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Merrill Lynch Caught Criminally Manipulating Precious Metals Market "Thousands Of Times" Over 6 Years

oldgaranddad

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#1

Merrill Lynch Caught Criminally Manipulating Precious Metals Market "Thousands Of Times" Over 6 Years


https://www.zerohedge.com/news/2019...lating-precious-metals-market-thousands-times


Remember when it was pure tinfoil-hat conspiracy theory to accuse one or more banks of aggressively, compulsively and systematically manipulating the precious metals - i.e., gold and silver - market? We do, after all we made the claim over and over, while demonstrating clearly just how said manipulation was taking place, often in real time.

Well, it's always good to be proven correct, even if it is years after the fact.

On Tuesday after the close, the CFTC announced that Merrill Lynch Commodities (MLCI), a global commodities trading business, agreed to pay $25 million to resolve the government’s investigation into a multi-year scheme by MLCI precious metals traders to mislead the market for precious metals futures contracts traded on the COMEX (Commodity Exchange Inc.). The announcement was made by Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division and Assistant Director in Charge William F. Sweeney Jr. of the FBI’s New York Field Office. In other words, if the Merrill Lynch Commodities group was an individual, he would have gotten ye olde perp walk.
 

gliddenralston

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#2
That penalty is a slap on the wrist...the penalty should be mutiples of what they made and caused others to lose, all this means is they'll continue business as usual!!!
 

oldgaranddad

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#3
I believe the penalty should be a permanent ban against MLCI on the COMEX. An example needs to be made.
 

Fatrat

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#4
Market rigging is great until you get caught, I wonder if the states can take a whack at them?
 

the_shootist

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#6
This is rigging the F'n market and they get a fine?

If you shoplift a candy bar, your at least sitting in a police car.
That's the way of the world now! No accountability any longer
 

Unca Walt

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#7
$25 million?

They made that in ONE fargin DAY.





Or less.
 

Buck

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#9
Manipulated Markets

They're being caught about every two years and nothing happens until the next one gets caught and then nothing happens again

All Of It Is Manipulated, All Of It!
 

Strawboss

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#11
The next time someone tells you crime doesnt pay...remember this. The simple fact (logical deduction) is that crime does in fact pay...and it seems to pay well. Very well.

The rule of law is hanging by a thread...when the masses awake to that fact - look out. There is gonna be a reckoning...
 

Silver

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#12
Too Big To Fail Banks have sovereign immunity, if they pay a fine, it is just a gesture.