Banksters Finally Hit with Racketeering Charges Re: Gold Rigging

JPMorgan Chase and other bullion banks spent most of a decade screwing clients and investors who were naive enough to expect a fair shake in the precious metals futures markets. It was a solid racket.

Yet claims of price rigging were simply dismissed by financial journalists and regulators as conspiracy theory. The banks’ defenders were bolstered by a 5-year-long investigation by the compromised Commodity Futures Trading Commission (CFTC) which ended without a single banker being prosecuted.

Many goldbugs wondered if the racket would continue forever. Fortunately, much has changed over the past three years. Department of Justice prosecutors were able to secure a guilty plea from Deutsche Bank in late 2016.

 

The bank turned over 350,000 pages of documents and dozens of voice recordings as part of their agreement to cooperate with the investigation. The trove of evidence was a testament to the monumental failure of the CFTC. It shed light on a pervasive, long-running and well organized fraud which should have been difficult to overlook.

Despite CFTC assurances to the contrary, there are, in fact, plenty of bankers to prosecute.

The Justice Department has since secured guilty pleas from several traders working at Bank of America, JPMorgan Chase and elsewhere. Three more bankers were indicted in the past couple of weeks. And it appears investigators are a long way from done.

Bloomberg reported last week that prosecutors consider the trading operations at JPMorgan as a “conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity.”

That language is purposely intended to evoke RICO, or Racketeer Influenced and Corrupt Organization, laws. JPMorgan may be prosecuted using the same laws designed to take down mobsters!

CFTC officials have not acknowledged the Commission’s abject failure to do its primary job. Many have pointed out how compromised the CFTC is. A remarkable number of CFTC officials wind up with lucrative jobs on Wall Street….

https://www.activistpost.com/2019/09/banksters-finally-hit-with-racketeering-charges-better-late-than-never.html

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