OF THE
TIMES
This time the rates allegedly being rigged are in the foreign-exchange or "FX" markets, meaning that if this story is true, it would almost certainly trump LIBOR for scale/horribleness.Traders at some of the world's biggest banks manipulated benchmark foreign-exchange rates used to set the value of trillions of dollars of investments, according to five dealers with knowledge of the practice . . .
Employees have been front-running client orders and rigging WM/Reuters rates by pushing through trades before and during the 60-second windows when the benchmarks are set, said the current and former traders, who requested anonymity because the practice is controversial. Dealers colluded with counterparts to boost chances of moving the rates, said two of the people, who worked in the industry for a total of more than 20 years.
Comment: Of course they had to throw Headley to the wolves once his identity was outed, but his profile is in fact the typical one for a spy: a drug-dealing, mass-murdering maniac with a penchant for harming others.
Now that we know Big Brother is neither interested in finding 'terrorists' by storing everyone's information, nor could find 'terrorists' that way even if it wanted to, we're left with the question: what was the real purpose behind erecting this global mass surveillance police state?
Tune in to SOTT Talk Radio this Sunday!