Civil And Criminal Probes Launched Against JP Morgan For Silver Market Manipulation

Asheron

Yes, it is really happening. After years and years and years of market manipulation, JPMorgan is about to realize there is only so far you can push your luck against the criminal envelope.In other news, when silver doubles shortly, Andrew Maguire is about to become a patron saint to generations of long-suffering gold and silver "bugs" the world throughout.

http://www.zerohedge.com/article/civil-and-criminal-probes-launched-against-jp-morgan-silver-market-manipulation

Asheron

Good News lets see the markets on Monday

PhylPho

I actually have a lot of time for JP Morgan (gosh: should one say this on MSE?) We have close friends who work for it. Under Jamie Dimon's leadership, JPMorgan proved itself a damn sight more astute and considerably less reckless than other institutions; it was to Dimon / JP Morgan that Hank Paulson turned when the wheels began to come off and Bear Stearns went belly-up.

Of course, it was JPMorgan's people who largely invented the credit default "revolution", so might be thought to have had an inside track on the unintended consequences of well-intentioned risk dispersal. (I doubt they did. Dimon, however, is a different matter.)

The gross, gloating, greedy Goldman Sachs couldn't be a better candidate IMHO for the kind of investigation it is now experiencing. To now learn that JPMorgan is in the firing line for something else is disappointing, because the people we know at JPMorgan would not push, nor ever have pushed, their luck "against the criminal envelope".

Cleaver

PhylPho wrote: »

I actually have a lot of time for JP Morgan (gosh: should one say this on MSE?) We have close friends who work for it. Under Jamie Dimon's leadership, JPMorgan proved itself a damn sight more astute and considerably less reckless than other institutions; it was to Dimon / JP Morgan that Hank Paulson turned when the wheels began to come off and Bear Stearns went belly-up.

Of course, it was JPMorgan's people who largely invented the credit default "revolution", so might be thought to have had an inside track on the unintended consequences of well-intentioned risk dispersal. (I doubt they did. Dimon, however, is a different matter.)

The gross, gloating, greedy Goldman Sachs couldn't be a better candidate IMHO for the kind of investigation it is now experiencing. To now learn that JPMorgan is in the firing line for something else is disappointing, because the people we know at JPMorgan would not push, nor ever have pushed, their luck "against the criminal envelope".

Unless you edit this to say "I love gold", I wouldn't expect much in the way of debate and discussion from Asheron on this matter.

MrEnglish

Its a dead cert of higher prices for silver. But no knowing how long it will take.

This isnt the end of the price suppression yet but its going to be very difficult for them to push that beach ball back underwater now.

StevieJ

Is it me or is Ash getting worse, or is that more desperate

Cleaver

MrEnglish wrote: »

This isnt the end of the price suppression yet but its going to be very difficult for them to push that beach ball back underwater now.

I don't really watch all of Ash's videos in full, as a lot of them are mental.

Can you just sum up for me, very quickly, who is surpressing the price of silver and what their reason is for doing it? Just very quickly, and with no conspiracy stuff. There's a thanks in it for you.

HAMISH_MCTAVISH

Cleaver wrote: »

There's a thanks in it for you.

For once it wasn't a video.

But I'll take that thanks anyway.....

Yes, it is really happening. After years and years and years of market manipulation, JPMorgan is about to realize there is only so far you can push your luck against the criminal envelope. In other news, when silver doubles shortly, Andrew Maguire is about to become a patron saint to generations of long-suffering gold and silver "bugs" the world throughout.
From Michael Gray of the NY Post.

Federal agents have launched parallel criminal and civil probes of JPMorgan Chase and its trading activity in the precious metals market, The Post has learned.

The probes are centering on whether or not JPMorgan, a top derivatives holder in precious metals, acted improperly to depress the price of silver, sources said.

The Commodities Futures Trade Commission is looking into civil charges, and the Department of Justice's Antitrust Division is handling the criminal probe, according to sources, who did not wish to be identified due to the sensitive nature of the information.

The probes are far-ranging, with federal officials looking into JPMorgan's precious metals trades on the London Bullion Market Association's (LBMA) exchange, which is a physical delivery market, and the New York Mercantile Exchange (Nymex) for future paper derivative trades.

JPMorgan increased its silver derivative holdings by $6.76 billion, or about 220 million ounces, during the last three months of 2009, according to the Office of Comptroller of the Currency.

Regulators are pulling trading tickets on JPMorgan's precious metals moves on all the exchanges as part of the probe, sources tell The Post.

JPMorgan has not been charged with any wrongdoing.

The DOJ and CFTC each declined to comment, as did JPMorgan.

MrEnglish

Have you changed your tune Hamish?

I thought you were firmly in the camp with Purch who didnt believe the price manipulation?