Tag Archives: HSBC

Goldman Sachs, HSBC, BASF Sued in First US Metals Price Manipulation Case – 27 November 2014

RT logoFour major global firms are to appear in a New York court accused of manipulating platinum and palladium prices for eight years. The law suit is the first of its kind in US history.

Those accused include units of Goldman Sachs Group, the world’s biggest global investment bank, HSBC Holdings, Europe’s largest bank by market value, the metals unit of BASF SE (BAS) ), the world’s largest chemical company, and Standard Bank Group from South Africa, the world’s largest producer of platinum and second largest producer of palladium after Russia.

The plaintiffs claim the manipulations of precious metals prices, which is believed to have started in 2007, have cost purchasers millions of dollars, Reuters reports.

The companies have been sued for using insider information about client purchases and sale orders to profit from slight movements in the price of platinum group metals, be they used for jewelry or for industrial use, such as the production of automotive catalytic converters, fuel cells, etc.

Read the full story at: www.rt.com / link to original article

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OpEdNews – HSBC, Too Big To Jail, Is The New Poster Child For US Two-Tiered Justice System – 13 December 2012

OpEdNews
By Glenn Greenwald

Cross-posted from The Guardian

DOJ officials unblinkingly insist that the banking giant is too powerful and important to subject to the rule of law

Lanny Breuer, HSBC

Assistant attorney general Lanny Breuer said taking away HSBC’s US banking licence could have cost thousands of jobs. Photograph: Richard Drew/AP Continue reading

Libor Scandal : Seven Banks Summoned In US Probe – 16 August 2012

Barclays was fined for trying to manipulate the Libor rates

Seven banks, including HSBC and Royal Bank of Scotland, are to be questioned in the US for alleged manipulation of the Libor inter-bank lending rate.

The other banks receiving subpoenas by the New York attorney general are Barclays, Citigroup, Deutsche Bank, JPMorgan and UBS. Continue reading