Thursday, December 8, 2016

Pam and Russ Martens — Bombshell Dropped in Federal Court: Proof of a Silver Market “Mafia” Among Big Banks

Another shoe drops.
Lawyers representing traders who allege they were ripped off by a group of colluding global banks filed eye-popping evidence in a Manhattan Federal Court yesterday showing that even as global banks were being criminally probed for rigging currency markets, they continued to engage in rigging the silver market, with a UBS trader referring to the group as the “mafia.”...
With the evidence filed yesterday, there is no longer any justification for the Justice Department to dawdle further. From Libor rigging, to currency exchange rigging, to precious metals, to the charges of stock market rigging made in the Michael Lewis book, Flash Boys, there is an overarching appearance that every market has been rigged against average investors. We need a Justice Department that will grab the reins to restore trust, transparency and honest dealing in U.S. markets.
Wall Street On Parade
Bombshell Dropped in Federal Court: Proof of a Silver Market “Mafia” Among Big Banks
Pam Martens and Russ Martens

1 comment:

Ryan Harris said...

Rigging US silver markets wouldn't be too hard. Have you looked at the volumes? It's dead and gone. A few hundred contracts per day outside the front month. Democratic party regulations... Shanghai is the real financial capital now.

Too bad, once there were a lot of good paying jobs in finance. What do Democrats say when they run off industry? Those jobs are gone and never coming back. There is no alternative. It wasn't OUR bad policy... it was automation. The guys in Shanghai have a good laugh.