This page has been archived and commenting is disabled.
Goldman Caught Manipulating Brent/WTI Spread: Penalty: $40,340
For all those who believed that it was only JP Morgan who is manipulating the Brent-WTI spread, we regretfully have to inform you that the squid is once again front and center, having now been caught red-handed by none other than the ICE exchange, aka the home of Brent trading. From a just disclosed complaint: "On 28 January 2011 the Exchange’s monitoring detected six notable “price spikes” in the April11 Brent/WTI spread, between 14:26 hours and 14:31 hours UK time. These were investigated and found to be the result of a limit order and several large market orders placed in quick succession by a GSF trader...In relation to the events described above, the Exchange alleged that GSF had breached the following Rule: "It shall be an offence for a trader or Member to engage in disorderly trading whether by high or low ticking, aggressive bidding or offering, or otherwise." The Exchange recommended to the Committee that summary disciplinary proceedings be commenced in regard to the above mentioned allegations. The Committee subsequently considered the matter in accordance with Summary Enforcement Rule E.7...The Committee considered the behaviour of GSF and its client to be a clear case of disorderly trading, in that the distorting price impact of the placement of such large orders in close proximity was not considered." But don't worry: the ICE naturally had to sugar coat its findings: "Having examined the instant messenger logs of the communication between the GSF trader and their client, the Committee found no evidence of intentional manipulation of the market; nevertheless it considered the breach to be of a serious nature." Well, thank god that all market manipulation occurs via perpetually recorded instant messaging. It would be inconceivable that Goldman and its "client" may have found a different way to hatch plans to defraud investors than one which involves on the record messages.. Simply inconceivable... And preposterous.
Bottom line: the fine for Goldman Sachs: £25,000
And now we return to your regularly scheduled market manipulation farce courtesy of Goldman and the central banks.
Full ICE circular (link)
»
- 10251 reads
- Printer-friendly version
- Send to friend
- advertisements -
Fukking brilliant
In other news...
"3 masked bandits armed with assault rifles stormed a major bank branch downtown today, making off with $12.3 million in large bills. They were pursued and captured by responding police, and subsequently fined $50..... It's nice to see the justice system work so efficiently, back to you Craig."
Probably cost then more to investigate than the value of the fine they received.
This just means a slightly less desirable vintage at squid dinner tonight.
and in other news:
Man Robs Bank For $1 In Order To Get Healthcare
http://www.gastongazette.com/news/bank-58397-richard-hailed.html
http://i.imgur.com/1GHZc.jpg
Or, more interestingly, not even the price of a full contract LOL
ZP-
Forgot to tell you, congrats on the Stanley Cup. Go Canucks!
Thank you, alas it was a tough game, but glad we prevailed and did our city and fans proud.
http://i.imgur.com/le7kn.jpg
Thank god your team prevailed, less Vancouver be burned to the ground.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
The Banksters make me cheer for honest bank robbers who usually steal just enough to get by . You never hear of honest bank robber proudly stealing from widows and orphans . The degenarate supporter of Fascism would say we are just jealous because we wern't stealing from widows and orphans. The virtues of Fascism revealed.
I agreed the first 18 times.
30s are here again. Alas, the second Golden Age of Bank Robbery!
case study- Wheaton Bandit
Police seek help in capturing bank robber
Last Updated: May 27, 2011 02:28AM
As the deadline to charge one of the most prolific serial bank robbers in Chicago area history approaches, police again are asking for help in identifying the man who robbed a number of area banks including one in Naperville.
<snip>
The statute of limitations on bank robbery, which is a federal felony offense, is just five years. Given that the last robbery the Wheaton Bandit is suspected of committing was on Dec. 7, 2006, at the Glen Ellyn Bank and Trust, he must be identified and charged by Dec. 7 of this year.
Anyone with information on the bandit should call the FBI at 312-421-6700.
also see- Carl Gugasian
http://en.wikipedia.org/wiki/Carl_Gugasian
That's because the armed bandits were actually bankers.
If the ticks don't fit, one must acquit.
can't we all just go long?
the Committee found no evidence of intentional manipulation of the market; nevertheless it considered the breach to be of a serious nature
Unintentional manipulation. Morality is long into Chapter 7...
Oh shit! $40k. Man, that has got to hurt! Does this mean no dessert for lunch today?
In unrelated news, a couple was fined $90,000 by the USDA for raising and selling cute bunnies in Ohio. If the couple fails to pay, the fines will jump to $4 million. The couple had sold about $10,000 worth of bunnies.
The investigator and others had said their bunnies were the healthiest they had seen.
There is no word on whether the couple intentionally manipulated the cute bunny market or not.
jesus, for that fine I start to manipulate the Brent/WTI spread as well
Can anyone explain wtf happened to Silver when it opened for trading last night?
http://www.kitco.com/charts/livesilver.html
Look between 18:00 and 20:00 last night. WTF is that?
Looks like a bad feed at kitco, i was watching the live price at that time and it didn't hit the prices kitco's chart suggests.
Looks like Michael J Fox was running the computers.
Noticed that also. A new algo maybe.
Can someone check what the bid ask spread was doing?
Could it be that someone was manipulating the market. Don't they know they can be fined?
I wasn't watching the feed live, so I just figured it was another GSF trader with no intent to manipulate the market. Whether kitco, GSF, or JP I suspect there's a fat finger here somewhere.
Keep stacking the physical silver.
All this manipulation will come to bite the manipulators where it hurts and bite them hard.
As long as JPMorgan is the one that is short Silver.....don;t expect to win.
There's only one solution, and it involves a rope and a tree, NYC window would work well too. 25k fine... lulz... how much did they actually make from the trade?
hmm, rope and a tree? I was thinking an arena filled with banksters and starved lions, sharpened poles and impalement, and gladiatorial deathmatch tournaments, with the last standing pig man rewarded with a trip to the guillotine.
All games would be televised of course, on pay per view, with the profits going to pay down the deficit.
Great another JP Shield!!
I Love how Goldman is NOTHING more than the whipping post for the idiot sheep / retail crowd and JP gets a fucking pass ALL! DAY!!, Every-Fucking-Day form EVERYONE!
Not from me.
I called Blankfein & Dimon pathetic carbohydrate units who better should never have been born.
Does it get any clearer ?
Nope.
I'm heading to court in an hour and a half to see if I can fry up one of the Morgue's littler tenticles and make some calimari for lunch.
Odds are, we're going to get hammered, but there's a chance, and I'm going to fight until I fall from blood loss.
Best of luck, and watch those appeals...someone 'up there' likes their squid live and well-fed.
Good luck Prometheus, let us know what happened!
This ought to brighten your day.
JPMorgan, RBS Sued by Federal Agency Over Mortgage Bonds
At best they'll be held partially accountable for $138 million in losses. It's good to see some attempt at justice, but it won't make a dent. Criminal prosecution is the only thing that would brighten my day.
Goldman is the most proflicate Fascist criminals. The 225,000 signature petition that forced the show hearing revieled enough to show the bdepth of Goldmans criminal operation and those in government involved that were involved . The White House , Treasurie , Cabinet Member that were choosen by Goldman as payment for particapating in the fraud against Pensions,Muni Governments and School Districs ,Charities . Plus the foreign criminals Goldman used to defraud the American People " loose Hedge fund managers" fron Germany. The Fascist controlled media that tried to cover up for their Fascist masters. It was the petition and Rolling Stones that shined some light in the eyes of the sheep. Goldman has teamed up with foreign crinminals to ripp off Americans too many times for a comment ,You need an enclyopedia .
Not to worry, the anointed (aka Lloyd Blankfein) will take care of the small problem.
JP Morgan Manipulating Brent/WTI Spread? They have specialized in silver.
GSF: Goldman Sachs Foundation?
Geez 360-436 bbl of penalties...what will they do?
£25k fine. That must really sting Goldman Sachs. They won't do that again.
Good to see that this kind of behaviour is being punished with an iron fist.
Takes the piss, doesn't it?
I'm sure it's tax deductable...
Goldman would have to pay taxes first.
Isn't this what HFT hedge funds are doing 10,000 time a day?
Did either party profit from the transaction?
Britain 'won't bail out Greece again' says Downing Street
George Osborne, the chancellor, will tell EU finance ministers in Luxembourg today that Britain does not intend playing a part in any new aid package for Greece.
http://www.telegraph.co.uk/finance/financialcrisis/8586519/Financial-mar...
Yeah... That was after they checked their gold bar balance...
the distorting price impact of the placement of such large orders in close proximity was not considered...
LULZ
Indeed. The farce is getting farcier every day.
ORI
Regularly scheduled market manipulation by central banks and their banking masters indeed-- this is fine and finding almost insults us all (both banking cartel and those who oppose them) as it's about as useful in stopping market manipulation as is a nipple-less teet.
Zero Sum Game...
Go ahead and check your account... That's the "zero" part... (any questions)
40k. Now that's a disincentive. Reminds of the early days when we used to prosecute the lap dancers for breaking "regulations." You see open lap dancing is legal in our parts but if they get too close it crosses some sort of moral /legal barrier. Problem was, the girls were always given a fine which equaled twenty minutes of work. I was always fascinated by the undercover vice squad officers in their fifties getting tricks from girls the same age as their daughter. Also wondered what the wife said when he came home from a hard days work. Hi honey how was work...same old bump and grind? yeah thought so here's your beer.
I smell a patsy.
This "rogue trader" probably accounted for .1% of GS market manipulations that month. But he had his IM client open! So he catches all the heat and ICE is on record as being tough.
the squid just gets bigger as us retail traders get it up the squid hole.
I bet that fine stings all the way to the top. WTF; this is simply an afront to every single person with a brain. What's worse, the manipulation or the asshats at these exchanges that "wink and nod" and then hand out a simply meaningless fine [oh, that'll show 'em]?
40k falls out of Goldman's ass when they fart. Why would they care?
+1000. Another ZeroHedge classic. Thanks Tyler. It can't be expressed what this means to the gruel eaters out here.
$40k fine - that will stop them!
As Max sezs, 'Goldman Sachs are scum.'
Goldman is pretty slimy and tend to put themselves above everyone else, but I do
support the work they do even if it is not always right, there are some very intelligent
people that work there.
If this comment is not sarcastic, you deserve all the vitriol about to come your way.
Yes, sarcastic haha
Yes, sarcastic haha
Yes, sarcastic haha
"doing god's work"
suck a squid
intelligence without conscience is a dangerous and destructive mixture.
+1
since when?
Regulators will stop and ask for protection money from time to time. As long as the dues are paid there is no wrong doing. Win - Win for all. The sheep will think the regulators are doing their job, the banks will keep swindling.
It is a natural law, a kharmic law, that the punishment fits the crime; thus it was implaced by our founders. Natural law cannot be undone, it just is, and the farther this nation strays from its founding document that enumerated these inalienable rights the larger the toll will be. For every action there is an equal and opposite reaction. The jurisprudence system in this country has become just as, if not more, skewed than the realms of politics/business/finance/health... If justice, and the cops won't do their job, there will quickly come a time when it is done for them and to them.
Such sloppy thinking.
Now that this has gone public the trader in question can look for other means of gainful employment.
Presidente Hopium's commodities czar has an oppening?
There is no justice and there is no law. Defenestration for all these fuckers and their pet politicians would be appropriate.
..and the complicit enforcement agents and judges too.
Looks like they forgot to add jail time and seizure of personal assets to the penalty list.
"2-4-6-8, it's OK to manipulate! Yaaaaay SQUID!"
Funny Jim.
I kept trying to come up with something like 1-3-5-7, but it kept ending in heaven.
ORI
5-10-15-20, anal rape em till they're walking funny.
Bad Squid!
Probably funded the deal thru funds shipped to Mexico so it would be all legal-like. Like what we do with rifles.
Well, expect more of the same then - obviously the punishment to profit ratio is rather tiny. White collar crime on Wall Street is rampant as this nation accelerates down the slipper slope of plutocracy.
Waiting for CNBS anchorettes to label this a "Populist Backlash!"
OMG!
These banksters need protection!
Disorderly trading sounds kinda vague.
I am suspicious of allowing enforcement of vague rules that have wide discretion and varying interpretations. No rules are necessary except real time disclosure and identification of all trades greater than $5000 in value. That would greatly simplify things.
Top traders probably expense cocaine habits in excess of $40K. It's all profit.
Off Topic Extreme Edition.
The ZH tinfoil brigade may like this one:
http://www.sinfest.net/archive_page.php?comicID=3940
Sinfest is extremely well done BTW. Now, don't spend all day in the comics, 'kay?
-= Uncle Cat =-
I think this is just more slap in the publics face than Goldman's.
Look, they ripped of a few trillion, no problem, give them more.
Ooooh, they manipulated Gasoline via crude....bad boys.
You lose .0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000001 percent of your 1933 net profit.
Or something equally farcial.
ORI
http://aadivaahan.wordpress.com/2011/06/17/nuclear-american-cross-other-thoughts/
Could we please add three more zeroes!
..but these occurrences do have knock-on effects, there are nations who depend on the market-price to purchase Oil and it doesn't help to keep an obviously weak link in what are critical foreign policy objectives. At some point Bilateral Oil agreements may re-emerge as a preferred pricing model.