the "buck stopped" lower than the line with the SHTF.
     
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  4. willrocks

    willrocks Well-Known Member Silver Stacker

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    Didn't you get the memo. There's always a mysterious part of investment businesses where some employees commit financial crimes using billions of dollars. And they can do all this, for many years, without oversight or knowledge from upper echelons.
     
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  5. whay

    whay Active Member

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    Keep hoping.........
    White collar crime is the most Profitable Business right now!
     
  6. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    If someone is making dollars, others usually look the other way.....ie Nick Leeson....but then again Barings Bank mgmt did allow Nick to control both trading / ops and accounting....a big no no.
     
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  7. alor

    alor Well-Known Member Silver Stacker

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    https://www.bullionstar.com/blogs/r...irector-charged-with-rigging-precious-metals/
    LBMA Board Member & JP Morgan Managing Director Charged with Rigging Precious Metals 17 Sep 2019 07:17

    Conclusion
    The ball is now in the LBMA’s court. Will the LBMA do the decent thing and explain to the global gold market how one its Board of Directors is now accused of a ‘racketeering’ conspiracy and other federal crimes in connection with the manipulation of the precious metals markets (gold, silver, platinum and palladium) spanning more than eight years and involving thousands of unlawful trading sequences?

    Will the LBMA remove Nowak from its Board of Directors? Will the LBMA reprimand or expel JP Morgan from its membership list? Or will the LBMA try to cover this up by deleting the offending pages from its website? The LBMA Board member page as of today has been saved here.

    By supporting a fraudulent market structure, by protecting its member bullion banks and by fighting against transparency, the LBMA is doing nothing to disprove that it is not central to the giant paper gold and silver markets, the biggest financial crime in the history of the world.

    Somehow managing to implant itself as the self-appointed referee to the physical gold market, this latest scandal is further evidence and ammunition that the LBMA and its bullion bank members cannot be anything but working against the physical market with full force, that LBMA is the proverbial fox in the hen house, and that the LBMA is an integral part of the scheme to keep the price of gold subdued.
     
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