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Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades

 
BigDog10000000000000
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09/20/2011 01:17 PM
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Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
An updated complaint in the class-action lawsuit against JPMorganChase alleging manipulation of the silver futures market, filed this week in U.S. District Court for the Southern District of New York, details the mechanisms of the manipulation and some of the traders executing it.

According to the updated complaint:

– MorganChase already had a large short position in silver when it acquired another large short position upon the investment house’s acquisition of the failed New York brokerage Bear Stearns in 2008. This, the complaint says, gave MorganChase hugely disproportionate influence in the silver market.

– MorganChase used “fake” and “spoof” trades to manipulate prices downward, particularly in advance of contract expiration dates, when MorganChase held put options, which became more valuable as the price of silver was driven down.

[link to sgtreport.com]
BigDog
Deej

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09/20/2011 01:22 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
wow, like this is a surprise!

another do

Last Edited by Deej on 09/20/2011 01:22 PM
No matter what happens... just say "Thank You." - D W Fierce
Anonymous Coward
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09/20/2011 01:24 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
wow, like this is a surprise!

another do
 Quoting: Deej


How many fucking ways has jp morgan destroyed this planet? SERIOUSLY??? THAT FUCKING DEMON KEEPS DESTROYING THE PLANET EVEN FROM HIS DEATHBED.
Anonymous Coward
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09/20/2011 01:24 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
“Whoever commits a fraud is guilty not only of the particular injury to him who he deceives, but of the diminution of that confidence which constitutes not only the ease but the existence of society." Samuel Johnson
Deej

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09/20/2011 01:26 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
“Whoever commits a fraud is guilty not only of the particular injury to him who he deceives, but of the diminution of that confidence which constitutes not only the ease but the existence of society." Samuel Johnson
 Quoting: Anonymous Coward 1558101


that Sammy was a bright, gifted child

Last Edited by Deej on 09/20/2011 01:27 PM
No matter what happens... just say "Thank You." - D W Fierce
Anonymous Coward
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09/20/2011 01:59 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
Correct term is naked, not spoof.
Anonymous Coward
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09/20/2011 02:02 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
You mean the precious metals market is manipulated and a total farce just like the fiat dollar?

I'm shocked I tells ya!
Conspiruz

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09/20/2011 02:19 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
Do they actually think filing a lawsuit is going to expose these cockroaches?

Have they forgotten who makes the laws?

JP Morgan has probably bought a couple of Judges by now...
Conspiruz
Revbo™

User ID: 1556524
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09/20/2011 02:21 PM

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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
Great, so in twelve years, when this case finally gets heard, after all JPM's appeals and objections have been heard, if we're lucky enough to get a judge who won't dismiss the case, a few lawyers will make $100m, a small group of plaintiff's will get $50 each, and the manipulation will continue.
Jeremiah 5:21 Hear now this, O foolish people, and without understanding; which have eyes, and see not; which have ears, and hear not...
Anonymous Coward
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09/20/2011 03:26 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
Correct term is naked, not spoof.
 Quoting: Anonymous Coward 1537059


Here's some of that spoof trading... I think the term was intentional.
Thread: Silver manipulation via SLV caught on video
Banksters
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09/20/2011 04:13 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
Wall street owns the supreme court this is not even an issue. Can you say "dismissed"
Anonymous Coward
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09/20/2011 05:17 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
They can't sue because it's all legal. The people that process the trades and determine the buy/sell value are allowed to profit by buying and selling as well.
Worse yet, they can even sell shares that do not exist, thus manipulating the price and profiting on upswings and downswings alike when they buy or sell those same phantom shares.

It's basically a wolf in the hen house that nobody is allowed to touch.
Anonymous Coward
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09/20/2011 05:53 PM
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Re: Updated Silver Lawsuit Identifies Morgan Trading Mechanisms, Traders, “Spoof” and “Fake” Trades
Kudos at least for filing the lawsuit, the more these things are exposed the more people become aware of how the whole game is rigged against them by the corporations and insiders.





GLP