https://www.bloomberg.com/news/articles/2022-08-10/jpmorgan-precious-metals-traders-found-guilty-in-spoofing-trial
Where is the outcry on this? Can you imagine the if WF rigged an entire materials market, you would never hear the end of it. What's the odds the LA Times does a write up?
Now they just create gold ETFs and sell shares backed by nothing, while they short gold futures...
@uqg, the asset cap isn't in place to punish WFC for their crimes..
@dcf+
100% disagree with you there bud. You can look up the record. Not only did we have 1/6th the fines other large banks had at the time but the management was listed as best in industry polling almost every single year. Something else happened here, likely political weaponization of our regulators. USBank pulled the same thing, where was the outcry? Why is there not an asset cap on US Bank? JPMorgan adds an extra 10 bucks to the price of gold, which impacts every human on earth in some way and there's nothing said. The day i see Warren and Waters and the LA Times for that matter do an investigation into these other banks is the day I stop believing the political system is corrupt as all he-l.
JPM has better lobbyists and pays pols more. Congress won't be a problem.
Oh please. WFC deserves every bit of “outcry” it experiences due to its pattern of greed, fraud, lack of oversight and mismanagement. We are lucky the doors are allowed to stay open.
Having said that, none of these CEOs and BODs should be allowed to retain their jobs if they can’t keep their banks clean and their businesses ethical.
Too many people making too much money.