CFTC Fires Shot Across JP Morgan's Pirate Ship
Well here's an interesting little announcement from the CFTC last night...
CFTC Orders New York Firm D.E. Shaw & Co. L.P. to Pay $140,000 Penalty for Violating Soybean and Corn Futures Speculative Position Limits
http://www.cftc.gov/PressRoom/PressReleases/pr6186-12
"Washington, DC--The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing and simultaneous settlement of charges against commodity pool operator D.E. Shaw & Co. L.P., of New York. N.Y., for exceeding speculative position limits in soybean and corn futures contracts in trading on the Chicago Mercantile Exchange."
Well, well. The CFTC has decided to START enforcing the law! Of course this is "small potatoes" compared to what's coming down the pike in the SILVER market investigation but there is an important precedent being set here. Historically, the CFTC has turned a blind eye to position limit violations. Sure, there have been some charges filed in the past but they are few and far between.
I find it very curious that these charges are being filed so close to the implementation of the Dodd-Frank Position Limit Rule (Hey Gensler...where's that "swaps" definition you promised would happen in the 1st quarter?). At the same time, this new "enforcing the law" thing from of the CFTC is coming at a time that is dangerously close to the monetary crash I've predicted to begin in March.
I think it's time to pull out my secret weapon once again. If the CFTC can't get rid of the silver manipulators by enforcing the law then maybe I can make them run for the hills by forcing them to listen to me sing!
Silver Manipulation Song!
//www.roadtoroota.com/public/720.cfm
May the Road you choose be the Right Road.
Bix Weir
PS - Thanks to all the folks in Prof. Greg Tanaka's class over at Mills College in Oakland for allowing me to sit down with them last night and have a roundtable discussion about the Road to Roota. As you can imagine...the conversation was lively :-)
