- JPMorgan To Pay Record $1 Billion Settlement Over Precious Metals, Treasury Manipulation
by Tyler Durden, https://www.zerohedge.com/
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 penalty approaching $1 billion would far exceed previous spoofing-related fines. It would also be on par with sanctions in many prior manipulation cases, including some brought several years ago against banks for allegedly rigging benchmark interest rates and foreign exchange markets.
The settlement amount, the highest in history of its kind, may be announced as soon as this week said anonymous Bloomberg sources. Its payment would also end probes by the DOJ, CFTC and SEC into whether traders on JPMorgan’s precious metals and treasuries desks rigged markets. Which, of course, they did. In fact, a cynical take would suggest that JPM is merely paying a kickback to the various regulators for the mistake of having been caught rigging various markets.