Goldman Sachs Caught Manipulating US Dollar- Ordered To Pay $120 Million

By Earnest Jones, The Goldwater · 12-26-2016
Photo credit: The Goldwater

The corrupt Goldman Sachs has a track record of malicious acts all aimed at self-profiting as it robs the American citizens, it was recently revealed that the company paid the Democratic nominee Hillary Clinton nearly $700,000 for three one-hour speeches. The same company is up to no good, it has been ordered to pay a whooping nine-figure sum for engaging in currency market manipulation. Reuters reported that Goldman Sachs often tried to manipulate a global dollar benchmark for interest rate products over a five-year period and thus it has been ordered to pay 120 million to settle the charges.

The report states that Goldman Sachs was taxed the civil penalty to settle charges that it severally tried to manipulate a global dollar benchmark for interest rate products over a five-year period.

Reuters cited the Commodity Futures Trading Commission’s report, Goldman Sachs was involved in illegal activities to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix benchmark and thus it was ordered to take measures to curb such occurrences.

In a statement issued by CFO’s Sean Allocca, Goldman worked with its own traders including the head of Goldman’s Interest Rate Products Trading Group to create false reports and manipulate fixed-interest-rate swap rates for a duration of over five years. In a move aimed at influencing the U.S. Dollar International Swaps Derivatives Association Fix (ISDAFIX) and global benchmark.

The details of the investigation were described by Alloca who stated that the CFTC issued emails and recordings which show traders discussing trades based on a jacked price opposed to the fair price and how they managed to manipulate for selfish gain.

Alloca wrote that several investment firms have been subjected to such orders, with Goldman being the latest in a series of international missteps. Barclays was penalized with a $400 million order back in 2015 while Citigroup had a $175 million order last May.

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