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Monday, August 15, 2011

FXCM "settlement" about funding captured regulator / NFA


Just my opinion but it's the way EVERYTHING in this economy seems to be set up.. "Fine print = a license to steal." Especially when it comes to financial companies.

From @fx_13 (follow him on twitter) Original paper: http://j.mp/mYTCw3 NFA fines FXCM $2 million for slippage malpractices, FXCM will credit clients back @Ancient_Warrior

"For the portion of clients who are receiving restitution, the median amount will be $17.40."

[WHEN do we get to FORCE these criminals to ADMIT GUILT?! Has anyone else noticed that NONE of them EVER have to admit that they even did anything wrong?!]

"Under the terms of the settlement, FXCM US has agreed, "without admitting or denying any of the allegations", to pay a fine of $2 million to the NFA and to provide restitution, which the company estimates to be $8 million, to the affected clients."

So while the average client restitution is $17.40 the regulator, NFA, gets 2 MILLION.. WTF?

And also, as part of the tit for tat, no admission of guilt deal, FXCM promises to do what? "to ensure compliance with NFA’s anti-money laundering requirements." ie; to try harder to find more revenue for the government?!

Here is the whole sad story

If you do not realize that trading FX is a rigged game from the get go then you better stop trading until you figure it out..

The real trick, the real "Holy Grail" is in figuring out exactly when where & how the central banks / Primary Dealers manipulate the forex market and take advantage of that knowledge, period..

Nuff said


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