Not much of a surprise to anyone who has followed the holdings that JP Morgan has acquired in the last 15-25 years. Looks like they settled a $920 million fine, not very smart as that eats up their potential profits but since I don't know much about it, they are most likely still extremely wealthy and still smoking big cigars! Any comments, or is anyone surprised that price manipulation happens??
the problem with these banks is the fines are worth the risk/ profit, how much did they profit, 2, 3,4,5 billion dollars?? someone needs to go to prison and not some low level trader, they take orders from the top, same crap back in 08 when the banks were fined for the housing market crash, they made billions and paid millions in fines, you either have to fine 5 to 10 times the profit or send some of these top bankers to prison for this kind of stuff to stop!!
Hm. Strange. I thought he was dead. So the old rascal's up to no good with gold, is he? Well, it is the month for ghosts and such.
I put KITCO and other such goldmongers in the same financial situation as JPM. If a person wishes to deal with JPM and other such holders ( and I am quite sure that Kitco still does , no matter what they might say) Read the rules of the exchange that JPM has to follow , and then try to find similar for Kitco and your favorite bullion people. ???? They are both in it for the money ( as are most of us ). As to if they break the rules, I would say one has to determine which one does the best for profit and do what they do. Neither side would pass a lie detector test in a court, but JPM has the more rigid regulations and safety demands) IMO. Jim
JP Morgan wasn't the only one caught recently. Scotia Bank, Deustche Bank, UBS, HSBC over the years ... Metals, Treasuries, SoyBeans .. who knows, probably your SDB too !! lol
If you are rich enough or have a friend in the White House Presidential Pardons are your very best opportunity...
They are not "manipulating" anything. First of all, they largely are acting as an AGENT for other investors (i.e., hedge funds). They're not taking a position for their own trading account. Second, if they DID take a position in their trading account, the regulators would strangle them. I am talking the Federal Reserve and FDIC. So forget the conspiracy nonsense. Third, price discovery occasionally means you will run afoul of some arcane regulatory morass. It doesn't mean you are manipulating the price. JPM couldn't manipulate the price even if they wanted to -- they don't control enough of the metal. Only central banks can do that. It's funny that the folks who are always screaming "manipulation" are usually on the opposite side of the price move at that time.
Are you aware how many regulators JPM and even KitCo have to account to ? They have the Fed....FDIC....state and federal regulators at the OCC....commodity and stock/bond regulators....attorney generals....class-action lawyers. Are you aware how much $$$ JPM spends on regulatory, compliance, etc. ? They have HUNDREDS of lawyers and compliance people costing TENS OF MILLIONS OF DOLLARS each year....if they wanted to cheat or manipulate, why spend the $$$ to defeat that ? Do you know what CCARs is ? Do you think anybody is fooling around with a few hundred million in commodities when the big $$$ is tens of billions for the dividends and stock buybacks ? Do you guys know who Jamie Dimon (JPM) or David Solomon (GS), my old college classmate, are ? Do you think they are risking billion-dollar net worths to engage in illegal activity ? Do you think underlings are doing it to make/keep them rich ? Sometimes the shortest distance between 2 points is a straight line.