Boyd, Roosen, Quartermain: It takes grit, invention, luck to make the big time
Mining industry legends discuss the backstories on their multibillion-dollar successes.
Interest rates, gold, silver and now PGMs…
The banks and German industrial firm set up the benchmarking system in 1989, but the London Metal Exchange will take over December 1 using a new electronic platform.
In a complaint filed on Tuesday in the U.S. District Court in Manhattan, units of Goldman, BASF, HSBC Holdings Plc and South Africa’s Standard Bank Group Ltd were accused of having conspired since 2007 to rig the twice-daily platinum and palladium "fixings" and the prices of futures and options based on those fixings.
The plaintiff, Modern Settings LLC, a Florida-based company that said it bought the metals, claimed purchasers lost millions of dollars because the defendants illegally shared customer data, used that information to engage in "front-running" of expected price moves, and manufactured phantom "spoof" orders.
Continue reading at Reuters.
2 Comments
PMFR
The parties responsible need to be criminally prosecuted. It is the only way these bankers will stop.
Gary
This has now become less confusing for me. Instead of trying to determine which banks are corrupt and which are not, I will now assume that ALL banks are corrupt.