Barclays Fined For Manipulating Price Of Gold For A Decade; Sending "Bursts" Of Sell Orders

pmbug

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Barclays Fined For Manipulating Price Of Gold For A Decade; Sending "Bursts" Of Sell Orders

I'm quite sure that no one here is shocked at this news:
... the UK Financial Conduct Authority finally formalized what most in the "tin-foil" hat community had known for years, when it announced that it fined Barclays £26 million for manipulating "the setting of the price of gold in order to avoid paying out on a client order." Furthermore, the FCA confirmed that those inexplicable gold raids which come as if out of nowhere, and slam gold with a vicious force so strong sometime they halt the entire market, had a very specific source: Barclays, whose trader "Daniel James Plunkett, sent out a burst of orders aimed at moving the price of the yellow metal."
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Some further details on Plunkett's preferred means of manipulating the gold price.
The FCA said Mr Plunkett had manipulated the market by placing, withdrawing and re-placing a large sell order for between 40,000 oz and 60,000 oz of gold bars.
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More: http://www.zerohedge.com/news/2014-...-price-gold-decade-sending-bursts-sell-orders
 

ancona

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What I want to know is when does someone go to jail and pay a meaningful price for these crimes?
 

ancona

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It just seems like someone needs to pay a significant price, and by price I don't mean money. There should be thousands of bankers and traders doing hard time in Pelican Bay, and instead, we've got banker bonuses going out that are even higher than before 07-08.

When do we get to see some real action? Too big to jail? I don't think so. If they're afraid that "people" will lose confidence in the banking system, they need to step back and re-analyze this whole thing. Right now people are so pissed off about getting their guts ripped out and savings stolen that they have zero trust or confidence in banks. If the government saw fit to shake the tree from the top down, and not just a few sacrificial middle managers, I mean Jamie Dimon et. al., then people may regain enough confidence to return to the game.

Someone needs to lose their freedom. And by someone, I mean the top five hundred banksters in the world. They should be stripped of all assets, everything. Claw it all back. Then, hard time somewhere unpleasant like the federal pen in Atlanta, Pelican Bay and Angola. To me anyhow, that would at least show me there is a little bit of justice left in this nation.
 
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