/biz/ - Business & Finance

>>58194689
TLDR;
1.) JP Morgan in 2012 starts manipulating metal prices via spoofing, leveraging, naked shorts
2.) Silver price declines
3.) They buy COCK TONS of the cheap metal and make BILLIONS (see graph)
4.) In 2015 David Meister, a CFTC regulator, opens a probe on the case and oversees it
5.) He convicts 5 traders including managers under RICO
6.) Meister A DAY AFTER closes the probe and then QUITS as regulator and then goes BACK to working as a LAWYER for one of the people he convicted!
7.) JP Morgan ends up paying about $1B in fines (they made $12B a year later in revenue so no biggie)
8.) The traders get sent to prison for 1 or 2 years and a measly $50~90k fine
9.) JP Morgan did not need to return the silver they accumulated
10.) Silver to this day still depressed a long with gold