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JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!

 
Don Draper from Nantucket
Too Late Too Late Will Be The Cry

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09/29/2020 08:15 PM

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JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
[link to www.zerohedge.com (secure)]


JP Morgan has just agreed to pay $920 million in fines - a record penality for allegations of systematic market manipulation - as part of a deferred prosecution agreement with federal prosecutors in Connecticut, bringing to a close a yearslong investigation into "spoofing" and other market manipulation tactics in the precious metals and Treasury markets.

Over the past decade, holding megabank trading desks accountable for routine manipulation of FX, Libor and other markets has been a priority for prosecutors, ever since - it seems - the springtime "flash crash" of 2010 shone an uncomfortable spotlight on 'spoofing' a technique whereby traders submit orders they never intended to fill solely for the purpose of trying to move the price of a given currency, futures contract etc. in a direction that favors one of their positions. For example, a trader who's looking to sell a big slug of front-month gold futures might layer in dozens of "buy" orders to try and push the price up to hit his sell 'offer'. The trick is, traders need to make sure none of these fraudulent offers ever get filled.
PLATA BITCHEZZZZZZ



The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Don Draper from Nantucket  (OP)
Too Late Too Late Will Be The Cry

User ID: 57553864
United States
09/29/2020 08:16 PM

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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
When a conspiracy theory is no longer a theory!
PLATA BITCHEZZZZZZ



The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Anonymous Coward
User ID: 74118902
United States
09/29/2020 08:18 PM
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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
my ue is gonna get paid!
Don Draper from Nantucket  (OP)
Too Late Too Late Will Be The Cry

User ID: 57553864
United States
09/30/2020 12:01 AM

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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
my ue is gonna get paid!
 Quoting: Anonymous Coward 74118902


waitwhat
PLATA BITCHEZZZZZZ



The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Anonymous Coward
User ID: 79203147
United States
09/30/2020 12:15 AM
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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
[link to www.zerohedge.com (secure)]


JP Morgan has just agreed to pay $920 million in fines - a record penality for allegations of systematic market manipulation - as part of a deferred prosecution agreement with federal prosecutors in Connecticut, bringing to a close a yearslong investigation into "spoofing" and other market manipulation tactics in the precious metals and Treasury markets.

Over the past decade, holding megabank trading desks accountable for routine manipulation of FX, Libor and other markets has been a priority for prosecutors, ever since - it seems - the springtime "flash crash" of 2010 shone an uncomfortable spotlight on 'spoofing' a technique whereby traders submit orders they never intended to fill solely for the purpose of trying to move the price of a given currency, futures contract etc. in a direction that favors one of their positions. For example, a trader who's looking to sell a big slug of front-month gold futures might layer in dozens of "buy" orders to try and push the price up to hit his sell 'offer'. The trick is, traders need to make sure none of these fraudulent offers ever get filled.
 Quoting: Don Draper from Nantucket


What difference does it make when all they have to do is call Powell and get the Fed to issue them a $1 billion interest free “loan?”
Anonymous Coward
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09/30/2020 01:19 AM
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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
And nobody goes to prison.Nice gig being a banker.
JoeNobHead

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09/30/2020 02:35 AM

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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
And nobody goes to prison.Nice gig being a banker.
 Quoting: Anonymous Coward 77888403


It is isn't it? You roll the dice on a new game plan. It either pays off big, or you go to court and pay a fine...

They probably gained, 3 or 4 trillion on this. And pay a near a mere billion in fines. That's a win win. Don't see the feds rolling BACK the damages to others.
I am not for Vaccines.
I believe in science NOT religion. Giving me bad karma for that, is anti-religious (you're passing judgement)
I understand microwave communications.
I do not stand for the NWO, it sucks.
I can debate.
Don Draper from Nantucket  (OP)
Too Late Too Late Will Be The Cry

User ID: 57553864
United States
09/30/2020 01:19 PM

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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
And nobody goes to prison.Nice gig being a banker.
 Quoting: Anonymous Coward 77888403


hesright
PLATA BITCHEZZZZZZ



The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Don Draper from Nantucket  (OP)
Too Late Too Late Will Be The Cry

User ID: 57553864
United States
09/30/2020 01:24 PM

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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
And nobody goes to prison.Nice gig being a banker.
 Quoting: Anonymous Coward 77888403


It is isn't it? You roll the dice on a new game plan. It either pays off big, or you go to court and pay a fine...

They probably gained, 3 or 4 trillion on this. And pay a near a mere billion in fines. That's a win win. Don't see the feds rolling BACK the damages to others.
 Quoting: JoeNobHead


Yes it is the same way with the giant pharmaceutical companies who make drugs and push em hard like oxycontin for 25 years and make untold trillions and after those 25 years you start seeing comercials that say...If you or a loved one died from this drug...and then there is this supposed HUGE settlement to the tune of 100 billion...unbelievable! These peolpe need to be tried for crimes against humanity not profit 2 trillion out of the deal once it is all said and done?
PLATA BITCHEZZZZZZ



The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Anonymous Coward
User ID: 70081585
Germany
09/30/2020 01:28 PM
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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
Charge them 1billions for every day going back 50 years

thats a fine
Anonymous Coward
User ID: 66292596
United States
09/30/2020 01:44 PM
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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
And nobody goes to prison.Nice gig being a banker.
 Quoting: Anonymous Coward 77888403


well it does depend on who's president


trump is not going to lock up his donors
pool nli
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United States
10/01/2020 01:08 AM
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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
bump
Anonymous Coward
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10/01/2020 11:33 AM
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Re: JP MORGAN Pays Record $1 Billion Fine; Admits Spoofing Of Gold And Treasuries!
Batman says:

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GLP