The U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission Are Looking Into 10 Major Banks For Questionable Precious-Metal Price-Setting Practices
The banks are at it again. Correction; The banks never stopped being at it. At it means manipulating certain markets in order to make more money. Let’s face it, the banks eat, live and breathe money. That’s all they care about. It is the blood that fuels their green hearts. http://www.reuters.com/article/2015/02/24/us-usa-banks-probe-idUSKBN0LS07P20150224
Paul Mathieson knows that this new investigation by the DOJ and the Commodity Futures Trading Commission (CFTC) involves the banks method of setting gold, silver, palladium and platinum prices. The CFTC has opened a civil investigation. The major banks under the price-fixing microscope are: Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Barclays Plc, Bank of Nova Scotia, UBS Group AG, Deutsche Bank AG, Societe Generale, Credit Suisse Group AG,Standard Bank Group Ltd.
HSBC Bank USA said the CFTC subpoenaed them recently. The Commission asked for documents related to precious metal trading. The big question is will the teflon-coated banks be able to slip away from this potential mess just like they did after the 2008 market crash. The odds are in the banks favor. That’s a given. They have unusual power over the government.