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18 Sep, 2015

PressTV – ‘US banks rigged $12.8 trillion market’

Dealers including top American banks which control the $12.8 trillion US Treasury market rigged bond auctions for years, Bloomberg reports.

Citing a federal antitrust lawsuit, the financial data and news provider says the likes of Goldman Sachs, JPMorgan, and Morgan Stanley coordinated to manipulate Treasury auctions. The 115-page lawsuit has been filed in Manhattan federal court by a number of law firms against 22 primary dealers “who serve as the backbone of Treasury trading”, Bloomberg said.

It comes as the US Justice Department probes whether information in the Treasury auction market is being shared improperly by financial institutions.

Source: PressTV-‘US banks rigged $12.8 trillion market’