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U. S. Justice Department Opens Criminal Probe Into Currency Market Manipulation

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Currency markets are massively rigged. Bloomberg reports today: The U.S. Justice Department has opened a criminal investigation of possible manipulation of the $5.3 trillion-a-day foreign exchange market, a person familiar with the matter said. The Federal Bureau of Investigation, which is also looking into alleged rigging of interest rates associated with the London interbank offered rate, or Libor, is in the early stages of its currency market probe, said the person, who asked not to be identified because the inquiry is confidential.

 

Swiss regulators last week said they were “coordinating closely with authorities in other countries as multiple banks around the world are potentially implicated.”

 

The U.S. investigation comes as the U.K. Financial Conduct Authority said in June it was reviewing potential manipulation of exchange rates.

 

Earlier this week, European Union antitrust regulators said they were examining the possible manipulation of currency rates by the financial industry, while Switzerland’s Financial Market Supervisory Authority, or Finma, and the nation’s competition commission said they were probing similar potential wrongdoing.

 

The U.S. Commodity Futures Trading Commission has also been reviewing possible currency market rigging, said a separate person with knowledge of the matter.

 

RBS, Deutsche Bank and Citigroup are among firms reviewing e-mails, instant messages and phone records of their foreign-exchange employees for evidence of potential manipulation, according to three people with knowledge of those probes.

 

(Don’t get too excited.  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.)

 

It’s not just currency markets. 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.

 

Interest Rates Are Manipulated

Interest rates are rigged:

 

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

 

Libor is still being manipulated

 

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

 

The Guardian and Telegraph report that gold and silver prices are “fixed” in the same way as interest rates and derivatives – in daily conference calls by the powers-that-be.

 

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 stocksbonds, 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:

 

Engaging in mafia-style big-rigging fraud against local governments. See thisthis and this

 

Shaving money off of virtually every pension transaction they handled over the course of decades, stealing collectively billions of dollars from pensions worldwide.

 

Details hereherehereherehere,herehereherehereherehere 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 thisthisthisthis 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 thisthisthisthis and this

 

Engaging in unlawful “frontrunning” to manipulate markets. See thisthisthisthisthis and this

 

Engaging in unlawful “Wash Trades” to manipulate asset prices. See thisthis and this

 

Participating in various Ponzi schemes. See thisthis and this

 

Charging veterans unlawful mortgage fees

 

Cooking their books (and see this)

 

The Big Picture

The big picture is simple:

 

The big banks manipulate every market they touch

 

Too much interconnectedness leads to financial instability

 

The government has given the banks huge subsidies … which they are using for speculation and other things which don’t help the economy. In other words, propping up the big banks by throwing money at them doesn’t help the economy

 

The big banks own the D.C. politicians … so Congress and the White House won’t do anything unless the people force change

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