You are here
(Yawn) Morgan to pay $65 million for dollar benchmark manipulation
By Gabriel T. Rubin
The Wall Street Journal
Monday, June 18, 2018
WASHINGTON -- JPMorgan Chase & Co. agreed to pay a $65 million fine to settle claims that it tried to manipulate a global interest rate benchmark, the latest fine levied by U.S. regulators to punish crisis-era manipulation schemes by large banks.
The Commodity Futures Trading Commission said JPMorgan employees between 2007 and 2012 made false reports and attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, a benchmark that is referenced in many derivatives products.
... Dispatch continues below ...
A Network of Bullion Dealers Who Bid for Your Business
With a SmartMetals® account from the Hard Assets Alliance, you're always guaranteed the lowest prices for gold, silver, platinum, and palladium. When you buy bullion through your account, the alliance's network of trusted precious metals dealers launches into action -- and you'll be shown the lowest price for your purchase. Also amazing is the low-cost storage available to you in six non-bank vaults around the world.
Click here to learn more:
The regulator found that during that five-year period, JPMorgan employees would attempt to manipulate the reference rate by “bidding, offering, and executing transactions in targeted interest rate products” around the time of day when the reference rate was fixed.
The settlement with the CFTC makes JPMorgan just the latest major bank to settle charges of alleged interest-rate manipulation in recent years, as the CFTC noted in its announcement of the settlement. ...
... For the remainder of the report:
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: