Tuesday, March 19, 2013
JPMorgan wins dismissal of silver price-fixing lawsuit
From reuters.com
Original source
(Reuters) - JPMorgan Chase & Co (JPM.N) has won the dismissal of a nationwide investors' lawsuit accusing the largest U.S. bank of conspiring to drive down silver prices.
U.S. District Judge Robert Patterson in Manhattan said the investors, who bought and sold COMEX silver futures and options contracts, failed to show that JPMorgan manipulated prices at their expense, including by amassing huge short positions that were not justified by market events at the time.
In a decision made public on Monday, Patterson said that while the investors showed that JPMorgan had the ability to influence prices, a fact the bank did not dispute, they failed to show that the bank "intended to cause artificial prices to exist" and acted accordingly.
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Occupy Cyprus
From Euronews
This image seems to sum up the feeling of crowds towards the German influenced EU bailout
Conversations with Great Minds - Prof. Steve Keen
Sydney based economist, Steve Keen is interviewed on the RT show "The Big Picture"
From TheBigPictureRT
From TheBigPictureRT
There is always a silver lining
From The Australian
Original source
ALEXANDER Downer is among those who will lose money under a new bank depositors' tax in an EU bailout for Cyprus.
The Howard government foreign minister holds a personal bank account in Cyprus, and the new tax will apply to residents and non-residents alike.
Mr Downer said he used the account when in the country in his capacity as the UN Secretary-General's special adviser on Cyprus. He was in Cyprus for all of last week and yesterday spoke from New York, where he is preparing to this week brief the UN Security Council on the recently finalised elections.
"The economic situation is not my area of expertise -- but I know all about it because I have a bank account in Cyprus," Mr Downer said.
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Cyprus levy tipping point for Eurozone between safety & panic
From RussiaToday
Cyprus may make its citizens shoulder a 12.5-percent crisis tax on savings larger than €100,000, while reducing the tax for smaller deposits to 3 percent, Reuters reported. Panic ensued as Cypriots rushed to withdraw savings. Global markets analyst Patrick Young says that EU's proposition to encroach on personal as well as foreign bank deposits deeply endangers the banking system.
Cyprus may make its citizens shoulder a 12.5-percent crisis tax on savings larger than €100,000, while reducing the tax for smaller deposits to 3 percent, Reuters reported. Panic ensued as Cypriots rushed to withdraw savings. Global markets analyst Patrick Young says that EU's proposition to encroach on personal as well as foreign bank deposits deeply endangers the banking system.
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