GATA credited for exposing gold, silver market manipulationSubmitted by bobbyw24 on Wed, 02/09/2011 - 13:01
On the other hand GATA has made history. For the first time the world was made aware of a financial market whistleblower before the fraud blew up and before the authorities took action against it. Now law firms are suing for damages even with the crime still in progress.
After he gave his evidence to the CFTC, Maguire expected to be invited to the commission's March 25, 2010, hearing on precious metals markets. At the last minute Maguire was refused an invitation. He was extremely frustrated and so he contacted me, a member of GATA's Board of Directors, and revealed the evidence he had given to the CFTC with respect to who is manipulating the gold and silver markets and how it is done.
It was evident that the CFTC was trying to ignore what was going on.
Consequently in his own testimony to the CFTC's hearing last March 25 GATA Chairman Bill Murphy revealed Maguire's warning to the commission and produced copies of the e-mail correspondence between Maguire and the CFTC's Enforcement Department, which had been met with total inaction. Murphy identified the ringleaders as JPMorgan Chase and HSBC.
Stunningly the financial journalists who attended the CFTC hearing did not want to talk to Murphy and me after these revelations. Interviews that had been arranged with GATA were mysteriously canceled. But the media blackouts failed to put the genie back in the bottle.
Major law firms clamored to talk to Maguire. Investors who had collectively lost billions of dollars because of precious metals market manipulation sought justice and compensation. Just days after CFTC Commissioner Bart Chilton publicly stated that in his opinion certain entities had sought fraudulently to control and manipulate the price of silver, the litigation floodgates opened.
Like the Keystone Cops, the CFTC is still purportedly pursuing a silver market manipulation investigation that began in September 2008, while private law firms have already investigated and filed suit.