Whistleblower accuses HSBC and JP Morgan of silver futures scam

[Blue State Bandit]

Source: The Telegraph

In a lawsuit filed in New York last week, trader Eric Nalven has launched a class action suit against the two banks, claiming they "artificially depressed the price of silver dramatically downward" in a scheme that netted the banks "substantial illegal profits...

...defendants reaped hundreds of millions of dollars, if not billions of dollars in profits" from the conspiracy".

Read more: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8116143/Whistleblower-accuses-HSBC-and-JP-Morgan-of-silver-futures-scam.html

[cloudbase]

1. The anti-Hunt brothers. n/t

[dixiegrrrrl]

2. It is worth reading the comments in the article for further background.

As many of the comments point out, JPMorgan has been shorting the silver market for years. Lots of people have stated
publicly that silver prices have been artificially kept low.

[defendandprotect]

3. J. P. Morgan is a criminal operation ... as most of our "bus-i-ness" is now .....

[sarcasmo]

4. Jp Morgan, HSBC, Goldman Sachs, AIG, all criminals and should all be prosecuted.

Let's add Bank of America and the list could go on and on.