CFTC Charmnan Gary Gensler Squirms While Live Callers Ask About Silver Manipulation & Investigation!Submitted by Mark Twain on Wed, 06/13/2012 - 12:31
Gary Gensler [USA Commodity Futures Trading Commission Chairman] responded to questions about the Commodity Futures Trading Commission’s oversight (or lack thereof) of commodity “futures,”on C-Span this afternoon. Prior to taking calls live, he confirmed the CFTC is continuing to investigate JP Morgan’s CIO derivatives losses. Gensler squirmed as the function & role of the derivatives & swaps markets were questioned.
Caller after caller wanted to know about silver, the CFTC’s now 4 year old investigation (Gensler stated he couldn’t comment on an ongoing investigation and that it started before he came to the CFTC), position limits, and market manipulation (Gensler stated ‘there are hundreds of actors on the stage’. Full interview on CSPAN.
One reply time lined this interview nonsense:
Jake June 12, 2012 at 7:25 PM
Gensler At 11:07: CFTC Oversees Silver And Gold Trading---"We Want To Make Sure The Market Is Free Of Fraud?
--So, daily silver short position sizes are not fraud?
--Almost Daily Raids Are Not Fraud?
--Yanking Bids On Silver And Providing No Market So That Markets Drop On Thousands Of Contracts, (Sometimes In Globex Trading), Is Not Fraud?
--Short Positions Concentrated Among Just Eight Banks Is Not Fraud?
--Waiting for Jobs Report Releases And Bernanke Speeches To Dump
Thousands And Thousands Of Contracts, Equaling Hundreds of Thousands
of Oz. of Silver Onto The Markets To Drop Silver, Yet Other Markets Stay Unchanged Is Not Fraud?
Gensler At 11:14: "Markets Are Free of Manipulation" --HUH?
--So, Week After Week, Day After Day, Markets See Constant "Push Down" During The US Session. Then They're Allowed To Move Up Overnight---Then Killed When The New Day Starts---And There's No Manipulation?
Gensler At 11:18: "Markets Are Free of Manipulation is Critically Important To Silver And Gold"
---So, If It's Critically Important, Why Haven't You Done Anything About It?
--Why Haven't You Enforced The Law?
--Why Are You Allowing The Banksters To Have Position Exemptions?
--Why Haven't You Responded To Those Who Have Documented This For
Gensler At 11:19: "It's Critically Important That Speculators Not Have Out-Sized Positions"
--So, JPM and Others Have The Equivalent Of The Entire USA Production Of Silver In Contracts Short At Times, But This Isn't Outsized? 60,000 NET SHORT Contracts Isn't Outsized?
--Paper Shuffles In The Comex To The Tune Of millions of oz. Back And Forth On A Daily Basis Isn't Fraudulent?
--Bankster Cover-ups of Shorting By The Tuesday COT cut-off Isn't Fraudulent?
Gensler At 11:23: "We're Working On Putting Position Limits In Place"
--So, How Long Does This Take?---50 Years?
The "moderator" Asks "What Is A Speculator?"
Gensler Starts Talking About Farmers?
--So, The Banksters Are Just "THE OTHER SIDE OF THE TRADE?"--They Don't Trade For PROFIT?---IT'S UNBELIEVABLE THAT THIS GUY IS PAID BY THE TAX PAYERS!
At 17:23 One Caller Asks When Did "The Current Manipulation Investigation Start?" --Gensler--"It Started Before My Tenure, Maybe In Late 2008"---Yeah---It Started 4 Years Ago Gary!---And You Say Now Because The Investigation Is "On-Going," You Can't Comment?---Whata Buncha Bull!
Gensler Goes On To Say Later In Answer To A Question By The Moderator That They Might Implement The Volcker Rule By The End Of The Year---BULL! These Banksters Will Always Be Able To Trade For Profit.