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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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)

nope-1004's picture

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

 

Rafferty's picture

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

john39's picture

"FED investigators"?  wtf is that?

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.

Papasmurf's picture

I am Linda fucking Green

I am fucking Linda Green.

StychoKiller's picture

That woman really gets around! :>D

mjcOH1's picture

Killer fish and chips.

Generous per-diem.

Road trip time.

Trusiz's picture

Exactly, to be followed by the FED police?

gmrpeabody's picture

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

SoilMyselfRotten's picture

London office visited by Fed.....

 

For tea and crumpets?

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...

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.

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."

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."

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.

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.  

Crash Overide's picture

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

sleigher's picture

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

Billy Sol Estes's picture

1 Fed, Too Fed, Free Fred, Four

nope-1004's picture

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

 

SoilMyselfRotten's picture

Damn Nope, what did whores ever do to you?

Colonel Klink's picture

The same as Bernanke, fucked him!

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!

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.

XAU XAG's picture

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

Not in the UK shirley!

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.

teolawki's picture

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

yogibear's picture

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

TheMeatTrapper's picture

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

Yancey Ward's picture

Currency manipulators hate competition, it seems.

ArkansasAngie's picture

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

Rainman's picture

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

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.

GolfHatesMe's picture

Some stupid Fucking Stress test?

max2205's picture

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

The Proletariat's picture

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

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.

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.

unwashedmass's picture

 

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

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.

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? 

aleph0's picture

I thought the NSA had all the data ?

ROTFL

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.

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.