HSBC, Deutsche Bank pay penalties for FX rate manipulation

image/GATA.org

HSBC, Deutsche Bank pay penalties for FX rate manipulation from GATA

TDC Note – Say it ain’t so!?! HSBC AND Deutsche Bank paying more fines for market rigging! This means that if you have anything to do with currency anywhere on planet earth these two banks have admitted, again, they have been stealing from you. HSBC and Deutsche Bank just made a deposit into their “cost of doing business” fund and will continue stealing from everyone on the planet. Don’t you just love a completely corrupt system where NO ONE goes to prison? Just builds all kinds of confidence in the system and gives me the warm and fuzzies. hmmm, hmmm, hmmm. What a great day!!

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From Zacks Equity Research
via Nasdaq.com
Monday, October 2, 2017

Two major foreign banks, HSBC Holdings plc HSBC and Deutsche Bank AG DB , resolved legacy business misconduct matters in the United States. The banks were accused of rigging foreign exchange (FX) rates.

HSBC was fined $175 million for its “unsafe and unsound practices in its foreign exchange trading business” by the Federal Reserve. The bank was accused of failure of oversight and internal control of its FX traders who buy/sell currencies “for the firm’s own accounts and for customers.”

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Chris Powell

The Gold Anti-Trust Action Committee was organized in the fall of 1998 to expose, oppose, and litigate against collusion to control the price and supply of gold and related financial instruments. The committee arose from essays by Bill Murphy, a financial commentator on the Internet (LeMetropoleCafe.com), and by Chris Powell, a newspaper editor in Connecticut. Murphy's essays reported evidence of collusion among financial institutions to suppress the price of gold. Powell, whose newspaper had been involved in antitrust litigation, replied with an essay proposing that gold mining and investor interests should act on Murphy's essays by bringing antitrust lawsuits against financial institutions involved in the collusion against gold. The response to these essays was so favorable that the committee was formed and formally incorporated in Delaware in January 1999. Murphy became chairman and Powell secretary and treasurer.