Skip to comments.Feds probing JPMorgan trades in silver pit
Posted on 05/09/2010 3:13:23 AM PDT by Daisyjane69Edited on 05/09/2010 3:54:59 PM PDT by Admin Moderator. [history]
Federal agents have launched parallel criminal and civil probes of JPMorgan Chase and its trading activity in the precious metals market, The Post has learned.
The probes are centering on whether or not JPMorgan, a top derivatives holder in precious metals, acted improperly to depress the price of silver, sources said.
(Excerpt) Read more at nypost.com ...
Hey thanks...I didn’t see that. A long set of reads but I’ll bookmark it for tomorrow.
What makes the NYPost thing somewhat interesting is that they appear to be the only MSM outlet interested in covering this. It can’t be a cover for Obama, as this has (perhaps) been going on a long time.
Don’t expect much to come from any investigation, but it’s nice to see some cages being rattled a bit. LOL
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Speaking of that, I stumbled upon this:
haven’t read it yet, but there it is.
Note that the “complaint” linked at response #2 here was on April 9. This article that they’re actually launching an investigation appears to be breaking news. This should kick it up a notch on Monday morning.
What is mind-boggling to me is that no one in the MSM is touching this. It could portend fraud on such a massive level as to make the subprime thing look like a walk on the beach, mai-tai in hand...complete with paper umbrella.
It almost reminds me a bit of this goofy, unknown, blogger of about 15 years ago. Some asshat named Drudge or something (LOL) who, reported for months and months the president had gotten in hot water with some intern. MSM didn’t touch it. Mike Isakoff lost the biggest “scoop” of his career.
My mom, now nearly 80 years old, was a journalist when they called them “reporters.” These people didn’t learn their craft in journalism school; they learned it under a grizzled city desk editor. They chain smoked, lived on coffee and alcohol, hollered a lot, and their favorite word was DEADLINE! My mom busted the careers of a shitload of local pols who were on the take; yes, even in small towns they are on the take. And this was all in the age before cellphones and the internet.
I’m glad, in a way, that she is sorta “slipping.” Because she would never, ever, in a million years, understand the press as it operates today.
The gold and silver market are massively manipulated. Take a look at Gold funds. There is not enough actual gold in the world currently to cover the amount of money invested in the funds. The only real gold is the gold in your hands.
If we see this story get some traction, then I think we’ll find out pretty quickly whether the reporter didn’t simply confuse “complaint” with “investigation”.
When zerohedge wrote (*) on May 1 that the DoJ was “considering” an investigation, I snorted in a FR thread that the “money quote” — “The DOJ will carefully consider the issue you raise, and you can be assured that if we conclude that silver traders have engaged in anti-competitive conduct, we will take appropriate enforcement action.” — sounded like bureaucratic boilerplate.
This story should be fresh meat to business reporters fired up about accusations of market manipulation re Thursday’s stock market craziness. They LOVE to declare that they see a new pattern of behavior from as little as two events.
And btw, I’m not one of those people who hopes for great wealth as a result of some correction in these markets. Not that I find a damn thing wrong with that, as I am a capitalist!
But wealth doesn’t drive me. Like the ol’ song says, “I’m easy like Sunday morning.” I’ll be happy if the “system” doesn’t wipe out to zero, the meager savings that I have.
I’m not sure we can hope for much more than that, right now. This system has completely looted the middle class, looks like. :(
I have wondered more than once why there was so much resistance in the price of silver. It seemed like no matter how volatile the trading, $18 just couldn’t be reached or passed. Thanks for this.
Thanks for the pings.
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