Article Image

IPFS News Link • Economy - Economics USA

Goldman-Sachs Caught Manipulating US Dollar -- No One Arrested, Slap on Wrist Instead

• http://thefreethoughtproject.com

The same company that paid Hillary Clinton nearly $700,000, for three one-hour speeches, has now been ordered to pay a nine-figure sum for currency market manipulation.

Goldman-Sachs was ordered to pay 120 million, "to settle charges that it often tried to manipulate a global dollar benchmark for interest rate products over a five-year period," according to Reuters.

The investment corporation was levied the "civil penalty to settle charges that it often tried to manipulate a global dollar benchmark for interest rate products over a five-year period," the report states.

Citing the Commodity Futures Trading Commission's report, Reuters stated Goldman-Sachs engaged in its illegal activity in an attempt to "manipulate the U.S. Dollar International Swaps and Derivatives Association Fix benchmark," and was ordered to cease from doing so in the future by taking measures to prevent a recurrence.

According to CFO's Sean Allocca, "The investment bank used its own traders, including the head of Goldman's Interest Rate Products Trading Group, to manipulate and create false reports concerning fixed-interest-rate swap rates over a five-year period. The trader's bid, offered, and executed transactions 'deliberately designed' in both timing and pricing to influence the global benchmark, the U.S. Dollar International Swaps and Derivatives Association Fix (ISDAFIX)."

In other words, it appears as though the investment firm was manipulating the value of the dollar, globally, for its own profit.

Allocca continued by describing the details of the investigation saying, "The CFTC produced emails and audio recordings allegedly showing traders discussing trades based on a 'jacked price' opposed to the 'fair price' and how they managed to 'game the fix' to benefit their own positions, according to the CFTC order." He also wrote the firm's operatives didn't even attempt to hide their actions from regulators writing, "Goldman traders made little effort to disguise their manipulations: 'spend what you need, but make SURE we get the print' — the day's reference rates — to sit at a favorable level, thereby affecting the benchmark."


 


thelibertyadvisor.com/declare