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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