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Iran Arrests Gang-Of-16 'Currency Manipulators'

Tyler Durden's picture


A gang of 16 shady individuals have been arrested by Iranian officials for allegedly smuggling currencies outside the banking network in order to increase the value of foreign currencies and to disturb the public. As CNN reports, amid the protests in the clip below, Iran says the 16 unidentified individuals "had used an atmosphere of psychological war created by the enemy" and colluded with "certain domestic and foreign groups" to exacerbate conditions. One of the accused, allegedly, had $300mm going through a bank account and "will be dealt with soon." Those arrested "were the main players in the recent fluctuations in the foreign currency market," the Tehran Judiciary said in a statement as the public panics over a 60% drop in its currency's purchasing power in the last few weeks. Of course, a 99% drop in the USD's purchasing power is acceptable to the US public since it has been achieved over a century or so...



Via CNN:

Iran arrested 16 people Thursday, accusing them of contributing to the currency crisis plaguing the country that has triggered protests in the streets.


Those arrested "were the main players in the recent fluctuations in the foreign currency market," the Tehran Judiciary said in a statement.


The move came a day after riot police worked to disperse protests in the capital's main bazaar and nearby streets. Demonstrators chanted slogans opposing firebrand President Mahmoud Ahmadinejad and decrying the skyrocketing cost of basic goods.




The rial's plummet to historic lows is the result of international sanctions, imposed largely by the United States and the European Union in an effort to pressure Iran to sit down for talks on its nuclear program.




Ahmadinejad and the country's supreme leader, Ayatollah Ali Khamenei, have assailed the sanctions, insisting "the enemy" will fail in its efforts and is hurting the Iranian people rather than the government.




The government did not identify the 16 arrested Thursday. In a written statement, the judiciary said they "had used an atmosphere of psychological war created by the enemy" and colluded with "certain domestic and foreign groups" to exacerbate conditions."


They traded extensively in "smuggled" currencies "outside of the banking network" in order to increase the value of foreign currencies and disturb the public, the judiciary claimed, adding that they "amassed illegal fortunes."


One of the accused had $300 million going through a bank account, the statement said.


Iran warned that others "are being accused as well and will be dealt with soon."


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Thu, 10/04/2012 - 17:40 | 2857440 blunderdog
blunderdog's picture

I wish *I* lived in a country where the government cared about currency manipulators.

Thu, 10/04/2012 - 17:47 | 2857463 Pladizow
Pladizow's picture

Americans prefer their frog to be boiled slowly!

Thu, 10/04/2012 - 18:08 | 2857533 saturn
saturn's picture

So the Bernank is a domestic enemy to the U.S. by definition, LoL.

Thu, 10/04/2012 - 18:38 | 2857628 max2205
max2205's picture

I wish we "dealt" with our Ben problem sooner or later....starving seniors. What a fucking hell bound prick

Thu, 10/04/2012 - 18:40 | 2857636 The Alarmist
The Alarmist's picture

Blasphemy! Persecute him!

Thu, 10/04/2012 - 18:51 | 2857668 Mr.Bigfoot
Mr.Bigfoot's picture

Haha, my asshole Iranian step father in law just went to Iran. He always sneaks tons of US dollars when he goes. His family had been begging him to bring more. Hope they arrested his ass.

Thu, 10/04/2012 - 20:11 | 2857880 Mr.Bigfoot
Mr.Bigfoot's picture

He's also an abusive wife beater making 6 figures with his kids on Medicaid. The only Iranian I've ever know who mocks America because it's so easy to rip off government programs and send the money out of the country. But hey, how's that different from our own corporations.

Thu, 10/04/2012 - 20:17 | 2857899 JohnG
JohnG's picture

So get her out of there and monkey stomp his ass, Mr. Bigfoot.

Fri, 10/05/2012 - 00:36 | 2858365 economics9698
economics9698's picture

When the shit hits the fan governments always blame;

1.  Capitalist.

2.  Speculators.

3.  The weather.

4.  If that doesn’t work start a war.

Thu, 10/04/2012 - 17:50 | 2857472 NotApplicable
NotApplicable's picture

You seem to be forgetting about the Liberty Dollar raid.

Those Ron Paul coins... well, they could've ruined everything!

Thu, 10/04/2012 - 18:42 | 2857641 lakecity55
lakecity55's picture

As I understand it, the maker did not have a monetary value on them. TPTB are getting way nervous.

Thu, 10/04/2012 - 21:01 | 2857994 pods
pods's picture

They had a "$" sign next to the number denoting a dollar value (by dollar of course I mean FRN).  They also changed the "value" on them depending on the dollar value of silver.

Too close for comfort for the FEDs.


Thu, 10/04/2012 - 18:03 | 2857507 jaap
jaap's picture

Spoken about manipulation... (silver, it can not be 35):



Thu, 10/04/2012 - 18:09 | 2857535 saturn
saturn's picture

350 would be welcome..

Thu, 10/04/2012 - 18:36 | 2857619 vast-dom
vast-dom's picture

35 is the buffer to the dangerous for JPM resistance level of 36. This baby crosses 36 and then 38 and we go fast to 50.

Thu, 10/04/2012 - 18:40 | 2857635 lakecity55
lakecity55's picture

Yay! Fuk JPM.

Thu, 10/04/2012 - 18:05 | 2857524 JPM Hater001
JPM Hater001's picture

"I wish *I* lived in a country where the government cared about currency manipulators."

If not for the stonings and beheadings I hear springs in Tehran are awesome.

Thu, 10/04/2012 - 18:11 | 2857539 blunderdog
blunderdog's picture

I'm a guy, I'd have nothing to worry about.  I'd give up boozin' if I had access to good enough hash, too.  Heh.

Thu, 10/04/2012 - 19:05 | 2857710 123dobryden
123dobryden's picture

not to mention neverending stream of virgins

Thu, 10/04/2012 - 19:25 | 2857788 Bunga Bunga
Bunga Bunga's picture

Big Bird can eat him.

Thu, 10/04/2012 - 18:18 | 2857563 Urban Redneck
Urban Redneck's picture

All countries care about currency manipulators.  The trick is to get job in a country where you are working for the local government instead of against it.  But in a pinch, if an agitated State can't find "you " they can always pull some poor schmuck off the street and call him an "evil speculator" and simply put him to death without providing an opportunity to clear his name...

Thu, 10/04/2012 - 19:32 | 2857805 jekyll island
jekyll island's picture

If you could arrest 16 currency manipulators in the West, who would be on your list? 



Thu, 10/04/2012 - 20:15 | 2857892 JohnG
JohnG's picture

Central bankers from the 16 largest countries, starting with The Bernank and walking on down the hall.

Thu, 10/04/2012 - 17:42 | 2857442 kaiserhoff
kaiserhoff's picture

Well, the public is plenty "disturbed" here, so we must have some of the same problems.

Thu, 10/04/2012 - 17:43 | 2857445 Meesohaawnee
Meesohaawnee's picture

you mean CNN wasnt paid to write a puppy kisses story?

Thu, 10/04/2012 - 17:44 | 2857452 konputa
konputa's picture

$300M? That's all? Shiiit replace that M with a T and now we're talking finance western world style. 


Debt money bitchez.

Thu, 10/04/2012 - 17:44 | 2857454 swissaustrian
swissaustrian's picture

CIA doing gods work.

Fri, 10/05/2012 - 00:32 | 2858360 Julian
Julian's picture

The CIA outsources gods work these days...but they are definately behind it.

Tue, 10/09/2012 - 10:23 | 2870610 JimBowie1958
JimBowie1958's picture

I would hope so.

Iran is American external enemy number one, and recking their currency beats bombing their cities/facilities any day, IMO.

If Iran pursues their nuke program much longer, they will be bombed eventually, no doubt.

Just not sure bombing will do any good as the Iranians have likely rebuilt most of their pgrogram in underground facilities that avoided satelite photo detection. We can study the kind of local power grid structure to get a rough idea of what is happening locally and then confirm that through photo analysis of various building structures. It's quite likely the Iranians know how we look for these things and have been careful to hide/disguise them from us.

So we might not even know where all the facilities are, even if we could penetrate their protection with ordinance.

A bombing campaign will likely backfire on the US and Isreal, IMO.

Thu, 10/04/2012 - 17:44 | 2857456 Catullus
Catullus's picture

The rial's plummet to historic lows is the result of international sanctions, imposed largely by the United States and the European Union in an effort to pressure Iran to sit down for talks on its nuclear program.

It's funny. Because the Clinton State Department specifically denied that was the case. The propaganda machine is about #REF! on this one.

Thu, 10/04/2012 - 18:07 | 2857530 JPM Hater001
JPM Hater001's picture

In the end they have oil.  Nuf said.

Thu, 10/04/2012 - 18:32 | 2857610 Gashole
Gashole's picture

And we have the match.

Thu, 10/04/2012 - 20:41 | 2857950 Anusocracy
Anusocracy's picture

Netanyahu's face and Ahmadinejad's ass?

Thu, 10/04/2012 - 18:38 | 2857629 lakecity55
lakecity55's picture

But, why would they have a currency-value problem? I thought they were now trading in Au with the Chicoms for oil.

Also, I thought the Russians were aiding their economy. What gives?

Thu, 10/04/2012 - 20:06 | 2857882 mvsjcl
mvsjcl's picture

I'm not sure who upped you. But I sure as hell downed you. Back to Reality 101 for you.

Thu, 10/04/2012 - 17:46 | 2857461 docmac324
docmac324's picture

They wanna have a war to keep their factories
They wanna have a war to keep us on our knees
They wanna have a war to stop us buying Japanese
They wanna have a war to stop industrial disease

Thu, 10/04/2012 - 18:02 | 2857511 GoinFawr
Thu, 10/04/2012 - 19:58 | 2857867 BlackholeDivestment
BlackholeDivestment's picture

Rock the Casbah, rock the Casbah.

Thu, 10/04/2012 - 17:50 | 2857469 resurger
resurger's picture


Thu, 10/04/2012 - 18:30 | 2857606 Gashole
Gashole's picture

Two hours.  Not bad.  2nd place since I have been tracking for bringing up Jews/Mossad/Israel/Zionist/Neocon conspiracy.  Don't forget the illuminati!!!. 



Thu, 10/04/2012 - 19:08 | 2857727 Iwanttoknow
Iwanttoknow's picture

Fuck off,troll.

Thu, 10/04/2012 - 19:44 | 2857836 Gashole
Gashole's picture

I thought that this board believed in freedom. Or are only angry and paranoid losers allowed to comment?

Kish mir in tuchas

Thu, 10/04/2012 - 20:09 | 2857887 mvsjcl
mvsjcl's picture

Go away.

Thu, 10/04/2012 - 21:59 | 2858096 helping_friendl...
helping_friendly_book's picture

Read up sphincter boy! If you dare! The truth will never be suppressed.

You people are just Poles stealing Palestinian land. Squatting on other peoples land.

Ashkenazi Jews didn't even originate from Palestine. 


Fri, 10/05/2012 - 10:12 | 2859487 helping_friendl...
helping_friendly_book's picture

no retort polack?

Fri, 10/05/2012 - 17:57 | 2861235 Gashole
Gashole's picture

So what?  No matter the origins, Millions of Ashkenazi Jews feel kinship with Israel.  Been there several times. 

Proud AIPAC donor.  Love sending your tax dollars there. BTW, two of my grandparents are from Poland two from Russia.


Fri, 10/05/2012 - 18:05 | 2861250 akak
akak's picture

Gashole, do you REALLY believe that the neocon influence on US foreign policy is just a "conspiracy"? 

I would say that to deny the reality of it is the REAL conspiracy!


PS:  Let me just state in advance that there is absolutely nothing "anti-semitic" (anti-Jewish) in railing against the undue influence that the Isreali government, and their neocon allies in Washington, have on US foreign policy.  A government is NOT the same as its people.

Thu, 10/04/2012 - 17:52 | 2857476 Big Corked Boots
Big Corked Boots's picture

Hey, ya execute 16 guys selected from the list of usual suspects and your whole monetary system will be fixed. See? Economics is fun and easy!

Thu, 10/04/2012 - 18:14 | 2857551 toady
toady's picture

So, what is that, the top 2 or 3 guys at the tbtf banks?

Fri, 10/05/2012 - 00:38 | 2858370 hidingfromhelis
hidingfromhelis's picture

Well, it is 16 more financial criminals than Eric Holder has arrested.

Thu, 10/04/2012 - 18:46 | 2857654 nmewn
nmewn's picture

lol...I'm having a vision of Ayatollah Krugmanijam screaming incoherently from the roof of the Green Keynesian Mosque right now.

It'll be gone in a minute ;-)

Thu, 10/04/2012 - 17:54 | 2857481 Conman
Conman's picture

Did one of the perpetrators have a white beard? Kinda sniveling looking with a quivering lip? Had a lot of black ink on his hands?

Thu, 10/04/2012 - 17:54 | 2857482 Joebloinvestor
Joebloinvestor's picture

Arrests will continue until moral improves!

Thu, 10/04/2012 - 17:54 | 2857485 Yen Cross
Yen Cross's picture

 How pathetic is that?

                           smuggling "1-ply ass wipes", for "Charmin"?  I feel for the educated Iranians.

Thu, 10/04/2012 - 17:55 | 2857488 buzzsaw99
buzzsaw99's picture

That is a twisted demented way of phrasing it. I guess they can't come out and say the bad guyz were getting the flock out of rials 'cause they ain't worth shit.

Thu, 10/04/2012 - 17:56 | 2857493 youngman
youngman's picture

The guy with the 300 million going thru the account...could probably get two or three camels to hang out with him for a night or two........

Thu, 10/04/2012 - 18:00 | 2857502 ultraticum
ultraticum's picture

And Nixon also blamed the "international money speculators" before "temporarily" suspending gold convertibility to "defend the dollar" (when the French demanded their gold due to massive currency debasement to pay for Viet Nam).  Good thing the pissed off Iranians don't have a clue who the real international money speculators are.

Pitchforks, bitches.

Thu, 10/04/2012 - 18:07 | 2857532 swissaustrian
Thu, 10/04/2012 - 18:13 | 2857549 lolmao500
lolmao500's picture

And the lower the currency goes, the lower is the political cost of going to war... which is the goal.... making sure that Iran ``starts`` this war so NATO/Israel can say how Iran started it and not them.

Thu, 10/04/2012 - 18:18 | 2857564 blu
blu's picture

Gang of 16 ... so they arrested the entire Dept of the Treasury?

Thu, 10/04/2012 - 19:23 | 2857781 nope-1004
nope-1004's picture


Thu, 10/04/2012 - 20:11 | 2857888 mvsjcl
mvsjcl's picture

The "Federal" "Reserve" Board.

Thu, 10/04/2012 - 18:21 | 2857574 Tsunami Wave
Tsunami Wave's picture

So can't the Iranians fall back on the Renimbi? The U.S. can't really fight China on that issue as opposed to Iran on their currency.

Thu, 10/04/2012 - 18:21 | 2857575 jcamargo
jcamargo's picture

We have a winner. Iran is the first country to reach the finishing line of competitive devaluation. 

Both western governments and their own government will claim this is because of the sanctions, but Iran has been on this path for a long time. Other contestants were Venezuela, Argentina and Greece, but the iranians got there first.

My condolences to the iranians that did not support this government - the others are getting what they deserve.

I hope they get the power back and fix this country. Iran has potential to do 5x better than this.

Thu, 10/04/2012 - 20:17 | 2857896 mvsjcl
mvsjcl's picture

There's a germ of truth to what you say. However, this isnt organic devaluation. Big difference. In this case, even the usually vague 8-Ball tells a sure phrophecy. I pray for Persia.

Thu, 10/04/2012 - 18:25 | 2857585 AU5K
AU5K's picture

16 scapegoats.  Unlikely they 'caused' anything though, its just propaganda.

Thu, 10/04/2012 - 18:50 | 2857667 XitSam
XitSam's picture

Expect the same in the US soon, except it will be gold and silver hoarders accused of destroying the dollar.

Thu, 10/04/2012 - 18:43 | 2857646 lakecity55
lakecity55's picture

"Forgive them Father," said Ben, on the Cross. "I Printed for their sins."

Thu, 10/04/2012 - 18:45 | 2857650 The Alarmist
The Alarmist's picture

I have no illusions that Iran's regime is pure as driven snow, but the smartest thing for Iran to do would be to simply shut up and let the US, Israel, et al simply stew in their juices.  Instead these dumb f*cks keep punching back and asking to be further smacked down by regimes that are looking for convenient punching bags to take the attention away from shit that really matters.

Thu, 10/04/2012 - 18:47 | 2857658 Bunga Bunga
Bunga Bunga's picture

Economic problems are caused by evil manipulators. Is that Krugman's idea too?

Thu, 10/04/2012 - 19:00 | 2857694 ali-ali-al-qomfri
ali-ali-al-qomfri's picture

Ali's homage to MDB, 

“thank A---- that THE currency manipulators were found out, now the regime can continue about the business of growing Iran’s wealth and prestigue. Imagine if such forces were at work in a country the size of the United States of America, how would USA like it if a small band of “terrorists” were manipulating the currency and money supply to the detriment of the people and the benefit of the few.

I hope this example goes around to the world so that all printable fiat currencies can expand in order to allow economonies to grow and prosper.

Thu, 10/04/2012 - 19:08 | 2857726 JuliaS
JuliaS's picture

Coincidentally, this very moment I'm reading "When Money Dies: The Nightmare Of Weimar Collapse" by Adam Fergusson - the part where German banks are blaming devaluation of deutschmarks on black market speculators.

The book has no pictures, but Iran kindly volunteered to provide me with illustrations.

Thu, 10/04/2012 - 19:11 | 2857743 Stuck on Zero
Stuck on Zero's picture

I've heard the Bernanke was last seen dropping bundles of Iranian money from helicopters over Teheran.


Thu, 10/04/2012 - 19:15 | 2857758 waterhorse
waterhorse's picture

"Will be dealt with soon".  It sounds rather ominous.  Does that mean that these guys are going to get record-breaking bonuses with taxpayer-extorted dollars for a "job well done" like the banksters here get?

Thu, 10/04/2012 - 19:27 | 2857790 ziggy59
ziggy59's picture

Im sure not...maybe the rest of the world can learn from both China and Iran, you know, the evil axis of something or another, on how to deal with corrupt banksters

Thu, 10/04/2012 - 20:46 | 2857794 JuliaS
JuliaS's picture

Just in:

Iranian court sentences 16 suspected currency manipulators to death, by releasing them into the streets dressed as nuclear scientists.

Thu, 10/04/2012 - 19:28 | 2857796 Schmuck Raker
Schmuck Raker's picture

The stoning of rape victims will continue until morality improves.

Thu, 10/04/2012 - 19:37 | 2857820 nmewn
nmewn's picture

Plus one...brevity is the soul of wit.

Thu, 10/04/2012 - 20:39 | 2857945 Mad Mohel
Mad Mohel's picture

$20 they're being served cockmeat sandwiches in their new accommodations?

Thu, 10/04/2012 - 22:50 | 2857967 helping_friendl...
helping_friendly_book's picture

Right after they knock out the upper and lower two eye teeth so they can't bite it off.

Then they will learn how to toss salad! 

Do they serve jelly in the Iranian prison commisarry?

Thu, 10/04/2012 - 20:56 | 2857983 TradingTroll
TradingTroll's picture

Imagine every dollar in your pocket devaluing to 30 cents in a matter of weeks?


whats wrong? thats considered a good investment on the US pink sheets

Thu, 10/04/2012 - 20:58 | 2857986 billsykes
billsykes's picture

How does israel disrupt a entire currency of a sovereign country almost overnight with 16 guys?



Thu, 10/04/2012 - 21:40 | 2858060 Big Ben
Big Ben's picture

All the Iranian government would need to do to end the currency speculation would be to exchange Iranian currency for dollars at the official exchange rate. Couldn't they just print up a bunch of dollars?

Or I'm sure there are a bunch of Colombians that would be happy to print some dollars for them.

Thu, 10/04/2012 - 22:12 | 2858132 toomanyfakecons...
toomanyfakeconservatives's picture

We need around 1,600 arrested here in U.S.A. It's going to take a fleet of paddy wagons and prison buses to transport all the financial criminals from Capitol Hill and the White House to prison! Let the MASS ARRESTS begin here in the U.S.!

Fri, 10/05/2012 - 01:00 | 2858399 kita27
kita27's picture

The 'people' are rising against the government?!  But the Iranian government did not cause this. The Iranian Government is trying to develop nuclear energy for the people and this is how they repay them. WTF? these people want their cake and eat it to?

You either live in a shitty world with old gas powered generators that cannot supply demand, or you join the nuclear club with cheap energy for all.

Either way these people will end up paying higher prices through either a falling currency if government persists, or high energy prices is government desists, from its nuclear ambitions.

The people should be uniting and burning US/ISRAELI/UK/SAUDI flags etc, not blaming their government.


The western world sits back, ahhhhhh, this is too fkn easy.

Fri, 10/05/2012 - 03:04 | 2858505 q99x2
q99x2's picture

CNN quit reporting news and went the way of the "Globe" years ago. Last I knew they were saying some weird shit like the FED was working to fix the economy. Or maybe it was about killing Bin Laden for the second time. I can't really remember but I certainly didn't watch this clip.

Fri, 10/05/2012 - 06:07 | 2858628 sadmamapatriot
sadmamapatriot's picture

I want to see George Washington's pretty pictures again.

Fri, 10/05/2012 - 07:35 | 2858677 larz
larz's picture

Thanks for the glimpse of what will happen eventually as our venerated central bankers continue with their policies of fiat currency debasement - use this little glimpse to prepare thyselves

Tue, 10/09/2012 - 08:48 | 2870305 d edwards
d edwards's picture

Iranian gov't cya propaganda, 16 unlucky scapegoats.

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