Loading ...Last week, we reported that as Deutsche Bank’s infamous gold manipulator and spoofer – and currently star witness for the prosecution in a massive case targinet precious metal manipulation – David Liew, admitted “spoofing was so commonplace I figured it was ok.” Well, it wasn’t ok, but since everyone else was doing it, we can see why Liew was confused.
And speaking of everyone else also manipulating and spoofing gold, we go from Deutsche Bank straight to JPMorgan, which according to Bloomberg is set to pay a record $1 billion settlement to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities.
A win for the authorities because it looks like they’re being proactive to prevent wron going, and a win for the corrupt banks like JPM. A “slap on the wrist”, and the same actions will just keep on occurring.