New Mexico State Investment Council v Bank of America
Since 2005, the Wall Street banks that comprise the major dealers of credit default swaps (“CDS”) have been engaged in a conspiracy to manipulate the CDS “final auction price,” the benchmark price used to value all CDS contracts market-wide at settlement.
NOTE: All assets purchased with illicit wealth are confiscatable without trial. This includes all the mansions on the Connecticut waterfront, all the real estate all over the world, the yachts, the aircraft, the stocks of gold and silver and jewels, and more.
The government’s June 2018 indictment says the traders’ scheme between June 2009 and October 2014 created the illusion of market movement by using large orders to inflate the price, with no intention of filling the orders, thus committing wire fraud, commodities fraud and conspiracy to commit commodities fraud.