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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: average joe who wrote (28355)3/23/2013 4:26:24 AM
From: teevee1 Recommendation  Read Replies (2) of 28369
 
The banks knew there was no gold. They knew because some bank directors also sat on the board of one particular international gold mining company that sent a geologist to look at Busang. He came back and reported to the board the alteration was deuteric and therefore no gold. The very next day, orders from bank owned brokerages went out to branch managers instructing them that no retail short selling would be allowed (I know because I heard this about two days after the report to the board and when I went to short Bre-X, I was contacted later in the day, told that head office has restricted retail investors from short selling). Short selling continued by the bank owned brokerages for their own accounts while waiting for a report on Busang, knowing in advance what the outcome would be, all the while telling clients surely there must be some gold there. When the report came in, the stock was halted and never traded again. THE reason why Felderhoff wasn't chased is because they were afraid questioning in a court of law might open enquiries finding the banks complicit if their own fraud against brokerage retail clients. If the class action went after the banks and their brokerage firms, there would be lots of money to recover. This was perhaps THE largest multi billion dollar fraud against retail investors in Canadian history and they got away with it.......the sad part is that I can't prove it-if I could, I would have come forward.
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