Foreign-Exchange Rates Market Rigged

[SpasticGramps]

Surprise! Not only are the LIBOR interest rates rigged (now conspiracy fact), but today we learn the FOREX (currency exchange market rates) are also rigged by the megabanks.

Dealers rigged forex spot benchmarks: report MarketWatch

By Michael Kitchen

LOS ANGELES (MarketWatch) -- Traders at a number of major global banks have been manipulating spot foreign-exchange rates for at least a decade, altering the values of trillions of dollars worth of investments, Bloomberg News reported Tuesday, citing five unnamed dealers. The scheme involves the WM/Reuters Closing Spot Rates, which are used to provide daily benchmarks to value portfolios. However, market participants have been front-running client orders to rig the rates by pushing through trades before and during a 60-second window when the rates are set. British regulators are considering a probe into allegations of this practice, the report said.

This shouldn't be a surprise anyone.

The Emperor has no underwear on and he's staring right at you....

And recording your emails.............just in case you are naughty one day.

Wall Street is really the one recording your emails. The government is just doing what it's told.

I'm sure nothing will happen to the megabanks as usual. Some relatively small slap on the wrist fine, maybe a patsy banker or two sacrificed at the tv alter for public bread and circus.

Stay Frosty

(PS: If you don't understand what the LIBOR rate scandal really meant to the markets you should take the time to read about it. LIBOR and FOREX rates are two of the most critical metrics in the financial system.)