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How To Rig FX Like A Pro "Bandit", And Make Millions In The Process
We finally have the answer, courtesy of the FCA's partial and very much selective disclosure of FX rigging findings by "The Cartel", the "Bandits" and so on, as part of its wrist-slapping settlement, just how the big boys make millions in FX on every single fix. Hopefully one day the regulators, who are as corrupt and conflicted as the banks they quote-unquote police, will reveal all the documents in their possession and let the public decide what is important and what isn't. But in the meantime, for all those curious just why the Too Big To Fail are also Too Big To Prosecute, here is the blow by blow.

First, an example of JPMorgan manipulating the fix
An example of JPMorgan’s involvement in this behaviour occurred on one day within the Relevant Period when JPMorgan attempted to manipulate the WMR fix in the EUR/USD currency pair. On this day, JPMorgan had net buy orders at the fix which meant that it would benefit if it was able to move the WMR fix rate upwards. The chances of successfully manipulating the fix rate in this manner would be improved if JPMorgan and another firm or firms adopted trading strategies based upon the information they shared with each other about their net orders.
In the period between 3:41pm and 3:51pm on this day, traders at two different firms (including JPMorgan) inappropriately disclosed to each other via a chat room details about their net orders in respect of the forthcoming WMR fix in order to determine their trading strategies. The other firm is referred to in this Final Notice as Firm A. On the day in question, a third firm (Firm B) was a member of the chat room, but did not participate in the discussions. JPMorgan then participated in the series of actions described below in an attempt to manipulate the fix rate higher.
- At 3:43pm, Firm A asked JPMorgan whether it would need to buy EUR in the market for the forthcoming WMR fix. JPMorgan responded that it had net buy orders for the fix, which it subsequently confirmed amounted to EUR105 million. It offered to transfer its net buy orders to Firm A.
- At 3:44pm, Firm A replied “maybe” and went on to state that it had a buy order “for a top [account]” for EUR150 million at the fix.
- At 3:46pm, Firm A then stated “i'd prefer we join forces”. JPMorgan responded “perfick…lets do ths…lets double team em”. Firm A replied “YESsssssssssss”. The Authority considers these statements to refer to the possibility of JPMorgan and Firm A co-ordinating their actions in an attempt to manipulate the fix rate higher. Since JPMorgan and Firm A each needed to buy EUR at the fix, each would profit to the extent that the fix rate at which it sold EUR was higher than the average rate at which it bought EUR in the market.
- At 3:47pm and 3:51pm, JPMorgan informed Firm A that it had conducted trades with third parties that resulted in it needing to buy additional EUR at the fix. This is an example of “building”.
- At 3:48pm, Firm A said that it was monitoring activity in relation to the forthcoming fix in the interdealer broker market (“i got the bookies covered”).
In the period leading up to the fix, JPMorgan “built” the volume of EUR that it needed to buy for the fix to a total of approximately EUR278 million via a series of transactions with market participants. Firm A had net buy orders associated with its client fix orders of EUR170 million in the period leading up to the fix. It increased this amount (or “built”) by EUR70 million.
From 3:52pm until the opening of the fix window at 3:59:30pm, JPMorgan and Firm A bought EUR on the EBS trading platform. In particular JPMorgan bought EUR57 million from 3:58pm onwards. These early trades were designed to take advantage of the expected upward movement in the fix rate following the discussions within the chat room described above.
In the first five seconds of the fix window, JPMorgan and Firm A each placed orders to buy EUR50 million and subsequently placed smaller orders to buy EUR throughout the remainder of the fix window. During the 60 second fix window, JPMorgan bought a total of EUR134 million and Firm A bought EUR125 million. Between them, they accounted for 41% of the volume of EUR/USD bought during the fix window.
The rate prevailing on EBS at the start of the fix window was 1.3957. Over the course of the window period, the rate rose and WM Reuters subsequently published the fix rate for EUR/USD at 1.39605.
The information disclosed between JPMorgan and Firm A regarding their order flows was used to determine their trading strategies. The consequent “building” by JPMorgan and its trading in relation to that increased quantity in advance of and during the fix window were designed to increase the WMR fix rate to JPMorgan’s benefit JPMorgan’s trading in EUR/USD in this example generated a profit of approximately USD33,000.
Subsequent to the WMR fix, the two traders discussed the outcome of their trading. At 4:03pm, Firm A stated “sml rumour we havent lost it”. JPMorgan responded “we…do…dollarrr”.
The following day Firm A stated to Firm B “we were EPIC at the [WMR] fix yest”. Firm B responded “yeeeeeeeeeeeeeeeeeeah”. Firm A added “i dragged [JPMorgan] in , we covered all the bases b/w us”. Firm B commented “so couldnt have been that $hit a week!!”
* * *
Here is UBS doing the same and making $513K in the process
An example of UBS’s involvement in this behaviour occurred on one day within the Relevant Period when UBS attempted to manipulate the ECB fix in the EUR/USD currency pair. On this day, UBS had net client sell orders at the fix which meant that it would benefit if it was able to move the ECB fix rate lower.10 The chances of successfully manipulating the fix rate in this manner would be improved if UBS and other firms adopted trading strategies based upon the information they shared with each other about their net orders.
In the period between 12:35pm and 1:08pm on this day, traders at four different firms (including UBS) inappropriately disclosed to each other via a chat room details about their net orders in respect of the forthcoming ECB fix at 1:15pm in order to determine their trading strategies. The other three firms are referred to in this Final Notice as Firm A, B and C. UBS then participated in the series of actions described below in an attempt to manipulate the fix rate lower.
- At 12:36pm, Firm A disclosed that it had net sell orders for the fix. At 12:37pm, Firm A disclosed that these net sell orders were EUR200 million. At 12:40pm, Firm A updated this figure to EUR175 million.
- At 12:36pm, UBS disclosed that it had net sell orders for the fix of EUR200 million. At 12:44pm, UBS disclosed that its net sell orders had increased to EUR250 million. Since UBS needed to sell Euros at the fix it would profit to the extent that the fix rate at which it bought Euros was lower than the average rate at which it sold Euros in the market.
- At 12:36pm, Firm B disclosed that it had net sell orders for the fix of EUR100 million and that another of its offices also had net sell orders.
- At 12:48pm, Firm A disclosed that its net sell orders had reduced to EUR100 million, but that it was “…hopefully taking all the filth out for u…”. The Authority considers that this statement referred to Firm A having netted off part of its net sell orders with smaller buy orders held by third parties, which might otherwise have traded in the opposite direction to UBS at the ECB fix. This is an example of Firm A “clearing the decks”.
- At 1:02pm, Firm A disclosed that it had sold EUR25 million to a client in a transaction separate to the fix but would remain EUR25 million short (“lose… shet [i.e. 25 million] though natch dont buy”). The Authority considers that this statement referred to Firm A’s intention not to buy this amount of Euros in the market immediately, but to take advantage of the anticipated downwards rate movement at the fix by only buying when the rate had dropped.
- In response, UBS disclosed that it had also sold EUR25 million to a client in a separate transaction. UBS inappropriately revealed the identity of the client to the chat room using a code known to the chat room participants. Firm B indicated that these short positions should be held for 12 minutes (i.e. until the ECB fix).
- At 1:03pm, Firm A disclosed that it had been trading in the market and its net sell orders at the fix had been reduced to EUR50 million (“i getting chipped away at a load of bank filth for the fix… back to bully [i.e. 50 million]… hopefully decks bit cleaner”). The Authority considers this to refer to trades between Firm A and other market participants, whose buy orders might otherwise be traded in the opposite direction to UBS and Firm A at the fix. This is a further example of Firm A “clearing the decks”.
- At 1:04pm, UBS disclosed that it still had net sell orders for EUR200 million at the forthcoming ECB fix. UBS also stated that it had a separate short position of EUR50 million. At 1:05pm, Firm B disclosed that it also had a short position of EUR50 million.
- At 1:07pm, Firm C disclosed that it had net buy orders of EUR65 million at the forthcoming ECB fix. Firm C subsequently netted off with Firm A and Firm B, such that at 1:08pm Firm C disclosed that it only had EUR10 million left to buy in the opposite direction at the fix. This is an example of “leaving you with the ammo”. Firm B advised Firm C to “go late” (i.e. buy later when the rate would be lower).
- At 1:14pm, Firm B copied into the chat a comment made by UBS at 12:04pm that day describing an earlier fix as “the best fix of my ubs career.” Firm B then said “chalenge [sic]” and Firm C added the comment “stars aligned”.
UBS’s net sell orders associated with its client fix orders were EUR86 million. During the period leading up to the ECB fix, UBS increased (or “built”) the volume of Euros that it would sell for the fix to EUR211 million through a series of additional trades conducted with other market participants, well above that necessary to manage UBS’s risk associated with net client orders at the fix.
From 12:35pm to 1:14pm, UBS sold a net amount of EUR132 million. At 1:14:59pm (i.e. 1 second before the ECB fix), UBS placed an order to sell EUR100 million at 1.3092, which was three basis points below the prevailing best market bid at that time.
This order was immediately executed and accounted for 29% of the sales in EUR/USD on the EBS platform during the period from 1:14:55 to 1:15:02pm.
The ECB subsequently published the fix rate for EUR/USD at 1.3092.
The information disclosed between UBS and Firms A, B and C, regarding their order flows was used to determine their trading strategies. The consequent “building” by UBS and its trading in relation to that increased quantity at the fix were designed to decrease the ECB fix rate to UBS’s benefit. UBS undertook the selling of Euros prior to the 1:15pm ECB fix in anticipation that the fix rate at which it would buy Euros would be lower than the average rate at which it had sold. The placing of a large sell order by UBS immediately prior to 1:15pm was designed to achieve this outcome. UBS’s trading in EUR/USD in this example generated a profit of USD513,000.
In the immediate aftermath of the ECB fix, UBS was congratulated on the success of its trading by Firms A, B and C (“hes sat back in his chaoir [sic]…feet on desk…announcing to desk…thats why i got the bonus pool” and “yeah made most peoples year”).
* * *
JPM triggering client stop loss orders
During its investigation, the Authority identified instances within JPMorgan’s G10 spot FX trading business of attempts to trigger client stop loss orders. These attempts involved inappropriate disclosures to traders at other firms concerning details of the size, direction and level of client stop loss orders. The traders involved would trade in a manner aimed at manipulating the spot FX rate, such that the stop loss order was triggered. JPMorgan would potentially profit from this activity because if successful it would, for example, have sold the particular currency to its client pursuant to the stop loss order at a higher rate than it had bought that currency in the market.
This behaviour was reflected in language used by G10 spot FX traders at JPMorgan in chat rooms. For example, a JPMorgan trader explained to other traders in a chat room that he had traded in the market in order “to get the 69 print” (i.e. to move the spot FX rate for that currency pair to the level (“69”) at which a stop loss would be triggered). On another occasion, the same trader disclosed the level of certain clients’ stop loss orders to other JPMorgan traders in a chat room and asked “shall we go get these stops?”
* * *
UBS tigerring stop loss orders
During its investigation, the Authority identified instances within UBS’s G10 spot FX trading business of attempts to trigger client stop loss orders. These attempts involved inappropriate disclosures to traders at other firms concerning details of the size, direction and level of client stop loss orders. The traders involved would trade in a manner aimed at manipulating the spot FX rate, such that the stop loss order was triggered. UBS would potentially profit from this activity because if successful it would, for example, have sold the particular currency to its client pursuant to the stop loss order at a higher rate than it had bought that currency in the market.
This behaviour was reflected in language used by G10 spot FX traders at UBS in chat rooms. For example, one UBS trader commented in a chat room “i had stops for years but they got sick of my butchering”. On a subsequent occasion, the same trader described himself as “just jamming a little stop here.”
UBS leaking confidential information
The attempts to manipulate the WMR and ECB fixes and trigger client stop loss orders described in this Notice involved inappropriate disclosures of client order flows at fixes and details of client stop loss orders.
HSBC is pretty good too. Here is the scandal-ridden bank rigging a GBP fix:
- At 2:50pm, Firm A disclosed in a chat room (including to HSBC) that it had net sell orders for more than GBP100 million at the fix. At 3:25pm, Firm A indicated that the orders were for approximately GBP130 million.
- At 3:25pm, HSBC disclosed to Firm A in a one-to-one chat that it had net client sell orders for GBP400 million at the fix. Since HSBC and Firm A each needed to sell GBP at the fix each would profit to the extent that the fix rate at which it bought GBP was lower than the average rate at which it sold GBP in the market.
- Firm A informed HSBC that it now had net sell orders of GBP150 million at the fix. HSBC responded by saying “lets go”,11 to which Firm A replied “yeah baby”. The Authority considers these statements to refer to the possibility of HSBC and Firm A co-ordinating their actions in an attempt to manipulate the fix rate downwards.
- At 3:28pm in a chat room which included HSBC, Firm A expressed the hope that other traders would also have sell orders at the fix (“hopefulyl a fe wmore get same way and we can team whack it”). At 3:36pm, Firm B, which was a participant in the chat room, confirmed to the other traders that he now also had net sell orders for GBP40 million at the fix.
- At 3:28pm, HSBC informed Firm C via a one-to-one chat room that he had net client sell orders of around GBP300 million at the fix and asked the trader to do some “digging” to see if anyone else had orders in the same direction at the fix. Firm C replied at 3:34pm and disclosed to HSBC that it now also had net sell orders of GBP83 million at the fix.
- At 3:36pm, Firm D asked Firm A in a chat room (which included HSBC), for an update on its net sell orders. Firm A disclosed that it had now increased to GBP170 million. Firm D noted that it did not have any fix orders at that time, but commented that he expected Firm A to “bash the fck out of it”.
- At 3:38pm, HSBC commented simultaneously into chat rooms in which Firms A, C and D participated that it had net client sell orders at the fix for GBP in a “good amount”.
- At 3:42pm, in a one-to-one chat Firm A warned HSBC that another firm which was not a participant in the chat room (Firm E) was “buidling” in the opposite direction to them and would be buying at the fix.
- At 3:43pm, Firm A updated HSBC by indicating that it had netted some of its sell order off with Firm E and “taken him out… so shud have giot rid of main buyer for u…im stilla seller of 90… gives us a chance”. The Authority considers that this refers to Firm A’s belief that Firm E would no longer be transacting its orders in the opposite direction at the fix. It also confirmed that Firm A still held net sell orders for GBP90 million to trade at the fix and could still participate in the co-ordinated behaviour. This is an example of Firm A “clearing the decks”.
The information disclosed between HSBC and Firms A, B and C, regarding their order flows was used to determine their trading strategies. The consequent trading by HSBC during the fix window was designed to decrease the WMR fix rate to HSBC’s benefit. HSBC’s trading in GBP/USD in this example generated a profit of approximately USD162,000.
Subsequent to the fix, traders in the chat rooms congratulated one another by saying: “nice work gents…I don my hat”, “Hooray nice team work”, “bravo…cudnt been better” and “have that my son…v nice mate” and “dont mess with our ccy [currency]”. One of the traders commented “there you go … go early, move it, hold it, push it”. HSBC stated “loved that mate… worked lovely… pity we couldn’t get it below the 00”12 and “we need a few more of those for me to get back on track this month”.
Here is HSBC crucifying client stops:
For example, an HSBC trader in a chat room referred to “going to go for broke at this stop… it is either going to end in massive glory or tears”. On another occasion, the same trader refers in a chat room to the fact he is “just about to slam some stops”. When asked by a colleague whether a particular client’s stop loss orders were “a pain for you guys”, another HSBC trader replied “nah love them … free money” and “we love the orders … always make money on them”.
Because a stop-loss muppet is born every minute.
* * *
Here is Citi rigging the fix...
During the period from 1:14:29pm to 1:15:02pm, Citi bought EUR374 million which accounted for 73% of all purchases on the EBS platform. At 1:15:00pm, the bid (buying price) and the first trade for EUR/USD on the EBS platform was 1.3222. The ECB subsequently published the fix rate for EUR/USD at 1.3222.
The information disclosed between Citi and Firms A, B, C and D regarding their order flows was used to determine their trading strategies. The consequent “building” by Citi and its trading in relation to that increased quantity at the fix were designed to increase the ECB fix rate to Citi’s benefit. Citi bought EUR prior to the 1:15pm fix in anticipation that the fix rate at which it would sell EUR would be higher than the average rate at which it had bought. The placing of large buy orders by Citi immediately prior to 1:15pm was designed to achieve this outcome by improving the chance that the first trade on the EBS platform at 1:15:00pm, which it believed to be the basis for the ECB fix, was at a higher level. Citi’s trading in EUR/USD in this example generated a profit of USD99,000.
Subsequent to the ECB fix, Citi’s trading was variously described by other traders in chat rooms as “impressive”, “lovely” and “cnt teach that”. Citi noted “yeah worked ok”. When the fix rate was published to the market, Firm A commented “22 the rate” and Citi replied “always was gonna be."
* * *
And taking out client stops:
During its investigation, the Authority identified instances within Citi’s G10 spot FX trading business of attempts to trigger client stop loss orders. These attempts involved inappropriate disclosures to traders at other firms concerning details of the size, direction and level of client stop loss orders. The traders involved would trade in a manner aimed at manipulating the spot FX rate, such that the stop loss order was triggered. Citi would potentially profit from this activity because if successful it would, for example, have sold the particular currency to its client pursuant to the stop loss order at a higher rate than it had bought that currency in the market.
This behaviour was reflected in language used by G10 spot FX traders at Citi in chat rooms. For example, a Citi trader referred in a chat room to the fact he “had to launch into the 50 offer to get me stop done”. On another occasion, a trader at Citi described in a chat room how he “went for a stop”.
* * *
Finally, here is RBS:
In the period leading up to the 4pm fix, RBS increased (or “built”) the volume of GBP it would sell at the fix via a series of trades conducted with other market participants. RBS commenced this “building” after Firm A’s disclosure of its net sell orders at 3:22pm. Subsequently RBS received further client orders for the fix and briefly had net orders to buy GBP25 million before further “building” and client orders resulted in RBS having to sell GBP at the fix. Ultimately, RBS’s net sell orders associated with its client fix orders was GBP202 million; it “built” the volume of currency that it needed to sell at the fix to GBP399 million, well above that necessary to manage the risk associated with net client orders.
From 3:50:30pm to 3:52:10pm, RBS placed a series of sell orders in the GBP/USD currency pair on the Reuters platform. During this period, RBS sold GBP93 million and the GBP/USD rate dropped from 1.6276 to 1.6250. At 3:52pm, Firm C commented “nice job gents”.
In the period from 3:50:30pm to 3:59:30pm (i.e. immediately prior to the 4pm WMR fix window), RBS sold a total of GBP167 million and Firm A sold GBP26 million. Together they accounted for 28% of all sales on the Reuters platform during this period. The GBP/USD rate steadily dropped from 1.6276 to 1.6233. These early trades were designed to take advantage of the expected downwards movement in the fix rate following the discussions within the chat rooms described above.
During the 60 second fix window, RBS sold GBP182 million, which accounted for more than 32% of the sales in GBP/USD on the Reuters platform. RBS and Firm A together accounted for 41% of the sales in GBP/USD on the Reuters platform during the fix window. During this period, the GBP/USD rate fell from 1.6233 to 1.6213. Subsequently WM Reuters published the 4pm fix rate for GBP/USD at 1.6218.
The information disclosed between RBS and Firms A, B and C, regarding their order flows was used to determine their trading strategies. The consequent “building” by RBS and its trading in relation to that increased quantity in advance of and during the fix window, were designed to lower the WMR fix rate to RBS’s benefit. RBS’s trading in GBP/USD in this example generated a profit of USD615,000.
The trading was discussed by the participants in the chat rooms subsequent to the fix, with references to “I don my hat”, “welld one [sic] lads”, “what a job”, “bravo” and “[RBS] is god”. RBS commented when the 4pm WMR fix rate was published “1.6218…nice”, whilst Firm A commented later on ”we fooking killed it right… [Firm C], myself and RBS."
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The Fed rigs the gold markets everyday but that will never be reported by the free and fair press in the land of the free.
Banks have become synonymous with fraud led by the Central Banksters.
"The Central Intelligence Agency owns everyone of any significance in the major media." -- William Colby, former CIA Director
I'm gonna try this for a change.....I tried the Hillary Clinton cattle futures system.....that crap is super hard.
She owns the market for fat calves.
+1
[Ignore]
I'm going to comment on this once again; because it's so important t hat as many distracted and information overloaded citizens as possible remember this fact. Hillary Clinton's tax return was published as part of a Time Magazine Cover; showing, among other details, a significant amount of money from a cattle Futures trade. One Trade. This trade was put on by her and Bills' friend who ran the little bank in Arkansas that was investigated in the Whit eWater hearings. He had a one room, one desk, one t elephone, futures trading operation in t he bank building; which is legal; but what he did was to issue a statement of a Futures Trade, that he had authority to do, as a Futures Commission Broker, a computer run, that said that Hillary had bought X number of Live Cattle Futures, at date Y, and sold them at date W; recording a Profit, ( in the P&L column); of something like 50K; (Idon't remember exactly what it was). The problem is that none of this ever happened; the false trade which was automatically reported to the IRS and which she paid t axes on; was an example of a pre-laundered pay-off for her husband the Governors' obtaining approvals for the WhiteWater property development project. This type of false, computer run, describing a trade which never took place is understood by Federal Fraud investigators as a popular method for the "new Mafia", (slick and business-like), to pay off compliant Judges and other public officials. If she actually put on a very profitable Cattle Trade; the return on the margined account, which didn't actually exist; would have been 1,000% or so; the first time she ever traded Live Cattle Futures it would have been very lucky; but the fact is she never made another Futures Trade at all. There is no human being on this Planet, who faced with a success of that magnitude would not go back and try again. She never did. The only rational explanation is the one given above; there was no live Cattle Futures trade; she doesn't know any more about Live Cattle Futures than my little sister does; which is nothing. It's extremely important that you remember that this person is a criminal. She has a criminal mentality. What is a criminal mentality? One primary characteristic of a criminal mentality is that the person believes they are above the law; that the law, and the rules, only apply to "other people". This trade is a standing joke amongst Futures Traders even today; to wit: "Cattle trading has got a lot harder since the time when Mrs. Clinton was doing it". As a politician she is a whore; for sale to the highest bidder. Remember that before Obamacare, we had the spectacle of Mrs. Clinton trying as hard as she could to ram a National health Insurance Law through Congress, when goofy Billy was president; she failed, by a narrow margin. Why did she try this, and why did Obama, who un-fortunately succeeded? Because of the enormous campaign donations, and I would bet a thousand dollars of my own money, because of promised pay-offs into hidden off-shore bank accounts, by the American Insurance Industry. Obamacare translated into English reads; ( give your money to the Insurance Industry). I don't care who t he Republicans put up for President in 2016; do your job to save your country and get out and vote; This Freak MUST NOT become president; note well, that your opinion as to the inevitability of this result is already being created for you by the Media. Surprise the NWO, and the anti-Americans and make sure she doesn't get elected. this will put a wrench in their gears.
The way to take away that power is to make the major media irrelevant in people's lives.
doop
Bank lobby being attacked by all sides now, we are close to obliteration.
This stuff works when nobody knows about it.
Now, it no longer works. World is quitting the system.
TRIPLE LEHMAN
So, the question to ask is: "Why did they decide to let us know about it at this time?"
A reasonable guess would be that they are ready to chuck the current system and replace it with a new system after the public loses their taste for blood and becomes humbled through hardship.
They still need to show us who is master (or really show us who they want us to believe is master, because it is not the same thing).
Or maybe they are letting us know because it just does not matter anymore. But they are still keeping big secrets from us.
No, none of it.
The system has to mop up excess reserves every 7 years or so.
1972 gold delink
15 years to create lots of USD reseves
1987 crash
1994 bond crash
2000 stocks crash
2007 bear stearns, lehman
2014-2015 next one.
Congress has no other choice but to order the Fed to cause another lehman, otherwise world quits the system
Can you clarify why this mopping up is necessary?
Extinguish USD reserves.
There are $60 to 80 trillion created since 1972, gold delink.
They are clogging the system.
Thanks. By "clogging" do you mean preventing true price discovery?
Too much money claiming to few REAL ASSETS.
World GDP is $80 trillion per year
Real trade halts because there are too many claims on it.
Claims need to be killed
A value with no value.......
Nothing has intrinsic value.
Value is value only in one's eyes
Again, complete bullshit. For example. oil contains calories that can be accessed very easily and used to do or make real shit.
except for life sustaining items. My bad
Bullshit. "leave the system" and go to what? If there was a clear path to something else, your hypothesis might be credible. American assets will go on fire sale before anybody "leaves", in fact I'd argue that they already are being sold.
Regional trade, like in the 1930s
Still don't see it. Still doing business with Russia. However, if that's true then the people who will ultimately suffer will be those in population-dense areas and population-dense continents. Real people require real resources to simply live.
Less and less. That is why economy is collapsing. Less world trade.
The world has been centrally planned for a long time. Everything is released for public consumption intentionally.
What fucking difference is any of this going to make ekm1?
So long as the same corrupt motherfuckers are in still in positions of power and control of real resources, nothing changes.
Ignore "money" as real money is long dead, this is and has always been about power and control of real resources and nothing has changed in that regard.
Financial system is centrally planned, not the world.
The world is using real guns now.
different ball game
Bank lobby thought they could control the world by controlling computers.
Putin, Jinping are saying: Screw you. We walk out and go regional.
"The world is using real guns now." -- bullshit, I don't see that at all, but how ironic considering my oldest wanted to go to the range this weekend.
ukraine, middle east
War for energy and food control
Please, that's simply foreplay. Wake me when the tactical nukes start going off.
Asset grab. A crash will let the banks grab all the boomer's assets while they're still concentrated in the banking system.
no
That game is over. They tried it secretly in 2003 when Fed allowed banks to own industry.
Now that everybody knows about it, game is over.
Military is against it. World is refusing to cooperate. Game over
I'm feeling bi-polar as point conterpoint positions stated & find myself agreeing with both.
So ekm1, given the tensions are palpable & your experience, would you recommend more beans, brass & cash?
So, how exactly are they going to compensate people for all of their real and potential losses from rigging the market?
Oh, they are not? Then theft and fraud are legal in the eyes of the "so called" justice system? Why don't they just put theft and fraud allowed by bankers in the constitution?
We might as well. Until we start perp walking these jackals, not much will actually change. This whole business of fining companies (stockholders actually pay) simply sucks. Companies do not commit crimes. People commit crimes. People should be punished. It really is that simple, and as soon as we start prosecuting the criminals, the faster this shit stops. Otherwise, it will continue with a few minor speed bumps along the way for the criminal elite.
now that "corporations are people" I don't see why this cannt be done.
They have to be considered people for legal purposes since you can't sue inanimate objects. The problem is the law is slanted to grant special privilege to the people who can hand out the biggest bribes.
In that case, I propose a new game. Call the corporate CEO in for a "meeting to hand out a bribe"...
then slit their fucking throats.
H. L. Mencken
I'm actually pretty shocked that some major clients haven't filed civil suits over this. You have to think they could get some very large damage settlements.
Being buried in paperwork for the next ten years is the likely result.
Currently the Racketeers see no need for protracted campaigns, but if pushed they'll oblige.
They will win any war of attrition, but the current strategy of writing checks and opening new fronts of assault is working splendily
it's in the commerce clause - everyhing's in there.
There is no compensation. There are simply "disclaimers" that past performance does not predict future performance. This is exactly how every casino operates...dupe the unsuspecting into deploying capital so that it can be taken from them.
This all sounds very similar to what the London Gold Fixing does on a daily basis...
Sounds like teenagers texting
just imagine what they would be able to do if the EUR was 18 different currencies, all small and medium sized. how many FX crosses do you get out of them? no wonder the megabanks hate, hate, hate the EUR
You're mental. And you've exposed yourself as a fool. It's completely obvious that large bank trading desks need large, significant currencies, and large quantities of value concentrated in these few currencies in order to play this game. I've been waiting for someone to remember that there was no FX market until after Nixon wrecked the Bretton Woods System by defaulting on the US's legitimate debts in Gold that it was obligated to pay the holders of US Currency, (eurodollars). The FX market is just one more consequence of a 100% paper money world. Not the most serious one, of course; the content of the presentt article is meaningless for all practical purposes. These co-operative efforts on the part of large players to influence DAY PRICES; are entirely meaningless to 99% of the world, and entirely predictable, given human nature. They're not even worth discussing.
Tax the Fed, break up the 5 largest banks.
Tax them or break them up....make up your mind.....which one is it?
Not mutually exclusive. I would add criminal prosecutions and no statute of limitations.
Maybe I should have said....what's the difference between the 5 largest banks and the Fed?
Understood.
You know what would be even greater? Bust up the 5 largest banks, and the 5 largest media companies.
The solutions to create a fair and free environment are obvious. The problem is that those who control the power are very afraid of a fair and free environment.
It is fear, nothing less.
What a bunch of c@nts
If you think these banks don't do the exact same think with the stock market indexes and the like you have another thing coming. I think deep inside the bowels of this government there is a complicit attitude in all of this as well. Time will tell as this is all going to hollow out the confidence and ethics required for a proper and functioning market.
How much do you want to be that equities are manipulated by banks just to take out stop loss orders and squeeze shorts, but I guess that is part of the plan by design.
Holder and now Lynch are the source of the complicit attitude. Obama just likes the campaign cash from these preferred sources.
So who is going to draw the short straw (or straws) ????
The only outcome of this case will be the fixers will upgrade their comms tech so they can't be traced in the future.
A technologically-literate 15 year old could advise on bettter communication systems than the ones these guys were using.
That's the only lesson their replacements will take from this.
If the techies at GCHQ are paying attention, now would be a good time to read "Currency Trading For Dummies",
and start bugging the fuck out of these desks. Then again, if cryptophones start becoming popular in the
City of London (they will), maybe not.
You're kidding right. GCHQ will be bugging the europeans and supplying info to The City firms.
Joke of the Century : " Passed in 1970, the Racketeer Influenced and Corrupt Organizations Act ( RICO ) is a federal law designed to combat organized crime in the United States. "
Although its primary intent was to deal with organized crime, Blakey said that Congress never intended it to merely apply to the Mob. He once told Time, "We don't want one set of rules for people whose collars are blue or whose names end in vowels, and another set for those whose collars are white and have Ivy League diplomas."[1]
RICO is not funny if it is being used on you. The joke is who it gets applied to. Just one really good RICO investigation could blow up the financial structure of the U.S. and much of the West. Just imagine if all the email traffic and telephone conversations in and out of Goldman were tapped for 6 months by an FBI team with Carte Blance authority to follow all leads to the end.
Correct use of the verb "imagine".
We can all dream.
The stop loss running is the big scoop. Yet another conspiracy theory comes true.
I think anyone that's ever been burned by this and seen the tape painted by the hunt knew this was no conspiracy theory.
One of my very first big trades when I was new to the market got hosed with this technique, and I knew it was the trading company that fucked me. It was an expensive lesson, but a valuable one. Most people think the lesson was to be more careful trading, or trade small when you're new. I realized the actual lesson is banks and trading firms are out to fuck people, including their own clients, and before every trade I always asked myself "how would a broker fuck me over with this?"
A few years of that and it was easy to transition to stacking.
You dipshit, you think your 5 cent account was worth stop gunning? LOL
If that did happen, the trader was gunning for a large order or for obvious support/resistance points. Anybody with a brain knows there are tons of stops sitting around pivots... use that knowlege to your advatage.
Loretta Lynch will be here soon to fix everything.
"I'm Janet Yellen and I approve of this message."
~ JY
OK I am new to this so can someone answer this simple (and serious) question:
Why is it the "regulators" don't do anything about the purly obvious illegial crap going on?
What is in it for them? Lazy? Paid off? Stupidity? Moar as you put it??
I mean if I have only been in the proffesional financial world for a year and a half and I figured this out the first month after starting work (and suspected it for much longer) what the hell is going on????????????
"The few who understand the system, will either be so interested from it's profits or so dependant on it's favors, that there will be no opposition from that class." — Rothschild Brothers of London, 1863
"Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild
Considers these fines an ongoing revenue stream for .gov.
I often wonder where all of these dollars end up...
Remember the plot line to the movie "Patriot Games"? The cartel leader offers the corrupt Fed money and regular high-profile drug busts in exchange for help getting rid of his problems. Same thing here, the corrupt regulators (who often have worked for, or will work for, the companies they regulate) barely enforce the rules and when they do, there's minor fines. The end result is it looks like they're regulating and they have a revenue stream, but under the radar massive fraud takes place with a wink and a nod.
Just look at the recent news from the Fed whistleblower, and it's all laid out. The regulators and the banks are part of the same system, e.g. they're partners.
just another day at the orifice. the only question is why didn't they disappear those shit communications ala the irs. is the irs actually smarter than the banksters?
Reset the system with abolition of the Fed or else China exterminates the PDs. That gold exchange established in Shanghai is there for a reason. Push comes to shove all gold trade settled with phyzz only in Shanghai. Uh oh that's a problem for derivatives using gold not to mention interest rate swaps if the UST scam unwinds.
Call the cops?
Have a family pet you need taken care of?
I wonder if this will open up individual civil lawsuits? It's obvious they are guilty and if I were a client of theirs, I'd be just a little pissed and want some revenge.
Again, these guys walk around like they are big shit traders when they really couldn't trade without the inside info. Worthless individuals with no skills but to rip off clients who are entrusting their accounts with them. They should go to jail.
Nothing will change these bastards. Just like when Enron made California have rolling blackouts that took out street lights and actually created fatalities in accidents and at hospitals where the backups failed. Did anyone ever go to prison on the Energy Trading Staff? NO! Our govt turns a blind eye to all of this. The FED is to intertwined with the banks that they are impotent to do anything.
I understand that we have been raped, plillaged and plundered for a very long time... Longer than anyone can really imagine or care to admit.
Move over, nothing to watch here.
Rules don't apply to fat cat friends. They can snub their nose at sanctions and even if guilty of sponsoring terrorism not a big deal, even for the new AG pick Loretta Lynch just like holder no handcuffs for bankers.
Drug cartels' bank," HSBC, to see no arrests"Some would say that the message is, if you break all the laws you can, until you get caught, you may have to pay a lot of money, but you're not gonna go to jail.
U.S Attorney Lynch, who is one of the architects of Tuesday's settlement, disputed that idea, and said: "That's a very short-sighted view, I think, because in this case they're obviously paying a great deal of money, but they also have to literally had to turn their company inside out. And the message should be that that's what you have to do."
Barclays, HSBC Sued by U.S. Soldiers Over Attacks in Iraq
In Gazprom deal, JPMorgan takes on business that some banks fearGot it! THANKS! With the career change I'm old but a novice in some things. It looks like I know where my next job will be...
;)
Any oathkeepers want too chime in? I would love to hear what they have to say about this.
Nice shot.
http://www.thewarningsecondcoming.com/all-those-who-wear-the-triangle-th...
Fuck off.
Nice shot.
http://www.thewarningsecondcoming.com/all-those-who-wear-the-triangle-th...
Everything went for crap when they took away our 6-guns and replaced them with lawyers.
Gee, I hope no one gets throat cancer from this!
They could not wipe thier ass with the C/BoR if the oathkeeper types were not wipping thier asses with thier oaths. They aint the good guys and are not going to show up to save the day. If they were going to they would have long ago.
Is there anyone else you are pinning your hopes on? Maybe you think the repubelicking scumbags will put a stop to this?
Can you imagine where three oil traders from Shell, Exxon, and BP would be right now if they were caught doing this in the oil markets?
Answer: Right next to the one and only cell marked “Reserved for Banksters” which is growing thicker with cobwebs every day.
All made possible by bail outs.
Untraceable pay-as-you-go mobile phones are now doing roaring business among traders. If anyone thinks this gravy train will stop because people now know about it, they underestimate scum-bag ingenuity. Until people start going to jail for long periods of time, it's all systems go.
The "fix" is simple. Get caught manipulating markets (like above) and its high noon hanging time in Trafalgar Square. That will sort out these idiots.