Weekend Homework

Fri, Sep 16, 2011 - 10:41am

A friend and loyal Turdite sent me this earlier today. Dated 9/12/11, it is the amended and final version of the class action lawsuit against JP Morgan regarding manipulation of the silver futures market.

This is a detailed and lengthy read. Frankly, so far I've only had time to skim it but, from what I've seen, it confirms in stunning detail what we have long suspected about "Evil Empire" manipulation and scare tactics. Please take the time to ingest all of this information and use the comments below to discuss the implications.

11-09-12 FINAL Consolidated Class Action Complaint

About the Author

turd [at] tfmetalsreport [dot] com ()


Hoping to learn Michael222
Sep 16, 2011 - 5:11pm



Sep 16, 2011 - 5:13pm


If the plaintiffs end up settling out of court they should DEMAND PHYSICAL DELIVERY!

Hoping to learn Michael222
Sep 16, 2011 - 5:16pm

How you ask ?

RE:If I won't see silver 43-45 next week I will hand myslef

Submitted by Michael222 on September 16, 2011 - 2:23pm

How do we verify this?

Easy, By the smile on his face !!

Sep 16, 2011 - 6:10pm

RE Andrew McGuire's Motivation to Come Forward

Just a thought here, but it seems appropriate to speculate.

Andrew was willing to come forward because:

(1) He is, at heart, like all of us here, and wants to do the right thing; or

(2) He stands to recoup an enormous amount of money being a whistleblower in a Qui Tam action, or at a minimum, a plaintiff in his own wrongful termination / retaliation employment lawsuit vs. his former employer.

Who knows?

Sep 16, 2011 - 6:48pm

MacGuire's motivations

believe it or not altruism/conscience still exist in this world. Is that the case here? Perhaps. Either way the EE is only going to change under scrutiny and pressure from individuals shining the light on their cockroach existence. Gl to all that have the courage to forego the repercussions of "doing the right thing". As the old saying goes.....no good deed goes unpunished. They WILL go after you. That is how they prevent activism and it WORKS. In time the weight of evil will be their undoing but until then.....we can try.

Sep 16, 2011 - 6:56pm

@kliguy38 Yeah it's cool that

@kliguy38 Yeah it's cool that altruism/conscience still exist in the world but most of these Wall Street types always find religion after they have made their millions. I would prefer to find some justice in the world lately.

I Am The Unknown Comic
Sep 16, 2011 - 7:20pm

Thanks Tesla

@tesla - I want to thank you for figuring out and posting the Obama Baby Doll last night. Can you post the video too? It's on the same link (same page) but one has to click on the video tab to view it.

I am told, though this is not confirmed, that the Obama Baby Doll is on back order and buyers are encouraged to place their order now so they can get delivery in time for Christmas, which is ironically the celebrated birthday of the real Jesus.

I tell you this scares the dickens out of me. I don't think we have seen anything in the world like this since hitler.


Sep 16, 2011 - 7:35pm
Sep 16, 2011 - 7:46pm

@Unknown Comic

The video - not able to post, sorry man. I agree though it is very creepy. I hadn't though of the birth date which makes it all the more creepier... weird !!

Sep 16, 2011 - 8:24pm

Turd? Is that you?

Quit screwing around town!

Get back and update the website, would ya ! ;-)

Sep 16, 2011 - 8:27pm

Use of Put Options as Suppression Tool

When talking of the silver manipulation, focus is usually placed on the COT futures report with analysis of large trader short positions. Chris Powell of GATA talks about the use of ​put options​ in his discussion on the JPM CA suit. https://news.silverseek.com/SilverSeek/1316196109.php

Eric DeCarbonel also discusses the use of ​put options by the FED to control interest rates. https://www.youtube.com/watch?v=ZnZnkaq8Nf8&feature=player_embedded

I have also read the work of Rob Kirby where he discusses the use of derivatives (including options) ​to manipulate the Treasury market and hold down interest rates.



We also know all too well about the downside volatility that coincides with OE every month.

1)Is it possible to analyze option volume and positioning (Put/Call ratio?) in a similar way that the COT is analyzed?

2)Is the composition of the options market for a given commodity transparent?

3)Why isn't there a similar amount of comment and analysis regarding silver options as there is the silver COT?

4)Can options be used as a leveraged tool by large entities to suppress price?

a)Is it visible? b) Where would a person look to see if the FED was selling put options on US debt?

I Am The Unknown Comic Tesla
Sep 16, 2011 - 8:33pm


@tesla - I wonder if the Manger and baby crib are sold separately. Yuck!

Sep 16, 2011 - 8:39pm

GoodDoc Justice??

Supreme courts....Justice department....most AGs....Legislative and Executive branch now completely bought and paid for by the true Power... There will be no pound of flesh for the masses.....only a few sacrificial lambs for the heathern. Keep their bellies full and their hears will follow. It has been the game for hundreds of years. False flags and wars only when real obfuscation and cash flow is needed. gl with the justice however..

Sep 16, 2011 - 8:44pm


Having perused the allegations brought against JPM, who I despise, I used to think that laws were created by lawyers for lawyers. It wasn't until I opened my eyes, read up on history (the kind they don't teach in school), bought a bunch of gold and silver and came to understand that it wasn't the lawyers I should be angry with; It was the bankers that hire the lawyers that create the laws.

Now it's eyes wide open, I seriously doubt truth will be found but it's a dent. My grandfather always said to me that justice was exactly that 'just us". Today, if only it was that easy. Boy, have times changed.


Sep 16, 2011 - 9:09pm


off topic.

Does anyone here know a good chart site that can show me the Average/median Home price where I can apply some moving average overlay/indicator (could there be one with a good selection of countries?)

all help much appreciated.

turnoffthewater Economical Disaster
Sep 16, 2011 - 9:18pm

JPM Will settle

JPM Will settle

Submitted by Economical Disaster on September 16, 2011 - 2:40pm. ROTFLMAO!!!!! Nothing to see here, now run along
Sep 16, 2011 - 9:38pm

Wake Me When

Nice to see a nice new shiny suit in the works.

Please allow me to paraphrase;

Wake me up when there are any good antitrust and RICO suits on tap.

until then...

Crash JPM - Buy Silver

Sep 16, 2011 - 9:56pm

Is it just me?

Very interesting read, thanks Turd.

Okay, I have to say, "spoof trade". Seriously? wtF?!

JPM can walk into a market, shout 'Sell' and casually walk away without actually selling anything? That's what the complaint implies. The fact that something even remotely close to a head fake like this is allowed on the COMEX just astounds me. Amazing.

Please, will someone explain that this isn't how it sounds... spoof trade, amazing.

tankerfirstofficer laststraw
Sep 16, 2011 - 10:42pm

@laststraw RE: "Spoof" orders....

Some years back, I held a very sizable position in an equity (a holding I had for many years, and had accumulated over time). Toward the end of my holding, I would occasionally place a massive amount of this stock for sale -- in the hopes that someone would counter with a purchase of the majority of it, should they want "in." I wasn't interested in having it picked at by smaller buyers though, so the order was for the specified quantity (sometimes a Fill-or-Kill, sometimes just standard limit orders) if there was no interest, I would pull the order. Sometime later, I would begin to see orders on the buy side that were at or close to the levels of my sell volume -- indicating someone was "out there" looking for a fill from me. I did eventually sell out of the huge position at once doing this, but it took a while for my advances to "get noticed."

Now, there is absolutely nothing wrong with this practice -- even if I didn't own the shares and wished to open a massive short position. In my case, these were a sizable portion of shares I held, I placed them for sale, and then cancelled the order after a minute or so.

If THIS is what is being referred to by the term, '"spoof" trades' (I have no way of knowing, as the term isn't defined in the docket), then there's nothing wrong with THAT particular practice. You can advertise a large position any time you want... the risk is you get filled when you were just goofing around, which would be really foolish.

I +suspect+ that this is what the term might mean. If anyone has experience with this practice in this situation, I would love to learn about it.

Sep 16, 2011 - 11:46pm


Unfortunately, this isnt about who wins or loses, at least not to the plaintiffs.......for them (and their counsel of course) it's just about the money.....if JPM strokes a big enough check to the plaintiffs, it all goes away. The plaintiffs are happy, counsel is happy and the judge is happy to get it off his docket. So we shouldnt expect a damn thing out of this to reflect "justice" nope, its all about the cash boys. Nothing more. And the winner is usually the guys who outspend the other in preparation of their case.... The plaintiffs don't give a fuck about teaching JPM a lesson, they just want a payday, and they think they see one...........probably a contingency case to boot.

Sep 16, 2011 - 11:48pm

A couple of

A couple of points.............first this regarding Greece. https://www.minyanville.com/businessmarkets/articles/gold-market-gold-stocks-gold-price/9/16/2011/id/36933?utm_campaign=Newsletter&utm_medium=Minyanville+Digest&utm_source=20110916

It would seem that other EU countries have a veto on Greece deciding to leave the EU.................and that it would take a great deal of time for new rules to be discussed and implemented to even bring into effect the legislation needed for such an act to occur...................talk about a prison with bars that you can't even see !!!

Second, George Bush baby version turned the Presidential position of the country into a defacto dictatorship by law...... and nobody seemed to care. The President has the legal power to override any judicial or congressional decision. They are all lap dogs to the whim of the President in office. THAT alone should be enough to make people realize that every single thing that is presented to the public in terms of money, scandal, politics etc etc is truly just a sideshow and be altered at whim as needed.


Ladies and Gentleman, above is what was slipped by everyone in 2007. If that is not a defacto decree of a dictatorship by stealth, I don't know what is.

The next question is whether you trust those at the top to act in the best interests of the country or rather the best PEACEFUL and RESPONSIBLE interests of the country.

Sep 16, 2011 - 11:58pm

and one more thing

if they settle..or should i say "when" they settle.......the case and all allegations will be sealed and or dropped, meaning you cant reference this case at all in any other case regarding JPM and silver manipulation, so it sets no precedent to be referenced in future silver manipulation suits against JPM. So, no, it doesnt further our cause to expose JPM silver manipulation in the least....not one bit, except the rumor mill. But i'm not an attorney, maybe Ca lawyer could weigh in on this opinion.

Sep 17, 2011 - 1:05am

I have spent a couple of

I have spent a couple of hours reviewing the court filing this morning and notice amongst the 104 pages of damming allegations, it reveals the stunning reason that HSBC were dropped from the suit last week.

HSBC have now revealed the exact size of their futures positions to the plaintiffs, proving that JP Morgan has indeed been far and above the dominant bank involved in silver futures trading during the period of the allegations, 2007-2010. For just one example in August 2008 two US banks were short 33,805 silver contracts (155 million ounces) and HSBC have revealed by the disclosure of their own positions that JP Morgan were responsible for 31,000 of those contracts, the plaintiffs have deducted also at the time 92-100% of JP Morgan's silver positions were short and that JP Morgan held 56% of the net short concentration of the four large US banks involved in silver trading, more than the other three banks combined! - Just for reference world annual silver mining production for which Australia's BHP is the largest producer, is about 550 million ounces.

A whole section of the filing goes on to explain in detail how all four conditions that caused the CFTC to conclude previous allegations of manipulation to 2007 were unfounded were exactly the opposite during the period of these allegations, 2007-2010.

One of the most stunning allegations which by the way corroborates with McGuires allegations, describes in detail and charts how the trading platform of SAXO bank (provided by JP Morgan and Duetchbank) was used on at least 25 occasions to signal to the market that a manipulation was to to take place in the following 24 hours. A massive fake trade that mysteriously did not appear on the platform e- Signal was executed and withdrawn simultaneously and in each instance in the following 24 hours the price of silver inevitably plunged.

The 104 pages chock full of facts, names, dates and trades will be dynamite in court. It makes one wonder what more Bart Chilton could say when he speaks up in a few days time other that he is ready to take up position of head of the CFTC, due to the ineptitude of the current Chair. It is as serious inditement of the CFTC, Gary Gensler and the administration who appointed him, as it is of JP Morgan.

Its well worth downloading and reading the court filing over even for those of you read purely for hot tips. It IS a rather long turf guide and not only will you get a great insight to precious metals (or commodities) futures trading, but principally into the scale of allegations which now lay fairly and squarely at the feet of JP Morgan. It will be of huge political consequence now as to whether this case ever gets into court and makes monkeys of so-called US market regulation not to mention the reputation of the prime defendant, or if as is their way on the COMEX JP Morgan throw bundles of cash at the plaintiffs hoping they will just go away.

Tabberto Scissorspaperockstar
Sep 17, 2011 - 2:19am

good analysis paperscissorsrockstar

Good analysis paperscissors....and this is just the first wave of plaintiffs - multiple billions having being lost by this plaintiff list, many more to come on the back of it too who are lining up (and even more should be incentivised to take part on the back of the detail exposed here) - so due to the pyout size of the problem it is a little more complicated than 'just settling'....although of course that would be preferable to jpm and will be the likely end result. Absolutely it is the saxo bank platform stuff that is the biggie. a fake trade is as likely as the man painting the road markings walking out and painting wiggly lines across the middle of the road....not impossible but not something that one would expect repeatedly and certainly not time and time again with the exact same result in terms of the price following where the fake trade was marked to....am far from convinced that the people who are saying that this document wont make any difference have actually bothered to read it. Also, although it is true that gag orders will be inevitably be involved - this document is now on the public record (for sure jpm wont be pleased about that) with all the detail about saxobank and the named individuals who are now in the crosshairs. By the time any offer/settlement is agreed we need to get the story 'out there' - am personally hoping that we can get Taibbi to get his teeth into it among others.....to disincentivise further concentrated shorting outside of regular speculative position limit parameters.

Sep 17, 2011 - 2:53am

Thanks for connecting those

Thanks for connecting those dots Scissorspaperockstar :) And Taibbi...freak me out, you're both geniuses. Maybe TF can find a way to give that analysis a place of prominence so more will see it.

I bet Taibbi would be on this like white on rice, especially with access to the insights you two just related to give him a directional boost.

Anyone around here got Taibbi's ear?

RaRaRasputin Tabberto
Sep 17, 2011 - 3:18am


What a great suggestion about Matt Taibbi running a piece in the Rolling Stone about this. Now that would really help get the word out and seems just his kind of subject matter. Hat tip to you sir

Edited to add: Turd I know a PM journalist here in the UK who writes for MoneyWeek if you wanted to try and get the word out further here. MoneyWeek is pro-Gold and Silver and has been recommending it here for many years.

Sep 17, 2011 - 3:36am

evidently (look at the time)

evidently (look at the time) - all 3 of us are in the UK!

lets push this agenda through the weekend

RaRaRasputin Tabberto
Sep 17, 2011 - 3:41am


Greetings from Deepest Darkest Suffolk!

Happy to help make this happen :)

PS I think Stormdancer is in Aus

Sep 17, 2011 - 3:42am


agree it would be helpful to find someone who knows how to bend his ear....maybe max and stacy have an in, will touch base with them....

RaRaRasputin Tabberto
Sep 17, 2011 - 3:49am


Is that who you meant? If it is then that would be great!


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