, 3 tweets, 2 min read Read on Twitter
Merrill Lynch's commodities unit pays $25M & agrees to cooperate for rigging the cost of precious metals on the futures market from 2008-2014. I guess no one was looking for corruption during that time period! #ButNothingsHappening
So Merrill Lynch & their parent company Bank of America Corporation (BAC) have agreed to flip & provide evidence against individuals & corrupt schemes being used in BAC’s Global Markets’ Commodities Business. #ButNothingsHappening
There is also a separate parallel deal with the Commodities Futures Trading Commission (which is a trend) as many of these commodities traders (Glencore & others) were rigging futures trading by manipulating reported inventories. This includes units run by many of the big banks.
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