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Bank of New York Mellon will settle currency trade case for $714 million
By Ben Protess
The New York Times
Thursday, March 19, 2015
The Bank of New York Mellon will pay $714 million to settle accusations that it cheated government pension funds and other investors for more than a decade, federal and state authorities announced on Thursday. It is part of a deal requiring the bank to dismiss some employees and make fuller public disclosures of its foreign exchange operation.
The settlement resolves lawsuits filed in 2011 by Preet Bharara, the United States attorney in Manhattan, and Eric T. Schneiderman, the New York attorney general.
The authorities accused the bank of assuring clients that they would receive the best possible rate when executing a currency trade. In reality, the authorities said, the bank did just the opposite: It provided clients "prices that were at or near the worst interbank rates," enabling the bank to make extra cash during the 2008 financial crisis. ...
... For the remainder of the report:
http://www.nytimes.com/2015/03/20/business/dealbook/bank-of-new-york-mel...
Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore
Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.
Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.
Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver.
Goldbroker.com is listed among GATA's recommended monetary metals dealers. (http://www.gata.org/node/173)
To invest or learn more, please visit:
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Mines and Money Conference
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1 Expo Drive, Wan Chai
Hong Kong, China
Monday-Friday, March 23-27, 2015
http://www.minesandmoney.com/hongkong/
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