The Web of Deceit: The Tory Treasurer, the Bank Bailout and the $25 Million Fine for His Crooked Company
The interlinked nature of establishment politicians and their personal interests in promoting the banking bailout swindle onto the taxpayers has been exposed with a $25 million fine on the Tory Party treasurer’s personal financial company, ICAP, for “deceptive trading.”
Tory bigwig Michael Spencer set up ICAP several years ago to make money from what it describes as an “interdealer broker and provider of post-trade services” which is “active in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets, equities and equity derivatives.”
There is an obvious conflict of interest in having one of the most senior figures in the Tory party having direct interests in a company making millions out of the financial markets while his party is one of those responsible for pushing the bank bailout swindle.
It now seems that Mr Spencer’s business is somewhat less than kosher, although that will not come as a surprise to very many observers of the Conservative Party.
ICAP has been fined $25 million (£15 million) in America for “deceptive trade practices.”
In addition to the fine, five of its brokers were charged with aiding and abetting the “fraudulent conduct.” Two executives were charged with failing to supervise the brokers.
In a statement tonight the US Securities and Exchange Commission said that brokers from ICAP Securities USA had “displayed fictitious flash trades” and “disseminated false trade information” to attract customers.
It said: “ICAP’s customers believed the displayed fake trades to be real and relied on the phony information to make trading decisions.”
Lorin L Reisner, deputy director of the US-based Security Exchange Commission’s (SEC) division of enforcement, said: “It is essential that ICAP and other inter-dealer brokers refrain from engaging in conduct that discredits their privileged position in the marketplace. ICAP engaged in deceptive practices that violated the legal and professional standards required of market participants; our action today demonstrates zero tolerance for such conduct.”
Image: Mr Spencer makes a point with David Cameron.
