JP Morgan Busted...Bahahaha!
Here's a good one...the CFTC is supposedly closed due to the Government shutdown but SOMEONE is still manning the desk because they just announced that they have charged JP Morgan for MASSIVE market MANIPULATION in the London Whale Trade...
CFTC Files and Settles Charges Against JPMorgan Chase Bank, N.A., for Violating Prohibition on Manipulative Conduct In Connection with â?œLondon Whaleâ? Swaps Trades
http://www.cftc.gov/PressRoom/PressReleases/pr6737-13
Washington, DC â?" The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order against JPMorgan Chase Bank, N.A. (JPMorgan or Bank), bringing and settling charges for employing a manipulative device in connection with the Bank's trading of certain credit default swaps (CDS), in violation of the new Dodd-Frank prohibition against manipulative conduct. As set forth in the CFTC's Order, by selling a staggering volume of these swaps in a concentrated period, the Bank, acting through its traders, recklessly disregarded the fundamental precept on which market participants rely, that prices are established based on legitimate forces of supply and demand.
END
Does that sound familiar to you? Dumping massive amounts of paper contracts on a market to depress the price...REALLY?! JP Morgan has done the exact same thing for 5 YEARS in the Silver Market!!!
Oh well...I guess the CDS market is not as "systemically important" as the SILVER MARKET so Silver investors will just have to SUCK IT UP!
This week's Friday Road Trip explores what the Debt Ceiling debate was REALLY about, how it served it's purpose and how it has set up the banking cabal to take the fall!
Oh - for now - you can still get a Silver Roota Coin with every new Private Road membership or renewal but I can't guarantee you a sub $50 silver price in the near future!
//www.roadtoroota.com/public/1234.cfm
May the Road you choose be the Right Road.
Bix Weir
