Bloomberg: HSBC, Goldman Rigged Metals’ Prices for Years, Suit Says

[LiteCoinGuy]

HSBC, Goldman Rigged Metals’ Prices for Years, Suit Says

http://www.bloomberg.com/news/2014-11-25/hsbc-goldman-rigged-metals-prices-for-years-suit-says.html




cant believe that 

[1715327247]

1715327247

[1715327247]

1715327247

[1715327247]

1715327247

[1Referee]

I'm sure that isn't the only thing they are manipulating for many years.

But hey, what isn't manipulated in today's economy 

[johnyj]

People's knowledge about market is improving... It's not too far away they will start to sue the fiat money

[Lethn]

People's knowledge about market is improving... It's not too far away they will start to sue the fiat money

Suing these people isn't going to do a damn thing, unfortunately we're probably going to need a revolution.

[medUSA]

According to the article, the 4 parties actually set the market price for the London Platinum and Palladium Market. It's so easy for them to set a price to their advantage.

Goldman Sachs, HSBC, Standard Bank and BASF are the only participants in twice-daily conference calls to set global price benchmarks for the London Platinum and Palladium Market

[panju1]

These banks are already paying huge fines for manipulating LIBOR.
That was easy to manipulate - something which is calculated by taking a poll from different bankers. 
However, metal prices are slightly tougher. I think if the variance is too large, somebody might be able to arbitrage between the physical trade and these financial instruments. This article talks about benefiting from insider knowledge on metal trades. Rigging might be too harsh a word to use in this case.

[oblivi]

Oh my goodness!, "tens of millions" well isnt that alot. Obviously someone here has never worked on Wall Street.

And who here has worked in wall street? 

[btckold24]

thx for the article - sadly doesn't surprise me

[Cheesus]

thx for the article - sadly doesn't surprise me

/agreed