singular_me
27th May 2015, 01:48 PM
I am surprised that the investigation is not going after naked short selling.... this to tell you how bad it really is out there...
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Barclays facing explosive allegations it engineered computer systems to rig financial markets
Wednesday 27th May 2015
‘Barclays is facing explosive allegations it engineered its computer systems to rig financial markets.
The bank was fined £1.5bn last week after rogue traders were caught manipulating foreign currency rates.
But this bill could spiral amid fears raised by US regulators that the abuse was systemic rather than the result of a few corrupt staff.’........................
Barclays is among a host of global lenders being investigated by the New York banking regulator for tweaking computer programmes on its foreign exchange trading platform to rig markets.
The probe into Barclays and Germany’s Deutsche Bank has been going on since last year, with monitors installed by the New York Department of Financial Services (NYDFS) to gather evidence.
But the investigation has gathered momentum, and now includes a collection of the world’s biggest banks including Goldman Sachs, BNP Paribas, Credit Suisse, and Societe Generale.
Last night experts said the allegations would ‘beg even more serious questions’ about these giants if they are proved to be true.
Several employees at Barclays have been called in to give evidence to the New York watchdog as the investigation reaches an advanced stage.
Barclays has already been hit with a £260m fine from the NYDFS last week as part of its £1.5bn settlement with UK and US regulators over the foreign exchange scandal.
But it is braced for another huge penalty over these separate allegations.
The bank has set aside just over £2bn in total to pay Forex fines, meaning it has around £500m left over.
Read more: http://www.thisismoney.co.uk/money/markets/article-3095148/Barclays-facing-explosive-allegations-engineered-computer-systems-rig-financial-markets.html#ixzz3bNEOKkoc
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VIDEO exposes naked short selling: 6 billions of fake shares slushed around DAILY . doc was released in 2011, so how much today???
Uploaded on Jun 27, 2011
In 2007, Emmy award-winning investigative reporter and broadcaster, Gary Matsumoto, received an Business Emmy nomination for his program "Phantom Shares." It was only the second time in the history of Bloomberg Television that the National Academy of Television Arts and Sciences honored the network with a nomination. A finalist for "Outstanding Investigative Reporting of a Business News Story--News Magazines and Long Form," Matsumoto's investigation examined the practice of "naked short selling"--selling stock without delivering it, in some cases, for years. Small public companies alleged that hedge funds were naked short selling in order to drive down the value of stocks for profit. Hedge fund managers said naked short selling was the a harmless and unintended consequence of poor Wall Street bookkeeping. Reported, Written, Produced and Directed by Gary Matsumoto earned the highest ratings for any BTV program ever. Anchor: Mike Schneider; News Editor: Antony Michels; Associate Producer: Mary Linnane
PART 1
https://www.youtube.com/watch?v=HjkbChSBc0A
---------------------------------------------
Barclays facing explosive allegations it engineered computer systems to rig financial markets
Wednesday 27th May 2015
‘Barclays is facing explosive allegations it engineered its computer systems to rig financial markets.
The bank was fined £1.5bn last week after rogue traders were caught manipulating foreign currency rates.
But this bill could spiral amid fears raised by US regulators that the abuse was systemic rather than the result of a few corrupt staff.’........................
Barclays is among a host of global lenders being investigated by the New York banking regulator for tweaking computer programmes on its foreign exchange trading platform to rig markets.
The probe into Barclays and Germany’s Deutsche Bank has been going on since last year, with monitors installed by the New York Department of Financial Services (NYDFS) to gather evidence.
But the investigation has gathered momentum, and now includes a collection of the world’s biggest banks including Goldman Sachs, BNP Paribas, Credit Suisse, and Societe Generale.
Last night experts said the allegations would ‘beg even more serious questions’ about these giants if they are proved to be true.
Several employees at Barclays have been called in to give evidence to the New York watchdog as the investigation reaches an advanced stage.
Barclays has already been hit with a £260m fine from the NYDFS last week as part of its £1.5bn settlement with UK and US regulators over the foreign exchange scandal.
But it is braced for another huge penalty over these separate allegations.
The bank has set aside just over £2bn in total to pay Forex fines, meaning it has around £500m left over.
Read more: http://www.thisismoney.co.uk/money/markets/article-3095148/Barclays-facing-explosive-allegations-engineered-computer-systems-rig-financial-markets.html#ixzz3bNEOKkoc
------------------------------------
VIDEO exposes naked short selling: 6 billions of fake shares slushed around DAILY . doc was released in 2011, so how much today???
Uploaded on Jun 27, 2011
In 2007, Emmy award-winning investigative reporter and broadcaster, Gary Matsumoto, received an Business Emmy nomination for his program "Phantom Shares." It was only the second time in the history of Bloomberg Television that the National Academy of Television Arts and Sciences honored the network with a nomination. A finalist for "Outstanding Investigative Reporting of a Business News Story--News Magazines and Long Form," Matsumoto's investigation examined the practice of "naked short selling"--selling stock without delivering it, in some cases, for years. Small public companies alleged that hedge funds were naked short selling in order to drive down the value of stocks for profit. Hedge fund managers said naked short selling was the a harmless and unintended consequence of poor Wall Street bookkeeping. Reported, Written, Produced and Directed by Gary Matsumoto earned the highest ratings for any BTV program ever. Anchor: Mike Schneider; News Editor: Antony Michels; Associate Producer: Mary Linnane
PART 1
https://www.youtube.com/watch?v=HjkbChSBc0A