If you're born into a big-time Wall
Street Crime Family you know for sure that markets are rigged – all of them – and
how. Dads clue us in. Some of the kids, like MacDougal, are
repulsed by financial racketeering. The
lowlifes sign on.
And so, it comes as no
surprise around here to hear that a slew of professional investors dragged big-time bankers at five big-time London banks before judges at the Federal District Court of Manhattan the other day to charge the creeps with gold price manipulation.
Victimized plaintiffs
include gold traders, hedge fund managers, public investors, and private
citizens. The fingered are Crime
Lords from Barclays, Scotiabank, Deutsche Bank, HSBC, and Societe Generale. These dirty rats are accused of collusion
stemming from their role as market maker.
A bunch of cases are being consolidated, and more get filed every day as
news of the proceedings gets around.
Coming on the heels of
proven Libor price fixing, this action may herald the actual presence of actual law enforcement in the financial arena. Everybody knows that the price of gold has nothing
to do with supply and demand, and never has.
The market here is a complete travesty, that the subject of all kinds of
off-the-wall theories, mostly hilarious to those of us in the know, trying to
explain away what is actually total corruption at the point where buy order
gets matched up with sell order, and the whole damn answer is as simple as
that, by cracky.
During the Libor investigation,
it was found that interbank rate perps collected at the same private clubs,
lived in the same tony neighborhoods, and even changed jobs at the same banks
throughout their careers, giving the pack of them more than ample opportunity
to do dirty deeds to interbank rates.
That’s expected to be the case here, and has been cited as an argument
in at least one court action.
We hope the rotten
b$st$rds get what’s coming to them, and pray that everybody else wises up. It’s quite possible that capitalism could
actually work some day if the miserable thieving sots running these cons ever got rooted out.
