Screw Fines....

[mikoyan29]

http://www.nytimes.com/2013/07/21/bu...gold.html?_r=0

I think it's time for people to go to jail. It seems like market manipulation should be like fraud but I doubt anything will come of this once again.

And I'll add the same for the Halliburton folks that destroyed evidence.

[s_stabeler]

this is legal? yeah, someone needs to go to jail for this. ( and illustrates precisely why self-regulation can fail hard when the entire sector is rotten. it looks like the financial sector needs a regulator from outside the industry.)

[mikoyan29]

WEll supposedly, they aren't allowed to warehouse commodities but that doesn't preclude them from doing what they are doing because technically they are moving the product.

[s_stabeler]

WEll supposedly, they aren't allowed to warehouse commodities but that doesn't preclude them from doing what they are doing because technically they are moving the product.

not exactly. they can store as much as they like on behalf of other people, but 3000 tons a day must be shipped out. ( i.e. they cannot be used to stockpile aluminium) Unfortunately, they figured out that transfers between warehouses count. (basically, it used to take 3 weeks to ship out an order of aluminium. now, it takes 16 MONTHS, with the warehouse charging rent all the time.) it's causing price rises, and they want to do it to other commodities too.

[Panacea]

The regulations are being followed (even if manipulated) so I don't see anyone going to jail.

The solution is to change the regulations. Good luck with that.

[mikoyan29]

Well these aren't really regulations per se as agreements with a trade group. And while they are meeting the letter of the law, they seem to be spitting in the spirit of the law. But then again, this isn't the first time that Goldman-Sachs has been manipulating markets to thier end and I doubt that it will be the last time. All I can say is that if Goldman-Sachs were a person, they'd either be dead or behind bars.