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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (34260)	5/20/1999 12:03:00 PM
From: Baba 2	Read Replies (2) \| Respond to of 116770

To All, Shhhhh!....don't tell anyone lest they think we're trying to start a conspiracy... biz.yahoo.com

To: Enigma who wrote (34260)	5/20/1999 12:42:00 PM
From: long-gone	Respond to of 116770

If copper on the upside, why not gold on the downside? Thursday May 20, 12:11 pm Eastern Time U.S. CFTC charges others in Sumitomo copper case WASHINGTON, May 20 (Reuters) - The U.S. Commodity Futures Trading Commission said Thursday it filed a complaint against Merrill Lynch and Co. Inc. (NYSE:MER - news) and Global Minerals and Metals for working with Sumitomo Corp. to manipulate the world price of copper from October to December 1995. Also charged with wrongdoing by the CFTC were Global president R. David Campbell and Global's chief copper trader Carl Alm. The CFTC alleged Global ''manipulated, cornered and attempted to manipulate and attempted to corner the copper market in 1995.'' The complaint also names New York City-based Merrill Lynch & Co. and Merrill Lynch International Inc., as well as London-based Merrill Lynch Pierce Fenner and Smith Ltd, for aiding and abetting Global, Campbell and Alm in manipulating the world copper market. Sumitomo paid a $125 million fine in May 1998 to settle CFTC charges in May 1998 that the company manipulated the copper market. The company also agreed to set up a $25 million fund to reimburse investors hurt by the manipulation scheme. The agency said Global acquired and maintained a dominant and controlling position in London Metal Exchange warehouse stocks of copper and withheld that copper from the market. At the same time, the CFTC said Global purchased long copper futures contract positions and ''engaged in an elaborate scheme of deception and false statements, which fostered the manipulation.'' Merrill Lynch aided in the manipulation by providing ''large sums of credit and finance'' that Global and Sumitomo used to corner LME warehouse copper stocks, the CFTC said. The agency said it will hold a public hearing to determine if the charges in the complaint are true. Possible sanctions include fines of not more than the higher of $100,000 or triple the monetary gain for each violation. Merrill Lynch, in a statement, said the CFTC's allegations are without merit. (-Tom Doggett, Washington News Room, 202-898-8320) More Quotes and News: Merrill Lynch & Co Inc (NYSE:MER - news) Related News Categories: banking, mining/metals, US Market News biz.yahoo.com