Colluding big bank currency traders called themselves 'bandits' and 'cartel'


Currency Probe Looks at J.P. Morgan Trader

By David Enrich, Jenny Strasburg, and Katie Martin
The Wall Street Journal
Monday, October 14, 2013

LONDON -- A U.K. investigation into potential manipulation of currency markets is looking at a J.P. Morgan Chase Co. trader who participated in electronic chat sessions with traders at other banks, according to people familiar with the investigation.

Richard Usher, currently J.P. Morgan's London-based head of spot trading for Group of 10 currencies in the region covering Europe, the Middle East, and Africa, took part in the chat sessions with top traders from various financial institutions when he was an employee of Royal Bank of Scotland Group, these people said. The group of traders in the chat rooms was known by various monikers including "The Bandits' Club" and "The Cartel," the people said.

J.P. Morgan hired Mr. Usher from RBS in 2010. He remains employed by the New York-based bank, according to a person familiar with the matter.

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Jim Sinclair Plans Seminar in Washington on Oct. 19

Gold mining entrepreneur and gold advocate Jim Sinclair will hold a seminar with questions and answers on Saturday, October 19, at a hotel at the international airport for Washington, D.C. To register for the seminar and learn more about it, including the discounted rate available at the hotel, please visit Sinclair's Internet site, JSMineSet, here:

Gold Investment Symposium 2013
Luna Park Conference Center, Sydney, Australia
Wednesday-Thursday, October 16-17, 2013

The Silver Summit
Davenport Hotel, Spokane, Washington
Thursday-Friday, October 24-25, 2013

Mines and Money Australia
Melbourne Conference and Exhibition Centre
Tuesday, October 29-Friday, November 1, 2013

New Orleans Investment Conference
Sunday-Wednesday, November 10-13, 2013
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana

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How to profit with silver --
and which stocks to buy now

Future Money Trends is offering a special 16-page silver report with our forecast for 2013 that includes profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million.

Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets.

To learn about this report, please visit: