Goldman Sachs Pays $120 million fine for alleged rate fixing

Goldman Sachs Pays $120 million fine for alleged rate fixing

Welcome to illuminati silver, we tell you
the truth about silver. Today is Wednesday 21st December 2016 and
we are commenting on Goldman Sachs fine in relation to alleged rate fixing. Yes today
appears to be the day when the banks cannot stay out of the headlines.
Goldman Sachs has agreed to pay a $120 million penalty to settle the U.S. Commodity Futures
Trading Commission’s allegations that its traders worked to “game” the ISDAfix benchmark
rate in an effort to benefit the bank’s derivatives positions, the CFTC announced
today. The CFTC claims Goldman Sachs, on a number
of occasions between January 2007 and March 2012, attempted to manipulate the ISDAFIX
and also made various false reports concerning the benchmark rate.
The Goldman Sachs Group Inc. and Goldman Sachs & Co. will jointly pay the fine without admitting
or denying the CFTC’s allegations. As well as the penalty, the CFTC has also ordered
the bank to take steps to make sure it can better detect and deter trades intended to
rig rates. A spokesperson for Goldman Sachs said: “We
are pleased to have resolved these matters and have already taken steps to enhance our
policies and procedures.” Without appearing too technical, ISDAFIX rates
are used to help value the cash settlement of options on interest rate swaps and other
products. Pension funds and local governments often rely on products priced off the benchmark
rate to help hedge against future interest rate changes.
Once again we have witnessed nefarious activities carried out by certain large banks. Not Government
controlled or directed but in the pursuit of gaining profit. Nevertheless, no-one is
punished as it was determined more appropriate to accept a fine than to conduct a lengthy
and expensive court case. A trend here is most certainly developing.
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  2. Wait, you say they paid a fine as if they used their money. It's our money, people. They don't have money of their own. They don't make anything. They don't build anything. They "fine" us via fees and then pay "fines" with our money. This is Alice down the rabbit hole stuff. Nothing is real.

  3. well thats government sachs for you. mabye you should do a video about them, cause im not clear on who they even are and why they have sp much influence in markets and politics.

  4. So as retired bankers, are you proud of the standard you taught to your replacements? Oops sorry cheap shot, they're not your fault, it's society's fault …not enough sand in their sandboxes whilst in kindergarten no doubt.

  5. How much did they profit vs. the fine. No one ever seems to have that answer. Dose the punishment fit the crime sorry the alleged rate fixing. Hay can they go back and fine them again if they really do find out?

  6. Here….take this money….be careful, the ink may still be wet…we will be more careful next time…that you don't catch us before we can change the law or bribe the judge….

  7. Bunch of shameless hustlers. If you think Goldman Sack of $hit is bad, review JP Morgan Chase and see how much silver they piled into their vaults. They never seem to lose in their silver derivatives. Ever wonder why banks have the tallest buildings in most cities with marble floors here in the US?

  8. This is a drop in the bucket for these criminals. This is pocket change for the banksters and nobody goes to jail. Pitiful.  Excellent video Guys.

  9. it would be nice to be able to put a name and face to the individuals that made these decisions and hold the responsible. but as long as corporations hold personhood this is what we get.

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