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Scandal: Bank Of England Encouraged Currency Manipulation By Banks
Raise your hand if you are surprised that, as has emerged, virtually every major bank was manipulating currencies (and everything else) whether as part of the "Bandits' Club", the "Cartel" or some other - until recently- secret message room.
That's what we thought.
Now raise your hand if you thought the manipulation could be so pervasive, so glaring and so in your face, that even the oldest central bank - the Bank of England - and who knows how many other monetary authorities, were openly encouraging traders from these private banks to do more of the illegal activity they had been engaging in - namely manipulating currencies - with their explicit blessing knowing very well such behavior is undisputedly illegal.
We hope at least one or two hands went up, because which it is one thing to be cynical about what is going on behind the scenes, it is something else to see the edifice of global corruption and criminality, whose only purpose was to preserve the status quo, unwinding before your very eyes substantiated by actual facts.
Such as this report by Bloomberg which confirms that yet another conspiracy theory is fact, as at least one central bank has been exposed to not only have known about a criminal activity that is now costing the jobs of hundreds of traders (and should lead to jail time), but to have urged it on.
From Bloomberg:
Bank of England officials told currency traders it wasn’t improper to share impending customer orders with counterparts at other firms, a practice at the heart of a widening probe into alleged market manipulation, according to a person who has seen notes turned over to regulators.
A senior trader gave his notes from a private April 2012 meeting of currency dealers and two central bank staff members to the Financial Conduct Authority about six weeks ago because of mounting media coverage of the investigation, said the person, who asked not to be named while probes are under way.
Traders representing some of the world’s biggest banks told officials at the meeting that they shared information about aggregate orders before currency benchmarks were set, three people with knowledge of the discussion said. The officials said there wasn’t a policy on such communications and that banks should make their own rules, according to the people. The notes could drag the U.K. central bank into another market-rigging scandal two years after it was criticized by lawmakers for failing to act on warnings that Libor was vulnerable to abuse.
If traders can show “they made Bank of England officials aware of practices in the FX market some time ago, then the bank will be at risk of being characterized as having endorsed, by its silence and inaction, the very practices which are now under investigation,” said Simon Hart, a lawyer at RPC LLP in London.
Wait for it, wait for it... Here it comes: "If the BOE did not encourage currency manipulation by bankers, then the world would have crashed" - did we get the excuse that the Bank of England (and soon after, the Fed, the SNB, the BOJ and all other banks as there is never just one cockroach) will use to justify their criminal behavior? Why, of course.
But for now the bank had this to say:
A spokeswoman for the Bank of England declined to comment about the 2012 meeting beyond what was contained in a summary provided to Bloomberg News last month. Those notes included a reference to “a brief discussion on extra levels of compliance that many bank trading desks were subject to when managing client risks around the main set-piece benchmark fixings.” No further details of the discussion were provided.
“Allegations that banks may have been rigging the forex market are extremely serious, particularly for firms but also for regulators who had been telling Parliament that banking standards were improving,” Andrew Tyrie, the British lawmaker who led an inquiry into practices in the banking industry following the Libor scandal, said in a statement today.
...
The Bank of England officials said they viewed the practices as positive to reduce market volatility and wouldn’t take the matter to the standing committee, according to the people with knowledge of the meeting. That body included a representative from the Financial Services Authority, the FCA’s predecessor, according to central bank records.
By pooling information on client orders, current and former traders interviewed by Bloomberg News have said they could gain an impression of probable moves in currency markets, knowledge they said they sometimes used to place their own bets before the benchmark WM/Reuters rates are set at the 4 p.m. London close.
The details of the BOE's loathsome conduct:
Dealers at the April 2012 meeting with Martin Mallett, the Bank of England’s chief currency dealer, and James O’Connor, who works in its foreign-exchange division, were told not to record the discussion or take notes, one of the people said. One trader wrote down what was said soon after leaving because of concerns spawned by investigations of attempted manipulation of the London interbank offered rate, or Libor, the person said.
Two traders at the meeting -- Citigroup Inc. (C)’s Rohan Ramchandani and UBS AG (UBSN)’s Niall O’Riordan -- are among at least 20 employees of global banks who have been fired, suspended or put on leave since Bloomberg News first reported in June that dealers said they shared information about client orders to manipulate benchmark rates used in the $5 trillion-a-day currency market, the world’s biggest.
In other news, head FX traders for Goldman, JPMorgan, RBC and Deutsche have resigned in recent weeks, in what are clearly unrelated actions. Maybe they will want to also avoid flying in the coming weeks and months, as the last thing the market needs now are more revelations not only how manipulated everything is, but that the orders for such manipulation originate at the very top of the banker oligarchy.
Alternatively, maybe instead of perpetuating the "fair and efficient markets" lie, the world's central banks will be kind enough to just let everyone in on where they determine to close what once were "markets" at any given day so that everyone can benefit from a broken and corrupt system, instead of just a few not so good bankers. After all, with everyone profiting from the no risk, guaranteed return market all the time, at least inflation will finally go off the charts.
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So the FBI will raid the NY FED offices some day?
FBI is law enforcement arm of banking cabal. FBI mission is protect interest of FED, not prosecute FED.
Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go. Round and round, round and round, round and round we go.
Come now. Aren't you being a touch too cynical?
The entire purpose of a central bank is to manipulate currency values. That was the primary reason they were created in the first place.
So how is a central bank doing what it was created to do a scandal. Just that the extent of the manipulation was exposed?
If you see a bankster, kill a bankster.
- Janet Napolitano (or something like that)
The BOE is just doing God's work, like GS and all the others.
I'm starting to get the sense that the statistically impossible jp morgue and bofa trading records may have involved some illegal activity...
Wow James, YOU implicitly speaking out against the establishment and the status-quo? That is quite out of character for you.
I clearly having nothing bad to say about the British populace as they are great.
Financial scandal from England? Duh! That shitty little (ecomonically speaking) country has essentially nothing tangible, but it's a quite wealthy. They've been ripping off the rest of the world for a very long time. The epicenter of financial corruption is not in the U.S., it's in England.
"Let me issueand control a Nation's money and I care not who makes its laws". - Bauer Mayer Rothschild
"The few who can understand the system will be either so interested in its profits, or so dependent on its favours, that there will be no opposition from that class, while, on the other hand, that great body of people, mentally incapable of comprehending the tremendous advantage that Capital derives from the system, will bear its burden without complaint and, perhaps, without even suspecting that the system is inimical to their interests."
"So how is a central bank doing what it was created to do a scandal."
Created by whom, and with what permission?
"It is also important for the State [Central Bank] to inculcate in its subjects an aversion to any "conspiracy theory of history"; for a search for "conspiracies" means a search for motives and an attribution of responsibility for historical misdeeds… Furthermore, an attack on "conspiracy theories" means that the subjects will become more gullible in believing the "general welfare" reasons that are always put forth by the State [Central Bank] for engaging in any of its despotic actions. A "conspiracy theory" can unsettle the system by causing the public to doubt the State's [Central Bank’s] ideological propaganda." … Murray Rothbard, "The Anatomy of the State"
"Who makes up a criminal conspiracy? If you go and look, [you'll find] they are made up of bankers, politicians, judges and, just perhaps, once in a while, a criminal." … Italian presidential candidate Beppe Grillo
Enter Cass Sunstein, Obama's Propaganda Czar who has the mission of infiltrating any organizations doing any conspiracy theorizing.
http://www.wnd.com/2010/01/121884/
http://www.emptywheel.net/2013/08/22/advocate-of-secret-infiltration-cass-sunstein-on-obamas-committee-to-make-us-trust-the-dragnet/
http://www.freerepublic.com/focus/f-bloggers/2429159/posts
http://www.foxnews.com/story/2010/04/22/glenn-beck-cass-sunstein-vs-tea-party/
It will be news, when we find out they don't manipulate something.....oh wait, PMs....nevermind, back to my tin foil hat.
front-running aggregate orders, and advising our friends to do the same, generates alpha.
if we didn't have alpha, we would have to start bail-inning it from our 'investors'
or else task our assistants with confiscating it from sovereigns or the general populace
this way is a lot better for everyone.
don't you agree.
I'm sorry .. I didn't hear you.
hugs,
markarney's boss
This is what happens when there is no gold standard. simple solution, use a silver based or gold based bank account. schiff offers it. i do not work for schiff
The forces of evil grew among the gold standard, too!
It doesn't matter if you borrow one ounce of gold and must pay back 33 grams or you borrow 10 Dollars and must pay back 11 Dollars.
Interest and compound interest, interest slavery, is the key!
aka "National Security" (how do I say that in Boris-speak?)
This reminds me of an old childhood song that went something like this:
"If it's crappy and you know it, clap your hands."
Is like Russia Army song,
"If is clap and you know it, pull up your pants."
(part of field training and operational film)
I wonder what Tolstoy would have had to say & write about this - the House of Rothschild (aka Bank of England), which literally was the first private bank (look at the roster of its constituent members/masters) to LITERALLY buy off an allegedly "representative"government, and indebt (forever) an allegedly sovereign nation (now a nation of "plebes'" just as in the USSA, EU, Japan, etc.
Piss hurt...bend bars...
Paging Dr.Dick!
You have to Rub the Lamp first and then Boris will appear.
You guys just don't recognize when banksters are adding liquidity to the system.
Speaking of bankster manipulation, WTF is going on with the treasury yields today? Normal market function my ass.
Follow the yellow brick road and...
EMBRACE THE FRAUD.
Resistance are futile.
The only hope to end all the corruption is money which can not be controlled by these institutions. Gold, Silver or barter. oops the alarm clock is ringing..must get to work to earn my credits and pay my fair share t0 support the 50 million on food stamps, 20 million .gov employees etc etc
FBI it too busy investigating the IRS to handle the banking industry
Bankster cabal law enforcement division is investigation of collection division? You are joke, no? Is like Warren commission is put ex-CIA chief Alan Dulles head of investigate Kennedy Assassination. You are only get zig-zag-magic-bullet.
KEEP CALM
AND
CARRY ON
MANIPULATING!
How about keep calm and stop these arseholes.
There isn't a free market today because of these yahoos.
You want to know why there is an income inequality? Look no further than the shatheads who are picking the winners and losers.
National security? Horse manure.
A free-market cannot exist where there is a government.
Government's very existence distorts prices.
Re; A free-market cannot exist where there is a government.
A free-market cannot exist where smart-n-savvy people can manupulate dumbasses with bullshit.
A free-market cannot exist where dumbasses believe the bullshit of sociopaths.
A free-market is the fantasy of semi-autistic humans who can't comprehend that the key to success is duplicity.
How are we the people going to "stop these arseholes"? Especially when they are making just the act of speaking out against them illegal Angie? Let me guess, you're going to "vote" them out.
LMFAO!
KCCO For the rest of us
Going to an Ivy League school is wonderful. You are actually given permission to rape and kill. Bastards.
Ok, call me crazy but doesn't everybody know that the Central Banks manipulate currencies on a daily (probably minute by minute actually) basis now. It's like their bread and butter. It's what they do.
If you are playing in this game and you don't know the above then, wow. Just wow.
That and all other Gov. agencies work for the Central Banks.
Imagine that this is all one big casino, and they are the house.
And yet, I suppose there are still some people out there that still don't know this.
Is just big circle jerk.
Is Boris seen latest photos of Obama and PUtin.
http://a.disquscdn.com/uploads/mediaembed/images/829/2156/original.jpg
http://www.ambrosekane.com/wp-content/uploads/2013/09/Putin-Horse-1.jpg
as long as a cracker isn't involved it's all above board so they say.
either way.. just another day in paradise. pay a modern day indulgence to get your sins forgiven, and provided it makes the light of day to the gum chewing, anti depressant addled masses - the few who understand the implications will be preoccupied with Honey boo boo's new hairstyle.
So, looks like we need another British bashing excersise.
You stupid fuckers keep it up... All of a sudden "Fuck the EU" doesn't sound all that bad, since we have been bailing out these cocksuckers for five years running now..
Jan, fire up that printer and export the exponential hyper inflation right to the shores of where that shit belongs...
If they are worried about the FX markets..you can be sure they are playing with the PM Markets...that is the base of all Curriencies and how they are valued..if the PMs get to high..there is no faith in the Fiat....
The Banks of Israel was even a "whale" of a client in the "stock markets" with the illustrious - now Federal Reserve 2nd in command & Ben Shalom Bernanke's former mentor, Stanley Fisher - as lead equity anal-cyst.
EMBRACE THE FRAUD.
"Some animals are more equal that others"
Is that that 'Rothschilds' controlled BOE you're talking about?. That one? That thing where moneychangers counterfeit little pieces of paper and steal your gold with it?
The very one.
Only slightly off-topic: An outstanding interview with Snowden by a German journalist is linked below. Watch it in its entirety, and it will quickly become crystal clear why no American media outlet would dare allow him to speak freely on their networks. Also, anyone who imagines that he is not a genuine whistleblower would be hard pressed to maintain such fantasies after watching this.
http://jessescrossroadscafe.blogspot.com/2014/02/snowden-interview-on-ge...
You seem to lack imagination. The zionist elites control the US and Russia, so Snowden's asylum is political theatre. What you need to think about is why? Why are banks being exposed? Why are security arrangements being exposed? Why are State misbehaviors being exposed?
There is a greater purpose and sacrifice behind all these actions. Just as the zionists allowed the killing of jews in WWII to create a favorable environment for their goals (state of israel), the trashing of markets, capitalism, security, currency and credit markets are all part of a plan to get the slave population to agree to new policies and control measures.
Totalitarianism requires the assent of the people. It is too difficult to police everyone. You must convnce the people that it is one, for their own good and two, their idea. There s a reason the media is controlled. There is a reason all the shows are police, legal and medical dramas- it causes the population to idolize these necessary agencies- agencies that are state controlled.
While I am broadly sympathetic, it strains credulity to imagine that Snowden is part of a conspiricy – Zionist or otherwise.
Snowden is accomlpishing precisely the opposite of the propaganda of which you speak. He is shattering the idealization of State entities.
No, he is enhancing fear of the State. Has anything changed? Voices complained, but in the end, the NSA and all her sister agencies continue along their merry way. However, you now know of a greater danger and you place potency in the State which it does not deserve. The NSA has zero power if we refuse to accept the law.
If the State wanted Snowden dead, he'd be dead.
Seems bullish for Precious metals like Brass ,Copper and Lead.
I SWEAR TO GOD....!
At least gold market isnt manipulated
"no really, ALL our clients are about to buy....really. We want to do you a solid...you should too...go ahead, front run us. buy in size....really."
<----This is my SHOCKED face!
sarc off/
If this is surprising to anybody at this point, I would like to know how things are under their rock.
I would raise my hands and agree....but unfortunately they are cuffed behind my back. Best, "Honorable" Jon Corzine
Syke!!!!!Bitchez!!!!
Always suspected it was the same with LIBOR. It was encouraged or even demanded by the government during the crisis. Fraud is a policy instrument.
But it was actually so easy to prove in late 2008... all you needed was a loan guarantee to a real business from a Libor rigging member bank, with which to shop at other Libor rigging member banks-
Libor+ went to LIEbor++++++++++++++++++++++++++
or more often
somewhere between "not interested" and "Ha ha!"...
Breaking: Blythe Masters withdraws appointment to CFTC over controversy.
LOL. You got a link?
You heard it first on ZH - Tyler just posted it up.
I know, he beat me to it - and with a couple paragraphs to boot.
He is approaching Hilsenrath ludicrous speed.
BOE and other central banks = Pirates.
it's "all the same", eh? since the FED and the BoE are pirates, it follows that the wogs' national banks have to be pirates, too. it must be this way
Incredible. Keep your eyes on that bitch.
It turns out that Thomas Stolper was the only innocent one; as shown by his lack of success.
Details, details. Fetch the rope.
What do you all expect? There are no legal, capitalist, democratic or free market answers to these problems. The only answer is total collapse and non-preppers aren't quite happy about that prospect. This will get goofier and goofier before the inevitable collapse.
Federal Reserve Issues Warning, Bank Drills, Possible False Flag
http://govtslaves.info/federal-reserve-issues-warning-bank-drills-possib...
Thx for the heads up.
Who is Head of FX at Bank of England?.... Ah, yes, that would be Michael Cross of Fleecebook fame
http://www.zerohedge.com/news/2013-01-04/fleecebook-meet-michael-cross-h...
So thats two down, one to go for the Bank
1. LIBOR
2. FX
3. GOLD and SILVER: Intervening into the fixes with smoothing operations, and 'liquidity' provision
privacy, honesty, morality, character, rights and the LAW....
I remember some of those. Quaint.
All concepts which limit success.
The key to success is duplicity. You are either born with it, or learn it from your peer group; which is why the nobily class sends their kids to the Universities with the best duplicity program.
no shit sherlock
No fukkin way. I am dismayed ... dismayed, I say!
All subterfuge to throw people off the biggest scam of them all - the E-MINI's. And the clueless stock markets of the world that follow them higher.
Jolly ole fucking England - nothing left of the empire.
Cheating, stealing and lying - that's about all England has left to export.
As an Irishman, I will drink to that.
Don't worry, I'm sure Boris J has a plan!
Hey , you just defined what Empires are aLL about : cheating, stealing and lying !
You have to know what you want!
But I get your point; Now its lying n cheating without any collateral GLORY !
Yes, the UK stills exports arms and spying. But it all for the corporates not for national glory.
Re; But it all for the corporates not for national glory.
When the nobility needed the peasants for glorious national conquests the nobility needed nations.
Now the nobility competes with corporations. Private jet bling is the new naval bling.
The nation and the dumbass peasant aren't even needed anymore. Which is why the nation and peasants can be pissed on so easily.
Re: Cheating, stealing and lying - that's about all England has left to export.
Sociopaths manipulating dumbasses with bullshit is how the higher functioning humans compete.
Englands Empie is bigger than ever and is has expanded / been kept under control with American treasure and blood. We lost the war of 1812. They just let us think we're an independant nation.
edit: America is, has been & will be the military arm of the British Empire.
The Bank of England. Supposed to have been nationalised in the 1940's but still kept on secret shareholders. Who do you think is really pulling the strings there. Secret shareholders and a secret 'court' - where the longest servers get to sit nearest to the governer. It's where the expression "he's got the governer's ear" came from.
This is very similar to the Karlsruhe court decision on OMT by ECB : Its ILLEGAL but we are incompetent for technical reasons to TAKE ACTION and we transfer THAT RESPONSIBILITY to the European Court of Justice (who has NO competence in that domain).
That's called judicial can kicking bigtime and I'm sure the BOE is very good at it too with both eyes CLOSED, --- after all Maggy gave them carte blanche!---blind as bats like the BIS and all those other can of worms of Zurich gnomes et al.
It reminds me of a line from that book called "the Cursed Kings" when the first Legal Eagles of French royal justice were born, circa 1300 (as opposed to the Prelates of Pope who conducted Canonic law before them in God's name).
"Never had we seen a Judge stand so tall before his people in public as he crawled on all fours in private before his King"...
Blythe Masters and Karlsruhe Ministers of Justice...guess who has more real power. Master and Slave.
Quite a few people have been killed or disappeared in the last few weeks too. Wonder if these two stories are related?
They will never export their food..that is for sure
Worst case scenario the Bank of England will have to pay a "fine". That will be so harsh, considering they have to push a button to create the "money" to pay the fine.
wall street and the usa government are criminal enterprises and have been since bernard baruch and the rothschilds took over the government in the late 19th and early 20th centuries....
the spanish american war, ww1, ww2, korea, vietnam, the middle east wars, 9/11, plus depressions and other fear mongering acts have been the acts of banksters with major infusions of zionism. and who can forget all of the murders of which jfk, rfk, mlk are the most prominent?
so currency manipulation by the british banksters is such a yawn. banksters = criminals = bush crime syndicate = rockefeller totalitarians = al qaeda = cia = usa government...
The first thing's really
just a contribution to
what this blog's printed
in other recent columns.
Note it's a pdf
http://cbo.gov/sites/default/files/cbofiles/attachments/45010-Outlook201...
Privatize monetary and fiscal policy.
Have it run by TBTF banks.
Allow them to manipulate every market.
Literally each market is thus
defined as a rigged casino.
That one can do the right things
and have a pension ripped off or
the income from a dutifully accumulated
retirement nest egg is indistinguishable
from the investment group owning the
resources in Senegal and saying to the
workers you get to keep the few chips
you happen to find in the uneconomic
ponds on our grounds.
People can't lend when a rate rise will
immediately sink the principal
(commenters should understand some
readers don't know the fundamental
reality of rates rising availing
comparable returns with less principal.)
2008 sank commerce. Firms like YRCW
imploded and traveled through bankruptcy
in large numbers.
The free $trillions for banks, the purchases
of their securities not a market prices
did not help the economy outside the
banks. There never was any restricition
in what those banks could do with
that largesse. Undoubtedly much was
applied outside the U.S.
These firms are in the business of investing
in adversity. The above arrangement
is not consistent with having available
the investment in people's ideas that
otherwise would be added to the U.S.
economy if it were bailed out, instead
of being sold out.
It's because of the above policy
architecture that these matter.
http://www.truth-out.org/news/item/2152:why-banks-arent-lending-the-sile...
http://www.businessinsider.com/richard-koo-qe-is-undermining-us-economic...
http://www.econmatters.com/2011/03/qe2-unmitigated-disaster.html
To my view, for what it's worth (no one's paying
me anything,)
The Self Appointed Oligarchs
Come From All Walks Of Life.
But I think to know that you
only have to look at this pettiness.
http://www.nytimes.com/2014/02/06/nyregion/russia-blocking-a-yogurt-ship...
Gangsters Are Reputed To
Listen To Rightful Complaints
Of Violations Of Rules And
People's Spaces, And Then
Insist On Respect Nonetheless
Thank you for not making that one of those long skinny entries. Those wear my skrolling finger out.
I'll never understand why certain posters here have a penchant for doing that.
All that needs to happen now is to squeeze a few of these weasels. With enough pressure, I'm sure they will be more than willing to talk and bring the whole house of cards down. Just the right amount of pressure in the right spot (and maybe some waterboarding) and we can finally get these guys.
Then the panic will be on!
This blatant BoE corruption easily falls into the category of corruption raised in a ZH Guest article yesterday where corruption has become so endemic, so commonplace and so much part of the system of governance that nobody blinks an eyelid or even twitches their nose any longer.
I can say with 99.999% certainty that - even though such malfeasance could not resonably have gone on without the knowledge of the Bank's top-brass - "SIR Mervyn King of Inflation" will be fully insulated from any investigation, as he was in the case of LIBOR rigging.
Let us not forget that before the Met Police can issue charges to anybody in The City (assuming they even bother to investigate), it has to be approved by the Business Secretary (currently Vince Cable). This of course means that the Met Police are fully independent of government. NOT.
Let their battle cry be heard: "STFATL!!!" as they just keep stooping lower and lower!
If everybody knows the market is manipulated then... can the market actually be manipulated?
Assuming you know, are you reaping any manipulated residue?
Embrace the fraud, feel the power of the darkside.... buy stawks... borrow and spend money.
So basically we are still just subjects of the Queen of England?
What will those useless humps - Holder and Obama - do?
Carry the night soil from the slave quarters.
No wonder the US surveillance state is being setup like MI5-6.
These kinds of "revelations" are all known in theory, but largely ignored in practice, all in the vain hope that someday you too will get a seat at the table or a piece of the action.
These guys are just as dangerous as some jungle-squatting cartel.
Until the banks are dissolved, their assets (your debt) expunged and proper commercial lending turned back to productive business purposes, every government decree, bogus prosecution, paid-for legislation, worthless enforcement will continue to erode faith in "The (unfair) System."
Stop paying your taxes and debts and show no quarter when the collectors appear.
Hang your kings and queens.
Time to update the 'bankster hit list' - 4 down, a shitload to go. Roll the snipers.
Investigation?!? You mean pushing papers, throwing a dozen bankers into "prison" for 18 months, which turns out to be 6.
This is mearly a distraction, or an opening, for the beginning of the end. Otherwise this news never hits daylight.
The UK stopped manufacturing anything except financial scandals.
Its just another symptom of continuity of government. When will this lawlessness end?
Re: When will this lawlessness end?
When lawlessness isn't lucrative.
More specifically, when the costs outweigh the benifits.
When mankind has gone to it's just reward.
Do you actually mean that ONE someone wasn't aware !?!?!? ....REALLY !!!
Wouldn't it be right to assume, that everyone with FX loses over say the last 10 years, might have a class action lawsuit right?
What about us piss ants that have lost standard of living through inflation? HUH? HUH. Yeah right, make things right for the .01% that do FX stuff. Bout right.
This feeds very well into my hypothesis that this is all planned:
There will be a crisis event in 2015 and an outcry for the dissolution of the central banks, particularly the Fed. The banks will grudgingly be disbanded officially over the next 7 years, but unofficially will still exist. The dissolution of the banks will leave such a large voind in the system that a second and even greater crisis in 2022 will bring people to their knees. As a result, a global power will arise from the ashes of the bank and the hoped for outcry from the media, governments and people will be for a global financial system that will eliminate all future strife and corruption.
Slavery indeed.
Man, you really plan that far ahead?
Obviously this is not shocking news to ZH'ers but the fact this is on Bloomberg is significant. More fraud is publicly revealed, another 'conspiracy theory' proven factual. But what will come of this? Another slap on the wrist? Another multi-billion dollar fine of institutions who create dollars?
That's like fining a thief by just taking a small portion of the loot they stole, and then passing a law that all door locks are illegal.
Will man ever be able to grasp that the true picture of a professional thief is not a man with charcoal on his face wearing a black hat, or ski mask. It's a overweight upper middle age balding guy wearing a F*cking suit and tie with a shit eating grin on his face!
IMHO, it's a frumpy little lady that never had a real job she recently retired from and wears a funny jeweled hat; along with her intermarried kin that started a bank somewhere around 1798 instead of the masked bandit. Blythe is probably related too, to both the family cartels.
Technically she would be the 'Princess of Thieves'.
A better allegory would be a female version of Fagin from Oliver Twist.
BlackFriars Bridge anyone?
Get your money out of the banks so they can't play with it.
Funny thing is when you go to England, those barbarians look at you as if you were inferior.
"The central bank encouraged market manipulation."
Well, of course...the central bank is the private sector banks...the private sector banks are the central bank.
They're one in the fuckin' same.
Free Jon Corzine! ......oh he was never 'investigated' ..... (or the prosecutors 'claim' they are dependent on a single 'witness', the former CFO .....what a flimsy crock)
where is all that 'outrage' in our financial news media? Instead you have David Weidner at Marketwatch recently ripping Marc Faber, Jim Rodgers, Ray Dalio, etc. as not possessing 'credibility' so they should be ignored in 2014.
Icarus flies too close to the sun ......
How is this any different than the US' officially condoned Counterparty Risk Management Group?
crmpolicygroup.org
You must understand that it is all "Toward Greater Financial Stability" not corruption.
If you read Murray Rothbard's History of Money and Banking, Bank of England has historically been a central bank that encourages currency manipulation. Even in 1910s, 20s and 30s BOE encouraged (or may I say deceived) the Federal Reserve to purchase Pound Sterling to support England's currency debasement etc. So I am not surprised if that tradition of BOE encouraging manipulation runs in its blood still.
nothing to see here move along.
Oh the beauty of it all, the penny fucking DROPS!!! Booom!! Its times like these i remember saying to people who are now practically old men, more than 7 years ago now, that everything was sewn up... Im particularly amused by this;
“they made Bank of England officials aware of practices in the FX market some time ago, then the bank will be at risk of being characterized as having endorsed, by its silence and inaction, the very practices which are now under investigation,”
But this is how financial centres really snowball into "in-expendable" entities; handshakes, closed doors, old networks, minute-less meetings at the very top...that's where the real omnipotence of a financial centre lies, regulation is nothing more than PR for plebs, and that's why London is No.1.
"If the BOE did not encourage currency manipulation by bankers, then the world would have crashed" is their rationale for playing God in their minds while in reality shaking hands with the devil in their deeds. And it's ok to shake hands with the devil just a little bit right, especially if it gets you what you want, and as long as you don't take him under your wing. That's kind of like being a little bit pregnant, isn't it?