U.S. Commodity Regulator Was Unaware About Deutsche Bank’s Market Rigging Until Ten Days Later
Almost dual weeks ago, On Apr 14, we reported a distinguished news that DB has motionless to “turn” opposite a changed metals strategy conglomeration by initial settling long-running china and bullion cost regulating lawsuits that in further to “valuable financial consideration” would display a other banks’ marketplace paraphernalia after DB also “agreed to yield team-work to plaintiffs, including a prolongation of present messages, and other electronic communications, as partial of a settlement.”
It was afterwards that we also reminded readers that a US commodity “regulator”, a CFTC in 2013 sealed a 5 year review concerning allegations that a biggest bullion banks manipulate china markets and prices. It proudly reported in Sep 2013 that it found no justification of indiscretion and forsaken a probe. This is what it said:
The Commodity Futures Trading Commission (CFTC or Commission) Division of Enforcement has sealed a review that was publicly reliable in Sep 2008 concerning china markets. The Division of Enforcement is not recommending charges to a Commission in that investigation. For law coercion and confidentiality reasons, a CFTC usually frequency comments publicly on either it has non-stop or sealed any sold investigation. Nonetheless, given that this sold review was reliable in Sep 2008, a CFTC deemed it suitable to warn a open that a review is no longer ongoing. Based on a law and justification as they exist during this time, there is not a viable basement to move an coercion movement with honour to any organisation or a employees associated to a review of china markets.
We resolved by seeking whether, in light of this acknowledgment that a CFTC’s examine was “lacking” maybe it was time for a supposed regulators who during a time was headed by ex-Goldmanite Gary Gensler (and assisted by “revolving door” consultant and HFT run sellout Bart Chilton) to free a investigation?
Much to a surprise, we found that a CFTC not usually was not formulation on reopening a investigation, though that it had indeed not listened about a allotment until scarcely 10 days later.
This is what Chris Powell, treasurer of a Gold Anti-Trust Committee, that has been apostolic opposite changed metals strategy for years, wrote:
CFTC didn’t know of Deutsche’s market-rigging allotment until asked by GATA
Since a CFTC has bureau over a U.S. commodity futures markets and given a elect supposed to have undertaken a five-year review of a china market, shutting it in Sep 2013 on final that there was no means for movement –
— it was healthy to find criticism from a elect about a Deutsche Bank news.
So on Saturday, Apr 16, your secretary/treasurer e-mailed a commission’s news media bureau as follows, providing a Internet couple to a Bloomberg News report:
“Does a elect have any greeting to Deutsche Bank’s acknowledgment to utilizing a bullion and china markets, as reported by Bloomberg News this week? Is a elect responding to Deutsche Bank’s acknowledgment in any way? As we might recall, some years ago a elect reported that it had investigated a china marketplace and had found zero improper. Is a elect reconsidering that conclusion?”
Receiving no response, on Tuesday, Apr 19, your secretary/treasurer sent by mock-up appurtenance a minute to a bureau of a authority of a CFTC, Tim Massad, reading: “As we am incompetent to get any confirmation from your commission’s press office, could we answer my questions here? Does a elect have any greeting to Deutsche Bank’s acknowledgment to utilizing a bullion and china markets, as reported by several news organizations final week? Is a elect responding to Deutsche Bank’s acknowledgment in any way? As we might recall, some years ago a elect reported that it had investigated a china marketplace and had found zero improper. Is a elect reconsidering that conclusion? Thanks for your help.”
Having perceived no confirmation of that minute as well, yesterday – Friday, Apr 22 – your secretary/treasurer telephoned a CFTC’s press bureau and within a half hour of withdrawal a summary perceived a considerate call behind from an partner to a director. He pronounced he was unknowingly of a Deutsche Bank story and could find no anxiety to it in a commission’s collection of news reports of seductiveness to a commission’s work.
Your secretary/treasurer conceded that a story is being mostly suppressed by Western financial news organizations and sent him a links to a Reuters and Bloomberg stories as good as a couple to a strange censure in a class-action lawsuit. He pronounced he would deliberate his superiors and hoped to respond to me subsequent week.
Of march all this gives a sense that a CFTC not usually doesn’t know what’s going on in a bureau though also that it doesn’t want to know. It is additional justification that certain commodity marketplace paraphernalia is outward a commission’s regard since a U.S. supervision and other governments are a tangible perpetrators, oblique marketplace paraphernalia by a supervision being privately certified by a Gold Exchange Act of 1934 as nice in a 1970s –
— and since of a acknowledgment in new executive filings by CME Group, user of a vital U.S. futures exchanges, that it provides volume trade discounts to governments and executive banks for secretly trade all futures contracts on a exchanges:
All this also seems to endorse that a prerequisites of this marketplace paraphernalia are a timidity of a financial metals mining industry, that refuses to criticism it, and a timidity of mainstream financial news organizations, that exclude to news it.
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Bloomberg News , Central Banks , CFTC , Chris Powell , CME Group , Commodity Futures Trading Commission , Commodity Market Rigging , Deutsche Bank , Futures Exchanges , Gold and Silver Markets , Precious Metals Manipulation , Silver and Gold Price Fixing