No. of Recommendations: 2
During 2012, in connection with the same CFTC investigation (the one allegedly squelched by the good regulator Meister on the eve of his generous Skadden Arps offer), the following comment was purportedly conveniently scrubbed from the CFTC web site:

Hello, I am a current JPMorgan Chase employee. This is an open letter to all commissioners and regulators...

I have seen the disruptive behavior of superiors and no longer can say that I look up to employees at the ED/MD level here at JPM. Their smug exuberance and arrogance permeates the air just as pungently as rotting vegetables. They all know too well of the backdoor crony connections they share intimately with elected officials and with other institutions...

we are manipulating the silver futures market and playing a smaller (but still massively manipulative) role in manipulating the gold futures market. We have a little over a 25% (give or take a percentage) position in the short market for silver futures and by your definition this denotes a larger position than for speculative purposes or for hedging and is beyond the line of manipulation.

On a side note, I do not work directly with accounts that would have been directly impacted by the MF Global fiasco but I have heard through other colleagues that we have involvement in the hiding of client assets from MF Global. This is another fraudulent effort on our part and constitutes theft. I urge you to forward that part of the investigation on to the respective authorities...

One wonders why anyone trusts the commodity futures markets sufficiently to trade at all? I guess that, so long as players on every side (all the traders and regulators) are "in on the game," only the client/investors are injured, and they'll never know about it, anyway.

Surely the client/investors can afford for traders to skim their commissions and bonuses, while the regulators set themselves up with revolving door private company jobs and salaries after they have looked the other way long enough to prove that they can be trusted not to rat out their fellow rats.

Allegedly, of course.

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