U.S. Said to Open Criminal Probe of FX Market Rigging

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more. You can visit the forum page to see the list of forum nodes (categories/rooms) for topics.

Please have a look around and if you like what you see, please consider registering an account and joining the discussions. When you register an account and log in, you may enjoy additional benefits including no ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!


Your Host
Reaction score
The U.S. Justice Department has opened a criminal investigation of possible manipulation of the $5.3 trillion-a-day foreign exchange market, a person familiar with the matter said.

The Federal Bureau of Investigation, which is also looking into alleged rigging of interest rates associated with the London interbank offered rate, or Libor, is in the early stages of its currency market probe, said the person, who asked not to be identified because the inquiry is confidential.

The U.S. investigation comes as the U.K. Financial Conduct Authority said in June it was reviewing potential manipulation of exchange rates. That month, allegations that dealers at banks pooled information through instant messages and used client orders to move benchmark currency rates were reported by Bloomberg News. Regulators are probing the alleged abuse of financial benchmarks used in markets from oil to interest rate swaps by the firms that play a central role in setting them.

Swiss regulators last week said they were “coordinating closely with authorities in other countries as multiple banks around the world are potentially implicated.”

The person familiar with the U.S. currency market probe didn’t say which banks may be under scrutiny. Peter Carr, a spokesman for the U.S. Justice Department, declined to comment on the investigation.

More: http://www.bloomberg.com/news/2013-10-11/u-s-said-to-open-criminal-probe-of-fx-market-rigging.html

"Don't look for it Taylor DoJ. You may not like what you find."
From the link:

May 22 (UPI) -- Regulators on both sides of the Atlantic covered up efforts by government and central banks to get lenders to cut financial crisis-era benchmark interest rates, leaving individual traders to take the fall, according to a joint BBC-Times of London report released Monday.

More than a dozen bankers, including at least two whistleblowers, were jailed for rigging interest rates but documentary evidence that lenders cut the rates at which they lent to other banks under pressure from at least six central banks was never heard in court, the report states.

Oh my that headline: "Regulators covered up efforts by central banks to rig interest rates"

I mean, isn't rigging interest rates pretty much the reason central banks exist?
I mean, isn't rigging interest rates pretty much the reason central banks exist?

Didn't want to start a new thread and couldn't find another place to post this, so thanks for the opening. Most here already know this stuff but I enjoyed the vid so here we go.

Central Bankers Are Nothing But Glorified Loan Sharks​

May 22, 2023


Today I will be recommending a few books that I think are important to read if one wants to understand the nature of money, banking, and the power behind the Central Banks.

I will also be referencing one of these books to show you that the raison d'etre for Central Banks is purely to socialize losses for the private bankers and private profits for them at the expense of the general public.

The recommended books:
The Creature from Jekyll Island by G. Edward Griffin
Paper Against Gold; Containing the History and Mystery of the Bank of England... by William Cobbett
What Has Government Done to Our Money by Murray N. Rothbard
The Rothschilds: The Financial Rulers of Nations by John Reeves
Our Crowd by Stephen Birmingham


Top Bottom