CFTC Confirms Its Complicity

173
Wed, Sep 25, 2013 - 12:37pm

In what can't be termed a surprise, Reuters reports today that the CFTC is prepared to close it's silver investigation.

In the end, why should this surprise anyone? They've covered up the manipulation for five years. If they were to act now, they would be opening themselves to liability based upon their inaction. All they can do now is cover up and hope that the entire issue slips away into irrelevance.

The institutions of government are hopelessly corrupt. I believe fear know now that we are too far down the path of tyranny and corporate fascism to ever be rescued.

TF

From Reuters: https://www.reuters.com/article/2013/09/25/us-cftc-silver-idUSBRE98O0SR20130925

The U.S. Commodity Futures Trading Commission on Wednesday said it has closed its long-running investigation into complaints about manipulation in the silver markets, and is not recommending charges.
The CFTC publicly confirmed the probe in September 2008. At the time, the agency had received complaints about whether the silver futures contracts traded on the Commodity Exchange Inc (COMEX) were being manipulated.
"Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets," the CFTC said in a statement.

The full CFTC statement is here: https://www.cftc.gov/PressRoom/PressReleases/pr6709-13

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  173 Comments

tmosley
Sep 25, 2013 - 12:54pm

But, see, I don't know how to

But, see, I don't know how to reach any of these people. I'm not in the loop. At this point, they'd have to come public themselves in a Snowden-esque fashion and that takes courage rarely found in ordinary men.

The Dodd-Frank "whistleblower" protection supposedly only grants legal protection to those coming forward to assist in active investigations. It's my understanding that, without an open investigation, anyone divulging corporate information can be considered criminally liable for damage caused. With this in mind...Did the CFTC rush to close the case in the hopes that they can permanently muzzle these two individuals?

ForWhomTheTollBuilds TF
Sep 25, 2013 - 12:55pm

And again, here's the thing

I don't have any insight into the law on this, but I can sort of imagine:

- CFTC tracing trade activity through JPM back to the BIS and the BIS saying, "when we do this it's not illegal or even untoward, its policy. Like how if you print money its counterfeiting but when a central bank does it, its called 'monetary policy'. Your job is to stop the illegal from happening so why don't you go concentrate on that?"

- CFTC gets legal opinion from own lawyers who tell them the same thing.

- CFTC makes "proper" finding that nothing illegal is happening.

Orange
Sep 25, 2013 - 12:57pm

Staff Hours

They said they did exhaustive work.

Let's see, 7,000 hours divided by 40 is 175 work weeks or 35 single person work weeks per year. I can only guess how many people would need to be involved plus management oversight now let's say 10 which is likely low.

3.5 weeks per year does not seem to me to be exhaustive.

The Division of Enforcement’s investigation utilized more than seven thousand enforcement staff hours. The staff reviewed and analyzed position and transaction data, including physical, swaps, options, and futures trading data, and other documents and information, and interviewed witnesses.

Orange
Sep 25, 2013 - 12:59pm

Whistleblowers

Turd, if I understand correctly, they contacted you and you passed them on to Andy.

Perhaps they are Turdites?

silverwhere
Sep 25, 2013 - 1:01pm

CFTC website - CFTC Closes Silver Investigation

[ Another repost (can't keep up to the threads) - see also the last posts on the Andy & Max thread ]

...

September 25, 2013

Washington, DC – The Commodity Futures Trading Commission (CFTC or Commission) Division of Enforcement has closed the investigation that was publicly confirmed in September 2008 concerning silver markets. The Division of Enforcement is not recommending charges to the Commission in that investigation.

From the CFTC website:

https://www.cftc.gov/PressRoom/PressReleases/pr6709-13

.

glimas
Sep 25, 2013 - 1:02pm

sign of collasping empire

The sign is open theft no longer being hidden but done out in open sight for all to see. We are here, buckle up we are gonna ding boyz. Time is short, prepare as best you can.

Sep 25, 2013 - 1:03pm

Sure make you ponder the meaning of the word FRAUD

Reposted from the other thread, this is CFTC's Precious Metals Fraud tips and comments page here.

And did you know that "advertising on radio, television, or online" is a sign of a possible fraudulent sales pitch when it comes to Precious Metals? The CFTC wants you to be aware of this (from the CFTC metals fraud page):

SIGNS OF A POSSIBLE FRAUDULENT SALES PITCH

0 Made by people who call themselves "metals dealers" or "merchants."

0 Advertised on radio, television, or online.

I presume that a hand-lettered cardboard sign saying "I sell gold" is OK, that seems to be the only form of advertising they DON'T consider to be a sign of potential fraud. Thank you CFTC ! I assume they post similar warning for corn, soybeans, lumber, and all the other commodities they regulate too, right? Those shady lumber salesmen, always trying to defraud you by "advertising on radio, television, or online". Yup, you can spot them a mile away.

Be Prepared
Sep 25, 2013 - 1:04pm

CFTC.... really TCFC....

The Crap Factory Commission (TCFC)....

Need I say more.... there's a river flowing out of that institution and it smells like $hit..... so I guess you could say "Same $hit Different Day!"

Sep 25, 2013 - 1:05pm
jezfry
Sep 25, 2013 - 1:06pm

What distinguishes PM manipulation

...from all the other dodgy dealings at J P Morgan is that it isn't just about making money and breaking the law - this is a cartel driven attempt to keep the corrupt and broken system alive. This goes as deep and wide as we can imagine...

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