Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Banksters Finally Hit with Racketeering Charges– Better Late Than Never!

Companies / Banksters Sep 24, 2019 - 09:50 AM GMT

By: MoneyMetals

Companies

JPMorgan Chase and other bullion banks spent most of a decade screwing clients and investors who were naive enough to expect a fair shake in the precious metals futures markets. It was a solid racket.

Yet claims of price rigging were simply dismissed by financial journalists and regulators as conspiracy theory. The banks’ defenders were bolstered by a 5-year-long investigation by the compromised Commodity Futures Trading Commission (CFTC) which ended without a single banker being prosecuted.



Many goldbugs wondered if the racket would continue forever. Fortunately, much has changed over the past three years. Department of Justice prosecutors were able to secure a guilty plea from Deutsche Bank in late 2016.

The bank turned over 350,000 pages of documents and dozens of voice recordings as part of their agreement to cooperate with the investigation. The trove of evidence was a testament to the monumental failure of the CFTC. It shed light on a pervasive, long-running and well organized fraud which should have been difficult to overlook.

Despite CFTC assurances to the contrary, there are, in fact, plenty of bankers to prosecute.

The Justice Department has since secured guilty pleas from several traders working at Bank of America, JPMorgan Chase and elsewhere. Three more bankers were indicted in the past couple of weeks. And it appears investigators are a long way from done.

Bloomberg reported last week that prosecutors consider the trading operations at JPMorgan as a “conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity.”

That language is purposely intended to evoke RICO, or Racketeer Influenced and Corrupt Organization, laws. JPMorgan may be prosecuted using the same laws designed to take down mobsters!

CFTC officials have not acknowledged the Commission’s abject failure to do its primary job. Many have pointed out how compromised the CFTC is. A remarkable number of CFTC officials wind up with lucrative jobs on Wall Street.

Now these conflicts of interest are on full display thanks to Craig Hemke with TF Metals Report.

Hemke, who has chronicled price rigging and the failure of the CFTC for years, made a remarkable connection after reading news coverage of Michael Nowak, JPMorgan’s head of global trading for precious metals and commodities.

Nowak is one of three former JPMorgan traders recently indicted.

Nowak’s attorney is David Meister. Meister led the CFTC’s enforcement division during its failed 5-year investigation of price rigging. He and his team managed somehow to overlook what we now know to be a massive criminal “enterprise” at the banks.

One week after concluding that investigation in 2013, Meister decided to leave for greener pastures. He joined the law firm Skadden, Arps, Slate, Meagher & Flom LLP and has been representing Wall Street firms and bankers ever since. He will now put his insider knowledge of regulations and the CFTC’s enforcement weaknesses to work defending Michael Nowak.

These people truly know no shame.

By Clint Siegner

MoneyMetals.com

Clint Siegner is a Director at Money Metals Exchange, perhaps the nation's fastest-growing dealer of low-premium precious metals coins, rounds, and bars. Siegner, a graduate of Linfield College in Oregon, puts his experience in business management along with his passion for personal liberty, limited government, and honest money into the development of Money Metals' brand and reach. This includes writing extensively on the bullion markets and their intersection with policy and world affairs.

© 2019 Clint Siegner - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in