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And The Latest Firm Under Investigation For Currency Manipulation Is... Goldman

Tyler Durden's picture




 

With JPM having stolen the spotlight for every possible instance of fraud and market manipulation in the past year, it was easy to forget there are other prominent banks that engage in precisely the same deceptive practices as, well, everyone else. One such prominent bank is none other than everyone's old favorite bloodthirsty mollusc, Goldman Sachs, which in a filing reported that "currencies and commodities were added to a list of financial products and related activities that are subject to investigation. The filing also added options trading and technology systems and controls to the list." So, pretty much everything is being investigated.

Bloomberg reports that "Investigators are looking at the firm’s “trading activities and communications in connection with the establishment of benchmark rates,” Goldman Sachs said in the filing. The company "is cooperating with all such regulatory investigations and reviews."

As noted above, Goldman is merely the latest bank to join pretty much everyone else, who is now under investigation.

At least eight banks including Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) have said they are being investigated by authorities examining the $5.3 trillion-a-day foreign-exchange market and are co-operating. Citigroup, JPMorgan and Barclays Plc (BARC) have suspended or put on leave some of their most senior currency traders amid the inquiry. No one has been accused of wrongdoing.

 

The U.S. Federal Reserve is examining legal and regulatory exemptions that have allowed banks including Goldman Sachs to trade and own raw materials such as oil, coal and metals, a person with knowledge of the matter said last month.

None of this should be surprising. What should, however, come as a big shock is that while JPM reported it has not had one trading loss either in Q3 or all of 2013 to date, Goldman just announced it lost money on a far more realistic 23% of all trading days, or 15 of 64, in the quarter.

It seems that unlike JPM, Goldman is taking the government's fraud investigations seriously.

 

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Thu, 11/07/2013 - 11:49 | 4130995 StacksOnStacks
StacksOnStacks's picture

Investigation?  More like Promotion!

Thu, 11/07/2013 - 12:08 | 4131112 Max Hunter
Max Hunter's picture

Get the FOOK out.

Thu, 11/07/2013 - 12:13 | 4131133 metastar
metastar's picture

Investigation open. (bribes secretly made, favors called in, ...), no problems found -or- minor wrist slap to placate sheeple. Outcome: nobody goes to jail. Nobody brought to justice. Just doing god's (aka "Lucifer" for these folks) work.

Thu, 11/07/2013 - 12:26 | 4131212 Groundhog Day
Groundhog Day's picture

Damn! gonna have to give back 10 cents on every dollar we stole to the cops as a bribe or cost of doing "GODS WORK"

Thu, 11/07/2013 - 12:36 | 4131275 Theosebes Goodfellow
Theosebes Goodfellow's picture

~"And The Latest Firm Under Investigation For Currency Manipulation Is... Goldman"~

<Gasp!> Not the Squid?!? Say it ain't so Bennie, say it ain't so!

Thu, 11/07/2013 - 13:26 | 4131528 Manthong
Manthong's picture

<<  Today’s regulators get 2015 job at Goldman for $ 1 Million to $ 2 Million/yr

<<  Today’s regulators get 2015 job at Goldman for $ 2 Million to $ 6 Million/yr

Thu, 11/07/2013 - 12:14 | 4131137 TeamDepends
TeamDepends's picture

This just in:  Goldman announces they are building a prison where their own perps will reside.  Justice will be meted out in-house, of course.

Thu, 11/07/2013 - 12:50 | 4131345 Crash Overide
Crash Overide's picture

I wonder what kind of conditions have to be present to actually hold one of these investment banks accountable for their corruption and criminal fraud and actually send people to jail for their wrongdoings...

Thu, 11/07/2013 - 11:49 | 4130996 Max Damage
Max Damage's picture

Don't worry they'll let them off yet again. Or pay the fine with a taxpayer bailout or similar

Thu, 11/07/2013 - 11:50 | 4131001 venturen
venturen's picture

Someone should break their crystal ball! 

Thu, 11/07/2013 - 11:50 | 4131002 alien-IQ
alien-IQ's picture

The concern over the possible results of this investigation can clearly be seen in the massive .21 cent drop in their share price.

Thu, 11/07/2013 - 11:53 | 4131013 Cognitive Dissonance
Cognitive Dissonance's picture

Wall Street's motto.

If you ain't under investigation for something you're doing it wrong.

Thu, 11/07/2013 - 12:08 | 4131111 Buffalo Bones
Buffalo Bones's picture

"If you're not fucking someone over you're not making money"

Thu, 11/07/2013 - 11:50 | 4131004 The Reich
The Reich's picture

racism

Thu, 11/07/2013 - 11:52 | 4131007 Cognitive Dissonance
Cognitive Dissonance's picture

It would be easier just to list those things Goldman doesn't manipulate.

Here is the list.

.......

Thu, 11/07/2013 - 11:52 | 4131009 Running On Bing...
Running On Bingo Fuel's picture

Finally IN! $45.27.

Over.

Thu, 11/07/2013 - 11:53 | 4131010 fonzannoon
fonzannoon's picture

wake me up when the fed is under investigation.

Thu, 11/07/2013 - 11:54 | 4131020 Dr. Engali
Dr. Engali's picture

Wake me up when the Fed is dead.

Thu, 11/07/2013 - 12:05 | 4131091 TeamDepends
TeamDepends's picture

Wake me up from this nightmare.

Thu, 11/07/2013 - 12:08 | 4131114 DeadFred
DeadFred's picture

:)

Thu, 11/07/2013 - 12:17 | 4131166 Kirk2NCC1701
Kirk2NCC1701's picture

Zed is dead.

Thu, 11/07/2013 - 12:55 | 4131372 NIHILIST CIPHER
NIHILIST CIPHER's picture

@FONZANOON       Fonz you better change your name to Rip Van Winkle....... snooze on bro.

Thu, 11/07/2013 - 11:53 | 4131011 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

When CEO's go to jail for this shit then call me. Until there is real consequences and not just using these firms as piggy banks letting them run ramshod until there is enough loot for the obligatory highwayman shakedown payment nothing changes.

Thu, 11/07/2013 - 11:54 | 4131014 Calculus99
Calculus99's picture

Anyone remember someone called HyperTiger from many years back, I'm sure he's still around somewhere.

He had a great tag line -

"When the opening bell sounds, it signals the start of a crime spree"

So, so true....

Thu, 11/07/2013 - 11:53 | 4131016 Dr. Engali
Dr. Engali's picture

It's a good thing that gold isn't money or Goldman might be tempted to manipulate it too.

Thu, 11/07/2013 - 11:56 | 4131030 Max Damage
Max Damage's picture

That's why that invented paper gold

Thu, 11/07/2013 - 11:54 | 4131018 pelican
pelican's picture

Just the price of doing business boys.  Now let Loyd get back to the Hamptons.

Thu, 11/07/2013 - 11:54 | 4131021 El Vaquero
El Vaquero's picture

*YAWN*

 

Wake me when they actually decide to file criminal charges.

 

No, on second thought, I'll just set my alarm.  I don't want to sleep until next century. 

Thu, 11/07/2013 - 11:55 | 4131025 Hubbs
Hubbs's picture

Goldman? Yeah right!

Just a news front to make the public think that DOJ is cleaning up Wall Street.  Behind the scenes, they are  joining in to stake a claim to the spoils.

Thu, 11/07/2013 - 11:55 | 4131026 Seasmoke
Seasmoke's picture

No different than selling MBS while betting against them. 

Thu, 11/07/2013 - 11:56 | 4131029 pragmatic hobo
Thu, 11/07/2013 - 11:57 | 4131038 RaceToTheBottom
RaceToTheBottom's picture

Goldman was just feeling left out, nothing will happen.

Thu, 11/07/2013 - 12:00 | 4131045 LeisureSmith
LeisureSmith's picture

Hazard.....Moral Hazard. Cue James Bond theme music.

Darat dada ta daaraa....

Thu, 11/07/2013 - 12:05 | 4131089 Buffalo Bones
Buffalo Bones's picture

They should make a show called "The Dukes of Moral Hazard" starring Barry and the Bernank.

The true tragedy is that it would be a reality show.

Thu, 11/07/2013 - 12:05 | 4131092 ziggy59
ziggy59's picture

Used to be this was 'news'. Now its like the old Anita Bryant commercials..

A day without corrupt bankster activity is a day without sunshine...

...yes its redundant

Thu, 11/07/2013 - 14:23 | 4131788 Relentless
Relentless's picture

A day without corrupt bankster activity will mark the start of the revolution.

Thu, 11/07/2013 - 12:06 | 4131101 U4 eee aaa
U4 eee aaa's picture

Was that a flying pig I just saw?

Probably got shot out of a cannon. I'll wait for the Twitter update

Thu, 11/07/2013 - 12:09 | 4131118 yogibear
yogibear's picture

Obama wants more protection money. Juicing Goldman again for his entitlement plans.

Thu, 11/07/2013 - 12:14 | 4131146 akarc
akarc's picture

Means absolutely nothing until people start going to jail. Well people are going to go to jail. You and I maybe.

Thu, 11/07/2013 - 12:16 | 4131161 U4 eee aaa
U4 eee aaa's picture

Actually, the correct term these days is holiday fun camps (sponsored by FEMA)

Thu, 11/07/2013 - 12:14 | 4131149 Yen Cross
Yen Cross's picture

      The squid has to have it's tentacles slapped every once in a while. They need to keep the illusion that they're on the up & up...

Thu, 11/07/2013 - 12:24 | 4131203 VonSalza
VonSalza's picture

I am speechless! I am without speech.

Thu, 11/07/2013 - 12:24 | 4131204 grunk
grunk's picture

Double secret probation.

Thu, 11/07/2013 - 12:29 | 4131226 CharliePrince
CharliePrince's picture

goldman cannot be convicted or arrested

for anything.  thats like the government  arresting itself

Thu, 11/07/2013 - 12:42 | 4131288 Reaper
Reaper's picture

It's just Obama, Holder and Schumer demanding to have more of the wealth spread in their direction. Classic shakedown and fool the sheeple theater, as with a police raid on gambling dens or whorehouses. Perhaps, Goldman didn't keep its pay-to-play commissions current, or Obama, Holder and Schumer want to renegotiate the terms because of their needs. Bharara, NY Southern District prosecutor, aka Schumer's boy, had promised to not prosecute TBTF, but cash needs change minds.

Thu, 11/07/2013 - 12:53 | 4131362 kikk
kikk's picture

As always, this is down to a couple of rogue traders sharing a desk on the 12th floor.

No-one above them knew anything about anything... EVER

And those in positions of real authority didn't even know there were people under them who knew nothing about anything and are shocked, seriously shocked to learn that this could possibly happen.

Insincere apologies and bribes all round and it will go away. 

Thu, 11/07/2013 - 13:38 | 4131607 Random_Robert
Random_Robert's picture

JPM doesn't have to take the government's fraud investigation seriously, because JPM is the the false-facade of the government's own fraud...

Sorry, not fraud, I meant that JPM is the "primary facilitator of the US Strong dollar policy"

NOT fraud... Strong dollar policy.

"Strong"  meaning  "Immune to the the laws of supply and demand"

 

Thu, 11/07/2013 - 13:39 | 4131616 Finnman
Finnman's picture

Goldmann Sachs is the Chosen Bank,

used by God?

Thu, 11/07/2013 - 13:55 | 4131676 TORNasunder
TORNasunder's picture

Since the size, scope, and frequency of the fraud can no longer be hidden the TPTB create the illusion that the fraud is being 'addressed'.

Go back to sleep folks, nothing to see here. Those folks saying banks are evil are just crazy.

Thu, 11/07/2013 - 15:26 | 4132053 Buffalo Bones
Buffalo Bones's picture

Well you guys did see this right?

http://m.huffpost.com/us/entry/2821741

Fri, 11/08/2013 - 02:09 | 4134209 Dubaibanker
Dubaibanker's picture

At last, some country's Govt woke up and spoke against Goldman Sachs.....Wish Greece did it as well.

http://ibnlive.in.com/news/government-hits-out-at-goldman-sachs-for-pred...

http://economictimes.indiatimes.com/news/politics/and/nation/Anand-Sharm...

The Chairman of GS in India says that India is much stronger today when its currency has declined 100% since 1993 over 20 years and 50% in the last 5 years and inflation is roaring above 15% to 20% pa levels for the last several years. He is telling international investors, come ye all, so we can rob you of your investment dollars! :)

http://articles.economictimes.indiatimes.com/2013-09-09/news/41903507_1_...

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