Our old "friends" over at J P Morgan are back in the news again today and not in a good fashion. It seems that the CFTC is looking deeper into the so-called "Whale" issue which concerned events back in early 2012. Comments out of the CFTC noted that they could use the new Dodd-Frank powers granted to some of the regulatory agencies to charge the firm with "RECKLESS" manipulation. Interesting to say the least....
Morgan is thus far balking at any settlement of the issue which would require them to admit manipulation on their part.
I should also note that the CFTC is focusing on a large build up in Morgan's derivative positions...
I will try to keep you up to date on this development.
Gold and silver thus far are yawning at the news as the "Whale" issue was related to the credit default swaps market.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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