U.S. prosecutors took an unusually aggressive turn in their investigation of price fixing at JPMorgan Chase & Co., describing its precious metals trading desk as a criminal enterprise operating inside the bank for nearly a decade.

The prosecutors charged the head of JPMorgan's global precious metals trading operation and two others on Monday, accusing them of "conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity."

That's a reference to the Racketeer Influenced and Corrupt Organizations Act, or RICO, a law often used against organized crime rings. The U.S. has rarely invoked RICO law in big bank cases. Its use suggests that JPMorgan may face deeper legal jeopardy, going beyond the several individuals who have already been prosecuted.

Former prosecutors agreed the move was bold, with at least one questioning whether the Justice Department was overreaching. Others said the use of RICO was merited given the complexity and duration of the manipulation, echoing the U.S. official who announced the charges Monday morning.

"Based on the fact that it was conduct that was widespread on the desk, it was engaged in in thousands of episodes over an eight-year period -- that it is precisely the kind of conduct that the RICO statute is meant to punish," Assistant Attorney General Brian Benczkowski told journalists.

"We're going to follow the facts wherever they lead, whether it's across desks here or at any other bank or upwards into the financial institution," he added.

Much more~~~~

https://www.bloomberg.com/news/articles/2019-09-16/jpmorgan-s-metals-desk-was-a-criminal-enterprise-u-s-says?utm_campaign=news&utm_medium=bd&utm_source=applenews

Quote from: Solar on October 05, 2019, 07:45:30 PM
U.S. prosecutors took an unusually aggressive turn in their investigation of price fixing at JPMorgan Chase & Co., describing its precious metals trading desk as a criminal enterprise operating inside the bank for nearly a decade.

The prosecutors charged the head of JPMorgan's global precious metals trading operation and two others on Monday, accusing them of "conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity."

That's a reference to the Racketeer Influenced and Corrupt Organizations Act, or RICO, a law often used against organized crime rings. The U.S. has rarely invoked RICO law in big bank cases. Its use suggests that JPMorgan may face deeper legal jeopardy, going beyond the several individuals who have already been prosecuted.

Former prosecutors agreed the move was bold, with at least one questioning whether the Justice Department was overreaching. Others said the use of RICO was merited given the complexity and duration of the manipulation, echoing the U.S. official who announced the charges Monday morning.

"Based on the fact that it was conduct that was widespread on the desk, it was engaged in in thousands of episodes over an eight-year period -- that it is precisely the kind of conduct that the RICO statute is meant to punish," Assistant Attorney General Brian Benczkowski told journalists.

"We're going to follow the facts wherever they lead, whether it's across desks here or at any other bank or upwards into the financial institution," he added.

Much more~~~~

https://www.bloomberg.com/news/articles/2019-09-16/jpmorgan-s-metals-desk-was-a-criminal-enterprise-u-s-says?utm_campaign=news&utm_medium=bd&utm_source=applenews

Snip~
Hong Kong on Friday invoked emergency powers for the first time in more than half a century to ban face masks for protesters after months of unrest, prompting demonstrators to once again occupy downtown streets. Chief Executive Carrie Lam said the move was necessary to stem increased violence in recent weeks, including attacks by protesters using petrol bombs, corrosive liquids and other weapons.

The U.S. should think about this.  Protesters don't need face masks.  If they have the right to protest.

Quote from: walkstall on October 05, 2019, 08:51:49 PM


Snip~
Hong Kong on Friday invoked emergency powers for the first time in more than half a century to ban face masks for protesters after months of unrest, prompting demonstrators to once again occupy downtown streets. Chief Executive Carrie Lam said the move was necessary to stem increased violence in recent weeks, including attacks by protesters using petrol bombs, corrosive liquids and other weapons.

The U.S. should think about this.  Protesters don't need face masks.  If they have the right to protest.

Protest and riot are quite different definitions?

Interesting.  But how does a society, a nation deal with big business?  Businesses, corporations so powerful they control a great deal of media today.  And consider 'Citizens United' too, as it has opened the door to money managing the political, economic and social landscape of the world today. But even when the source or the reason for some information to be hidden or lied about is outed, how can the average working Joan know the whys or whether something is ultimately good or bad for them? The world has sure changed since Teddy Roosevelt fought the monopolies of the early twentieth century. When lobbyists and money manages our congress as it  appears to do today, what can you do.  Money talks and it supports more money.  Our congress is often mute because speaking threatens their comfortable position in government. Meanwhile the regulatory structure that keeps us safe disappears. And so it goes...

"The great corporations which we have grown to speak of rather loosely as trusts are the creatures of the State, and the State not only has the right to control them, but it is duty bound to control them wherever the need of such control is shown."  Theodore Roosevelt


"Now it is true that I believe this country is following a dangerous trend when it permits too great a degree of centralization of governmental functions. I oppose this — in some instances the fight is a rather desperate one. But to attain any success it is quite clear that the Federal government cannot avoid or escape responsibilities which the mass of the people firmly believe should be undertaken by it. The political processes of our country are such that if a rule of reason is not applied in this effort, we will lose everything — even to a possible and drastic change in the Constitution. This is what I mean by my constant insistence upon "moderation" in government. Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes you can do these things. Among them are H.L. Hunt (you possibly know his background), a few other Texas oil millionaires, and an occasional politician or business man from other areas. Their number is negligible and they are stupid." President Dwight Eisenhower

Quote from: midcan5 on October 06, 2019, 05:47:02 AM
Interesting.  But how does a society, a nation deal with big business?

That right there is an issue.  The only reason big business has been able to thrive in corruption of policies ( taking more from employees such as pay raises, changing the policies on vacation time, stocks options, grievances ) to benefit their total figures.

Slowly phasing out any type of customer service for technology driver kiosks, burying lawsuits through expensive courts and costs, even so far as to hide information from the public and in essence acting as their own government.

Yet people still buy from them because of convenience, lack of competition, and lower prices at the trade off for sub par quality.  And they don't see that major corporations are slowly becoming less dependant on actual labor of any kind.  Then when everyone finds out that they where just a number on the payroll they feel abused and left when the signs were there.  You can't fight big business you can only support it or ignore it.

And guess who gives politicians these lavish gifts and expensive trips.  Some event promote a candidate inside the corporation to influence workers.  It is quite amusing that they haven't figured out that George Carlin was right.  "It's a big club, and you ain't in it."

Quote from: Dont need to know on October 06, 2019, 06:21:48 AM
That right there is an issue.  The only reason big business has been able to thrive in corruption of policies ( taking more from employees such as pay raises, changing the policies on vacation time, stocks options, grievances ) to benefit their total figures.

Slowly phasing out any type of customer service for technology driver kiosks, burying lawsuits through expensive courts and costs, even so far as to hide information from the public and in essence acting as their own government.

Yet people still buy from them because of convenience, lack of competition, and lower prices at the trade off for sub par quality.  And they don't see that major corporations are slowly becoming less dependant on actual labor of any kind.  Then when everyone finds out that they where just a number on the payroll they feel abused and left when the signs were there.  You can't fight big business you can only support it or ignore it.

And guess who gives politicians these lavish gifts and expensive trips.  Some event promote a candidate inside the corporation to influence workers.  It is quite amusing that they haven't figured out that George Carlin was right.  "It's a big club, and you ain't in it."

It is clear you do not understand the purpose of businesses. They exist to deliver goods and services to the folks and hopefully make a profit doing so. They do not exist to provide another social benefit to the population other than providing goods and services to the population.

Quote from: midcan5 on October 06, 2019, 05:47:02 AM
Interesting.  But how does a society, a nation deal with big business?  Businesses, corporations so powerful they control a great deal of media today.  And consider 'Citizens United' too, as it has opened the door to money managing the political, economic and social landscape of the world today. But even when the source or the reason for some information to be hidden or lied about is outed, how can the average working Joan know the whys or whether something is ultimately good or bad for them? The world has sure changed since Teddy Roosevelt fought the monopolies of the early twentieth century. When lobbyists and money manages our congress as it  appears to do today, what can you do.  Money talks and it supports more money.  Our congress is often mute because speaking threatens their comfortable position in government. Meanwhile the regulatory structure that keeps us safe disappears. And so it goes...

"The great corporations which we have grown to speak of rather loosely as trusts are the creatures of the State, and the State not only has the right to control them, but it is duty bound to control them wherever the need of such control is shown."  Theodore Roosevelt


"Now it is true that I believe this country is following a dangerous trend when it permits too great a degree of centralization of governmental functions. I oppose this — in some instances the fight is a rather desperate one. But to attain any success it is quite clear that the Federal government cannot avoid or escape responsibilities which the mass of the people firmly believe should be undertaken by it. The political processes of our country are such that if a rule of reason is not applied in this effort, we will lose everything — even to a possible and drastic change in the Constitution. This is what I mean by my constant insistence upon "moderation" in government. Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes you can do these things. Among them are H.L. Hunt (you possibly know his background), a few other Texas oil millionaires, and an occasional politician or business man from other areas. Their number is negligible and they are stupid." President Dwight Eisenhower

You know this, yet you support leftists, why?

Quote from: supsalemgr on October 06, 2019, 06:50:34 AM
It is clear you do not understand the purpose of businesses. They exist to deliver goods and services to the folks and hopefully make a profit doing so. They do not exist to provide another social benefit to the population other than providing goods and services to the population.

Spot on!!!
Corporations are not inherently evil. Nor do they owe employees anything beyond the agreement when they're hired.

Quote from: supsalemgr on October 06, 2019, 06:50:34 AM
It is clear you do not understand the purpose of businesses. They exist to deliver goods and services to the folks and hopefully make a profit doing so. They do not exist to provide another social benefit to the population other than providing goods and services to the population.

By driving away the ability of small businesses to be able to survive, and rely less on any labor from a human source.  I understand business, I also understand that the driving edge of technology and lack of human interaction while most work from day to day in cubicles or at a computer is just another form of corporate and governmental matrix.

If you can't see that Wal-Mart is going full autonomous in 5 to 10 years, that even the trucking industry is being threatened by such a shift, that companies have formed their own national hierarchy by removing all competition via "if you don't work for us we don't need you".

When major corporations move into an area it destroys the local economy.  They purposely take a loss by offering items below market value to drive customers to their establishment.  They then keep it up till the local businesses have no choice but to seceed and either close their business or sell it out to the competitor.  Wal-Mart was nefarious for this.  Murphy's which is attached to a lot of Wal-Mart's will do the same thing.

One just went under a complete rebuild and right after opening their doors was offering gasoline 20 cents cheaper than anywhere else.  Why? And after three months levied their price competatively.

They took a loss because they could and they needed to regain a foothold.  And it was all to establish pattern.  And this pattern happens everywhere when major corporations are involved because they can afford to do it.

I'm for free market, not for destroying someone else just because you can.

Quote from: Dont need to know on October 06, 2019, 07:40:21 AM
By driving away the ability of small businesses to be able to survive, and rely less on any labor from a human source.  I understand business, I also understand that the driving edge of technology and lack of human interaction while most work from day to day in cubicles or at a computer is just another form of corporate and governmental matrix.

If you can't see that Wal-Mart is going full autonomous in 5 to 10 years, that even the trucking industry is being threatened by such a shift, that companies have formed their own national hierarchy by removing all competition via "if you don't work for us we don't need you".

When major corporations move into an area it destroys the local economy.  They purposely take a loss by offering items below market value to drive customers to their establishment.  They then keep it up till the local businesses have no choice but to seceed and either close their business or sell it out to the competitor.  Wal-Mart was nefarious for this.  Murphy's which is attached to a lot of Wal-Mart's will do the same thing.

One just went under a complete rebuild and right after opening their doors was offering gasoline 20 cents cheaper than anywhere else.  Why? And after three months levied their price competatively.

They took a loss because they could and they needed to regain a foothold.  And it was all to establish pattern.  And this pattern happens everywhere when major corporations are involved because they can afford to do it.

I'm for free market, not for destroying someone else just because you can.

Welcome to the real world. Ya know, buggy whip manufacturers suffered the same fate, as did the wagon makers. Studebaker knew what was coming so he started manufacturing cars.
Point is, you make your own choices, you can either be a pawn in the big scheme of things or go into business for yourself.

Quote from: Solar on October 06, 2019, 08:09:23 AM
Welcome to the real world. Ya know, buggy whip manufacturers suffered the same fate, as did the wagon makers. Studebaker knew what was coming so he started manufacturing cars.
Point is, you make your own choices, you can either be a pawn in the big scheme of things or go into business for yourself.

Right.

Watching major corporations move in creating a gold sink to where the city and state only benefit from one point of sales while they import massive amounts from other countries to save some money.

I don't think you quite see the ramifications of such a process.  Every economic system has the same basis.  In order for it to thrive it has to export something.  Including a household if their is no export of goods or services it fails.  If the money in those coders leace the area more exportation is needed.

When a corporation gets a hold of the money it almost instantly leaves the area except for any bills, leases, paychecks, or taxes that accrued during the timeframe thereby creating a ( we will refer to it as gold sink ).

By destroying local business that puts a strain on cities, counties, states, and federal economies if there is not enough export to support the system.

Locally owned and operated businesses however increase the tax revenue on a second and third turn around if buyong locally.  An export is still needed to support infrastructure and safety programs such as police and fire, but the system can be sustained more easily.

Gold sinks put a strain on these measures past the point that it becomes combersom on other economies.

Quote from: Dont need to know on October 06, 2019, 08:34:26 AM
Right.

Watching major corporations move in creating a gold sink to where the city and state only benefit from one point of sales while they import massive amounts from other countries to save some money.

I don't think you quite see the ramifications of such a process.  Every economic system has the same basis.  In order for it to thrive it has to export something.  Including a household if their is no export of goods or services it fails.  If the money in those coders leace the area more exportation is needed.

When a corporation gets a hold of the money it almost instantly leaves the area except for any bills, leases, paychecks, or taxes that accrued during the timeframe thereby creating a ( we will refer to it as gold sink ).

By destroying local business that puts a strain on cities, counties, states, and federal economies if there is not enough export to support the system.

Locally owned and operated businesses however increase the tax revenue on a second and third turn around if buyong locally.  An export is still needed to support infrastructure and safety programs such as police and fire, but the system can be sustained more easily.

Gold sinks put a strain on these measures past the point that it becomes combersom on other economies.

Your myopic view and lack of understanding of the business world makes your rant literally impossible to wrap ones mind around.
I incorporated, but that never made me evil, it was to keep the govt off my back. For all your BS, Trump is changing the entire process, but even Trump can't, nor will he try and stop progress.
The jobs economy of today, won't exist in 40 years, as did the jobs of 40 years ago, and the future will continue to repeat the past as technology outdates itself.

Point is, it is up to you as an individual to adjust to the changing world, as did the Livery Stable owner of the 19th century.

Quote from: Solar on October 06, 2019, 08:09:23 AM
Welcome to the real world. Ya know, buggy whip manufacturers suffered the same fate, as did the wagon makers. Studebaker knew what was coming so he started manufacturing cars.
Point is, you make your own choices, you can either be a pawn in the big scheme of things or go into business for yourself.

Thanks. You beat me to it. It is called economic evolution. If all this technology is putting people out of employment we would not have the lowest unemployment rate in 50 years. It is up to the individual to make adjustments in their skills and goals. I personally was expecting a career in real estate, however, insurance offered me employment and I fortunately seized the opportunity.

Quote from: Solar on October 06, 2019, 08:58:39 AM
Your myopic view and lack of understanding of the business world makes your rant literally impossible to wrap ones mind around.
I incorporated, but that never made me evil, it was to keep the govt off my back. For all your BS, Trump is changing the entire process, but even Trump can't, nor will he try and stop progress.
The jobs economy of today, won't exist in 40 years, as did the jobs of 40 years ago, and the future will continue to repeat the past as technology outdates itself.

Point is, it is up to you as an individual to adjust to the changing world, as did the Livery Stable owner of the 19th century.

Ya.  Just like importing labor for them to send the money out of the country?  Sure.  We will not get out of national debt unless we can slow down importation and increase exportation.

And the stronger the monopoly on a local economy by corporations the more it suffers.  Just like any household.  Large corporations work on a global scale and push for the cheapest production ( which isn't a bad thing because it does bring about innovation ) but is a bad thing because it transfers that money to other economies that over extends our exports thereby deflating our overall assets to secure our budget.  America is importing more than it is exporting on too many levels.  Foreign aid, illegal immigrants ( I have witnessed this myself ) sending thousands of dollars across the border by the hour, military spending on a worldwide over expansion of our forces, and even unneeded subsidies.

We are bankrupt.  And major corporations that don't export more goods than they import are playing a hand in it.  If they monopolize our economic spending we are allowing the destruction of our ability to sustain a country be defaulting on our debts.  Just like when you are spending more than you make.  Then we go the road of Greece?

Quote from: supsalemgr on October 06, 2019, 08:59:57 AM
Thanks. You beat me to it. It is called economic evolution. If all this technology is putting people out of employment we would not have the lowest unemployment rate in 50 years. It is up to the individual to make adjustments in their skills and goals. I personally was expecting a career in real estate, however, insurance offered me employment and I fortunately seized the opportunity.

Exactly!!! Like water, people will always find the path of least resistance when it comes to eking out a living.
I too had plans on my future, but found it easier to turn it over to God and do as instructed, glad I did, my life has been blessed.

An optimist sees his money jar as half full, a pessimist sees it as half empty, while the realist gets a smaller jar and overflows it. Point is, the realist now has money to invest.