Rigging Foreign Exchange Markets. Finance Capital’s “Control Fraud”
By Stephen Lendman
December 15, 2013
t’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.
Grand theft reflects official Wall Street policy. Bankers make money the old-fashioned way.
They do it through fraud, grand theft, 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.
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.
In June 2012, JPMorgan Chase CEO Jamie Dimon testified before the Senate Banking Committee. He discussed his firm’s trading losses at the time.
It was more of a homecoming than grilling. Washington is Wall Street occupied territory. Regulators don’t regulate. Oversight is absent.
Investigations rarely happen. Initiated ones are whitewashed. Criminal fraud is institutionalized. It’s encouraged, not curbed.
Congress, the administration, SEC, and credit rating agencies incestuously collude with giant banks and other major financial institutions. Whatever they want, they get.
Wall Street never had it so good. Senators didn’t lay a glove on Dimon. His grand theft business model wasn’t discussed.
Former bank regulator/financial fraud expert Bill Black’s book titled “The Best Way to Rob A Bank Is To Own One” explains well.