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Deutsche Bank Provides “Smoking Gun” Proof Of Massive Rigging And Fraud In The Silver Market
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09 Dec 2016
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Posted by Ryan Cristian


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Back in April, when first reported that Deutsche Bank had agreed to settle allegations it had rigged the silver market in exchange for $38 million, we revealed something stunning: “in a curious twist, the settlement letter revealed that the former members of the manipulation cartel have turned on each other,” and that Deutsche Bank would provide documents implicating other precious metals riggers. To wit: “In addition to valuable monetary consideration, Deutsche Bank has also agreed to provide cooperation to plaintiffs, including the production of instant messages, and other electronic communications, as part of the settlement. In Plaintiff’s estimation, the cooperation to be provided by Deutsche Bank will substantially assist Plaintiffs in the prosecution of their claims against the non-settling defendants.”

Overnight we finally got a glimpse into what this “production” contained, and according to documents filed by the plaintiffs in the class action lawsuit, what Deutsche Bank provided as part of its settlement was nothing short of “smoking gun” proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market. The allegation, as Bloomberg first noted, came in a filing Wednesday in a Manhattan federal court lawsuit filed in 2014 by individuals and entities that bought or sold futures contracts.




In the document records surrendered by Deutsche Bank and presented below, traders and submitters were captured coordinating trades in advance of a daily phone call, manipulating the spot market for silver, conspiring to fix the spread on silver offered to customers and using illegal strategies to rig prices.

“Plaintiffs are now able to plead with direct, ‘smoking gun’ evidence,’ including secret electronic chats involving silver traders and submitters across a number of financial institutions, a multi-year, well-coordinated and wide-ranging conspiracy to rig the prices,” the plaintiffs said in their filing.

The latest evidence is critical because as the plaintiffs add, the new scheme “far surpasses the conspiracy alleged earlier.” As a result, the litigants are seeking permission to file a new complaint with the additional allegations, i.e., demand even more reparations from the defendants who have not yet settled, and perhaps even more evidence of ongoing market rigging. Their proposed complaint broadens the case beyond the four banks initially sued to include claims against units of Barclays Plc, BNP Paribas Fortis SA, Standard Chartered Plc and Bank of America Corp.

Representatives of UBS, BNP Paribas Fortis, HSBC, Standard Chartered and Scotiabank didn’t immediately respond to e-mails outside regular business hours seeking comment on the allegations. Barclays and Bank of America declined to immediately comment.

The Deutsche Bank documents show, among other things, how two UBS traders communicated directly with two Deutsche Bank traders and discussed ways to rig the market. The traders shared customer order-flow information, improperly triggered customer stop-loss orders, and engaged in practices such as spoofing, all meant to destabilize the price of silver ahead of the fix and result in forced selling or buying. It is also what has led on so many occasions to the infamous previous metals “slam”, when out of nowhere billions in notional contracts emerge, usually with the intent to sell, to halt any upside moment in the precious metals/




“UBS was the third-largest market maker in the silver spot market and could directly influence the prices of silver financial instruments based on the sheer volume of silver it traded,” the plaintiffs allege. “Conspiring with other large market makers, like Deutsche Bank and HSBC, only increased UBS’s ability to influence the market.”

Some examples of the chats quoted are shown below. In the first example a chart between DB and HSBC traders in which one HSBC trader says “really wanna sel sil[ver” to which the other trader says “Let’s go and smash it together.”



Another chat transcript from May 11, 2011 reveals a Deutsche Bank trader telling a UBS trader that the cartel “WERE THE SILVER MARKET”(sic) based on feedback from outside traders to which UBS replies, referring to the silver market “we smashed it good”, leading to the following lament “fking hell UBS now u make me regret not joining.”



Finally, for all those traders who wonder what happened to their stops as a result of dramatic moves in the price, here is the answer: a June 2011 chat between a UBS and a DB trader comes down to the following: “if you have stops… who ya gonna call… STOP BUSTERS”



The full filings from the case (London Silver Fixing Ltd. Antitrust Litigation, 1:14-md-02573 U.S. District Court, Southern District of New York (Manhattan) are provided below:

http://www.thelastamericanvagabond....un-proof-massive-rigging-fraud-silver-market/

Yeah, yeah, I know. This is one of those fake news sights.

Anyone want to comment on the content of this article?

I ask because this is what a rigged economy looks like.

Funny how I haven't seen any of the real news,*cough* propaganda outfits, *cough*, report on these publicly sourced documents.
 
That's why I've converted all of my assets to bottlecaps.
 
I still can't believe the deal I'm getting for PMs. This is a once in a lifetime buying opportunity for silver even relative to gold. What's more is that I'm shocked that the price has held at this level for this long.

Rig away bankers. Thanks for subsidizing my purchases!
 
I still can't believe the deal I'm getting for PMs. This is a once in a lifetime buying opportunity for silver even relative to gold. What's more is that I'm shocked that the price has held at this level for this long.

Rig away bankers. Thanks for subsidizing my purchases!

I remember you screaming years ago in the JP Morgan Sliver thread, about what a killing you were making on silver.
 
Thank god we are finally going to have someone in office who is wants to crack down on banks and have strict regulations to prevent this sort of thing.

Oh, wait



NEW YORK — GOP presidential frontrunner Donald Trump warned The Hill in an exclusive interview of a looming economic recession, arguing that the stock market has already entered into another bubble.

He also slammed the 2010 Dodd-Frank Wall Street reform law as a “disaster” that has stifled economic growth.

“It’s terrible,” he said in an interview with The Hill, saying that he would "absolutely” repeal it.

“Under Dodd-Frank, the regulators are running the banks,” Trump said. “The bankers are petrified of the regulators. And the problem is that the banks aren’t loaning money to people who will create jobs.”

http://thehill.com/homenews/campaign/256851-trump-economic-bubble-about-to-burst
 
You really going to set me up for this?

...................................OK

Because our other choice obviously worked for the people and not the banksters right?

Hillary' Party of Davos 'Clinton.

Clinton lost, get over it.

Trump is in favor of everything you hate, but you just cant accept hillary lost. Sad.
 
Clinton lost, get over it.

Trump is in favor of everything you hate, but you just cant accept hillary lost. Sad.


Of course, and if Trump is a disaster as president, I will continue to blame the DNC and Clinton.

Psst......Just between us Democrats. Bernie would have won.

Don't tell my new Republican allies that also hate the DNC that I said this, because I don't think they would like me very much anymore.

I mean shit, people are still trying to scape goat Nader for Bush, so I wouldn't hope for anyone to ever offer Clinton people any cover for the potential disaster they created.
 
Dim rooms, hidden faces. Directed by Ang Lee. Cest blah vie.
 
This is some hacky shit to be posting after casually handwaving away Trump's Goldman picks.
 
This is some hacky shit to be posting after casually handwaving away Trump's Goldman picks.

No what is hacky is that if Clinton would have won, your ilk would have been quiet like church mice about this.

Maybe Trump appointing corporatists is a sign of bad things to come. Maybe it isn't, and it is hard to find people that have a clue what they are talking about that don't work in the industries.

Unlike you guys, I'm not willing to make that assumption.
 
No what is hacky is that if Clinton would have won, your ilk would have been quiet like church mice about this.

Maybe Trump appointing corporatists is a sign of bad things to come. Maybe it isn't, and it is hard to find people that have a clue what they are talking about that don't work in the industries.

Unlike you guys, I'm not willing to make that assumption.

I already said in one of the previous threads that I don't think working at Goldman automatically disqualifies you from anything. I'm just trying to figure out why Trumpsters are just now ok with all this after the show they've been putting on.
 
Wasnt Douchebank supposed to go belly up like last month? Or was that just a scare to manipulate the stock price?
 
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