Gold Manipulation: A look behind the scenes.
Blanchard and Company Reveals Previously Undisclosed Anti-Trust Violation By Barrick and J.P. Morgan
Thursday , May 15, 2003 10:43 ET
NEW ORLEANS, May 15, 2003 /PRNewswire via COMTEX/ -- Blanchard and Company, Inc., the largest retail dealer in physical gold in the United States, filed today with the U.S. District Court for the Eastern District of Louisiana, a motion for leave to supplement and amend their anti-trust complaint to present new information further supporting Blanchard's claim against Barrick Gold Corporation and J.P. Morgan Chase & Co. These new filings include previously undisclosed information about J.P. Morgan's ownership interest in Barrick and Morgan's monopoly position in the U.S. market for gold derivative contracts.
After numerous attempts by Barrick to discredit Blanchard's case in the news media, Blanchard has brought Motions to Compel information from Barrick and J.P. Morgan about their joint efforts to manipulate gold prices and to share in the spoils of that manipulation.
The TrizecHahn Revelation
TrizecHahn Corporation was formed in 1996 from the merged interests of Argo Partnership L.P. (a J.P. Morgan & Co. / J.W. O'Connor fund) and the Horsham Corporation. This newly formed corporation included several directors present on Barrick's board as well as its Chairman, Peter Munk. Through this combination, TrizecHahn became the controlling shareholder in Barrick Gold Corporation.
Also in 1996, according to SEC records, J. P. Morgan Capital Corporation's Managing Director, Thomas S. Quinn III, was named to the Board of Directors of TrizecHahn, and sat on its Audit and Executive Committees. J.P. Morgan became a beneficial owner of Barrick through its controlling shareholder, TrizecHahn.
Blanchard and Company CEO, Donald W. Doyle, Jr., stated that, "Blanchard's discovery of the Argo Partnership documents linking J.P. Morgan to a beneficial ownership interest in Barrick helps to explain why J.P. Morgan provided Barrick with derivative contracts that virtually guaranteed it a risk free profit. Even Barrick's Chairman, Peter Munk, recently stated that its 'hedging program' with J.P. Morgan 'was almost too good to be true.' We believe J.P. Morgan has benefited financially from its ownership of Barrick, and from Barrick's manipulation of the price of gold."
TrizecHahn (and its affiliates, including J.P. Morgan) realized more than $1.3 billion in profits from Barrick Gold Corporation stock.
SOURCE Blanchard and Company, Inc.
CONTACT: Neal R. Ryan of Blanchard and Company, Inc., +1-800-880-4653
URL: savegold.com
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