RICO Suit Filed Against HSBC And JPMorgan For Silver Market Manipulation

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Wed, 11/03/2010 - 17:45 | 697268 JimRogers
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Wed, 11/03/2010 - 17:47 | 697276 NoLongerABagHolder
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Check this flash crash pattern out - we could be close:


Wed, 11/03/2010 - 20:19 | 697587 DocLogo
Wed, 11/03/2010 - 22:52 | 698220 MilleniumJane
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'Bout effin' time!


Wed, 11/03/2010 - 17:47 | 697274 Bay of Pigs
Bay of Pigs's picture

Nice. I'd love to see JPM burnt to the ground.

RICO Act Bitchez...

Wed, 11/03/2010 - 18:00 | 697307 Rainman
Rainman's picture

You were yanking on the rod for a long time to get this fish into the boat, TD. KUDOS !!

Wed, 11/03/2010 - 18:17 | 697354 Gold...Bitches
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Sorry, but no.  The kudos go to GATA who has been on the case for a decade - they did all the heavy lifting.

Wed, 11/03/2010 - 18:27 | 697375 Rainman
Rainman's picture

....confuse is me. Thee charges against these playerz arise from a period a little over 2 years ago.

Wed, 11/03/2010 - 18:40 | 697392 Gold...Bitches
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Granted, the specific companies were not specifically known until a couple years ago with the take down of Bear and congressional testimony by CFTC naming bear as the former huge short, but GATA has been all over the manipulation angle of the precious metal markets for a decade.

And people like Adrian Douglas over there have been pounding away for years on the LBMA, Fed, and the fraud.

and check this out (Dec 11, 2000): http://www.gata.org/node/4225

from the above link "Besides the BIS, the defendants include: Alan Greenspan, chairman of the Federal Reserve Board; William J. McDonough, president of the Federal Reserve Bank of New York; Lawrence H. Summers, secretary of the Treasury Department; and J.P. Morgan & Co. Inc.,

Chase Manhattan Corp., Citigroup Inc., Goldman Sachs Group Inc., and Deutsche Bank AG."

Wed, 11/03/2010 - 19:11 | 697466 Bay of Pigs
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I have been friends with Bill Murphy and Chris Powell for over ten years. I met them at the Vancouver Resource Conferences (Cambridge House) and they helped me understand this issue, and got my family invested into the PM sector. We were all called "conspiracy nuts" back then. Not so much now.


Wed, 11/03/2010 - 21:01 | 697844 dehdhed
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10 years ago silver was about 4 bucks an ounce.  i'm not sure how the prosecution would do if they claim that for 10 years they've manipulated the market with shorts all the way to 25 bucks an ounce.

i'm with ya tho, i'm a silver bull for years but i don't think i could join the class action as i wouldn't be able to prove damages.

Wed, 11/03/2010 - 19:15 | 697469 Rainman
Rainman's picture

There are spec corners going on in ALL commodities....not just PM markets. Enron famously bought up the CA electricity futures market....the first really big time swindle following the passage of the Commodity Futures Modernization Act 2000, which was just a legal cover for the U.S. domestic commodity playerz. Oil went into the game the summer of 08.....topping at $140 bbl. The off exchange, unregulated naked trading ensures cornering manipulations by non end users.....sure as night turns to day.

If this plays out like the 70's, the spec playerz will work oil ,silver, gold, coffee, and sugar in that order.......or maybe something else with high demand and capable of supply constriction .

If they could make cable TV a commodity, they'd play that too. 

Wed, 11/03/2010 - 19:36 | 697501 DavidPierre
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There is no excuse for "Blatant Ignorance"!



My naked plug for...

Le Metropole is a 'Cafe prive'. Membership is $299.00 per year. So that you may visit, sample our fare and decide if our Cafe appeals to your taste, we would like to extend to you a "two week free get acquainted membership".


Bon Appetit!
Bill Murphy
Le Patron

Wed, 11/03/2010 - 19:35 | 697508 Scout Itout
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Although GATA has done good work in the case for gold, It is Ted Butler who's done the heavy lifting in the case of silver! Just sayin!

Wed, 11/03/2010 - 22:01 | 698075 Gold...Bitches
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yes, definitely include Butler in there as well for the silver.

Thu, 11/04/2010 - 23:25 | 701822 Rahm
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Your name FTW!

Wed, 11/03/2010 - 20:04 | 697563 DosZap
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 THEY GATA GO!.....Uh, Bue,Bye, JPM-immy.

RICO Suave, at last a case that merits it's use....................not on protesters at clinics.

Wed, 11/03/2010 - 19:05 | 697453 Cistercian
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 Re:JPM burnt to the ground...pitchforks and torches bitches!

Wed, 11/03/2010 - 17:47 | 697275 Bill Lumbergh
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Can we call Jeff Christian to the stand so he can discuss his 100:1 leverage comment again.

Wed, 11/03/2010 - 22:27 | 698151 JLee2027
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Thu, 11/04/2010 - 04:11 | 698820 akak
akak's picture

Oh, you mean Jeffrey "Foot in Mouth" Christian?  Boy, talk about digging one's own grave --- that guy was even using heavy machinery for the job!  And just as well ---- that disingenuous, lying snake Christian is just as bad in his own bankster-apologist way as Jon "Gold is in a Bubble --- but NOT a Bull Market!" Nadler.

Wed, 11/03/2010 - 17:48 | 697277 -Michelle-
-Michelle-'s picture

1.  There's no way in hell I'd sign up for this case.  It would be like painting a target on myself.

2.  If I get one of those little cards in the mail asking me to opt in on this, I am going to be quite perturbed.

Wed, 11/03/2010 - 17:53 | 697290 Confused
Confused's picture

That was the first thing that went through my head as well. 

Wed, 11/03/2010 - 17:56 | 697298 Turd Ferguson
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Screw that. I just signed up.

Not backing down.

Wed, 11/03/2010 - 18:18 | 697355 Kaiser Sousa
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TF -

thanks for man'n up...

suckers step aside & bend over....

Wed, 11/03/2010 - 19:02 | 697444 Bob
Bob's picture

+1 Hell yeah.

Wed, 11/03/2010 - 19:05 | 697454 Anton LaVey
Anton LaVey's picture

Two thumbs up.

Too bad I never bought any futures or options, only metal silver bullion, I'd join up as well.

Wed, 11/03/2010 - 18:08 | 697328 BigJim
BigJim's picture

Not sure I follow you - target for what? (genuine question)

Wed, 11/03/2010 - 18:13 | 697342 LeBalance
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Predator Drone, uh, I mean...Candy Gram!

Wed, 11/03/2010 - 18:38 | 697400 BigJim
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I mean, I can see them intimidating or even 'taking out' the lawyers and lead instigators, but everyone in a class-action suit?

The more of us that sign up, the harder it would be... I'm in.

Wed, 11/03/2010 - 19:34 | 697507 defender
defender's picture

The hardcore gold bugs and silver bugs expect the govt. to declare holding gold and silver illegal and then confiscating the shiny stuff to pay off their creditors.  I think that after the card in the mail they are expecting the men in black to follow with a "donation" bag.

Wed, 11/03/2010 - 20:46 | 697759 New_Meat
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How can the hardcore believe that? ;-)

After all, the Supreme Court hasn't had its attempt to be packed (yet).  Just some pesky suit vs. Chief Roberts.

- Ned

Wed, 11/03/2010 - 19:33 | 697504 Cathartes Aura
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genuine lol LeBalance, thanks. . .

"Candy Gram for Mongo!"


Wed, 11/03/2010 - 19:53 | 697541 Clark_Griswold ...
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Wed, 11/03/2010 - 20:19 | 697592 Shakey
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Wed, 11/03/2010 - 21:05 | 697851 Iam_Silverman
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"I mean...Candy Gram!"

Sent FedEx, from Yemen, I suppose?

Wed, 11/03/2010 - 17:50 | 697279 DUNTHAT
DUNTHAT's picture

The FED not named as a co-conspirator??

Wed, 11/03/2010 - 20:57 | 697822 doolittlegeorge
doolittlegeorge's picture

more like "the prime suspect."  It has the added value of being true of course.  How would you like to be BB expaining to "The Prez" that, "yo, bro.  we're hittin' all our numbers.  We're just SMOKIN' this joint.  Know what i mean?"

Wed, 11/03/2010 - 17:51 | 697282 TheMonetaryRed
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So you're gonna end bank "manipulation" of the gold and silver markets, huh?


Welcome to the world of "unintended consequences".

Wed, 11/03/2010 - 18:05 | 697324 faustian bargain
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BS. The world is unintended consequences. Our whole past century has been an '(un)intended consequence' of fiat monetary policy.

Wed, 11/03/2010 - 18:20 | 697358 Gold...Bitches
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bankster posting?

Cuz, the unintended consequences of endless printing of fiat is far more preferable?  Or are you arguing there are none for endless printing of paper?  If so, I would counter your argument with a Voltaire and his quote on fiat...

Wed, 11/03/2010 - 19:16 | 697470 Anton LaVey
Anton LaVey's picture

What "unintended consequences"?

Sure, CDS storm and all that. End of the [financial] world as we know it, yadda, yadda, yadda. Poverty, Crisis, Deflation, Famine and all the horsemen of the Apocalypse riding through Wall Street, etc. So what? This was coming anyway: good riddance.

Let me be clear: I want to see bankers either jump through the window from the 60th floor, or be marched off to Sing-Sing or any other MaxSecurity Federal prison for multiple consecutive life sentences without a possibility of parole. Or both: let them jump first, then let the FBI haul whatever is left to the prison to be used as manure for the flower beds.

In other words, I want these people stopped before they f*ck up the entire world again by speculating on foodstuff, oil, commodities, and everything else that can be speculated on.

"Unintended Consequences"? Au contraire, mon bon ami: these are absolutely INTENDED consequences. If this is the only way democracy and the rule of law are re-established, let all the banks burn down to the ground. So be it, I say

Wed, 11/03/2010 - 20:16 | 697575 TheMonetaryRed
TheMonetaryRed's picture

Yeah, okay junkers. Have it your own way.

Just don't say I didn't warn ya!

All I know is that when you're holding an asset that's at an all-time record price, it's often not the best time to mess with some of the biggest sources of liquidity in that marketplace.

You think the banks need to manipulate silver downwards?


Well, it's a theory.

Wed, 11/03/2010 - 21:38 | 698004 RockyRacoon
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Ok, goddamit, you bitch about nothing being done.  Now something gets done and you bitch anyway.  You got a cob up yer butt?


Yeah, silver.  Al Capone went down for tax evasion.

Tax evasion?

Yeah, it's what they could pin on his raggedy ass.

Wed, 11/03/2010 - 22:36 | 698178 Fred Hayek
Fred Hayek's picture

Yup.  If they can only send Dimon and others away on charges of aggravated jaywalking, I wouldn't care, so long as they send them away to pound me in the ass prison.

Thu, 11/04/2010 - 04:25 | 698825 TheMonetaryRed
TheMonetaryRed's picture

Whatever, guys.

I'm not saying that traders don't manipulate metals markets. Of course they do. People in the metals business have long had a reputation for being colluding, frontrunning, client-robbing, check-kiting scumbags.

Do these traders manipulate the market DOWNWARDS??? Well, not in my experience. These guys would do anything to make a buck, certainly, but the long bull trend in metals has been awfully good to them.

I admit that I don't understand all these GATA claims and whatnot and very frankly I don't try to. To me, the metals market looks the same as it always did, except worse: scumbag traders and hucksters skimming off of retail longs.

But, whatever, Goild to $1700, certainly. I'm a buyer of DGP.

Silver? It's just too small a market with too many rats. Still, you throw those rats out, a lot of money goes with them.

Thu, 11/04/2010 - 02:07 | 698558 Johnny Dangereaux
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MonetaryHEAD trolling again.....

"Hold the pickles, hold the lettuce, 50 bux in time for Christmas"  That's right Have it my way bitch.

Wed, 11/03/2010 - 20:58 | 697836 doolittlegeorge
doolittlegeorge's picture

only on the downside.  What did Huggy Bear say to Starsky about his "ride"?  "U be movin' up in my book now, man."

Wed, 11/03/2010 - 21:34 | 697997 Cojones
Cojones's picture

Wouldn't that be " I know people who know people who rob people?"

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