Is forex market controlled by someone? - page 53
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Deutsche Bank Charged By Italy For Market Manipulation, Creating False Accounts
For Deutsche Bank, when it rains, it pours, even when everyone tries to come to its rescue.
One day after its stock soared from all time lows, following what so far appears to have been a fabricated report sourced by AFP which relied on Twitter as a source that the DOJ would reduce its RMBS settlement amount with Deutsche Bank from $14 billion to below $6 billion (and which neither the DOJ nor Deutsche Bank have confirmed for obvious reasons), moments ago Bloomberg reported that six current and former managers of Deutsche Bank, including Michele Faissola, Michele Foresti and Ivor Dunbar, were charged in Milan for colluding to falsify the accounts of Italy’s third-biggest bank, Monte Paschi (which itself is so insolvent it is currently scrambling to finalize a private sector bailout) and manipulate the market. Two former executives at Nomura Holdings Inc. and five at Banca Monte dei Paschi di Siena were also charged.
The news comes in a time of heated relations between Italy and Germany, when the former has been pushing to get German "permission" for a state bailout of its insolvent banks only to be met by stiff resistance by the latter as Merkel and Schauble have demanded a bail-in of private investors instead, even as - ironically - it has been Deutsche Bank's woeful financial state that has been in the Wall Street spotlight this past week.
The charges culminate a three-year investigation by prosecutors that showed Monte Paschi used the transactions to hide losses, leading to a misrepresentation of its accounts between 2008 and 2012. The deals came to light in January 2013, when Bloomberg News reported that Monte Paschi used derivatives to hide losses.
As BBG adds, "the charges deal another blow to Deutsche Bank, which is seeking to reassure investors and clients that it will be able to withstand pending U.S. penalties over the bank’s sale of mortgage-backed securities and its dealings with some Russian clients."
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In Major Victory For Gold And Silver Traders, Manipulation Lawsuit Against Gold-Fixing Banks Ordered To Proceed
Back in April, precious metal traders felt vindicated when Deutsche Bank agreed to settle a July 2014 lawsuit alleging precious metal manipulation by a consortium of banks. As a reminder, In July 2014 we reported that a group of silver bullion banks including Deutsche Bank, Bank of Nova Scotia and HSBC (later UBS was also added to the defendants) were accused of manipulating prices in the multi-billion dollar market. The lawsuit, which was originally filed in a New York district court by veteran litigator J. Scott Nicholson, a resident of Washington DC, alleged that the banks, which oversee the century-old silver fix manipulated the physical and COMEX futures market since January 2007. The lawsuit subsequently received class-action status. It was the first case to target the silver fix.
The alleged conspiracy started by 1999, suppressed prices on roughly $30 billion of silver and silver financial instruments traded each year, and enabled the banks to pocket returns that could top 100 percent annualized, the plaintiffs said.
Many expected that this case would never go anywhere and that the defendant banks would stonewall indefinitely: after all their legal budgets were far greater than the plaintiffs.
Which is why so many were surprised to learn six montsh ago that not only had this lawsuit against precious metals manipulation not been swept away, but that the lead defendant, troubled German bank Deutsche Bank agreed to settle the litigation over allegations it illegally conspired with Bank of Nova Scotia and HSBC Holdings Plc to fix silver prices at the expense of investors. Terms of the settlement were not disclosed, but the accord will include a monetary payment by the German bank.
As we reported, at the time, it was clear that "there would have been neither a settlement nor a payment if the banks had done nothing wrong." As Reuters further noted, Deutsche Bank has signed a binding settlement term sheet, and is negotiating a formal settlement agreement to be submitted for approval by U.S. District Judge Valerie Caproni, who oversees the litigation. A Deutsche Bank spokeswoman declined to comment. Lawyers for the investors did not immediately respond to requests for comment.
What was also notable is that in a curious twist, the settlement letter revealed a striking development, namely that the former members of the manipulation cartel had turned on each other. To wit:
That was the last time we heard of that particular lawsuit until today, when overnight US District Judge Valerie Caproni dismissed UBS Group AG as a defendant in from the lawsuit.
When dismissing UBS from the settlement, Caproni said this was appropriate because there was nothing showing it manipulated prices, even if it benefited from distortions. "At best, plaintiffs allege that UBS engaged in parallel conduct by offering (along with the fixing members) below-market quotes," Caproni said in her 61-page decision.
However, far more important, was her ruling that investors may pursue antitrust and manipulation claims against Bank of Nova Scotia ("ScotiaBank") and HSBC Holdings Plc, clearing the way for silver manipulation price-fixing litigation.
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Is it insider trading to share corporate information with a relative? Supreme Court hears arguments
The U.S. Supreme Court on Wednesday began weighing what has become one of the most troubling questions on Wall Street: When does sharing confidential corporate information with a family member become a crime?
Insider trading has been long been the epitome of Wall Street wrongdoing, but prosecutors and defense attorneys have been arguing for years over how it is defined and when someone should face prison for it.
In this case, Salman v. United States, the court is considering what motivated Maher Kara, a former investment banker at Citigroup, to give confidential information about health-care industry mergers to his older brother, Michael. Michael bought and sold stock based on the tips and then passed the information to his brother-in-law, Bassam Salman.
Salman made a profit of more than $1 million by trading on the confidential information before being prosecuted for securities fraud. He was convicted in 2013 and sentenced to three years in prison. (Maher and Michael Kara both pleaded guilty to securities fraud in 2011 and cooperated with the government.)
Salman appealed, arguing in part that Maher Kara had not received money, gifts or any other reward in exchange for the tips. In the argument Wednesday, Salman’s attorney told the justices that other courts have ruled insider trading occurs only when the provider of confidential information gets some kind of tangible benefit.
“I think the evidence [shows that at most, Maher Kara] . . . got the scant benefit of getting his brother off his back,” said Alexandra Shapiro, the attorney for Salman. “That was not a willing transfer of inside information.”
Prosecutors have rejected that argument, saying that defining insider trading so narrowly would leave Wall Street insiders free to divulge corporate information unavailable to average investors.
“A corporate insider possessing very valuable nonpublic material information could parcel it out to favored friends, family members and acquaintances who could all use it in trading without the knowledge of the public or the investors on the other side of the trade. This would be deleterious to the integrity of the securities markets. It would injure investor confidence,” Michael Dreeben, the deputy solicitor general for the Justice Department, told the court.
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Deutsche Bank to pay $38 million in U.S. silver price-fixing case
Deutsche Bank AG has agreed to pay $38 million to settle U.S. litigation over allegations it illegally conspired with other banks to fix silver prices at the expense of investors, according to court papers filed on Monday.
The settlement, disclosed in papers filed in Manhattan federal court, came in one of many recent lawsuits in which investors have accused banks of conspiring to rig rates and prices in financial and commodities markets.
I don't know whether market controlled by someone but as I know movement on pair occured because demand and supply theory, I am ever reading about this theory that as reasonable theory but also many factor the cause movement like as intervention from central bank to their currency also can making big movement on currency
Never Before Seen Secret Memo On AIG Bailout From Fed's Tarullo To Obama Revealed In Podesta Emails
"...we surely do not want to unnerve markets by saying anything that would suggest your Treasury Department would undo this modification after January 20. However, the combination of the questionable terms of the original Fed lending and failure to increase the effective stake of taxpayers as part of this deal means that we should avoid saying anything that would identify us with this move."
I don't know whether market controlled by someone but as I know movement on pair occured because demand and supply theory, I am ever reading about this theory that as reasonable theory but also many factor the cause movement like as intervention from central bank to their currency also can making big movement on currency
It is not about "someone"
Guy it is not one man or two or three ... It is about the elite doing their job on us
That is why the Israel Securities Authority (ISA) intends to ban the advertising of binary options abroad. According to a report of the local TV channel 10 News, ISA’s Chairperson, Shmuel Hauser, announced ISA will request amendments in the applicable law, which will prohibit the marketing of this controversial OTC product outside Israel.