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Citi's London Office Visited By Fed, Treasury Investigators

Tyler Durden's picture





 

Either the Fed and the OCC are unaware of this thing called "computers" which allows them to find out what a bank's trading desk somewhere, anywhere in the world has done at any point in the past 30 or so years, or they really felt the need to stretch their legs around London's Canary Wharf, or they heard very good news about Citi's seafood buffet at its London HQ, but whatever the reason Reuters reports that "the U.S. Federal Reserve and Office of the Comptroller of the Currency have sent investigators to Citigroup's London headquarters as part of an international investigation into alleged manipulation of the global currency market, a source familiar with the matter told Reuters on Wednesday."

More from the source:

[The visit] comes after Citi last week fired its head of European spot foreign exchange trading Rohan Ramchandani, following a prolonged period on leave.

 

The Fed and OCC officials, who have been at Citi's Canary Wharf office in London this week, are at the preliminary stage of information-gathering and their presence is "independent" of Ramchandani's sacking, the source said. The Federal Reserve and OCC, which is an independent bureau of the U.S. Treasury, both declined to comment. A spokesman for Citigroup also declined to comment.

 

Last year, Britain's Financial Conduct Authority began a formal investigation into possible manipulation in the $5.3 trillion-a-day global FX market. The U.S. Justice Department is also engaged in an active investigation of possible manipulation of the market, the world's largest.

We eagerly look forward to the Fed's Yelp review of the various food options at Citi's Canary Wharf office.

 


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Wed, 01/15/2014 - 11:03 | Link to Comment XAU XAG
XAU XAG's picture

Fed is just trying to boost UK economy

1 fed = +1% increase in GDP

2 fed = +2% increase in GDP

3 fed = +4% increase in GDP (this is the fat Mother Fucker)

Wed, 01/15/2014 - 11:09 | Link to Comment nope-1004
nope-1004's picture

"Alleged" manipulation?  LMFAO.  Is water wet?  Do bankers steal?  Duhhhhhhhh,.,,,,,,,

 

Wed, 01/15/2014 - 11:16 | Link to Comment Rafferty
Rafferty's picture

Physical raid could actually be less productive than a remote on-line investigation.  This looks like optics to me.

Wed, 01/15/2014 - 11:24 | Link to Comment john39
john39's picture

"FED investigators"?  wtf is that?

Wed, 01/15/2014 - 11:27 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

I am Linda fucking Green

Wed, 01/15/2014 - 16:33 | Link to Comment Manthong
Manthong's picture

“the Fed and the OCC are unaware of this thing called "computers"”

.. but they aware of the fun and clubbing scene in Soho.

Wed, 01/15/2014 - 19:53 | Link to Comment Papasmurf
Papasmurf's picture

I am Linda fucking Green

I am fucking Linda Green.

Wed, 01/15/2014 - 20:16 | Link to Comment StychoKiller
StychoKiller's picture

That woman really gets around! :>D

Wed, 01/15/2014 - 21:45 | Link to Comment mjcOH1
mjcOH1's picture

Killer fish and chips.

Generous per-diem.

Road trip time.

Wed, 01/15/2014 - 11:41 | Link to Comment Trusiz
Trusiz's picture

Exactly, to be followed by the FED police?

Wed, 01/15/2014 - 11:43 | Link to Comment gmrpeabody
gmrpeabody's picture

Maybe they need half a billion rounds of 40 cal...

Wed, 01/15/2014 - 11:48 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

London office visited by Fed.....

 

For tea and crumpets?

Wed, 01/15/2014 - 12:10 | Link to Comment Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

Tea and strumpets, maybe.

Interesting...I posit that these are factional infights--more like mobsters stealing from each other. There is this "Fed" mob, though an old and established mafia group, that are being challenged by newer, more creative and agile young mobsters. At least one of these younger groups would be tied to NSA/CIA, who've become quite good at raising money for their little ventures. In this case, I think the "Old guard" are looking to reassert themselves. A couple billion never hurts, even tho Uncle Ben/Aunt Janet will blow thru that money like Rick James on a super bender...

Wed, 01/15/2014 - 12:24 | Link to Comment putaipan
putaipan's picture

re; tea and strumpets ... and if one faction does not have the capabilities of the nsa, well then, the message better be delivered in person.

Wed, 01/15/2014 - 12:35 | Link to Comment jefferson32
Wed, 01/15/2014 - 12:38 | Link to Comment jefferson32
jefferson32's picture

"[Thanks to 911], authority now extends to wherever a Federal Reserve Law Enforcement Officer is performing official duties, whether in uniform, plain clothes or on a specialized unit."

Wed, 01/15/2014 - 12:43 | Link to Comment jefferson32
jefferson32's picture

"[Responsibilities] often include joint/liaison work with other law enforcement agencies, intelligence coordination, training instruction, and/or investigative work related to administrative matters. Federal Reserve officers support local, state and federal agencies when criminal investigations involve Federal Reserve interests."

Wed, 01/15/2014 - 13:40 | Link to Comment Four chan
Four chan's picture

...and jacking off.

Wed, 01/15/2014 - 12:42 | Link to Comment frankTHE COIN
frankTHE COIN's picture

I've seen the LA FED Police outside of the Federal Reserve when Armoured trucks go in or out of the Bldg. They look like SWAT.

Wed, 01/15/2014 - 11:49 | Link to Comment robertsgt40
robertsgt40's picture

The Fed and "Justice" Dept should get to the bottom of this in say, 10yrs.  I'm sure they'll be as relentless as they were in bringing to justice the domestic financial perps.  

Wed, 01/15/2014 - 14:21 | Link to Comment Crash Overide
Crash Overide's picture

Just like they did with JPM and Madoff and all the others...

Wed, 01/15/2014 - 11:57 | Link to Comment sleigher
sleigher's picture

Does the pope shit in the woods?  Are pedobears catholic?  

Wed, 01/15/2014 - 11:34 | Link to Comment Billy Sol Estes
Billy Sol Estes's picture

1 Fed, Too Fed, Free Fred, Four

Wed, 01/15/2014 - 11:47 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

5 Debt, 6 Debt, 7 Debt more

Wed, 01/15/2014 - 12:10 | Link to Comment nope-1004
nope-1004's picture

8 debt, 9 debt, Bernanke's a whore.

 

Wed, 01/15/2014 - 12:16 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

Damn Nope, what did whores ever do to you?

Wed, 01/15/2014 - 13:41 | Link to Comment Colonel Klink
Colonel Klink's picture

The same as Bernanke, fucked him!

Wed, 01/15/2014 - 14:11 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

We're gonna fraud around the clock tonight,
We're gonna fraud, fraud, fraud, in broad daylight,
We're gonna fraud, we're gonna fraud around the clock tonight!

Wed, 01/15/2014 - 11:07 | Link to Comment Dr. Engali
Dr. Engali's picture

Oh fucking brother. Possible manipulation in the $5.3 trillion dollar a day global FX market? WTF do you think the fed is doing between zirp and monthly asset purchases of $75 billion o month? Damn hypocrites, I hope you all choke on some radiated lobster.

Wed, 01/15/2014 - 11:08 | Link to Comment XAU XAG
XAU XAG's picture

lobester imported from the west coast of America.................no no no

Not in the UK shirley!

Wed, 01/15/2014 - 11:32 | Link to Comment Dr. Engali
Dr. Engali's picture

"WTF do you think the fed is doing between zirp and monthly asset purchases of $75 billion o month?"

 

Where in the hell did you learn how to structure a sentence? Fucking idiot.

Wed, 01/15/2014 - 12:02 | Link to Comment teolawki
teolawki's picture

They're just pissed because they don't think their cut is big enough back here in the States.

Wed, 01/15/2014 - 11:05 | Link to Comment yogibear
yogibear's picture

Shakedown time. Someone not playing the game as planned? Send the goons in to break some legs,

Wed, 01/15/2014 - 13:15 | Link to Comment TheMeatTrapper
TheMeatTrapper's picture

That was my reaction exactly. Somebody was skimming too much off the top. 

Wed, 01/15/2014 - 11:08 | Link to Comment Yancey Ward
Yancey Ward's picture

Currency manipulators hate competition, it seems.

Wed, 01/15/2014 - 11:08 | Link to Comment ArkansasAngie
ArkansasAngie's picture

They cannot go after anybody without implicating themselves.  This will not go anywhere

Wed, 01/15/2014 - 11:12 | Link to Comment Rainman
Rainman's picture

yup..they built this Citi mess then rebuilt it after it blew itself up

Wed, 01/15/2014 - 14:25 | Link to Comment Crash Overide
Crash Overide's picture

"They cannot go after anybody without implicating themselves.  This will not go anywhere"

 

That's like saying JP Morgan is rigging the paper metal markets on behalf of their customers, the USG and the FED.

Wed, 01/15/2014 - 11:11 | Link to Comment GolfHatesMe
GolfHatesMe's picture

Some stupid Fucking Stress test?

Wed, 01/15/2014 - 12:05 | Link to Comment max2205
max2205's picture

Do you ever think the UK would 'visit' JPM in NY?   Didn't think so....

Wed, 01/15/2014 - 11:18 | Link to Comment The Proletariat
The Proletariat's picture

Hahahaha, yeah right!!!!!  Those fuckers are over there interviewing for new jobs...

Wed, 01/15/2014 - 11:59 | Link to Comment buzzsaw99
buzzsaw99's picture

^^^THIS^^^

Wed, 01/15/2014 - 11:20 | Link to Comment Yes We Can. But...
Yes We Can. But Lets Not.'s picture

They're probably just scouting office furnishings - I hear Gubmint offices these days are becoming remarkably opulent. Nothing but the best for public servants.

Wed, 01/15/2014 - 11:21 | Link to Comment One And Only
One And Only's picture

The U.S is going after Citi for manipulation of the currency market?

Perhaps the US government can descend on Constitution Ave Washington DC and apprehend the largest organized crime syndicate known to mankind, specializing in manipulating currency markets and interest rates from a global purview.

They are in the Eccles building. It's easy to find, it's the building that looks like where the Penguin from Batman lives.

Wed, 01/15/2014 - 11:27 | Link to Comment unwashedmass
unwashedmass's picture

 

guess they wanted a free trip to London. watching porn all day does get tiring. 

Wed, 01/15/2014 - 12:08 | Link to Comment teolawki
teolawki's picture

Why travel across town to launch an "investigation" when you can vacation in London and launch an "investigation" on the taxpayer's dime.

Wed, 01/15/2014 - 11:27 | Link to Comment Walt D.
Walt D.'s picture

"Last year, Britain's Financial Conduct Authority began a formal investigation into possible manipulation in the $5.3 trillion-a-day global FX market. The U.S. Justice Department is also engaged in an active investigation of possible manipulation of the market, the world's largest."

Given that the Fed is a private institutution, who gives them the right to manipulate interest rates and currency exchange rates? 

Wed, 01/15/2014 - 11:30 | Link to Comment aleph0
aleph0's picture

I thought the NSA had all the data ?

ROTFL

Wed, 01/15/2014 - 11:46 | Link to Comment GeorgeHayduke
GeorgeHayduke's picture

More likely, Citi's London office screwed up some big-time drug lord's (CIA?) account while laundering the cash and these guys are going over to clean up the mess before things get ugly.

Just speculation of course, but face it, they aren't doing any investigations because folks on Main street got screwed. They don't give a shit about that at all. Someone with wealth and connections wanted this done or it wouldn't have happened. Or, there's something more sinister going on behind the curtain and this is part of the smoke screen. Nothing Corp-Gov does anymore is what they present to the public. It's all about covering up something while covering someone's ass.

Wed, 01/15/2014 - 12:49 | Link to Comment disabledvet
disabledvet's picture

steal 600 million from Target, et al (a billion?) launder it in London. Only problem being "Sudden Bitcoin ATM Appearance" which allows tracking of every financial transactor anywhere in the world. Brent bullshit oil still north of 20 bucks higher than North Dakota crude? hahahaha. this is going on ten years now. This is gonna blow Great Britain's economy sky high once oil hits 60 bucks.

Wed, 01/15/2014 - 14:31 | Link to Comment Crash Overide
Crash Overide's picture

Funny how banks in the US are saying no to medical/legal Marijuana money deposits but they have no problem laundering money for drug cartels.

Actually it's not funny, legal drug money is in direct competition with the USG's war on drugs and their power structure.

Wed, 01/15/2014 - 12:04 | Link to Comment metastar
metastar's picture

Fed and Treasury visiting Citi's London office.

The crime family bosses occasionally need to meet f2f to discuss business.

Just business as usual. Nothing to see.

Wed, 01/15/2014 - 12:09 | Link to Comment venturen
venturen's picture

Hope they were carrying guns....just to get the message across

Wed, 01/15/2014 - 12:15 | Link to Comment Payne
Payne's picture

They are there is bury the dead bodies and cover them with dirt.  This is an investigational coverup up quick.

Wed, 01/15/2014 - 12:15 | Link to Comment starman
starman's picture

When you speak the same language you speak the same language!
World Fed convention London 2014! Jolly good carry on.

Wed, 01/15/2014 - 12:22 | Link to Comment GrinandBearit
GrinandBearit's picture

The Fed is investigating themselves?

Wed, 01/15/2014 - 12:33 | Link to Comment shovelhead
shovelhead's picture

"Sometimes these things gotta be done face to face, head to head, you know what I mean?"

-John Gotti-

Wed, 01/15/2014 - 12:43 | Link to Comment fijisailor
fijisailor's picture

Ah so Citi's the patsy for Squid and Morgue corruption.

Wed, 01/15/2014 - 12:52 | Link to Comment disabledvet
disabledvet's picture

this is by far the world's biggest bank. if they're given a cease and desist order that will blow a trillion dollar hole in fx trading you'll be driving not just Canada (collapsing) and Australia (already collapsed) but who knows what else.

Wed, 01/15/2014 - 12:58 | Link to Comment waterhorse
waterhorse's picture

"...as part of an international investigation into alleged manipulation of the global currency market,"

"alleged"?

Wed, 01/15/2014 - 13:27 | Link to Comment dot_bust
dot_bust's picture

"They're skimming the skim."

-- Martin Scorcese's film, Casino

Wed, 01/15/2014 - 13:53 | Link to Comment Grinder74
Grinder74's picture

Either the Fed and the OCC are unaware of this thing called "JURISDICTION"...

Wed, 01/15/2014 - 14:20 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Lemme put it this way: When the proclaimed dick sizes and measurement definitions get too extreme, it's time to "drop the drawers".

Time to "bench mark".

Wed, 01/15/2014 - 14:24 | Link to Comment mbutler101
mbutler101's picture

I guess some of the rogues have gone rogue...LOL!

Wed, 01/15/2014 - 14:59 | Link to Comment Bagbalm
Bagbalm's picture

Hawaii next...

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