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Bombshell Dropped in Federal Court: Proof of a Silver Market “Mafia” Among Big Banks

by Pam Martens and Russ Martens, Wall Street On Parade:

market-riggersLawyers representing traders who allege they were ripped off by a group of colluding global banks filed eye-popping evidence in a Manhattan Federal Court yesterday showing that even as global banks were being criminally probed for rigging currency markets, they continued to engage in rigging the silver market, with a UBS trader referring to the group as the “mafia.”

In order to settle the charges against it in the matter, yesterday’s filing shows that the beleaguered Deutsche Bank turned over to the plaintiffs’ attorneys “more than 350,000 pages of documents and 75 audio tapes” that implicate other banks in a very serious way. In addition to banks previously named in the lawsuit (Deutsche Bank, HSBC, The Bank of Nova Scotia and UBS), trader conversations captured in the material provided by Deutsche Bank seriously implicate Barclays, Standard Chartered, BNP Paribas Fortis and Bank of America/Merrill Lynch.

According to yesterday’s filing, a trader conversation on June 8, 2011 went like this:

UBS [Trader A]: im gonna sell a lil more we need to grow our mafia a lil get a third position involved

Deutsche Bank [Trader B]: ok calling barx10 [Barclays]

The plaintiffs lawyers writer further:

Read More @ WallStOnParade.com

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