And yes, I know that PBS used “trader,” not “traitor.” De gustibus non est disputandum.
Thought I would start the comment on this story with some ON TOPIC info (Right Istandup?)
Ex-SAC Trader Says He Feared Losing Job Over Drug News
The single biggest problem with little stevie cohen Finally being taken to task is that he is still not facing prison. That is a glaring admission on how corrupt the judicial system really is.
He has been flaunting the law for decades.
Huck, you make a very good point that this conduct should be prosecuted as a serious crime. But the judiciary does not determine whether the case is criminal or civil; Congress, the DOJ and the SEC do. The miscreants have great influence over the government, which is what Deep Capture is all about, of course.
Gold / Silver Manipulation Update (Crimes in Progress):
The exact path of prices is more difficult to divine, at least in the short term. But considering all the facts, the risk of a sell-off in the short term is vastly overshadowed by the higher prices to come in the long term. And prices can just as easily rise in the short term, particularly considering that we just closed right at the 50-day moving averages that I have discussed so often recently.
Will the crooks at JPMorgan take a stand here and prevent gold and silver from decisively penetrating this key moving average by rigging prices lower forthwith?
Or will we get a rush of buying by technical funds that blast us through the moving averages?
If the raptors don’t sell aggressively enough (on higher prices), JPMorgan will be forced to shoulder the short selling duties in silver and that may lead them to getting over run.
All these possibilities could occur and all must be anticipated. About the only thing I can rule out is that we will remain at current prices for very long.
In a very real sense, it’s time to buckle up and prepare, at least mentally and emotionally, for price volatility.
– Silver analyst Ted Butler: 11 January 2014
Are More Than Half of U.S. Stocks Counterfeit?
Patrick & Mark please review the contents of my comment that contains multiple links awaiting moderation found on the previous Deep Capture feature. To prevent giving your advisaries the EDGE, I suggest not putting my detailed comment up for viewing and you’ll know why upon review, instead use the information provided for your benefit and forward to your legal beagles due to the legal precedent found in the first link provided if not already known. I knew the comment would be put in moderation status due to the multiple links and I’m posting about it so that it isn’t inadvertently missed for your benefit. With that said the first link provided sets the recourse stage if needed. Cheers and as always good luck!
Your comment is awaiting moderation.
January 4, 2014 at 3:17 pm
The next headache for SAC’s Steinberg: Legal fees?
Published: Thursday, 19 Dec 2013 | 4:27 PM ET
By: Kate Kelly | CNBC Reporter
…SAC founder Steve Cohen’s legal policies, which insulate both investors and employees of his $13 billion hedge fund from most regulatory or litigation fees and penalties—unless an employee is found guilty of misconduct at trial. That means that Steinberg, who is represented by top defense litigator Barry Berke, could now be facing costs the legal experts estimate to be at least $10 million….
…when Steinberg’s verdict was returned. “Guilty,” Cohen muttered in the midst of Bernanke’s televised press conference, a pronouncement that was picked up on SAC’s internal intercom system for traders who hadn’t yet learned the outcome to hear. It was an eerie experience, said someone who was there…
JPMorgan is as slick (and crooked) as they come—and it’s real clever how the bank has decided which physical commodities businesses it will keep, whatever the Fed decides.
The problem is that the bank manipulates gold and silver to a much greater extent than even the markets they have been formally accused of manipulating, like electricity.
And, certainly, given how long JPMorgan has manipulated the price of silver and gold and how much more serious it is to manipulate the price of a world commodity, instead of merely ripping off thousands of utility customers in California and Michigan, the Fed would, hopefully, see it differently than JPMorgan.
– Silver analyst Ted Butler: 15 January 2014
Even though JPMorgan was never able to get its net short position in Comex silver futures below 10 to 12,000 contracts over the past six years because of a limit to technical fund selling and raptor buying competition, it looks to me that the bank has been able to accumulate physical silver because there are different participants in physicals than futures.
What this also highlights is the madness and illegality of having the paper price on the Comex setting the price in the physical market.
If JPMorgan hadn’t been capable of rigging silver prices lower in 2013, it would never have been able to buy back 100 million ounces of short paper contracts and buy many tens of millions of physical silver as well.
– Silver analyst Ted Butler: 22 January 2014
I continue to be amazed at the amount and level of commentary in gold and silver that centers on manipulation.
While I don’t agree with everything that is being said, there is no denying that the commentary about price manipulation in gold and silver is intensifying to an extent never witnessed previously.
Hardly a day goes by when someone new doesn’t raise the issue, either pro or con. Further, the subject of manipulation appears to be unique to gold and silver, as I am unaware of any similar discussion in any other market.
What does this mean?
Since this is a highly unusual circumstance, there is no sure way of blueprinting how it turns out. But something tells me that the more widespread the subject of gold and silver manipulation becomes, the greater the likelihood it will end.
Splainin to do.
She has a GED and he has a get out of jail free, sounds like the perfect couple.
Where could it have all gone so wrong?
It just keeps piling higher and deeper.
Squeal Stevie squeal, before a building jumps out from under you, too.
I’d like to raise an issue about JPMorgan that I’m not sure I discussed before.
That issue is whether JPMorgan has been working against the interests of U.S. investors for the benefit of China.
There have been numerous stories and commentary about the flow of gold from the West to the East. Just yesterday, another 321,500 oz was removed from the JPMorgan’s Comex warehouse, the second such reduction in four days. Basically, all the gold that JPMorgan took delivery of against the Comex December futures contract and that was deposited into JPM’s Comex warehouse has now been removed.
The added fact that the metal was in kilo form (rather than in 100 oz bars) prompted many to conclude this gold was destined for China, since that is the form most preferred there.
It’s hard to argue with the reasoning and anecdotal evidence that a massive gold flow from West to East has occurred. The problem is that the circumstances over the past year paint an even uglier picture of JPMorgan than I have alleged so far.
While I am convinced that the bank has manipulated gold and silver prices, I had not previously alleged that JPMorgan was working against the interests of U.S. investors specifically. But the facts point in that direction.
– Silver analyst Ted Butler: 29 January 2014
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