The class-action lawsuit, filed in U.S. District Court in the Southern District of New York late Monday, was from a group of investors across the U.S. and Caribbean, including city and state pension plans. They accused the banks of communicating “with one another, including in chat rooms, via instant messages, and by emails, to carry out their conspiracy,” and for rigging foreign-exchange rates as far back as January 2003, the lawsuit said.The bank sued are BofA, Barclays, BNP, Citi, Credit Suisse, Deutsche, Goldman, HSBC, JPM, Morgan Stanley, RBS and UBS, or, in other words, everyone. And certainly all the Too Big To Prosecute banks. So best of luck there, even though the plaintiffs include some very recognizable public investment funds:
The investors behind the consolidated lawsuit are: Aureus Currency Fund LP, a Santa Rosa, Calif., investment fund; the City of Philadelphia and its board of pensions and retirement; the Employees’ Retirement System for the Government of the Virgin Islands; the Employees’ Retirement System of Puerto Rico Electric Power Authority; Fresno County Employees’ Retirement Association; Haverhill Retirement System for the city of Haverhill, Mass.; Oklahoma Firefighters Pension and Retirement System; State-Boston Retirement System; Tiberius OC Fund, a Cayman Islands fund; Value Recovery Fund LLC, a Delaware fund with offices in Connecticut; Syena Global Emerging Markets Fund LP, a hedge fund in Connecticut; and the United Food and Commercial Workers Union. In the complaint, the investors accused the banks of controlling foreign-exchange rates via a “small and close-knit group of traders.” They alleged it became possible for banks to rig the market because the traders “have strong ties formed by working with one another in prior trading positions” and by in many cases living “in the same neighborhoods in the Essex countryside just northeast of London’s financial district.” “They belong to the same social clubs, golf together, dine together and sit on many of the same charity boards,” the complaint adds.Of course, the rigging of FX markets, disclosed hot on the heels that Libor too was massively manipulated (to the delight of “conspiracy theorists” everywhere) is by now well known. But the punchline is not that FX is rigged, and as a result virtually all carbon-based traders are now gone, leaving the FX market at the mercy of Virtu and GETCO algos (those USD/JPY momentum ignitions at specific, recurring times of the day are just that), but that as Goldman has shown by relocating Saidenberg, the commodity market is the only one where manipulation, rigging and fraud are not only possible but smiled upon by regulators. Because one of the key commodities in said market is gold. And as everyone knows, alongside getting the Russell 200,000 to all time highs, the other core mandate of central bankers everywhere is to push gold to 0. The worst news: we are rapidly running out of “conspiracy theories” that haven’t become conspiracy facts yet. Source: http://www.oneworldofnations.com/2014/04/12-largest-banks-sued-by-public.html
A New Financial System independent from Wall Street and City of London begins to take shape concretely in Russia?Russia “forced” by the sanctions to create a currency system which is independent from the US dollar. Russia announces that it will sell (and buy) products and commodities – including oil – in rubles rather than in dollars. The move is towards the development of bilateral.
Putin has been preparing this move — the creation of a payment system in rubles completely independent and protected from the Dollar and the “killer speculations” (e.g. short-selling) of the big Western financial institutions — for a long time.After sanctioning several Russian banks to punish Russia for Crimea, the Washington politicians were told by the financial power-to-be to step back because obviously, the Wall Street vampires understand that putting Russian banks outside the reach of their blood sucking teeth is never a good idea. For Wall Street and the city’s financial services, countries like Russia should always have an open financial door through which their real economy can be periodically looted. So Washington announced that it was a mistake to enforce sanctions on all Russian banks; only one, the Rossiya bank shall be hit by sanctions, just for propaganda reasons and to make an example out of it.
It is what Putin needed. Since at least 2007, he was trying to launch an independent Ruble System, a financial system that would be based on Russia’s real economy and resources and guaranteed by its gold reserves. No tolerance for looting and financial speculation: A peaceful move, but at the same time a declaration of independence that Wall Street will consider as a “declaration of war”.According to the Judo strategy, the sanction attack created the ideal situation for a “defensive” move that would redirect the brute force of the adversary against him. And now it’s happening. Bank Rossiya will be the first Russian bank to use exclusively the Russian ruble. The move has not been done in secret. On the contrary. A huge golden ruble symbol will be set up in front of bank Rossiya headquarters in Perevedensky Pereulok in Moscow “to symbolize the ruble’s stability and its backing by the country’s gold reserves,” the official agency Itar-Tass explains quoting the bank officials. In fact, the officials are very clear on their intention to punish the western speculators that have been looting their country for a long time:
“Russia, at its present stage of development, should not be dependent on foreign currencies; its internal resources will make its own economy invulnerable to political wheeler dealers.”
This is only the first step, declared Andrei Kostin, the president of VTB, another bank previously sanctioned:
“We have been moving towards wider use of the Russian rouble as the currency of settlement for a long time. The ruble became fully convertible quite a long time ago. Unfortunately, we have seen predominantly negative consequences of this step so far revealed in the outflow of capital from this country. The influx of foreign investments into Russia has been speculative and considerably destabilizing to our stock markets.”According to Itar-Tass, Kostin was very precise and concrete:
“Russia should sell domestic products – from weapons to gas and oil – abroad for roubles and buy foreign goods also for rubles….Only then are we going to use the advantages of the rouble being a foreign currency in full measure.”
Putin himself lobbied for the new siystem in meetings with members of the Upper House of the Duma, the parliament, on March 28, overcoming the last doubts and indecisions: “
“Why do we not do this? This definitely should be done, we need to protect our interests, and we will do it. These systems work, and work very successfully in such countries as Japan and China. They originally started as exclusively national [systems] confined to their own market and territory and their own population, but have gradually become more and more popular…”
Alea Iacta Est!Source: http://www.globalresearch.ca/putin-flushes-the-us-dollar-russias-gold-ruble-payments-system-delinked-from-dollar/5375866