Regulators Fine Banks For Rigging Foreign-Exchange Benchmarks

By: Wednesday November 12, 2014 8:18 am

Regulators in the US, UK, and Switzerland have levied fines on banks for rigging benchmarks used by fund managers to determine what they pay for foreign currency in the foreign exchange (forex) market. The fines add up to $4.3 billion in total so far – not exactly a heavy hit on the Too Big To [...]

CFTC Wants JPMorgan To Admit To Market Manipulation

By: Wednesday September 18, 2013 10:51 am

Not so long ago JPMorgan was in the news for the now infamous London Whale trade or as the internet dubbed it Fail Whale. The trade involved JPMorgan’s London office when a trader, Bruno Iksil, lost approximately $6 billion due to failing to manage risk in the derivatives market. The trade became a political issue [...]

CFTC Caves To Wall Street, Will Continue To Allow Cartel To Control Derivatives Market

By: Friday May 17, 2013 7:59 am

Behold the power of finance capital. Despite shitting the bed and making us all clean it up, Wall Street will remain essentially the same as the Commodities Futures Trading Commission (CFTC) caved to the banksters and will continue to allow a cartel to control the derivatives market. Under pressure from Wall Street lobbyists, federal regulators [...]

CFTC Chairman: LIBOR Still “Not Clean” Was Often “Completely Made Up”

By: Friday February 22, 2013 10:42 am

Gary Gensler, the head of the Commodities Future Trading Commission (CFTC), has made a pretty depressing admission to the BBC. During an interview on one of the greater financial scandals in modern times, the rigging of the London Interbank Offered Rate (LIBOR), Chairman Gensler submitted that the global benchmark for interest rates is still “not [...]

CFTC Staffers Cashing In On “Public Service”

By: Thursday December 27, 2012 7:52 am

Step right up and Spin the Revolving Door – and what is your prize? Why, a nice job on Wall Street working for the people you used to regulate – you wrote in the loopholes, now you get the cash for exploiting them! Latest contestants – staffers working for the Commodity Futures Trading Commission (CFTC). [...]

Study: High Frequency Trading Robs From Smaller Investors

By: Tuesday December 4, 2012 10:45 am

A new study confirms that high frequency trading, which already has declined in terms of its yield if not its use, endangers investors and basically turns stock markets into automated casinos where the average Joe can do little but get hurt. The chief economist at the Commodity Futures Trading Commission, Andrei Kirilenko, reports in a [...]

Bill That Would Gut Financial Regulatory Efforts Delayed

By: Friday November 16, 2012 9:15 am

Lest I be described as a Gloomy Gus, let’s point out some good news for a change. Or at least some potentially good news. First, the Commodity Futures Trading Commission decided to appeal a ruling from a federal judge that cancelled the Dodd-Frank regulation on position limits. By a 3-2 vote, the commission agreed to [...]

Obama-Appointed Judge Strikes Down CFTC Commodity Speculation Limits

By: Friday September 28, 2012 3:59 pm

Everybody get on the commodity speculation train. A federal judge today threw out the Dodd-Frank provision that empowered the Commodity Futures Trading Commission to set position limits on commodity trading. Judge Robert Wilkins said in his ruling that the CFTC did not prove the necessity of position limits to curb runaway speculation, and that the [...]

Experts Warned CFTC About Potential Libor Rigging 15 Years Ago

By: Thursday September 6, 2012 10:59 am

The Commodity Futures Trading Commission has led the investigation into the Libor rate-rigging scandal. They have pursued civil charges, and worked with the Justice Department on criminal ones. But when the CFTC first learned about how banks could easily implement rate-rigging, they ignored it – when the agency was under the executive branch of President [...]

Libor Investigations Begin in Earnest

By: Friday July 6, 2012 9:35 am

In Britain, the investigations into Barclays Bank manipulating the benchmark Libor rate have begun in earnest. Parliament approved an official inquiry into the Libor scandal, though only at the Parliamentary level rather than an independent investigation. This came after a shouting match between the Conservative Chancellor of the Exchequer, George Osborne, and the shadow chancellor, [...]

JPMorgan Chase Not Threatened by Investigations, Threat of More Regulations

By: Friday June 1, 2012 11:39 am

JPMorgan Chase will spin off a “special investments group” to isolate the Chief Investment Office that created the Fail Whale trades. Basically they are taking the salvageable remains out of the CIO and ring-fencing it, while curtailing the speculative trading that led to the massive losses. That’s the official story, anyway. We won’t know the [...]

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