had the opportunity yesterday to connect with lead counsel of the Silver Class Action Complaint, Christopher Lovell, partner of New York City law firm, Lovell Stewart Halebian Jacobson LLP. It was a fascinating interview, as Chris and his firm have won many of the largest settlements in commodity exchange act & antitrust law history, with their highest recovery being over $1.02 billion dollars.
During the interview Chris provided an update on the silver class action complaint, as well as announcing akey missing ingredient, one which may be needed for the survival of the class action silver manipulation case.
Bottom Line: The silver manipulation case is on the edge of being thrown out for good.After investing many hundreds of thousands of dollars into this case so far, Chris is humbly asking for help from the market. It appears that insider emails or a ‘canary’ may be the missing ingredient needed to keep the case alive.
To cap off a strong end of summer for silver, the cartel deployed an all-out selloff and disinformation campaign. The cost of naked shorts clearly costs less than the cost of a price run in the minds’ of paper-masters.
“We’re still wrapping it up. There’s nothing imminent, but I envision saying something publicly in the near future,” Chilton told reporters at the Hard Assets conference in Chicago. It was in September 2008 that the CFTC began investigating the silver market for manipulation.
I thought that Bart Chilton would be a fitting person to talk to on this Friday morning. After all, the CFTC hadn’t yet returned my phone inquiry from last week. So, I called Bart. No answer. I left a voicemail. I called Gensler. No answer, voicemail. I called Mathew Hunter, Deputy Director of the Market and Trade Practice Surveillance branch. No answer, voicemail. Hello! Hunter! Have you spied on the high-speed algo bots? Have you tapped the phones in JPMorgan’s upper offices? “Blythe Masters.” That sounds suspicious. How about that line? Jamie Dimon? Surely, of the 11+ agencies investigating JPMorgan, someone is already tapped into that line. What are you surveying exactly? Granted, my message was surely more reserved. Didn’t want it getting passed onto the Ministry of Love where I’d certainly renounce my lover under a fiat shower.Continue reading →
Shareholders lost 75% in the past five years under Diamond. He made over 100 Million at Barclays.
Hogging the headlines: In recent years, financial news has dominated the front pages – more recently the scandal at Barclays
You know, there would have been a time when a financial contributor for the Keiser report was restricted to the little stuff. Share tips, muttering about monetary policy, that sort of thing.
Not any more. Over the last few years, there’s been no breaking news like finance news. No war, no election, no natural disaster has long been able to displace finance from the front pages. This new emphasis makes perfect sense. When your job is threatened, your pension demolished, your child’s prospects seriously impaired, you need to know why these things are happening. The answers all revolve around matters financial. Continue reading →
PirateMyfilm – This is a great interview with Bart Chilton of the CFTC talking about ‘movie futures.’ He points out that this CANNOT a hedging mechanism for studios because, in fact, strict fire-walls have to be in place to prevent studios form trading on inside information and engaging in market manipulation with their own projects. I can tell you first hand that HSX/Cantor Exchange – when it was part owned by insiders at Lionsgate Films (LGF) – there was constant fiddling with prices on the exchange by LGF for LGF projects. This lead extreme tension on the board level.
Stacy Summary: The male CFTC staff that is. And a few of the women, no doubt. But, two things: 1.) Max gets mention in the article; 2.) the very fact that this article has been written suggests inside information and/or cosy relationships with their regulators . . . for how do they know what CFTC staff are thinking?