Tuesday, November 9, 2010
The JPM and HSBC silver conspiracy to hold down prices
How about this little tidbit here:
In connection with its acquisition of Bear Stearns in March 2008, defendant JPMorgan acquired massive short positions in the silver futures market. Thereafter, JPMorgan, with HSBC, artificially depressed the price of silver dramatically downward. The conspiracy and scheme was enormously successful, netting the defendants substantial illegal profits. The conspiracy and scheme has been corroborate by a 40-year industry veteran and former employee of Goldman Sachs (the "Informant") who was told by representatives of the defendants about the conspiracy and scheme. The Informant has stated that he had been told first hand by traders at JPMorgan that JPMorgan manipulates the silver market. The JPMorgan traders would brag to the Informant about how much money they were making as a result of such manipulation. The informant reported the defendants' activities to the CFTC which has opened an investigation into the manipulation of the silver market."
And how does the chart of silver look since these lawsuits were brought to the front page??
Making money thanks to the activities of the fraudulent bankstas covering their positions!
Now, how sweet is that????
Posted by Palmoni at 7:26 AM