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Clint Siegner: Like Jeffrey Epstein, bullion banks get sweet deals from the Justice Dept.
Like Jeffrey Epstein, bullion banks get sweet deals from the Justice Department
By Clint Siegner
Money Metals Exchange, Eagle, Idaho
Monday, July 29, 2019
First, a bank’s commodities trading department takes metals investors for a ride like unwitting victims in the back of Jeffrey Epstein’s “Lolita Express.”
Now federal prosecutors have extended the same sort of cozy non-prosecution agreement to shield the bank itself from a criminal indictment.
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Federal prosecutors signed a non-prosecution agreement in June with Merrill Lynch Commodities Inc. and Bank of America (Merrill’s parent company) for rigging the precious metals markets.
The U.S. Department of Justice found gold and silver traders working at Merrill Lynch had "schemed to deceive other market participants by injecting materially false and misleading information into the precious metals futures market."
The agreement references "thousands of fraudulent orders" -- intended artificially to move the markets up or down by "spoofing" other traders and investors -- over a period of six years.
Two traders have been indicted on criminal charges so far. The non-prosecution agreement was only for the mega-bank, not for its more expendable staff.
The bank gets off with a less-than-consequential $25 million fine, a promise not to do it again, and a commitment to set up more controls ... which they can self-monitor. ...
... For the remainder of the commentary:
https://www.moneymetals.com/news/2019/07/29/bullion-banks-sweet-deals-fr...
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