Posted on 05/09/2010 6:27:05 PM PDT by blam
WHOA: NYP Says Federal Agents Have Launched Civil And Criminal Probes Into JPMorgan For Silver Manipulation
Joe Weisenthal
May. 9, 2010, 4:43 PM
The New York Post has an explosive exclusive, if true:
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.
The Commodities Futures Trade Commission is looking into civil charges, and the Department of Justice's Antitrust Division is handling the criminal probe, according to sources, who did not wish to be identified due to the sensitive nature of the information.
That JPMorgan (JPM) has somehow been involved in silver market manipulation has been the source of rumor and speculation for a long time.
Things really heated up on this front in March, when a whistleblower was due to speak in Congress about commodity market manipulation, but was scrubbed from the list at the last second. That sent of all kinds of red flags. The New York Post was on the story then too, citing an outspoken trader named Andrew Maguire who claimed that JPMorgan and HSBC were doing the Fed's work in ceaselessly selling silver (nakedly) on behalf of the Fed in order to keep prices down.
[snip]
(Excerpt) Read more at businessinsider.com ...
I don’t trust these banks and commodities traders, but I most especially don’t trust Obama the Obama administration. More opportunities for Witch Hunting, if you ask me.
Obama or the Obama Administration, I mean.
I guess this is why they don’t have any time to go after Islamoterrorists. I don’t blame them. There’s no money in that.
Stack high; stack soon.
I don't trust anyone anymore about anything.
Round two of biting the hand that fed you. Don’t expect Jamie Dimon to sit back and stay quiet.
Andrew McGuire, whistle-blower on market manipulation, injured in hit-and-run accident
Quote:
Le Metropole Members,
On March 25th at the CFTC Public Hearing on Precious Metals GATA made a dramatic revelation of a whistleblower source, Andrew Maguire, who has first hand evidence of gold and silver market manipulation by JPMorganChase and who has even tipped off the CFTC in advance of manipulative attacks on gold and silver. Just as in the Madoff case the regulator has done nothing to stop such manipulation.
On March 26th while out shopping with his wife, Mr. Maguire’s car was hit by a car careening out of a side road. The driver of the vehicle then tried to escape. When a pedestrian eye-witness attempted to block the driver’s escape he accelerated at him and would have hit him had the pedestrian not jumped out of the way. The car then hit two other cars in escaping. The driver was apprehended by the police after police helicopters were called in and following a high speed chase.
Andrew and his wife were hospitalized with minor injuries. They were discharged from hospital today and should make a full recovery.
Cheers
Adrian
Where’s George Soros?
The silver market is so vast I doubt anyone could affect it much without losing his shirt. Look at what happened to Bunker Hunt.
Still no investigations of Fanny and Freddie.
Q: What is the difference between JPMorgan/Chase and Washington Mutual??
A: WAMU got caught.
Why keep the price down?
I agree! The Hunt brothers took a BIG bath when they tried the same thing.
This is kind of strange, because these guys work to keep the price of gold and silver down not only for their own profit, but in coordination with the Fed and the Central Banks.
Why would they even pretend to “investigate” this. People have been thinking this was going on for years, but I’m not aware that it’s gotten any hotter than it was before.
Next thing you know, they’ll be checking to see if the gold is still there in Fort Knox, or whether some earlier administration pawned it.
People should go to jail for a good long time for what they did to create this crash. At the top of the list should be anyone and everyone in charge at Moodys and Standard and Poor’s.
The Hunt brothers come to mind...
Huh.. The Hunt brothers redux.
I wonder the same thing but these might be reasons:
If silver goes through the roof then it could really trigger a panic because silver is “cheap” and most of us have some in the form of coins or jewelry.
If the sellers are funneling “cheap” silver to their buds and then they plan to sell once the “cheap” silver runs out.
I guess it could be like shorting the market where you can make huge profits by controlling a certain percentage of the metal.
in the 90s, Warren Buffet bought 25% of the world’s supply of silver...the market is not so big as you may believe...
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