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Started By
Message
Big Banks playing dirty in the metals market
Posted on 2/14/14 at 9:52 am
Posted on 2/14/14 at 9:52 am
LINK
I stole this from the Poli board as it will get more play here, thanks Bunk Moreland. My thoughts are below:
Also very interesting from the article is that Eric Holder (yes our current AG) was the member of the justice department that recommended pardoning Mark Rich, a known metals market manipulator.
I stole this from the Poli board as it will get more play here, thanks Bunk Moreland. My thoughts are below:
quote:
It's actually a good article. JPM and GS owned the LME (London Metals Exchange), a large amount of physical metals, and warehouses for the metals. In smaller markets like aluminum and nickel they had borderline monopolies (of the type that would make Rockefeller blush). Owning the metals exchange they can see the orders and predict sentiment at an advantage to others. Remember they owned a large chunk of physical metals, so they could increase there paper worth by delaying shipments from warehouses. Delivery time increased from 4-6 weeks to 16 months after GS bought aluminum warehousing in Detroit.
Also very interesting from the article is that Eric Holder (yes our current AG) was the member of the justice department that recommended pardoning Mark Rich, a known metals market manipulator.
This post was edited on 2/14/14 at 9:58 am
4
Posted on 2/14/14 at 10:21 am to LSU0358
quote:How much confidence should we have in anything an author writes when he doesn't know the difference between "there" and "their"?
so they could increase there paper worth
Posted on 2/14/14 at 10:27 am to LSU0358
FWIW there is a fair amount of speculation in your post.
President Clinton was also behind Rich's pardon, and there was talk that Rich donated lots of cheddar to his campaign.
President Clinton was also behind Rich's pardon, and there was talk that Rich donated lots of cheddar to his campaign.
Posted on 2/14/14 at 10:46 am to LSU0358
I don't get my political or financial information from Rolling Stone magazine.
Tell me when they are out of business.
Tell me when they are out of business.
Posted on 2/14/14 at 12:52 pm to LSU0358
How did they just write an article about this now? The GS bottle-necking at the LME has already been slapped down by the regulators, even though it was actually not as devious as one would think. Goldman actually didn't make money off of "bottle necking" the LME because they didn't even trade on the spot market, bottle necking was a side effect of not having enough infrastructure in place.
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