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 | 4333903 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 | 4333918 nope-1004
nope-1004's picture

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


Wed, 01/15/2014 - 11:16 | 4333943 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 | 4333967 john39
john39's picture

"FED investigators"?  wtf is that?

Wed, 01/15/2014 - 11:27 | 4333972 dick cheneys ghost
dick cheneys ghost's picture

I am Linda fucking Green

Wed, 01/15/2014 - 16:33 | 4335130 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 | 4335838 Papasmurf
Papasmurf's picture

I am Linda fucking Green

I am fucking Linda Green.

Wed, 01/15/2014 - 20:16 | 4335930 StychoKiller
StychoKiller's picture

That woman really gets around! :>D

Wed, 01/15/2014 - 21:45 | 4336260 mjcOH1
mjcOH1's picture

Killer fish and chips.

Generous per-diem.

Road trip time.

Wed, 01/15/2014 - 11:41 | 4334002 Trusiz
Trusiz's picture

Exactly, to be followed by the FED police?

Wed, 01/15/2014 - 11:43 | 4334009 gmrpeabody
gmrpeabody's picture

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

Wed, 01/15/2014 - 11:48 | 4334013 SoilMyselfRotten
SoilMyselfRotten's picture

London office visited by Fed.....


For tea and crumpets?

Wed, 01/15/2014 - 12:10 | 4334091 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 | 4334153 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 | 4334182 jefferson32
Wed, 01/15/2014 - 12:38 | 4334187 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 | 4334199 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 | 4334414 Four chan
Four chan's picture

...and jacking off.

Wed, 01/15/2014 - 12:42 | 4334197 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 | 4334017 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 | 4334560 Crash Overide
Crash Overide's picture

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

Wed, 01/15/2014 - 11:57 | 4334035 sleigher
sleigher's picture

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

Wed, 01/15/2014 - 11:34 | 4333985 Billy Sol Estes
Billy Sol Estes's picture

1 Fed, Too Fed, Free Fred, Four

Wed, 01/15/2014 - 11:47 | 4334016 SoilMyselfRotten
SoilMyselfRotten's picture

5 Debt, 6 Debt, 7 Debt more

Wed, 01/15/2014 - 12:10 | 4334083 nope-1004
nope-1004's picture

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


Wed, 01/15/2014 - 12:16 | 4334119 SoilMyselfRotten
SoilMyselfRotten's picture

Damn Nope, what did whores ever do to you?

Wed, 01/15/2014 - 13:41 | 4334417 Colonel Klink
Colonel Klink's picture

The same as Bernanke, fucked him!

Wed, 01/15/2014 - 14:11 | 4334514 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 | 4333905 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 | 4333912 XAU XAG
XAU XAG's picture

lobester imported from the west coast of no no

Not in the UK shirley!

Wed, 01/15/2014 - 11:32 | 4333978 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 | 4334047 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 | 4333909 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 | 4334317 TheMeatTrapper
TheMeatTrapper's picture

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

Wed, 01/15/2014 - 11:08 | 4333911 Yancey Ward
Yancey Ward's picture

Currency manipulators hate competition, it seems.

Wed, 01/15/2014 - 11:08 | 4333914 ArkansasAngie
ArkansasAngie's picture

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

Wed, 01/15/2014 - 11:12 | 4333927 Rainman
Rainman's picture

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

Wed, 01/15/2014 - 14:25 | 4334588 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 | 4333924 GolfHatesMe
GolfHatesMe's picture

Some stupid Fucking Stress test?

Wed, 01/15/2014 - 12:05 | 4334059 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 | 4333947 The Proletariat
The Proletariat's picture

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

Wed, 01/15/2014 - 11:59 | 4334039 buzzsaw99
buzzsaw99's picture


Wed, 01/15/2014 - 11:20 | 4333952 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 | 4333956 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 | 4333974 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 | 4334078 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 | 4333975 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 | 4333982 aleph0
aleph0's picture

I thought the NSA had all the data ?


Wed, 01/15/2014 - 11:46 | 4334014 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 | 4334225 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.

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