Sunday, May 25, 2014

Barclays Bank Fined About Thirty Seconds Worth Of Profits In Gold Manipulation Case

They could shake 44 million bucks out of their couch cushions.

Call me when they start putting these people in prison because no one is taking any of this serious anymore.

This is an absolutely perfect example of why this "Corporations Are People Too" bullshit was a criminal conspiracy cover from the very beginning.
You can not, put a corporation in jail, period.

The people responsible for oversight and prosecuting these multiple instances of theft by conspiracy should themselves be on trial for abdicating their responsibilities and not prosecuting these crimes to the fullest extent the laws allow in the first place.



Barclays slapped with $44 million fine over gold price fix

 

Barclays Plc has been fined $43.8 million for failures in internal controls that allowed a trader to manipulate the setting of gold prices, just a day after the bank was fined for rigging Libor interest rates in 2012.
Britain’s Barclays is the first bank to be fined over attempted manipulation of the 95-year-old London gold market daily “fix”, although a source familiar with the fine said it was a one-off and not part of a wider investigation into gold price rigging.
It marks another blow to Barclays’ attempts to put past problems behind it.
The Financial Conduct Authority said on Friday there were failings at Barclays from 2004 until 2013, but the key event occurred on June 28, 2012, a day after UK and U.S. regulators fined it $450 million over attempted Libor rigging.
“A firm’s lack of controls and a trader’s disregard for a customer’s interests have allowed the financial services industry’s reputation to be sullied again,” said Tracey McDermott, the FCA’s director of enforcement and financial crime.
The FCA said it had banned former Barclays trader Daniel James Plunkett and fined him 95,600 pounds for exploiting weaknesses in the bank’s systems.
“Plunkett’s actions came the day after the publication of our Libor and Euribor action against Barclays. The investigation and outcomes in that case meant that the firm, and Plunkett, were clearly on notice of the potential for conflicts of interests around benchmarks,” McDermott said.
Plunkett fixed the price in order to avoid the payment of $3.9 million to a customer under an option, which boosted his own trading book by $1.75 million, the FCA said. The bank later compensated the client in full.
On the eve of June 28, Plunkett sent an email to commodities colleagues saying that he was hoping for a “mini puke” the following day. The FCA understood this to mean a drop in the price of gold ahead of the fixing.


This LIBOR Rate fixing scandal that broke a couple of years ago broke the story on the largest theft of wealth in the history of man.

Ask yourself this question,

How many financial industry workers involved in that and there were literally hundreds, do you recall going to prison for that?

Hmm?

Same ol', same ol'.

The fact that the Gold market has been being manipulated for years is no surprise to anyone.


I would like to take this opportunity to remind anyone reading this that in next November, all 435 representatives in the US House of Representatives have come to the end of their current terms.

These are the people who let this shit slide day in and day out.
They mouth platitudes and feign outrage but never do a motherfucking thing about it.
That is because of lobbyists.

Lobbyists from the banking industry and every other low life legal scam out there donating money to these sonsabitches.

I suggest that if you vote and you see an incumbent on the ticket, VOTE THAT COCKSUCKER OUT.

I don't care who it is, they are crooked one way or another.

Do you want to know why I say this?
It has absolutely nothing to do with politics, it is pure economic warfare against these lobbying whores.


Get rid of the ones who are already bought and paid for for two reasons.
One, the outgoing fuckers can then do no more favors for their buyers, thus negating any monies already spent.
Number two,make the financial whores pay top dollar grooming a completely new batch of  talent.

We all know there is absolutely no saving the current system so make them pay with both monies and time.

It is basically the only course of action they will pay any attention to.



 



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