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JP Morgan, The Biggest Bank In The World, Just Got Duped Into Literally Buying Bags Of Rocks They Thought Was Nickel

JPMorgan Chase & Co. owned the London Metal Exchange nickel contracts that turned out to be backed by bags of stones rather than metal, according to people familiar with the matter. The LME last week announced it had canceled nine nickel contracts — worth about $1.3 million — after discovering “irre

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JP Morgan, The Biggest Bank In The World, Just Got Duped Into Literally Buying Bags Of Rocks They Thought Was Nickel

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