Wednesday, September 30, 2020

The banksters at it again


JP Morgan Chase has agreed to pay more than $920m and admitted to wrongdoing to settle federal US market manipulation investigations into its trading of metals futures and Treasury securities, the US authorities said.

JP Morgan will pay $436.4m in fines, $311.7m in restitution and more than $172m in disgorgement, the Commodity Futures Trading Commission (CFTC) said.

Between 2009 and 2016 JPMorgan Treasury’s traders placed orders on one side of the market which they never intended to execute, to create a false impression of buy or sell interest that would raise or depress prices. The manipulative practice designed to create the illusion of demand or a lack of demand is known as “spoofing”.

 Daniel Pinto, co-president of JP Morgan and chief executive of the Corporate & Investment Bank, said, “The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm.” 

Nor are they in jail, the blog might also add.

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