Meet The New Boss

56
Fri, Apr 25, 2014 - 4:37pm

Do you know this man?

You should... he is now in charge of the CFTC, the government agency that "regulates" gold and silver futures trading, now that our buddy Gary Gensler has retired. His name is Tim Massad and he will do absolutely nothing to enforce the rule of law or ensure fairly traded markets.

How do I know this? Well, Tim Massad last worked directly for Geithner at the US Treasury department where he was best known for overseeing the 0bn troubled asset relief program, known as TARP, set up in 2008 to help prop-up ailing US banks following the financial crisis. He also worked on managing the US Treasury's investment in Citigroup. Before joining the US Treasury as chief counsel for the Office of Financial Stability in 2009, Massad spent 25 years with law firm Cravath Swaine & Moore, where he represented a range of companies including investment bank Lazard and worked to standardize legal documents that allowed derivatives to be actively traded between counterparties.

So lemme get this straight:

1. Oversaw using taxpayer money to bailout bank's gambling debts

2. "Managed" using taxpayer funds to prop up zombie bank Citi

3. Is a lawyer who represented investment banks

4. Worked to smooth-out the legal issues arising from the invention of derivatives... helped make it workable from a legal standpoint, in other words.

So if you wanted the archetype of a bankster shill/taxpayer nemesis, this would be your guy. You know what I don't see in any of this? Any experience in Commodities. Or in Futures. Or in Trading. But by all means, lets put him in charge of the Commodities Futures Trading Commission. Senate confirmed his appointment earlier this year.

So we have every reason to expect that he will watch out for small investors and will ensure free and fair precious metals markets just as his predecessor did. So meet the new boss... when it comes to gold and silver, he's the same as the old boss:

And a bonus pic, illustrating the fine work we've come to expect of the CFTC in the metals markets.

About the Author

  56 Comments

silver66
Apr 25, 2014 - 4:54pm

First

Look what I found at lunch

Lets see them regulate this :-)

silver66

CPE
Apr 25, 2014 - 4:55pm

Gangsta

Video unavailable
Hagarth
Apr 25, 2014 - 5:10pm

How healthy is Tim Massad?

China's Reformist Regulatory Banker Li Jianhua Dies from Heart Attack

By Lewis Dean
April 24, 2014 18:29 GMT

China Banking Regulatory Commission banker Li Jianhua died of a heart attack on Wednesdayhttps://www.wtoutiao.com/

A leading Chinese banker who paved the way for a wave of industry reforms has died of a heart attack.

Li Jianhua was found dead at his home by his wife, reported the South China Morning Post.

The China Banking Regulatory Commission employee was due to make a speech , according to a source quoted by financial magazine Caixin.

The 49-year-old was director at the Non-bank Financial Institutions Supervision Department of the regulator and regarded as a key component in drafting legislation in 2007 on China's trust companies.

He was made chair of the banking regulator in Shaanxi province that year but returned five years later to the state commission's non-bank department as director.

Li, who had graduated from Wudaokou Finance Institute, focused on tightening the department's control of trust companies. During the during the 2012 China Trust Industry Summit said: "The industry grows rapidly, and so does the risk it has brought to the financial industry."

His legislation was described by KPMG China as a turning point in the fundamental restructuring of the industry.

https://www.ibtimes.co.uk/chinas-reformist-regulatory-banker-li-jianhua-...

BagOfGold
Apr 25, 2014 - 5:17pm

This important thread has been interrupted...

for some news breaking information!...Has Green Lantern gone to the "dark side" & become a traitor?...

https://www.tfmetalsreport.com/comment/617393#comment-617393

WOW!...Pining does it again...with another great article...& of course...some incredible artwork!...Carry on Pining...& again...Thanks for everything!!!...

Bag Of Gold

buzlightening
Apr 25, 2014 - 5:19pm

Regulation = regurgitation of the same

EEE neoCONs. These parasites don't want much. All the world and everything which people of moral value; work ethic can produce. As the tards run out of what is no longer there, to gorge their rat bastard nymph single greedy celled brains upon, the ratty parasites turn on themselves after scorching the earth. All pond scum low lifers of absolutely no conscience. One giant sponging vampire squid strangulating the earth of all things moral, and of lasting substance. I fart in the scumbag low lifers general direction for what it's worth.

Mammoth
Apr 25, 2014 - 5:38pm

Second!

Honestly...nothing to contribute...it's just that I logged on and found an (almost) brand-new thread so I claimed second place.

On second thought...nobody here expected they would choose a new CFTC director who would actually clean house and enforce the trading laws, did you?

------------------------------------------------------------------------------------------

While we're all here, take a look at this example that shows why it is not a good idea for amateurs to clean coins. It seems we were cleaning out a storage tank at work, and the bottom was filled with a caustic sludge which measured 12.8 on the pH scale. A light went off in my head and I decided to try cleaning some common-date silver coins with the stuff. After all, anything with a pH of 12.8 should take the grime right off a coin, just as it will take off the top layer of your skin, right? So I put on rubber gloves & safety glasses, and dutifully scrubbed these coins with the sludge, using a toothbrush.

Given how badly I screwed up Physical, it would be unwise for someone like me to meddle in Paper PM's. The results show why amateurs should not attempt to clean coins.

(Original condition coins are in the top half of the image, while the bottom half shows them after they were cleaned.)

Now these sad-looking classics are sitting in my cull-jar, keeping company with the holed halves, dateless Standing Liberty Quarters, and Barber smoothies - awaiting the next meaningful silver price spike so that I can sell them to the melter.

Unfortunately, with basically the same old, same old running the CFTC, it may be a long, long time until the next meaningful silver price spike!

Scooter
Apr 25, 2014 - 5:51pm

Twin sons

Twin sons of different mothers??? Looks to me like Tim could be Gary's older sibling. P4, you should put those pic's together so we can see how similar they look. Seriously I don't think any of us expected anything else. The corruption is blatant and obvious to all.

Airgead
Apr 25, 2014 - 5:52pm

What???

Tim Mossad???

AlienEyes
Apr 25, 2014 - 5:58pm

What???

Tim Mossad??? Is that a Swiss name?

SamSchlepps
Apr 25, 2014 - 6:02pm

Maybe the new Timmy will have a different interpretation

From Jesse's links: https://wallstreetonparade.com/2014/04/did-the-sec-admit-that-it-knows-t...

The SEC writes:

“Directional strategies generally involve establishing a long or short position in anticipation of a price move up or down. The Concept Release requested comment on two types of directional strategies – order anticipation and momentum ignition – that ‘may pose particular problems for long-term investors’ and ‘may present serious problems in today’s market structure.’ An order anticipation strategy seeks to ascertain the existence of large buyers or sellers in the marketplace and then trade ahead of those buyers or sellers in anticipation that their large orders will move market prices (up for large buyers and down for large sellers). A momentum ignition strategy involves initiating a series of orders and trades in an attempt to ignite a rapid price move up or down. As noted in the Concept Release, any market participant that manipulates the market has engaged in conduct that already is illegal. The Concept Release focused on the issue of whether additional regulatory tools were needed to address illegal practices, as well as any other practices associated with momentum ignition strategies.”

We have italicized the following phrases in the above paragraph: “trade ahead”; “in an attempt to ignite a rapid price move up or down”; and “conduct that already is illegal.” The SEC certainly appears to be saying that it recognizes these activities to be market manipulation and illegal under the statutory framework of the Securities Exchange Act of 1934.

fyi cal law

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Key Economic Events Week of 10/14

10/15 8:30 ET Empire State Fed MI
10/16 8:30 ET Retail Sales
10/16 10:00 ET Business Inventories
10/17 8:30 ET Housing Starts and Bldg Perms
10/17 8:30 ET Philly Fed MI
10/17 9:15 ET Cap Ute and Ind Prod
10/18 10:00 ET LEIII
10/18 Speeches from Goons Kaplan, George and Chlamydia

Key Economic Events Week of 10/7

10/8 8:30 ET Producer Price Index
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Key Economic Events Week of 9/30

9/30 9:45 ET Chicago PMI
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10/2 8:15 ET ADP jobs report
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Key Economic Events Week of 9/3

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Key Economic Events Week of 8/19

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