Goldman Sachs joins three other major in banks in lawsuit tied to metals manipulation

The price rigging and manipulations just keep on coming in the Western financial system as a new lawsuit filed against Goldman Sachs, HSBC, and two other major banks accusing the institutions of wide-spread price fixing in Platinum and Palladium over a sever year period has been filed in Federal court this week.

The lawsuit filed in a court in Manhattan was done by Modern Settings LLC, a Florida-based maker of jewelry and police badges, and brings a to a judge a case where losses incurred to both businesses and customers equates to millions of dollars in over-pricing tied directly to commodity broker manipulation.

Four 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 metalsunit of BASF SE (BAS) ), the world’s largest chemical company, and Standard BankGroup 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. – RT

This new accusation is just one of dozens brought against several major banks over the past four years that include manipulation over Libor, interest rate swaps, forex, and other precious metals like gold and silver.

Additionally, Modern Settings LLC, should hope that whomever presides over this lawsuit does not have banking interests like the judge who presided over an ongoing whistle blower scandal that saw a conflict of interest officer of the court, with ties to Goldman Sachs, fail to recuse herself, and subsequently throw out the case before it made it to trial.

The sad part about America’s banking and financial system is that it is now obvious to everyone that it is entirely rigged, and rigged to protect the banks and their program of wealth re-allocation.  And just as HFT market rigging siphons off money from every stock transactions made, so too does their price fixing of metals as it costs jewelers and customers tens of millions of dollars per year that go straight into the pockets of the middlemen at banks like Goldman Sachs.

Kenneth Schortgen Jr is a writer for  Secretsofthefed.com,  Examiner.com, and hosts the popular web blog, The Daily Economist. Ken can also be heard Friday evenings giving a weekly economic report on the Angel Clark radio show.

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