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Deutsche Bank Provides "Smoking Gun" Proof Of Massive Rigging And Fraud In The Silver Market

Discussion in 'Purchasing Precious Metals' started by southfork, Dec 8, 2016.



  1. southfork

    southfork Mother Lode Found Mother Lode

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    Deutsche Bank Provides "Smoking Gun" Proof Of Massive Rigging And Fraud In The Silver Market

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    by Tyler Durden
    Dec 8, 2016 9:03 AM
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    Back in April, when we first reported that Deutsche Bank had agreed to settle allegations it had rigged the silver market in exchange for $38 million, we revealed something stunning: "in a curious twist, the settlement letter revealed that the former members of the manipulation cartel have turned on each other", and that Deutsche Bank would provide docments implicating other precious metals riggers. To wit: "In addition to valuable monetary consideration, Deutsche Bank has also agreed to provide cooperation to plaintiffs, including the production of instant messages, and other electronic communications, as part of the settlement. In Plaintiff’s estimation, the cooperation to be provided by Deutsche Bank will substantially assist Plaintiffs in the prosecution of their claims against the non-settling defendants."

    Overnight we finally got a glimpse into what this "production" contained, and according to documents filed by the plaintiffs in the class action lawsuit, what Deutsche Bank provided as part of its settlement was nothing short of "smoking gun" proof that UBS Group AG, HSBC Holdings Plc, Bank of Nova Scotia and other firms rigged the silver market. The allegation, as Bloomberg first noted, came in a filing Wednesday in a Manhattan federal court lawsuit filed in 2014 by individuals and entities that bought or sold futures contracts.

    In the document records surrendered by Deutsche Bank and presented below, traders and submitters were captured coordinating trades in advance of a daily phone call, manipulating the spot market for silver, conspiring to fix the spread on silver offered to customers and using illegal strategies to rig prices.

    “Plaintiffs are now able to plead with direct, ‘smoking gun’ evidence,’ including secret electronic chats involving silver traders and submitters across a number of financial institutions, a multi-year, well-coordinated and wide-ranging conspiracy to rig the prices,” the plaintiffs said in their filing.

    The latest evidence is critical because as the plaintiffs add, the new scheme “far surpasses the conspiracy alleged earlier.” As a result, the litigants are seeking permission to file a new complaint with the additional allegations, i.e., demand even more reparations from the defendants who have not yet settled, and perhaps even more evidence of ongoing market rigging. Their proposed complaint broadens the case beyond the four banks initially sued to include claims against units of Barclays Plc, BNP Paribas Fortis SA, Standard Chartered Plc and Bank of America Corp.
     
  2. GOLDBRIX

    GOLDBRIX God,Donald Trump,most in GIM2 I Trust. OTHERS-meh Site Supporter Platinum Bling

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    Well that is interesting for German markets and investors BUT what does that have to do with the Price of Rice in China ? or the Price of Silver in the US ?

    US PoS = Same Shit Different Day.
     
  3. solarion

    solarion Gold Member Gold Chaser

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    http://www.zerohedge.com/news/2016-...sarray-after-benchmark-price-fix-manipulation

    Not that any of this matters in the end of course. As has been well documented, when you're a bankster, laws and stuff don't actually apply to you.
     
  4. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Hunt brothers lost everything.
     

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