Another "Conspiracy Theory" Bites The Dust: UBS Settles Over Gold Rigging, Many More Banks To Foll

Well Well Well. It looks like everything we folks here at ATS Suspected was actually true after all. So our Good Citizen Banksters have been rigging markets, All Sorts now for a long time and it looks like The Chickens are Coming Home to Roost for these scammers.

So My ATS Brethren and Sisterhood , What:s your take on this, obviously they,ve been trying to make us believe that The Pieces of Paper they give us for our labor are actually worth something and this particular scam is how they accomplish this.

So, what should the punishment be, a few dollars slap on the wrist, )which they have stolen from us anyway0. Or, Maybe a Little Real Hard Time. I know which way I would vote on the last proposal of mine.

Mods please feel free to move this thread at your discretion, if you find a more appropriate place for it. I have searched ATS and there is nothing about this article anywhere yet.

Anywaze, Thanks for reading and Have A Good Weekend Y:All Peace, Arjunanda.

Remember when everyone decried wholesale Libor manipulation as a crazy conspiracy theory (Zero Hedge: January 2009: "This Makes No Sense: LIBOR By Bank") because after all, it was impossible for so many people to keep their mouth shut or whatever the generic justification is for disproving such "conspiracy theories"? Why, none other than ICAP chief Michael Spencer says they all though Libor was "unmanipulable." As it turns out, not only is Libor manipulable(sic), and a vast rate-rigging "conspiracy theory" is quite possible when everyone's interests are aligned, but it also was massively profitable.

Then it was the turn of the even more massive, multi-trillion FX market, when first UBS squealed like a pig and soon ratted out every other bank in the criminal "Cartel" (or was it "Bandits"?) syndicate (see: "Meet The (First) Seven Banks Who Rigged The FX Market"). End result: banks such as JPM, Citi and BofA forced to review their criminal ways and adjusting their third quarter results a month into Q4. Many more legal fees, charges and settlement coming however for those who lost money on the other side of such long-running manipulation, please accept our condolences: you won't see a penny.

And finally, there was the precious metals market: a market which all the Keynesian fanatic paper bugs said was immune from manipulation, be it of the central or commercial bank kind, even with every other market clearly exposed for perpetual rigging either by hedge funds, by prop desks, by HFTs, or central banks themselves.

Sadly this too conspiracy theory just was crushed into the reality of conspiracy fact, when moments ago the FT reported that alongside admissions of rigging every other market, UBS - always the proverbial first rat in the coalmine, to mix and match metaphors- is about to "settle" allegations of gold and silver rigging. In other words: it admits it had rigged the gold and silver markets, without of course "admitting or denying" it did so.

From the FT:

UBS is to settle allegations of misconduct at its precious metals trading business alongside a planned agreement between UK and US authorities and seven banks over accusations of foreign exchange market rigging.

* * *
UBS is expected to strike a settlement over alleged trader misbehaviour at its precious metals desks with at least one authority as part of a group deal over forex with multiple regulators this week, two people close to the situation said. They cautioned that the timing of a precious metals deal could still slip to a date after the forex agreement.

Regulators around the world have alleged that traders at a number of banks have colluded and shared information about client orders to manipulate prices in the $5.3tn-a-day forex market. UBS has previously disclosed that it launched an internal probe of its precious metals business in addition to its forex investigation. It declined to comment for this article.

Unlike at other banks, UBS’s precious metals and forex businesses are closely integrated. The business units have joint management and the bank’s precious metals staff – who mainly trade gold and silver – sit on the same floor as the forex traders.

One person familiar with UBS’s internal probe said the bank found a small number of potentially problematic incidents at its precious metals desk.
"Potentially provlematic incidents"? One must give props to the FT for always finding just the right amount of politically correct lipstick to cover up what was market manipulation, pure and simple, which continued for years and years, even as the same FT routinely mocked everyone who alleged otherwise.

www.zerohedge.com...

UBS is to settle allegations of misconduct...

Misconduct!? why don`t they call it what it really is? oh I know why because if they called it what it really is the peasants would be bringing out the torches and pitch forks to lynch the people who will be deciding on the non punishment that will handed out to these crooks.

a reply to: Tardacus

Well, one must use PC doublespeak and refer to banks as corporations that are "too big to fail", and since they are too big to fail they obviously cannot commit a crime it's just called "misconduct".

IOW, it's a big joke and we the people are at the butt end of the joke.

a reply to: TheSpanishArcher

Theres no way around this, the only reason these "people" get away with this is because of US. We the people allow this to happen by not demanding more than what has happened. Most of the time we all have a nice moan and think we are one of the ones who are in the know. We are worse than those who dont understand what is happening as we consciously allow this to happen. People need to see what standing together can really achieve not dictated by working hours or everyday life. There is a time when all of these other things like jobs and everyday survival needs to take a back seat and the mass stand up and DEMAND answers!!!!!!!

So until the next fiasco and acts of criminality i will see you then so we can gloat that we all told them so

a reply to: liteonit6969

Don't look at me, I can't change anything. I can't even change my life to make it bearable, even though I keep trying.

Since no one listens to me(I'm just a tin-foil hat wearing fool, ya know) I can't do a damned thing. It's not like I have any answers anyway so why should anyone listen to me?

Their time will come...

Punishment, probably the same old, buy off, covered up, #. But hey at least it's getting out there, dump the banks, use credit unions if you must use a system. Starve them out starting off.

This news in relation shares how they get away with this stuff:Source

"Matt Taibbi And JPMorgan Chase Whistleblower Explain $9 Billion Cover-Up (VIDEO)"

Alayne Fleischmann, the whistleblower and former high-ranking manager at JPMorgan Chase whom Taibbi describes as the bank's "worst nightmare," revealed the massive impropriety at the largest financial institutions in the U.S. and the failures of the Justice Department to properly investigate them.

originally posted by: TheLaughingGod
Their time will come...

If it's any consolation, the individuals at a few of these institutions
that were at middle and upper management levels have already had
their 'sidewalk solo' flight. Some in other questionable circumstances
besides letting gravity take over.

I still find it unlikely that a banker trained in a different kind of pain
technology could take the multiple hit of a roofing stapler to the
cranium... but it was somehow perversely satisfying to skim over.

There could be many more who might or might not be troubled by
the kind of conscience that would end it for themselves, rather than
face the exposure to those pitchforks and hot tar. They have yet to
be named and the People must demand those names.,, so it will not
happen again. I believe in a fast merciful demise in a small dirty cell
on life extension, bread, vitamins and river water.

Theres rope enough for all of them, and lamp posts to go with it.....