Commodity Futures Trading Commission
Regular readers will be familiar with Christian Bittar, the former Deutsche Bank rates trader whose various exploits and adventures we began to chronicle more than two years ago. Now, thanks to the bank's settlement with the Justice Department, we know exactly what Bittar said on his way to manipulating the world's benchmark rates.
- FUTURES TRADER ARRESTED FOR ALLEGED ROLE IN 2010 FLASH CRASH
- FUTURES TRADER CHARGED WITH ILLEGALLY MANIPULATING STOCK MKT
- SARAO HAS BEEN CHARGED WITH COMMODITIES, WIRE FRAUD: GOELMAN
- SARAO WAS ARRESTED AT HIS HOME IN LONDON TODAY, GOELMAN SAYS
- CFTC FILES CIVIL CASE AGAINST NAVINDER SINGH SARAO
Nearly three years later of manipulated, artificially propped up markets floating on $22 trillion in central bank assets, Jon Corzine has had enough of waiting for a correction which almost came (and then Bullard brought up QE4) but not really. So, as the WSJ reports, the time has come for another push for Vapor Capital Asset Mismanagement LP.nearly three years later of manipulated, artificially propped up markets floating on $22 trillion in central bank assets, Jon Corzine has had enough of waiting for a correction which almost came (and then Bullard brought up QE4) but not really. So, as the WSJ reports, the time has come for another push for Vapor Capital Asset Mismanagement LP.
Should Gary Gensler truly be Clinton's chief financial officer, and should Hillary become America's next president, then ladies and gentlemen, in the fine tradition started by Hank Paulson who nearly brought the entire wastern world to ruin, the next US Treasury Secretary will be the following fine former Goldman Sachs employee and "champion for everyday Americans."
The Cop Is On the Take
From October 2012 to May 2014, the CFTC found that ICE Futures exchange submitted reports and data containing errors and omissions on every reporting day, with cumulative inaccuracies totaling in the thousands. The CFTC stated unequivocally that, those "who fail to meet their reporting obligations will be held accountable," and required ICE to pay a $3 million civil monetary penalty. With expectations of over $4 billion in revenues for FY 2015, the $3 million fine represents just 0.75% of the exchange's income... that will teach them!!!
"Commodity pricing is vastly more important than most people actually realize," explains former CFTC Commissioner Bart Chilton, warning that "beginning around 2007 the rise of computer driven trading algorithms changed the rules, and the markets have not been the same since." Chilton is sympathetic to the perception many frustrated and bruised investors have about the manipulation of the precious metals markets - on record saying that the large short position concentrations have been outrageous. Why not the CFTC directly? Sadly, the former CFTC boss notes, "regulators by and large aren't listening to average people."
- “Bail-in is now the rule” - EU Finance Minister Noonan - Austrian bondholders today … international depositors tomorrow ... We urge readers to diversify deposit holdings and acquire allocated gold to protect their wealth during the next phase of the banking crisis.
- Greece warns may default on IMF loan next week - Greek bank runs continue and deposits flee - The truth can be a scary thing sometimes … especially for those who put their head in the sand and ignore it ...
According to the WSJ, "prosecutors in the Justice Department’s antitrust division are scrutinizing the price-setting process for gold, silver, platinum and palladium in London, while the Commodity Futures Trading Commission has opened a civil investigation, these people said. The agencies have made initial requests for information, including a subpoena from the CFTC to HSBC Holdings PLC related to precious-metals trading, the bank said in its annual report Monday. Who is involved in this latest gold-rigging scandal? Why everyone! ... which makes it immediately obvious why the European regulator had to promptly cover up the whole affair. Under scrutiny are Bank of Nova Scotia , Barclays PLC, Credit Suisse Group AG , Deutsche Bank AG , Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Société Générale SA, Standard Bank Group Ltd. and UBS AG , according to one of the people close to the investigation.
CEO Of Rosneft Compares Oil Market Manipulation Which "Doesn't Reflect Reality" To Gold Price RiggingSubmitted by Tyler Durden on 02/16/2015 20:33 -0400
"In today’s distorted oil markets, prices do not reflect reality. They are driven instead by financial speculation, which outweighs the real-life factors of supply and demand. Financial markets tend to produce economic bubbles, and those bubbles tend to burst. Remember the dotcom bust and the subprime mortgage crisis? Furthermore, they are prone to manipulation. We have not forgotten the rigging of the Libor interest rate benchmark and the gold price."
- Igor Sechin, CEO of Rosneft
- Arab World Unites to Condemn ‘Barbaric’ Death of Jordanian Pilot (BBG)
- Jordan hangs two Iraqi militants in response to pilot's death (Reuters)
- As Oil Prices Climb, Some Harbor Doubts (WSJ)
- Taiwan plane cartwheels into river after take-off, killing at least 19 (Reuters)
- Seven dead as commuter train hits car near New York City (Reuters)
- Apollo’s 600% Profit on Oil Company Leaves Rivals Behind (BBG)
- Greece's rock-star finance minister Yanis Varoufakis defies ECB's drachma threats (Telegraph)
Over the last 100 years the Fed has had many mandates and policy changes in its pursuit of becoming the chief central economic planner for the US. Not only has it pursued this utopian dream of planning the US economy and financing every boondoggle conceivable in the welfare/warfare state, it has become the manipulator of the premier world reserve currency. All this effort by thousands of planners in the Federal Reserve, Congress, and the bureaucracy to achieve a stable financial system and healthy economic growth has failed. It must be the case that it has all been misdirected. And just maybe a free market and a limited government philosophy are the answers for sorting it all out without the economic planners setting interest and CPI rate increases. A simpler solution to achieving a healthy economy would be to concentrate on providing a “SOUND DOLLAR” as the Founders of the country suggested.
Two weeks after FXCM was on death's door, and only a last minute vulture investment by Jefferies prevented the company from filing, FXCM has decided that it can't afford to blow up the bulk of its clients who traded the EURCHF on the wrong side, and as the company reported moments ago, will forgive their negative balances. In other words, another bailout for HFTs, and the rich and those habitually addicted to gambling in rigged markets, who just happen to be the lifeblood of companies like FXCM.
The economic "recovery" has been harsh, especially for the former hedge fund manager of Paron Capital Management, James Crombie and his family of 4 including. So, as a result Crombie decided to continue living the good life: he did so by squatting in someone else's Maryland house listed in May 2014 for over $1 million.