Ive talked about Chase manipulating commodities (silver) several times, and Ive talked about manipulation of markets and currencies, by major bankers. I really cant believe regulators are finally taking some action. -------------------- In a widening inquiry, as many as 15 banks — among them, Barclays, Citigroup, Deutsche Bank, Goldman Sachs, JPMorgan Chase and UBS — are under scrutiny by international officials for alleged manipulation of the $5.3-trillion-a-day foreign exchange market. The allegations involve collusion among the banks’ traders to fix benchmark exchange rates in their favor, resulting in higher costs for pension funds, mutual funds, multinational corporations and other bank clients that routinely buy and sell currencies. Also in harm’s way would be those clients’ customers, including investors and consumers, who would face lower returns or higher prices as inflated transaction costs are passed on to them. In a market as vast as foreign exchange, a scheme that skimmed even a minuscule fraction from each dollar could translate into millions or even billions siphoned daily into bank profits and trader bonuses. In the United States, both the criminal and antitrust divisions of the Justice Department are investigating the banks’ foreign exchange activities, a hopeful sign that the department may be bringing more depth and creativity to its investigations of major banks. The Commodity Futures Trading Commission, which emerged from the financial crisis as the most aggressive market regulator, has also opened an investigation, as have authorities in Britain, the European Union, Switzerland and Hong Kong.
Posted on: Sat, 23 Nov 2013 01:42:23 +0000
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