The Next Big Banking Scandal

…I  wish to remind readers that yet another potential banking scandal continues to loom on the horizon. The U.S. Commodity Futures Trading Commission is in the fourth year of an ongoing investigation into manipulation of the price of silver, and Commissioner Bart Chilton already blew the whistle back in 2010 by declaring: “I believe that there have been repeated attempts to influence prices in the silver markets. There have been fraudulent efforts to persuade and deviously control that price.” Both HSBC and JPMorgan Chase were named as initial co-defendantsin a related civil lawsuit brought before the U.S. District Court in Manhattan.

Scores of currency-market observers have seen red flags of foul play in the gold market as well, and I believe both metals may be targeted for manipulation as part of a broader effort to cushion the impacts of structural impairments that have roiled key fiat currencies amid the ongoing global financial crisis. After all, the value of fiat currencies is expressed and commonly understood through relative measures against each other, and precious metals offer the primary barometer for weakness throughout the complex of paper currencies…

http://www.fool.com/investing/general/2012/07/04/the-largest-banking-scandal-of-the-21st-century.aspx#.T_W1NpHKf9s

Speak Your Mind