FREE MARKET IS SCUM.
BIG BANKS MANIPULATION ARE NASTY
Posted on January 7, 2014 by WashingtonsBlog [Here only extracts]
Interest Rates Are Manipulated
Bloomberg reports today:
Royal Bank of Scotland Group Plc was
ordered to pay $50 million by a federal judge in Connecticut over claims that
it rigged the London interbank offered rate.
RBS Securities Japan Ltd. in April
pleaded guilty to wire fraud as part of a settlement of more than $600 million
with U.S and U.K. regulators over Libor manipulation, according to court
filings.
To put the Libor interest rate
scandal in perspective:
- The big banks have conspired for years to rig interest rates … upon which $800 trillion in assets are pegged
- This was the largest insider trading scandal ever … and the largest financial scam in world history
- Local governments got ripped off bigtime by the Libor manipulation
- Even though RBS and a handful of other banks have been fined for interest rate manipulation, Libor is still being manipulated. No wonder … the fines are pocket change – the cost of doing business – for the big banks
Indeed, the experts say that big
banks will keep manipulating markets unless and until their executives are
thrown in jail for fraud.
Why?
Because the system is rigged to allow
the big banks to commit continuous and massive fraud, and then to pay small
fines as the “cost of doing business”. As Nobel prize winning
economist Joseph Stiglitz noted years ago:
“The system is set so that
even if you’re caught, the penalty is just a small number relative to what you
walk home with.
Experts also say that we have to
prosecute fraud or else the economy won’t ever really
stabilize.
But the government is doing the
exact opposite. Indeed, the Justice Department has announced it will go easy on big banks, and always settles
prosecutions for pennies on the dollar (a form of stealth bailout. It is also
arguably one of the main
causes of the double dip in housing.)
Indeed, the government doesn’t
even force the banks to admit any guilt as part of their settlements.
Because of this failure to
prosecute, it’s not just interest rates. As shown below, big banks have
manipulated virtually every market – both in the financial sector and
the real economy – and broken virtually every law on the books.
Currency Markets Are Rigged
Currency markets are massively rigged. And see this and this.
Derivatives Are Manipulated
The big banks have long manipulated derivatives … a $1,200 Trillion Dollar market.
Indeed, many trillions of dollars of
derivatives are being manipulated in the exact same same way that
interest rates are fixed: through gamed self-reporting.
Oil Prices Are Manipulated
Oil prices are manipulated as well.
Gold and Silver Are Manipulated
Gold and silver prices are “fixed”
in the same way as interest rates and derivatives – in daily conference calls by
the powers-that-be.
Bloomberg reports:
It is the participating banks
themselves that administer the gold and silver benchmarks.
See graph: Gold 8/1993-2012:
Intraday average. Source: The Gold Cartel. By Dimitri Speck
So are prices being manipulated?
Let’s take a look at the evidence. In his book “The Gold Cartel,” commodity analyst Dimitri
Speck combines minute-by-minute data from most of 1993 through 2012 to show how
gold prices move on an average day (see attached charts).
Energy Markets Are Manipulated
The Federal Energy Regulatory
Commission says that JP Morgan has massively
manipulated energy markets in California and the Midwest, obtaining tens of
millions of dollars in overpayments from grid operators between September 2010
and June 2011.
Commodities Are Manipulated
The big banks and government agencies
have been conspiring to
manipulate commodities prices for decades.
The big banks are taking over
important aspects of the physical economy, including uranium
mining, petroleum products, aluminum, ownership and operation of airports, toll
roads, ports, and electricity.
And they are using these physical
assets to massively manipulate commodities prices … scalping consumers of many billions of dollars each
year.
Everything Can Be Manipulated through High-Frequency Trading
Traders with high-tech computers can
manipulate stocks, bonds, options, currencies
and commodities. And see this.
Manipulating Numerous Markets In Myriad Ways
The big banks and other giants
manipulate numerous markets in myriad ways,
for example:
- Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide. Details here, here, here, here, here, here, here, here, here, here, here and here
- Charging “storage fees” to store gold bullion … without even buying or storing any gold . And raiding allocated gold accounts
- Committing massive and pervasive fraud both when they initiated mortgage loans and when they foreclosed on them (and see this)
- Pledging the same mortgage multiple times to different buyers. See this, this, this, this and this. This would be like selling your car, and collecting money from 10 different buyers for the same car
- Cheating homeowners by gaming laws meant to protect people from unfair foreclosure
- Pushing investments which they knew were terrible, and then betting against the same investments to make money for themselves. See this, this, this, this and this
- Engaging in unlawful “frontrunning” to manipulate markets. See this, this, this, this, this and this
- Participating in various Ponzi schemes
- Charging veterans unlawful mortgage fees
- Cooking their books (and see this)
The criminality and blatant
manipulation will grow and spread and metastasize – taking over and killing off
more and more of the economy – until Wall Street executives are finally thrown
in jail.
It’s that simple …
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RELATED ARTICLES:
Metals Market Manipulation - What Big Banks Are Hiding from You By:
Money_Morning http://www.marketoracle.co.uk/Article43786.html
NYT: US Investigating Big Banks for Currency Market
Manipulation By Michael Kling http://www.moneynews.com/Markets/currency-market-manipulation-banks/2013/11/15/id/536865
The Big Banks are Amateurs When It Comes to
Manipulating Interest Rates. By Washington's Blog 10 July
2012 http://www.globalresearch.ca/the-big-banks-are-amateurs-when-it-comes-to-manipulating-interest-rates/31854
Big Banks Conspiracy is destroying America. By
Paul B. Farrell, MarketWatch. http://www.marketwatch.com/story/big-banks-conspiracy-is-destroying-america-2013-08-07
It's Not Libor Stupid, Central Banks Are The Problem
- Forbes http://www.forbes.com/sites/shahgilani/2012/07/06/its-not-libor-stupid-central-banks-are-the-problem/
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