Social Media
Advertisers
This area does not yet contain any content.
Tuesday
Apr192016

How Pensions and 401K's are Robbed by Big Banks!

Just when you thought after bailing out all of these Big Banks from the so-called housing bubble, new lawsuits continue to reveal the deceptive insider practices of Big Banks and how they steal from the trough of pension and 401k funds.  The lawsuit below has been widely publicised by Bloomberg and other financial websites but when you read the complaint filed it brings to light the criminal practices of stealing retirement and 401k accounts.  Will be very interesting to watch what happens when the great fiat money scheme finally collapses.

 

 

Tuesday
Apr192016

New York RICO Lawsuit Reveals Metals Market Manipulation!

VetTheGov enjoys reading Big Bank lawsuits and this is one for a worthy share for any readers out there believing Big Banks and Wall Street are fair and honest.  The entire complaint provided below for your reading pleasure of how a market is manipulated!  Case # 1:15-cv-07317 is still ongoing after second amended complaint filed on 04/04/2016.  The lawsuit was filed by a New York attorney Susan J. Levy and she filed the complaint as a pre se litigant.  

Here are the highlights of the civil action regarding manipulation by Defendants Goldman Sachs, HSBC, ICBC Standard Bank, UBS, BASF Corp., and many others to be determined!

Defendants Scheme consisted of Four parts:

A. Manipulative Step One: The Auctioneer defendants who are horizontal competitors in the market for physical platinum and palladium and NYMEX platinum and palladium conspired with their New York trade desks in order to gain an advantage with respect to their NYMEX futures contracts that were being traded at the NYMEX exchange in New York.

B. Manipulative Step Two: To ensure that their NYMEX contracts could be traded at a profit, each defendant agreed to fix the price of physical platinum and palladium, since the physical prices are an essential price-component of the NYMEX contract prices. Thereby, if defendants could artificially set the physical prices of platinum and palladium, the NYMEX contracts would follow suit since the prices of all NYMEX contracts are inextricably linked to the spot prices of each contracts underlying commodity in this case platinum an palladium. 

C. Manipulative Step Three: The auctioneer defendants in unison with the non-auctioneer dealers would agree twice a day to halt trading for 10 to 30 minutes in the morning and 10 to 30 minutes in the afternoon in order to engage in an "auction" process to reset these prices of physical platinum and palladium. Private conference calls were set up where confidential information was exchanged by the auctioneer defendants who could determine prices and take positions prior to the public even knowing what those prices were.

D. Manipulative Step Four: As a result, defendants were able to position their NYMEX futures contract trades in conformity with the pricing information that to which they were privy ahead of the public on the conference call. The auctioneer defendants were required to enter into real market transactions to set the prices of these metals that were predetermined at the "auction" whether these defendants even needed or wanted to purchase or sell platinum or palladium at all. 

Mix in any other type of market manipulation and see how the game is played at the top to steal your hard earned fiat money!  Stay tuned as VetTheGov will keep you updated on the final outcome but normally these Bank cases get settled out of court and no one goes to jail.