Its beginning to sound insane, but this weeks's UBS "gold" scandal is just adding insult to injury. Turns out that for giving up its co-conspirators UBS will be given a "lighter sentence" on its manipulation of the gold market.
Now first off, I don't know what gold market they are talking about -- is it physical gold how did they cheat, I just don't know -- and don't want to give any excuse to the goldbugs to say" See we were right".
The list of markets that were rigged by the big banks -- we are not talking 2007 here, but 2015 is getting long (rather the number of market that were not rigged -- against customers is getting short): So far the LIBOR market was rigged (interest rates), the Foreign exchange market was rigged, the treasury market was rigged [the VW diesel market was rigged...oops wrong industry -- they will go to jail for ever], and now the gold market (and I would venture the entire precious metal market) has been rigged. My guess is that its the option market that was taken for a ride, its too hard (and frankly too small and volatile) to do this in the physical market.
Turns out big banks were making the money the old fashion way after all... they stole it!
Cannot think of a better reason to break up the big banks into smaller entities. But of course everyone know that no such thing will happen; instead some lowly trader will be prosecuted (the guy who's bonus is less than $50,000 and all the senior guys walking away into early retirement will walk away with multi million exit bonus). What a crock!