Exclusive: FBI suspects Wall Street front running of Fannie, Freddie in swaps market

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Exclusive: FBI suspects Wall Street front running of Fannie, Freddie in swaps market

Exclusive: FBI suspects Wall Street front running of Fannie, Freddie in swaps market

Of course, they are… Fraud is their business model.

The Government will have an fix APP for this too. Pay a settlement and be on their way to rake in billions in bonuses.


Reuters-

Wall Street traders may be manipulating a key derivatives market and front running Fannie Mae and Freddie Mac, hurting the US-owned mortgage giants in the process, according to an FBI intelligence bulletin reviewed by Reuters.

Using what Federal Bureau of Investigation agents described as “unsophisticated tradecraft,” such as hand signals and special telephone ring tones, some traders are conspiring to rig rates on large orders submitted by Fannie Mae FMNA.OB and Freddie Mac (FMCC.OB), or front running them in the interest rate swaps market, the document says.

The FBI said in the bulletin that the information came from a former high-level employee at a U.S. bank and an employee at a Canadian Bank, plus interviews with other bank workers conducted in 2012 and 2013. The former high-level employee at the U.S. bank estimated the front running had resulted in profits of $50 million to $100 million for the bank, the FBI said.

[REUTERS]

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One Response to “Exclusive: FBI suspects Wall Street front running of Fannie, Freddie in swaps market”

  1. Sarah says:

    I thought there were Arabs to monitor for terror? Or disgruntled ne’ver do wells who might start a street protest? These things are far more important than casino operations. Crime, national security – apply when necessary and only to the powerless.

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