Wednesday, October 27, 2010

Silver "Conspiracy" Coming True?

NEW YORK, Oct 27 (Reuters) - JPMorgan Chase & Co (JPM.N) and HSBC Holdings Plc (HSBA.L) were hit with two lawsuits on Wednesday by investors who accused them of conspiring to drive down silver prices, and reaping an estimated hundreds of millions of dollars of illegal profits.
The banks, among the world's largest, were accused of manipulating the market for COMEX silver futures and options contracts from the first half of 2008 by amassing huge short positions in silver futures contracts that are designed to profit when prices fall.
"Defendants reaped hundreds of millions of dollars, if not billions of dollars in profits" from the conspiracy, one of the complaints said.
The respective plaintiffs, Brian Beatty and Peter Laskaris, each said they traded COMEX silver futures and options and contracts, and lost money because of the alleged manipulation.
Beatty lives in Connecticut and Laskaris in New York, court records showed. The lawsuits seek class-action status, damages that may be tripled and other remedies. The defendant banks are major participants in the silver market.

7 comments:

  1. This is double plus good. I've always liked silver and it will be interesting to see what it does now. Meanwhile JP Morgan seems to be busy with other projects...
    http://www.cnbc.com/id/39873790

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  2. IT'D PROLLY COST THE SAME AS MONEY. MONEY NEVER IS OVERIGHTED BY OBJECTS IT IS OBJECTS THAT MONEY MAKES GO ROUND. FOLKS STORING SILVER I LIKE ME COLLECTING MOON ROCK. WHY BECAUSE IT IS PRETTY. PRETTY THINGS CAN MAKE PEOPLE PURCHASE BUT THEY CAN NOT PURCHASE ON THERE OWN. GET REAL PEOPLE YOUR BEST CHANCE OF SURVIVAL WILL BE FOOD TO EAT AND WATER TO DRINK. DOLLARS WONT VANISH MANKIND IS TO INGRAINED WITH MONEY AND MONEY CAN NOT BE KILLED. I WOULD ADD THAT WHEN PEOPLE CAN NOT FIND MONEY THEY WILL DO BAD THINGS TO EACH OTHER.

    - SAM

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  3. Sam your an imbecilic to the 10th degree. learn economics. EVERY fiat currency ever made collapses. Now go eat a !0 dollar bill you misfit

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  4. I think that is a counterfeit "Sam". The original Sam has been gone for a while. Unless he's been off doing crack, this is just too nonsensical to be him.

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  5. sam i laugh at you with my surperior intlect,
    turn your caps off you have to yell because your point is stupid.
    buy gold before your broke.

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  6. Go, go, go buy Spam that Sam I am.

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  7. 5:18 Sorry, I dont take advice from people that blow goats. It's perverse.

    ReplyDelete

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