http://www.reuters.com/article/us-deutsche-bank-settlement-silver-idUSKBN12H2HB Deutsche Bank AG (DBKGn.DE) has agreed to pay $38 million to settle U.S. litigation over allegations it illegally conspired with other banks to fix silver prices at the expense of investors, according to court papers filed on Monday. The settlement, disclosed in papers filed in Manhattan federal court, came in one of many recent lawsuits in which investors have accused banks of conspiring to rig rates and prices in financial and commodities markets. The settlement had been expected since April, though terms had yet to be disclosed. In court papers, lawyers for the investors say the deal will likely be an "ice breaker" that will serve as a catalyst for other banks to settle. Vincent Briganti, a lawyer for the investors, said the deal provides "substantial monetary compensation plus cooperation from Deutsche Bank in the continued prosecution of this important case against the non-settling defendants." The settlement is subject to court approval. A spokeswoman for the German bank declined to comment. In the litigation, investors claimed Deutsche Bank, HSBC Holdings Plc (HSBA.L) and Bank of Nova Scotia (BNS.TO) (ScotiaBank) rigged silver prices through a secret daily meeting called the Silver Fix, and accused UBS AG (UBSG.S) of exploiting that fix. The alleged conspiracy started by 1999, suppressed prices on roughly $30 billion of silver and silver financial instruments traded each year, and enabled the banks to pocket returns that could top 100 percent annualized, the investors said. Earlier this month, U.S. District Judge Valerie Caproni ruled the investors had sufficiently, "albeit barely," alleged that Deutsche Bank, HSBC and ScotiaBank violated U.S. antitrust law by conspiring to depress the Silver Fix from 2007 to 2013. But the judge dismissed UBS from the case, saying there was nothing showing it manipulated prices, even if it benefited from distortions.
Make $ Billions on the scam and pay $38 million on the fine. Cost of doing business and great profits for the bank. Hopefully it will be worth it for the German tax payer who is going to bail them out when they finally collapse. Not long now....
Aint nothing compared to what glaxo has to pay in china for fudging more than 80% of their research results all the while bitching that there isnt enough evidence supporting traditional Chinese medicine
What about the gold price fixing at the expense of investors by the central banks all over the world? When investors buy, they buy too, cranking up the price. And when investors sell, they sell too, hammering down the price. Where's the governments fine for central banks?
Simply taking a futures position, already causes the price to change, without needing any product stock, not now and not in the future. One can easily name this "manipulation". And governments national / central banks, governments granted privileges, governments law-enforced limits on intrest rates, is "manipulation" too. And telling people bogus stories, as to lure them into bad decisions, ... "manipulation". Then this topic, silver price fixing at expense of "investors", being banks that know their clients trading decisions, use this info to frontrun them in/out. Well lol, isn't that the entire purpose of "price fixing"? Dealers come together, aware of clients buy/sell orders, and buy/sell from the higher supply chain, in order to make their clients actions reflected in the price. It's just the price mechanism at work, and expecting banks / dealers to NOT use clients trading information, is ridiculous. The very existence reason of national / central / systemic banks / lbma members, IS to fight speculators. Speculators, former bank savers, that try to evade the fiatmoney based systemic theft. "Manipulation", from roots to leaves. These so called "fines" are of course as bogus as imitation leather. It's just a nifty way to get savers money (from the failed speculators) transferred to central planners accounts. A simple/obvious excuse for a transaction that otherwise wouldn't have had an explanation.
That post makes plenty of scence. Still its one thing to use data, trends, patterns to your advantage, but like the Rothschild's and the French revolution, its a different thing to instigate a bear trap for the average invester. Today, mum's an dad,s, children and grandparents shouldn't just be manipulated out of their savings
"Since almost all the money in circulation is created as debt, where does the interest + principal to pay back the debt come from? The created funds are the principal, but from whence comes the interest? If the money supply is not constantly inflated(a tax on us all) it is very much like a game of musical chairs with the defaulters being a certainty. We are left to scramble and compete with each other for what amounts to insufficient funds to repay the debts. This is how our real property is stolen. Through expansion and contraction of money and credit." Oinsane1 Be sure that that $38 million won't end up in the hands of those that paid too much due to the... "manipulation". "We are left to scramble...
Good post, though thinking since gold is mined without any regards to the economy wouldn't that create similar issues? A house can be worth worth 1 oz and after inflation be worth 2oz and we mine gold too. Wouldn't it increase in value to a stage where people will be leaching sea water for gold if it was worth enough?
The money based theft doesn't origin from the product that is used as money. It's not fiat or gold that is "good" or "bad", but its abuse, being that legal force-violence (governments) and misleading is used instead of doing what the other side of the trade wants for his goodies, in order to FRONTRUN. In the case fiat the abuse origins from the creation of new money, made possible by government based privileges, which is essentially a big FRONTRUN on existing producers' savings > delayed spending. The cheapskate nature of fiatmoney (paper cotton ink electronic) allow this. In the case of gold (case a story without fiatmoney), abuse can only origin from confisquation (=brutal/open theft) or big new discoveries (kinda like the America discovery > new and easier to mine resources). So it's harder, just harder, to steal along gold money. Gold (or anything) isn't something like a "best" thing / solution. The best possible situation is one of competing currencies, no legal tender laws, no privileges, no government forcing this and that on monetary markets. Any specific money abuse then ends in its holders dumping it for others. There are some proponents of gold as a monetary standard, alike it would "solve" all this / prevent the theft, but that's just not true, even not from scratch (= all existing stockpiled gold returning to ore). The problem isn't the product, the problem is the privileges, the legal force, "governments", or whoever. Fact is that these maintained a big gold stock, despite the move to fiat. To manipulate its market, and a crucial element links it to cheapskate fiatmoney: governments can buy all the gold they want, at any price, since they can steal / produce the fiatmoney to do so. All they care is that not too much of that fiatmoney gets swapped too early to products by the wrong ones (us, savers).
Specific to this: stop thinking in terms of fiatvalues relative to zero. Think relative to other products. Those you wanted to buy, using money / gold as an inbetween step. People won't leach sea water to get gold, they will chose from a plethora much easier to produce/get products. So gold will never become much more valuable than those other products. Savings / money tends to dynamically relocate to the at the time most undervalued (relative to other products) monetary product.
