{"id":19994,"date":"2016-04-18T19:10:31","date_gmt":"2016-04-19T00:10:31","guid":{"rendered":"http:\/\/olduvai.ca\/?p=19994"},"modified":"2016-04-18T19:10:31","modified_gmt":"2016-04-19T00:10:31","slug":"mobs-of-angry-investors-fight-market-rigging-maul-deutsche-bank-in-class-action-lawsuit-other-banks-next","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=19994","title":{"rendered":"Mobs of Angry Investors Fight Market Rigging, Maul Deutsche Bank in Class-Action Lawsuit, other Banks Next"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2016\/04\/18\/mobs-of-angry-investors-fight-market-rigging-maul-deutsche-bank-in-class-action-lawsuit-other-banks-next\/\">Mobs of Angry Investors Fight Market Rigging, Maul Deutsche Bank in Class-Action Lawsuit, other Banks Next<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>Since none of the criminal bankers responsible end up in prison\u2026<\/strong><\/p>\n<p>Prior to last week, Deutsche Bank made headlines for a string of huge losses and massive exposure to risky derivatives. The last time the firm\u2019s shares traded at prices this low, the world was in the midst of 2008\u2019s financial apocalypse.<\/p>\n<p>Deutsche Bank didn\u2019t need more bad news, but a group of investors who brought suit against the massive German bank for cheating them by rigging the London \u201cfix\u201d price for gold and silver certainly must be smiling. Last week, the bank offered to settle their class action suit for an undisclosed amount.<\/p>\n<p>Perhaps more importantly, DB promises to provide evidence to help the plaintiffs in their suit against the other banks who participated in manipulating the fix: Bank of Nova Scotia, Barclays, HSBC and SocGen. In a letter to U.S. District Court Judge Valerie Caproni, the plaintiff\u2019s attorney said, \u201cIn addition to valuable monetary consideration, Deutsche Bank has also agreed to provide cooperation to the Plaintiffs, including the production of instant messages and other electronic communications, as part of the settlement.\u201d<\/p>\n<p>If the information DB provides is incriminating, as the plaintiff\u2019s expect, it won\u2019t be the only recent example of bankers getting caught talking smugly amongst themselves about swindling investors and clients. A year ago Citigroup, JPMorgan Chase, Barclays, and RBS pled guilty to criminally rigging the foreign exchange markets following the leak of some embarrassing communiques.<\/p>\n<p>That case rested, in large part, on logs from an exclusive chat group participants dubbed \u201cThe Cartel.\u201d<\/p>\n<p>Here is a good example of the type of conversations contained in those logs. The banker representing Barclays \u201cmentors\u201d another member:<\/p>\n<p>Here is a good example of the type of conversations contained in those logs. The banker representing Barclays \u201cmentors\u201d another member:<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mobs of Angry Investors Fight Market Rigging, Maul Deutsche Bank in Class-Action Lawsuit, other Banks Next Since none of the criminal bankers responsible end up in prison\u2026 Prior to last week, Deutsche Bank made headlines for a string of huge losses and massive exposure to risky derivatives. The last time the firm\u2019s shares traded at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[12520,1838,13504,11944,1839,3372,2266,11467,647,6770,4255],"class_list":["post-19994","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-of-nova-scotia","tag-barclays","tag-class-action-lawsuit","tag-clint-siegner","tag-deutsche-bank","tag-hsbc","tag-market-rigging","tag-money-metals-exchange","tag-precious-metals","tag-socgen","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19994"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19994\/revisions"}],"predecessor-version":[{"id":19995,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19994\/revisions\/19995"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}