Big shocker, J.P. Morgan is guilty of metals rigging!
This is nothing new and the tip of the iceberg!
Submitted by Ronan Manly, BullionStar.com
In a major embarrassment for banking giant JP Morgan and the London Bullion Market Association (LBMA), a federal jury in a US criminal trial has convicted Michael Nowak, global head of JP Morgan’s precious metals trading and former LBMA board member, on 13 counts of attempted price manipulation, commodities fraud, wire fraud, and spoofing prices in the gold, silver, platinum and palladium futures markets.
source
You can read the full story over at Zerohedge.com.
They have been doing this for years and finally, something is starting to happen to these crooks. I want to see jail time for these people and the crooks at the LBMA that let this go on.
I'm sick of these markets being controlled by the same people that rig everything else too! We need to get rid of these derivative markets where they can use leverage to run the markets up or down.
They haven't been sentenced yet so I'm not getting my hopes up on any good punishments. It's a shame that our markets can be rigged like this, who wants to invest in the market anymore when they let these kinds of things go on?
Have you noticed that one hundred bucks don't get you much anymore? This is why they let this kind of rigging continue. They won't let the metals run too high so it covers up how much the dollar is being devalued.
Thanks for listening to my rant about this market rigging, if I don't get it off my chest I will explode. lol
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Funny as I was watching a documentary on insider trading today where SAC had earned over $9 billion and was only fined $1.8 billion. Most of them are crooked as the rewards are that high.
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Like it's just the cost of doing business, that's why I want to see a stiffer sentence.
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I wouldn't mind knowing I would pay a 20% fine for being a bad boy whilst raking in billions. Crime does pay and it shouldn't.
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J.P. Morgan has denied any wrongdoing, but the evidence against the bank is damning. This case is just one example of the many ways in which the financial sector has engaged in fraudulent activities in recent years. It's time for stricter regulation of the industry in order to protect consumers and investors.
It's hard to believe it's been going on so long, all things are affected by this craziness.
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!PGM Reblogged
LOL.
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Everything is manipulated and corrupted. EVERYTTHING!
There is nowhere to hide anymore.
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Wash, rinse, repeat.
The punishment must fit the crime this time as this was not the only time for this bank as well as the other commercial banks that have literally taken turns doing the rigging.
Right, just like all the central banks taking turns printing.
We have to get into that club!
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I am not surprised that the bankers are doing so. Rigging the market gives him huge profits and the punishments tend to be less than what they earned.
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Yes, they make billions every year.
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shouldn't be surprised at this point
Haha, true that!
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Thanks for keeping us updated and informed with the report, @tbnfl4sun. The day of reckoning is coming. In the meantime, I'll be taking advantage, of the sale, on Silver.
Its looking like now is a good time to grab some more.
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