Racket of Rackets

Posted: May 19, 2017 in Uncategorized

Desultory Heroics

By Charles Hugh Smith

Source: Of Two Minds

If you thought banking in our time was a miserable racket — which it is, of course, and by “racket” I mean a criminal enterprise — then so-called health care has it beat by a country mile, with an added layer of sadism and cruelty built into its operations. Lots of people willingly sign onto mortgages and car loans they wouldn’t qualify for in an ethically sound society, but the interest rates and payments are generally spelled out on paper. They know what they’re signing on for, even if the contract is reckless and stupid on the parts of both borrower and lender. Pension funds and insurance companies foolishly bought bundled mortgage bonds of this crap concocted in the housing bubble. They did it out of greed and desperation, but a little due diligence would have clued them into the fraud being…

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Jon Rappoport's Blog

Huge organic farm under threat: County will invade and spray Roundup if not stopped

What?? A county government is going to destroy a massive organic farm?

by Jon Rappoport

May 15, 2017

“I have a great idea. We’re the Sherman County government. We have power. Let’s claim Azure Farms can’t control their weeds. Let’s come in and invade them with Roundup and other toxic chemicals. Let’s destroy their organic farm. We know the spraying won’t wipe out the weeds—it’ll make the situation worse. But who cares? Let’s open up ourselves to massive lawsuits. I’m sure Monsanto will give us some legal help. We can set a fantastic precedent. No organic farm is safe. No organic farmer has the right to protect his land from the government. Isn’t that a terrific idea?”

Government trespass, invasion?

So far, I have seen no coverage of this issue in Oregon newspapers. Why not? Also…

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Desultory Heroics

By Andrew J. Bacevich

Source: TomDispatch.com

Donald Trump’s election has elicited impassioned affirmations of a renewed commitment to unvarnished truth-telling from the prestige media.  The common theme:  you know you can’t trust him, but trust us to keep dogging him on your behalf.  The New York Times has even unveiled a portentous new promotional slogan: “The truth is now more important than ever.” For its part, the Washington Post grimly warns that “democracy dies in darkness,” and is offering itself as a source of illumination now that the rotund figure of the 45th president has produced the political equivalent of a total eclipse of the sun. Meanwhile, National Public Radio fundraising campaigns are sounding an increasingly panicky note: give, listener, lest you be personally responsible for the demise of the Republic that we are bravely fighting to save from extinction.

If only it were so.  How wonderful…

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Jon Rappoport's Blog

The stunning secret behind the thousands of Xarelto lawsuits

by Jon Rappoport

May 8, 2017

(A note to my readers. My site, NoMoreFakeNews.com, is still down. We’ve pinpointed the problem, and we’re working to fix it. My blog, where I publish all my articles, is fine. And so is my email list. Feel free to sign up. Thanks for your patience and continued support. My work, as always, continues.)

Welcome to the circus, boys and girls. Parades, animals, acrobats, clowns, all colluding to approve lethal drugs for public use! Watch people take the drugs and fall down, watch them carted off in colorful cars to hospitals, where the doctors will have no idea what’s causing the life-threatening injuries! It’s wild, it’s crazy, and it’s brought to you by drug companies and their enablers at the FDA! It’s all covered by insurance. We’ve got cotton candy, popcorn, ice cream for…

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Desultory Heroics

By Gary ‘Z’ McGee

Source: Waking Times

“When a public is stressed and confused, a big lie told repeatedly and unchallenged can become accepted truth.” ~George Orwell

One of the biggest lies told is the false notion that in order to maintain peace, we must have war. Orwellian logic.

As ridiculous as it sounds, the majority of naïve statists believe this notion to be true. This is due, in no small part, to statist conditioning and state-driven propaganda that capitalizes on a blind, patriotic whimsy. And so the war machine continues to rage on, destroying lives, while fattening the pockets of the fat cats at Lockheed Martin and Boeing, not to mention all the other companies which directly and indirectly profit from war. It’s an all-too-common tragedy. But what can you expect when living within an oligarchic plutocracy disguised as a democratic republic? Rhetorical questions aside, there must be ways…

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The FDA has just approved a new drug, Brineura, for a rare childhood brain-disease known as CLN2, which progresses quickly and is considered fatal.

BioMarin, the drug’s manufacturer, has pegged the yearly price of the drug for a patient at an astronomical $702,000. 

Discounts will be offered—the average annual price for the patient will come down to $486,000.

While recovering from the pricing shock, consider this statement from the FDA: “Brineura is the first FDA-approved treatment to slow loss of walking ability (ambulation) in symptomatic pediatric patients 3 years of age and older…”

Translation: 

There is no claim that the drug cures the disease. 

The drug may slow down the progression of only one of the many symptoms. 

For $486,000 a year, if the patient lives for a year.

Well, we’ll see whether even that “slowing down” assertion pans out, because the clinical trial of the drug was carried out on only 22 children, to determine efficacy, and 24 children to determine safety.

Of course, the drug’s manufacturer would state that, since CLN2 is a very rare disease, it wasn’t easy to find patients on whom to test it. 

Nevertheless, the FDA approval for the drug was based on scanty evidence—to say the least.

It’s fairly clear that researchers and drug companies look at this situation as a first step in developing more (highly expensive) drugs to treat CLN2. 

The gateway has been opened. 

Though they wouldn’t admit it, Brineura is an experimental medicine, and if follow-up doesn’t record a high percentage of deaths occurring sooner than expected (according to what parameters?), it will be considered a great success.

Here is how the drug is invasively administered. 

Keep in mind that the patient is a very young child who is already unable to function in the world, is confused, is having great difficulty walking and even sitting:

FDA press release (4/27/17): 

“Brineura is administered into the cerebrospinal fluid (CSF) by infusion via a specific surgically implanted reservoir and catheter in the head (intraventricular access device). 

Brineura must be administered under sterile conditions to reduce the risk of infections, and treatment should be managed by a health care professional knowledgeable in intraventricular administration. 

The recommended dose of Brineura in pediatric patients 3 years of age and older is 300 mg administered once every other week by intraventricular infusion, followed by an infusion of electrolytes. 

The complete Brineura infusion, including the required infusion of intraventricular electrolytes, lasts approximately 4.5 hours. 

Pre-treatment of patients with antihistamines with or without antipyretics (drugs for prevention or treatment of fever) or corticosteroids is recommended 30 to 60 minutes prior to the start of the infusion.”

Shocker: 

I found this explosive statement in FDA press release: 

“The initial symptoms [of the childhood disease CLN2] usually include language delay, recurrent seizures (epilepsy) and difficulty coordinating movements (ataxia). 

Affected children also develop muscle twitches (myoclonus) and vision loss. CLN2 disease affects essential motor skills, such as sitting and walking. Individuals with this condition often require the use of a wheelchair by late childhood and typically do not survive past their teens.”

Does that sound like anything you’ve ever heard of?

It’s the result, in some children, of administered vaccines.

Vaccine damage.

Imagine this. 

A doctor says to a mother: 

“You have to stop talking about the horrible things that happened to your child right after he received a vaccine. 

You’re wrong. 

You’re not making sense. 

It wasn’t the vaccine. 

Your child has a rare genetic brain disorder called CLN2. 

We now have a drug that may slow down one of the progressing symptoms. 

It’ll cost $486,000 a year. 

To give the drug, we’ll need your child for five hours every other week. 

We’ll insert a catheter in his head…”

From Rex – The Press Release On This:

FDA Approves World’s Most Expensive Drug to Include UCD Children as Young as 2 Months [Link: http://www.raredr.com/news/fda-ucd-2-months]

By James Radke Published Online: May 01, 2017

The FDA has lowered the age at which children with urea cycle disorders (UCDs) can take Ravicti (glycerol phenylbutyrate). 

Now, patients as young as 2 months of age are approved to ingest the oral liquid medicine.

Ravicti, while safe and effective, is probably best known as being the most expensive drug in the world with an annual cost of $793,632. 

In 2013, the drug was originally approved for UCD patients 2 years of age and older.

The age expansion was approved based on 3 studies assessing monthly ammonia control and hyperammonemic crises in UCD patients aged 2 months to 2 years.

Data from 1 of the studies was presented at the ACMG Annual Meeting in Phoenix earlier this year. 

Berry reported on 17 UCD patients aged 2 months to 2 years of age who were switched from sodium phenylbutyrate to equivalent doses of glycerol phenylbutyrate.

In that study, 82% and 53% of patients completed 3 and 6 months of therapy, and patients maintained excellent control of ammonia and glutamine levels (Table 1).  

Prior to enrollment, 11 patients had 36 hyperammonemic crises, and after switching to glycerol phenylbutyrate, 6 patients had 10 hyperammonemic crises with a reduction in their annual rate (from 2.98 to 0.839 episodes).

Four (23.5%) patients reported 1 non-serious adverse event considered drug-related: 2 skin problems, 1 diarrhea, and 1 elevated ammonia.

Table 1.  Glutamine and Normalized Plasma Ammonia Levels over Time
Visit – Normalized Ammonia(µmol/L) – Glutamine – (µmol/L)

Baseline – 89.16 ± 63.1 (n=17) – 677.1 ± 244.9 (n=13)
Month 3 – 62.24 ± 70.3 (n=13) – 529.4 ± 123.6 (n=10)
Month 6 – 40.32 ± 23.4 (n=8) – 609.4 ± 210.8 (n=7)
Month 12 – 30.88 ± 23.7 (n=6) – 505.7 ± 310.9 (n=6)

In a news release (http://www.globenewswire.com/news-release/2017/05/01/974919/0/en/Horizon-Pharma-plc-Announces-FDA-Approval-to-Expand-the-Age-Range-for-RAVICTI-glycerol-phenylbutyrate-Oral-Liquid-to-People-with-Urea-Cycle-Disorders-Two-Months-of-Age-and-Older.html), Susan Berry, M.D., professor and division director for genetics and metabolism, department of pediatrics, University of Minnesota said, “This approval represents a significant advance for very young children with UCDs, one of the most vulnerable patient populations, as more severe cases of the disease tend to present earlier in life and can lead to serious long-term impairments if not diagnosed and treated early.

”Urea cycle disorders (UCDs) are genetic disorders that results in a deficiency of one of the enzymes in the urea cycle.

The onset and severity of urea cycle disorders is highly variable and can occur in either children or adults. 

Severe forms of the condition are often caught early in life with symptoms such as: seizures, hypotonia, respiratory distress, and coma occurring. In other cases, children may go asymptomatic for several years. 

A common misdiagnosis in these children is Reye’s syndrome.

Adults with urea cycle disorders may display symptoms such as of disorientation, confusion, slurred speech, unusual and extreme combativeness or agitation, stroke-like symptoms, lethargy and delirium. Without proper diagnosis and treatment, these individuals are at risk for permanent brain damage, coma, and death.

Reference

Berry S Longo M, Robinson B, Vockley J. Safety and Efficacy of Glycerol Phenylbutyrate for Management of Urea Cycle Disorders in Patients Aged 2 Months to 2 Years. Presented at the ACMG Annual Clinical Genetics Meeting; Phoenix, AZ; March 21-25, 2017.

https://jonrappoport.wordpress.com/2017/05/01/new-drug-for-rare-childhood-disease-price-tag-702000-a-year/

Source: Supreme Court Of The U.S. Ruled JP Morgan Chase To Stand Trial For Violating Antitrust Laws & For Rigging The Comex Silver Market

Supreme Court Of The U.S. Ruled JP Morgan Chase To Stand Trial For Violating Antitrust Laws & For Rigging The Comex Silver Market – 21 APR 2017 BY VOLUBRJOTR 

The U.S. Supreme Court allowed private antitrust lawsuits brought by investors including big U.S. cities accusing major banks of conspiring to manipulate the pivotal Libor benchmark interest rate to move forward. 

The justices rejected an appeal filed by a group of banks including Bank of America Corp(BAC.N), Deutsche Bank AG(DBKGn.DE), UBS AG(UBSG.S) and JPMorgan Chase & Co(JPM.N) of a May 2016 ruling by the New York-based 2nd U.S. Circuit Court of Appeals that allowed various lawsuits against them to proceed.

The appeals court reversed a lower court judge’s dismissal of investors’ antitrust claims against the banks. 

The private litigation is separate from Libor rigging probes that have resulted in roughly $9 billion of sanctions worldwide, including $2.5 billion against Deutsche Bank in April 2015. 

Several bank affiliates have pleaded guilty to criminal charges, and more than 20 people have been criminally charged.

More: U.S. Supreme Court Allows Antitrust Lawsuits To Move Against JP Morgan Chase, Citigroup, & Bank Of America [https://politicalvelcraft.org/2017/01/18/u-s-supreme-court-allows-antitrust-lawsuits-to-move-against-jp-morgan-chase-citigroup-bank-of-america/]

Alleged illegal activity including the execution of rapid trades just before the rate was set each day, called “banging the close,” causing the British brokerage ICAP Plc (IAP.L) to delay trades until they moved ISDAfix where they wanted, and posting rates that did not reflect market activity. 

Settled is a private U.S. lawsuit accusing them of rigging an interest rate benchmark used in the $553 trillion derivatives market.

Under the settlement, payments would include $52 million from JPMorgan; $50 million each from Bank of America, Credit Suisse, Deutsche Bank and RBS; $42 million from Citigroup and $30 million from Barclays.

Alaska Electrical Pension Fund et al v. Bank of America Corp et al, U.S. District Court, Southern District of New York, No. 14-07126. 

The settlement made public on May 3, which requires court approval, resolves antitrust claims against Bank of America Corp (BAC.N), Barclays Plc (BARC.L), Citigroup Inc (C.N), Credit Suisse Group AG (CSGN.S), Deutsche Bank AG (DBKGn.DE), JPMorgan Chase & Co (JPM.N) and Royal Bank of Scotland Group Plc (RBS.L).

[April 15 Deutsche Bank AG settles London Gold Fixing conspiracy ]

April 14 Deutsche Bank AG agreed to settle U.S. lawsuits accusing it of conspiring with other banks to manipulate gold and silver prices at investors’ expense, court papers show.

Deutsche Bank’s $64 Trillion Derivatives [https://politicalvelcraft.org/2016/05/28/deutsche-banks-64-trillion-derivatives/]

13 Deutsche Bank Executives Charged With Conspiracy Of Manipulating The Markets By Falsifying Italy’s Third Largest Bank Accounts [https://politicalvelcraft.org/2016/10/02/13-deutsche-bank-executives-charged-with-conspiracy-of-manipulating-the-markets-by-falsifying-italys-third-largest-bank-accounts/]

The settlements were disclosed in letters filed in Manhattan federal court by lawyers representing investors and traders who accused Deutsche Bank of violating U.S. antitrust law.

Terms were not disclosed, but both settlements will include monetary payments by the German bank. 

Deutsche Bank also agreed to help the plaintiffs pursue claims against other defendants.

The plaintiffs accused Deutsche Bank of conspiring with Bank of Nova Scotia, Barclays Plc, HSBC Holdings Plc and Societe Generale to manipulate prices of gold, gold futures and options, and gold derivatives through twice-a-day meetings to set the so-called London Gold Fixing.

They also accused Deutsche Bank, HSBC and ScotiaBank of a similar conspiracy to manipulate silver prices by rigging the daily Silver Fix.

End Of The Physical Silver Gold Market Manipulation: Appeals Court Orders J.P. Morgan To Stand Trial [https://politicalvelcraft.org/2017/03/17/end-of-the-physical-silver-gold-market-manipulation-appeals-court-orders-j-p-morgan-to-stand-trial/]

UBS AG was also accused in both lawsuits of conspiring to exploit metals prices.

The cases are In re: Commodity Exchange Inc Gold Futures and Options Trading Litigation, U.S. District Court, Southern District of New York, No. 14-md-02548; and In re: London Silver Fixing Ltd Antitrust Litigation in the same court, No. 14-md-02573.

[June 2015 John Cryan, British former chief financial officer of UBS CEO of Deutsche Bank ]

“It is categorically false that pressure from regulators [known as BaFin,] was a factor in the decision of the co-C.E.O.s to step down early,” Michael Golden, the spokesman, said in an email.

He pointed out that Mr. Jain would not receive about 15 million euros in pay he would have been entitled to if he had been fired. 

Mr. Jain will leave at the end of June while Mr. Fitschen will remain another year.

Sunday 7 June 2015 14.36 EDT Anshu Jain will leave Deutsche Bank at the end of this month, with Jürgen Fitschen staying on until the bank’s annual meeting in 2016. 

The surprise move of the joint chief executives of Deutsche Bank came just over a month after Deutsche was fined a record $2.5bn (£1.7bn) for rigging Libor, ordered to fire seven employees and was accused of being obstructive towards regulators in their investigations into the global manipulation of the benchmark rate. 

John Cryan, the British former chief financial officer of UBS, will replace Jain as co-chief executive. 

When Fitschen departs he will not be replaced, leaving the 54-year-old Briton in sole charge.

[June 5 Deutsche Bank AG and its role in Ruble flight]

Transactions involving stocks bought by Russian clients in rubles through Deutsche Bank, and simultaneous trades through London in which the bank bought the same securities for similar amounts in U.S. dollars allowed Russian clients to move funds out of Russia “without properly alerting the authorities,” Deutsche Bank AG ithinks this may have involved about $6 billion over more than four years.

The Bank of Russia approached Deutsche Bank in October asking the firm to examine the stock-trading activities of some clients in the country, said one person, who asked not to be identified because the discussions are private. 

The German lender is analyzing data from 2011 through early 2015, and has alerted Britain’s Financial Conduct Authority, the European Central Bank and Germany’s Bafin of the investigation.

Since 2006, Russian individuals have sent nearly $200 billion out of the country—or more than 10 percent of the country’s gross domestic product for 2013. 

And the flow of cash accelerated, up from $5.9 billion in the first quarter of 2013 to $13.4 billion in the third quarter of 2014.

[April 23 Germany’s largest lender by assets will book a profit and “near record revenues” for the first quarter, despite LIBOR fine]

Deutsche Bank AG’s alleged involvement in rigging of foreign-exchange markets, is likely to involve an even higher fine than the Libor investigations. Deutsche Bank is also being probed for alleged violations of U.S. sanctions on countries such as Iran and over high-frequency trading.

Deutsche Bank will agree to plead guilty to manipulation and acknowledge that its internal monitoring systems were insufficient to prevent the manipulation of Libor. Deutsche Bank is nearing a settlement fine of more than $2.15 billion with British and American regulatory authorities.

The bank is subject to 180 regulatory investigations and faces 1,000 lawsuits with a claim value of more than €100,000 each, Deutsche Bank has paid more than €5 billion over the past two years for settlements and fines stemming mostly from the financial crisis. 

Annual revenue 2014 $47.30 B

Clinton’s 1999 Green Light For Banks To Make High Risk Investments Against The Middle Class! [https://politicalvelcraft.org/2015/07/07/billy-clinton-turned-loose-the-international-banks-upon-the-u-s-1999/]

[November 17 2014 JPM legal costs reserve $5.9 billion: possible 2006 Mortgage Operations problem]

“The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare”

Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as “massive criminal securities fraud” in the bank’s mortgage operations.

Thanks to a confidentiality agreement, she’s kept her mouth shut since then

Rolling Stone ~ The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare [http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106#ixzz3IOZStO6H]

Rolling Stone: “Conspiracy Theorists Of The World, Believers In The Hidden Hands Of The Rothschilds, We Skeptics Owe You An Apology.” [https://politicalvelcraft.org/2013/04/30/rolling-stone-conspiracy-theorists-of-the-world-believers-in-the-hidden-hands-of-the-rothschilds-ww-skeptics-owe-you-an-apology/]

Justice Department is conducting a criminal investigation into foreign exchange trading by JPMorgan Chase & Co. 

JPMorgan’s filing came on the same day that HSBC set aside $1.6 billion for legal costs, some of which is earmarked for an ongoing investigation into that bank’s foreign exchange trading business by U.K. regulators. 

JPM might need as much as $5.9 billion to cover losses beyond reserves for legal matters, up $1.3 billion from the end of June, and the most since since mid-2013.

In October, Citigroup — another bank in settlement talks with regulators — slashed its previously-reported third-quarter profits in order to factor in an additional $600 million in legal costs. 

Large banks, especially in Europe, have taken billions of dollars worth of hits to their profits in the third quarter to deal with expected legal costs stemming from investigations into foreign exchange manipulation. 

RBS set aside $640 million, Deutsche Bank has had a $1.1 billion legal charge, and Barclays has had a $800 million charge.

Credit Default Swaps Investigations and Litigation. In July 2013, the European Commission (the “EC”) filed a Statement of Objections against the Firm (including various subsidiaries) and other industry members in connection with its ongoing investigation into the credit default swaps (“CDS”) marketplace. 

The EC asserts that between 2006 and 2009, a number of investment banks acted collectively through the International Swaps and Derivatives Association (“ISDA”) and Markit Group Limited (“Markit”) to foreclose exchanges from the potential market for exchange-traded credit derivatives.

The Firm submitted a response to the Statement of Objections in January 2014, and the EC held a hearing in May 2014. 

The U.S. Department of Justice (“DOJ”) also has an ongoing investigation into the CDS marketplace, which was initiated in July 2009.

Separately, the Firm and other industry members are defendants in a consolidated purported class action filed in the United States District Court for the Southern District of New York on behalf of purchasers and sellers of CDS. 

The complaint refers to the ongoing investigations by the EC and DOJ into the CDS market, and alleges that the defendant investment banks and dealers, including the Firm, as well as Markit and/or ISDA, collectively prevented new entrants into the market for exchange-traded CDS products. 

Defendants moved to dismiss this action, and in September 2014, the Court granted defendants’ motion in part, dismissing claims for damages based on transactions effected before the Autumn of 2008, as well as certain other claims

Foreign Exchange Investigations and Litigation. 

DOJ is conducting a criminal investigation, and various regulatory and civil enforcement authorities, including U.S. banking regulators, the Commodity Futures Trading Commission (“CFTC”), the U.K. Financial Conduct Authority (the “FCA”) and other foreign government authorities, are conducting civil investigations, regarding the Firm’s foreign exchange (“FX”) trading business.

U.S. CFTC & Comex Rigging The System: Exchanging Counterfeit Derivatives For Non-Existent Gold & Silver. [https://politicalvelcraft.org/2016/04/24/u-s-cftc-comex-rigging-the-system-exchanging-counterfeit-derivatives-for-non-existent-gold-silver/]

These investigations are focused on the Firm’s spot FX trading activities as well as controls applicable to those activities. 

The Firm continues to cooperate with these investigations and is currently engaged in discussions with DOJ, and various regulatory and civil enforcement authorities, about resolving their respective investigations with respect to the Firm. There is no assurance that such discussions will result in settlements.

In 2013, JPMorgan paid over $20 billion in settlements, fines, and compensation to settle investigations into mortgage securities trading, its massive “London Whale” derivatives loss, and its relationship with Bernie Madoff

JPMorgan’s lawyers accepted the $1.7 billion penalty, stemming from two felony violations of the Bank Secrecy Act for turning a blind eye to the Ponzi scheme run by Bernard L. Madoff. 

The bank also agreed to pay $350 million to the Office of the Comptroller of the Currency, accepting the agency’s only offer.

JP Morgan High Level Forex Trader China [https://politicalvelcraft.org/2014/02/18/8th-banker-commits-suicide-jp-morgan-hong-kong-30-stories-down/]

[October 31 $6.5 to $35B may be collected from banks in forex investigation]

Major U.S. and European investment banks this month boosted to as much as $6.5 billion their collective war chest/reserves for settling with global regulators who are investigating allegations of collusion and manipulation in the $5 trillion-a-day foreign exchange market. Earlier this year, banking research firm Autonomous put the worldwide total at around $35 billion.

Found Dead: JP Morgan Bank Administrator And Her Sister Added To The Growing List Of Dead Bankers By Unnatural Causes [https://politicalvelcraft.org/2016/09/30/found-dead-jp-morgan-bank-administrator-and-her-sister-added-to-the-growing-list-of-dead-bankers-by-unnatural-causes/]

[October 8 U.S. prosecutors expect Banging the close action soon]

U.S. prosecutors are pressing to bring charges against a bank for currency-rate rigging by the end of the year, and actions against individuals will probably follow in 2015, according to people familiar with the probe are looking into allegations that traders shared data about orders with people at other firms using instant-message groups with names such as `€œThe Cartel`€ and `The Bandits Club.`

One focus is whether dealers sought to move the WM/Reuters benchmark rate in their favor by pushing through trades before and during the 60-second windows when the benchmark is set at 4 p.m. in London each day, a process known in the industry as “banging the close.

[March 14 European Commission fines over banging the close]

The Foreign Currency Fix [https://www.yahoo.com/news/video/currency-fix-banging-close-065950331.html]

[December 4 2013]

A record total of 1.71 billion euros ($2.3 billion) on December 4 was awarded for rigging financial benchmarks. 

The penalty is the biggest yet to be handed down to banks for rigging the benchmarks used to determine the cost of lending, one of the most brazen violations of conduct since the financial crisis. 

It is also the highest antitrust penalty ever imposed by the Commission, the EU’s competition regulator.

The other banks penalized are Societe Generale, JPMorgan and brokerage RP Martin. Deutsche Bank received the biggest fine of 725.36 million euros. 

The European Commission said it would continue to investigate Credit Agricole, HSBC, JPMorgan and brokerage ICAP for similar offences. 

Foreign Owned U.S. Federal Reserve System vs Presidents Trump & Jackson. [https://politicalvelcraft.org/2017/03/09/foreign-owned-u-s-federal-reserve-system-vs-presidents-trump-jackson/]

[Earlier]

Standard Chartered has put one of its senior forex traders, Matt Gardiner on leave. 

Richard Usher, J P Morgan chief currency dealer in London, and Citi’s Rohan Ramchandani also went on leave after regulators probing forex manipulation started investigating traders’ use of an instant-message group.

[October 29]

The U.S. Justice Department is investigating the manipulation of foreign exchange rates, a top federal prosecutor said on October 29, in the first public acknowledgement of such a probe in the United States. 

Criminal and antitrust authorities have an “active, ongoing investigation” into the possible manipulation, Mythili Raman, the acting head of the department’s criminal division, said.

[October 7]

Swiss authorities said they were investigating whether financial institutions had colluded to manipulate foreign exchange markets. 

Traders could potentially influence exchange rates by pushing through large orders exactly at the right time. 

If those suspicions are proved correct, it could result in yet another embarrassing reputational scandal, not just for individual banks but also for the integrity of the global financial sector.

The $4.7-trillion-a-day (CHF4.2 trillion) currency market, the biggest in the financial system, is also one of the least regulated, according to experts. 

Even the smallest movement in exchange rates could affect the value of investments made by institutional investors, including pension funds.

Finma, said it was investigating several Swiss banks but did not name them. 

The agency also said it was cooperating with authorities in other countries and that banks outside the country were also suspected. 

UBS is fourth among global banks in currency trading, according to Euromoney. Credit Suisse is a relatively minor player, with 3.7 percent of the currency market vs. 10.1 percent for U.B.S.

Entire Swiss Branch Of Rothschild’s Banking Empire Under Criminal Investigation Following David De Rothschild Indictment. [https://politicalvelcraft.org/2016/03/08/france-entire-swiss-branch-of-rothschilds-banking-empire-under-criminal-investigation-following-david-de-rothschild-indictment/]

The largest currency trader globally is Deutsche Bank in Frankfurt, with 15.2 percent of the market. 

The probes come after reports that dealers at banks pooled information through instant messages and used client orders to move benchmark currency rates. 

Britain’s Financial Conduct Authority said that month it was reviewing the allegations. 

The U.S. Commodity Futures Trading Commission has also been reviewing potential violations of the law with regards to foreign currency markets, according to a person familiar with the matter who asked not to be identified.

Authorities around the world are investigating the alleged abuse of financial benchmarks by the firms that play a central role in setting them.

Russia’s Landmark Speech: New Centers Of Economic Power As China, Japan, Belgium, Switzerland, & Saudi Arabia Dump The Rothschild Fiat U.S. Dollar. [https://politicalvelcraft.org/2017/03/27/russias-landmark-speech-new-centers-of-economic-power-as-china-japan-belgium-switzerland-saudi-arabia-dump-the-rothschild-fiat-u-s-dollar/]

[August 28]

In the space of 20 minutes on the last Friday in June, the value of the U.S. dollar jumped 0.57 percent against its Canadian counterpart, the biggest move in a month. Within an hour, two-thirds of that gain had melted away.

The same pattern — a sudden surge minutes before 4 p.m. in London on the last trading day of the month, followed by a quick reversal — occurred 31 percent of the time across 14 currency pairs over two years. For the most frequently traded pairs, such as euro-dollar, it happened about half the time, the data show.

The recurring spikes take place at the same time financial benchmarks known as the WM/Reuters rates are set based on those trades.

Fund managers and scholars say the patterns look like an attempt by currency dealers to manipulate the rates, distorting the value of trillions of dollars of investments in funds that track global indexes. 

The recurring spikes take place at the same time financial benchmarks known as the WM/Reuters (TRI) rates are set based on those trades. 

Now fund managers and scholars say the patterns look like an attempt by currency dealers to manipulate the rates, distorting the value of trillions of dollars of investments in funds that track global indexes.

In June that dealers shared information and used client orders to move the rates to boost trading profit. 

The U.K. Financial Conduct Authority is reviewing the allegations, a spokesman said. 

“We see enormous spikes,” said Michael DuCharme, head of foreign exchange at Seattle-based Russell Investments, which traded $420 billion of foreign currency last year for its own funds and institutional investors.

“Then, shortly after 4 p.m., it just reverts back to what seems to have been the market rate. It adds to the suspicion that things aren’t right.” 

Authorities around the world are investigating the abuse of financial benchmarks by large banks that play a central role in setting them.

Former Barclays CEO Robert Diamond gave evidence to the Treasury Select Committee in London on July 10, 2012. 

Diamond stepped down from his position after regulators fined the bank 290 million pounds for attempting to rig the benchmark interest rate.

Barclays Plc (BARC), Royal Bank of Scotland Group Plc and UBS AG (UBSN) were fined a combined $2.5 billion for rigging the London interbank offered rate, or Libor, used to price $300 trillion of securities from student loans to mortgages. 

More than a dozen banks have been subpoenaed by the U.S. Commodity Futures Trading Commission over allegations traders worked with brokers at ICAP Plc (IAP) to manipulate ISDAfix, a benchmark used in interest-rate derivatives.

ICAP Chief Executive Officer Michael Spencer said in May that an internal probe found no evidence of wrongdoing. 

Dralers at banks, which dominate the $4.7 trillion-a-day currency market, may be executing a large number of trades over a short period to move the rate to their advantage, a practice known as banging the close. 

Because the 4 p.m. benchmark determines how much profit dealers make on the positions they’ve taken in the preceding hour, there’s an incentive to influence the rate, DuCharme said. 

Dealers say they have to trade during the window to meet client demand and minimize their own risk.

[April 2013]

The Financial Stability Oversight Council (FSOC) recommended April 25 in its latest annual report to Congress that policymakers “promptly” identify other interest rate benchmarks that could replace the London Interbank Offered Rate, which the council said was “unsustainable in the long run.”

The lending gauge, known as Libor, comprises a set of rates used to price financial instruments worldwide and is based on self-reported borrowing costs for unsecured loans between banks. 

The regulators’ call to move from a regime in which banks self-report their borrowing costs to one anchored in actual, observable transactions would shake up the current underpinnings of the financial system.

LIBOR’s $300 Trillion In Fraudulent Paper Derivative Contracts Revealed: Looting Jig Is Up! [https://politicalvelcraft.org/2013/12/04/libors-300-trillion-in-fraudulent-paper-derivative-contracts-revealed-looting-jig-is-up/]

The recommendation is the first of its kind for FSOC, a collection of regulators ranging from the Federal Reserve to the Consumer Financial Protection Bureau that was formed after the financial crisis to spot risks.

Hue and Cri [https://huecri.wordpress.com/2017/01/17/freddie-mac-sues-banks-on-libor-manipulation/]

Even More: https://politicalvelcraft.org/2017/04/21/supreme-court-of-the-u-s-ruled-jp-morgan-chase-to-stand-trial-for-violating-antitrust-laws-for-rigging-the-comex-silver-market/