- Banksters Finally Hit with Racketeering Charges — Better Late Than Never!
by Clint Siegner, https://www.activistpost.com/
JPMorgan Chase and other bullion banks spent most of a decade screwing clients and investors who were naive enough to expect a fair shake in the precious metals futures markets. It was a solid racket.
Yet claims of price rigging were simply dismissed by financial journalists and regulators as conspiracy theory. The banks’ defenders were bolstered by a 5-year-long investigation by the compromised Commodity Futures Trading Commission (CFTC) which ended without a single banker being prosecuted.
Many goldbugs wondered if the racket would continue forever. Fortunately, much has changed over the past three years. Department of Justice prosecutors were able to secure a guilty plea from Deutsche Bank in late 2016.
The bank turned over 350,000 pages of documents and dozens of voice recordings as part of their agreement to cooperate with the investigation. The trove of evidence was a testament to the monumental failure of the CFTC. It shed light on a pervasive, long-running and well organized fraud which should have been difficult to overlook.