Off Limits, but Blessed by the Fed. Somebody Stole 7 Milliseconds From the Federal Reserve. Last Wednesday, the Fed announced that it would not be tapering its bond buying program.
This news was released at precisely 2 p.m. in Washington "as measured by the national atomic clock. " It takes seven milliseconds for this information to get to Chicago. However, several huge orders that were based on the Fed's decision were placed on Chicago exchanges two to three milliseconds after 2 p.m. How did this happen? The Biggest Price-Fixing Scandal Ever. Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology.
You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. Bank Settlement May Leave Tiny Slices of a Smaller Pie. OCC Probing JPMorgan Chase Credit Card Collections. First in a series JPMorgan Chase & Co. took procedural shortcuts and used faulty account records in suing tens of thousands of delinquent credit card borrowers for at least two years, current and former employees say.
The process flaws sparked a regulatory probe by the Office of the Comptroller of the Currency and forced the bank to stop suing delinquent borrowers altogether last year. 4 Big Banks Score Perfect 61-Day Run.