By Jack Burns
The same company that paid Hillary Clinton nearly $700,000, for three one-hour speeches, has now been ordered to pay a nine-figure sum for currency market manipulation.
Goldman Sachs was ordered to pay 120 million, “to settle charges that it often tried to manipulate a global dollar benchmark for interest rate products over a five-year period,” according to Reuters.
The investment corporation was levied the “civil penalty to settle charges that it often tried to manipulate a global dollar benchmark for interest rate products over a five-year period,” the report states.
Citing the Commodity Futures Trading Commission’s report, Reuters stated that Goldman Sachs engaged in its illegal activity in an attempt to “manipulate the U.S. Dollar International Swaps and Derivatives Association Fix benchmark,” and was ordered to cease from doing so in the future by taking measures to prevent a recurrence.
According to CFO’s Sean Allocca, “The investment bank used its own traders, including the head of Goldman’s Interest Rate Products Trading Group, to manipulate and create false reports concerning fixed-interest-rate swap rates over a five-year period. The trader’s bid, offered, and executed transactions ‘deliberately designed’ in both timing and pricing to influence the global benchmark, the U.S. Dollar International Swaps and Derivatives Association Fix (ISDAFIX).”
In other words, it appears as though the investment firm was manipulating the value of the dollar, globally, for its own profit.