{"id":99088,"date":"2013-12-15T08:24:00","date_gmt":"2013-12-15T08:24:00","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/?guid=22d8d0ccc2b6a64029cc54e8ca69a260"},"modified":"2013-12-15T08:24:00","modified_gmt":"2013-12-15T08:24:00","slug":"rigging-foreign-exchange-markets","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/editorials\/rigging-foreign-exchange-markets\/","title":{"rendered":"Rigging Foreign Exchange Markets"},"content":{"rendered":"
Rigging Foreign Exchange Markets<\/b><\/div>\n
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by Stephen Lendman<\/div>\n
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It’s the world’s largest financial market. It trades around $5 trillion daily. It’s more than all global equity markets combined. It operates round-the-clock. It’s manipulated for profit. More on that below.<\/div>\n
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Grand theft reflects official Wall Street policy. It’s longstanding. High crimes go unpunished. Bankers make money the old-fashioned way. They steal it. They do it lots of clever ways. <\/div>\n
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They do it through fraud, grand theft, <\/span>market manipulation, front-running, misrepresentation, scamming investors, naked short selling, precious metals price suppression, controlling Washington, getting open-ended low or no interest rate bailouts when needed, and assuring world financial capitals are banker occupied territories.<\/div>\n
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They do it artfully. Few people know what’s going on. Scandals rarely surface. Budding ones are usually buried. Little more than dust gets kicked up. Headlines disappear in short order.<\/div>\n
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In June 2012, JPMorgan Chase CEO Jamie Dimon testified before the Senate Banking Committee. He discussed his firm’s trading losses at the time.<\/div>\n
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It was more of a homecoming than grilling. Washington is Wall Street occupied territory. Regulators don’t regulate. Oversight is absent.<\/div>\n
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Investigations rarely happen. Initiated ones are whitewashed. Criminal fraud is institutionalized. It’s encouraged, not curbed. <\/div>\n
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Congress, the administration, SEC, and credit rating agencies  incestuously collude with giant banks and other major financial institutions. Whatever they want, they get.   <\/div>\n
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Wall Street never had it so good. Senators didn’t lay a glove on Dimon. His grand theft business model wasn’t discussed.<\/div>\n
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Former bank regulator\/financial fraud expert Bill Black’s book titled “The Best Way to Rob A Bank Is To Own One”<\/span><\/a> <\/span>explains well.<\/div>\n
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He coined the term “control fraud.” It lets corporate officials commit grand theft. Finance capital never had it so good. Trillions of dollars are stolen. Nothing intervenes to stop it.<\/div>\n
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MF Global (MFG) looted customer accounts. Former Goldman Sachs chairman\/CEO Jon Corzine ran operations.<\/div>\n
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MFG faced a run on its holdings. In October 2011, it filed for Chapter 11 bankruptcy protection.<\/div>\n
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Months before doing so, it moved hundreds of millions of dollars in customer money from its US brokerage unit to Bank of New York Mellon Corp.<\/div>\n
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It looted them. It used client money to speculate, pay down debt and cover losses. It committed grand theft. It’s longstanding Wall Street practice.<\/div>\n
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Why not when rare punishments at most are wrist slaps. Top Wall Street officials aren’t punished. They free to steal again.<\/div>\n
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Markets are rigged. Movements up or down aren’t random. The <\/div>\n
Wall Street controlled Fed and high-level insiders manipulate them for profits. <\/div>\n
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Washington facilitates their lawlessness. It does it with business friendly legislation. It does it with similar executive orders. It does it by turning a blind to the worst of what goes one.<\/div>\n
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Market rigging is longstanding practice. It’s part of the system. <\/span>On March 18, 1989, Ronald Reagan’s Executive Order 12631 created the Working Group on Financial Markets (WGFM).<\/div>\n
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It’s commonly called the Plunge Protection Team (PPT). Officials involved (or their designees) include:<\/div>\n
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