manipulation du marché de l'argent / réponse de la CFTC

manipulation du marché de l'argent / réponse de la CFTC

suite .... voila ce qui se passe ... 3 mois apres les lettres de Butler et carl Loeb ( notre action à nous , concernant la publication des cots étant intervenue bien plus tard ) , enfin une réponse de la seule CFTC !


en fait le nymex ( organisme privé ) a l'intention d'ouvrir son capital au public ( prochaine mise en bourse -IPO)

rien que ça

comme vous le savez , Butler et silver supporters ont mailé

-le nymex ( responsable au 1er chef et devant rendre compte le 1er )
- et la CFTC ( qui en cas de pb de ce type se retourne vers nymex pour entendre ses attendus )


curieusement , Butler n'a eu absolument aucune réponse du nymex ... qui n'a par consequent nié aucun des faits mentionnés ..

c'est la CFTC qui a répondu d'une maniere tres foireuse ... comme il l'explique ds son texte ... , le tout la aussi sans nier aucun des arguments présentés ..

pas de surprise évidemment , on s'y attendait .. et Butler le 1er ...

voila ce qu'il propose comme plan d'action , NOw :

du fait que nymex va devenir une entreprise cotée .. et refiler le BB aux actionnaires cad au public, .. il est pour le moins inadmissible que cette sté, le nymex , ne rende pas compte publiquement sur les allégations de manipulation du marché de l'argent..

AVANT son passage au statut d'entreprise cotée en bourse

imaginez le scandale si cela se savait APRES ... choquant

l'idee est donc de mailer la SEC en lui demandant qu'elle SUSPENDE le projet de mise en bourse du nymex .. tant que celui ci n'aura pas répondu sur le sujet qui nous concerne

pour lire l'article au complet :

http://www.investmentrarities.com/09-18-06.html

*****************



pou mémo , les textes deja envoyes au nymex et a la cftc sont ici

http://news.silverseek.com/TedButler/1150813411.php

et la file compléte

http://www.hardinvestor.net/viewtopic.forum?t=4414

la CFTC reconnait qu'elle n'intervient pas , Préventivement sur les cas de manip ..et que par consequent elle ne fera RIEN pour faire cesser silver manip

elle les santionne , eventuellement et apres coup ... surtout s'il s'agit de manip à la hause et d'énergie ..

mais elle ne fait absolument rien ... au cours du processus qui aboutit au corner .. à part tenter de décourager les manipulateurs .. c'est peu .. et particulierement pas efficace ..
ds ces conditions , on va tout droit au silver comex default ...


_________________________________

from our partner , le metropole café ( midas )


CFTC ADMITS THEY WILL NOT STOP MANIPULATION OF THE SILVER MARKET

Adrian Douglas


I read with great interest the article by Ted Butler concerning the response he received from the CFTC with respect to his allegations of silver market manipulation (http://news.silverseek.com/TedButler/1158604304.php). Ted concludes that "In its entirety, the CFTC’s response was weak, non-responsive and downright deceptive".


While I agree with Ted Butler, I believe that the CFTC response admits that they will not stop manipulation of the silver market.


In the letter of John Fenton of the CFTC dated August 23 he states the following:


QUOTE

Your e-mail was one of many letters and e-mails that we have recently received that expressed the opinion that traders holding large short futures positions have manipulated silver prices downward. We have not found evidence to support this allegation, and I hope the following information is helpful in addressing your concern. I thought it might be helpful to refer you to a letter written about two years ago by Dr. Michael Gorham, the then Director of the Division of Market Oversight, that responded thoughtfully and comprehensively to previous, similar allegations of silver market price manipulation. This is only one of many responses by Commission officials to similar allegations that date back at least 18 years.

END


If a market IS trading freely there might be some events that occur from time to time that appear to be manipulative trades but when investigated these are found to be bona fide trades with no underlying intention to manipulate the market. However, all those events would necessarily have to be isolated and unconnected to each other.


What we have here is that in 2006 Ted Butler writes to the CFTC and says that the current concentration of short position with less than four traders is manipulative. Incredibly, the CFTC responds by citing a letter written two years ago as being relevant to the present issue about current market conditions! They then go on to say that

QUOTE This is only one of many responses by Commission officials to similar allegations that date back at least 18 years. END


If ALL allegations over 18 years were unfounded and the silver market were truly trading freely then these allegations would necessarily have to be in respect of isolated market events. The very fact that the SAME letter written two years ago to dispel allegations of market manipulation can be cited to refute allegations of manipulation today implicitly admits that market events that lead to allegations of manipulation ARE related. This means that the CFTC implicitly admits there is a pattern. Of course, that doesn’t mean that because a pattern exists it is necessarily proof of manipulation (for example many commodities have a "seasonality" which is not a manipulative pattern in and of itself), but one would imagine that the CFTC would examine very closely any recognized pattern of trading behavior. The letter tells us that

QUOTE The Commission's market surveillance staff closely monitors the U.S. futures and option markets, including the silver futures market, to detect and deter price manipulation END

This is important because once they detect manipulation they only try to "deter" it not stop it. One can imagine a discussion with the large silver traders such as

CFTC: "Oh come on chaps, we would really appreciate it if you wouldn’t manipulate the silver market"

Large Traders: "Get lost! We are not manipulating it"

CFTC: "OK. I guess that means we have no evidence?"

Large Traders: "That’s right"

The CFTC goes on to tell us that

QUOTE in September 2005, the Commission charged a broker with manipulation of the feeder cattle market; and, in June 2006, the Commission charged BP Products North America, Inc., with cornering the propane market and manipulating the price of propane. As these cases demonstrate, the Commission would vigorously pursue evidence of manipulation of the silver market, if any such evidence existed END

This tells us that even if a manipulative pattern develops the CFTC does NOT stop it. They clearly admit that right under their noses traders can establish a corner of a market that is under their surveillance! They bring a court case AFTER the fact. I would be very surprised if cornering the propane market was done in a single trade! There would have been a pattern of trading behavior that was established. Clearly the CFTC did nothing effective to stop the trading pattern leading to a full fledged corner. Why would we expect anything different for the silver market?


What the letter from the CFTC tells us is that even when manipulative patterns are recognized they try to deter manipulation, not stop it. They confirm this by citing cases that have been brought once manipulation has reached the ultimate extreme of a "corner".


It is also interesting to note that they cite no examples of court cases against manipulation for price suppression, only manipulation for price increase.


Furthermore they say

QUOTE

In recent years, numerous enforcement cases have been brought against firms and individuals that engaged in false reporting and attempted manipulation of energy prices, and the Commission has obtained civil monetary penalties of around $300 million in these cases

END

The general public and the government doesn’t like high energy prices so it is significant that traders who manipulated energy prices upward got special attention. But they extracted civil monetary penalties of $300 million…but what about any criminal convictions???


What the CFTC letter tells me is that the CFTC has recognized the same pattern of behavior in the silver market for over 18 years. If they believe, as we do, that this is manipulative, they will have tried to "deter" the larger silver traders. They DO NOT tell us they will stop it, so we should not hold our breath for them to do so! The only definitive action they will take is when the market blows up and it is obvious to everyone that it was manipulated. There will at that point be some trivial civil penalties to pay on the part of the large silver shorts to demonstrate how vigorously the CFTC pursues evidence of manipulation of its markets!


The letter from the CFTC does not reassure me with respect to the integrity of market surveillance and regulation at the COMEX, but it sure as hell reassures me that an investment in silver bullion, not a paper substitute, is going to be very, very lucrative.


Adrian Douglas


September 19, 2006

une bien jolie lettre d'un gata soldier ! The GATA ARMY rolls on:

TO: John Fenton, Deputy Director for Market Surveillance, CFTC

RE: Silver Market Manipulation Proof and Response

Dear Sir:

I am outraged and disgusted by your non-response to clear and supportive evidence of market manipulation perpetrated on law abiding investors in the Silver market. The concentrated short position in silver as evidenced in your own data is not a "smoking gun"...IT IS A SMOKING HOWITZER!

This will NOT stop here and the CFTC involvement in this monumental scam will be brought in front of Congress.

You can not ask us to play by the rules as the investing public and then RIG the market in back room meetings with insiders (including Goldman Sachs who is likely the big short and monitored by it's own ex-managers who are conveniently placed in governmental roles to facilitate the market rigging operations).

As you assist in rigging the metal markets, all of the silver/gold/copper etc. is happily flowing into Asia and the Middle East and the US will pay in the long run. Are you moronic? Why abuse your own citizens (who invest in ETF's and shares) by slaming the Western market and all the while GIVING OUR ENEMIES THE GIFT OF CHEAP METAL???

WAKE UP!

This is fraud and YOU will be tried for it.

Bix Weir
An exceptionally angry American Citizen

la SEC a répondu rapidement à quelques uns des courriers envoyés .. indiquant qu'elle allait étudier ce pb ..7 déja ça ..
autre point important abordé .. la CFTC publie désormais les cots CBOT ( chicago board of trade ) et
on observe sur un marché 10 fois plus petit que le comex , le même phénoméne de silver concentration .. pire même ..

l

Citation :

Just so no one thinks that the big 4 can’t have an even more concentrated position, the sad fact is that they already do have one. Commencing with this week’s report, the CTFC is now also reporting on the silver contract traded on the Chicago Board of Trade (CBOT). While this market is only 10% of the size of the COMEX in terms of total open interest, the concentration by the big 4 and 8 short traders is actually much greater in percentage terms than it is on the COMEX.

I would bet that the largest short traders on the CBOT are exactly, or largely, the same as on the COMEX. If I am correct, it is clear that the big shorts from the COMEX are extending and continuing their manipulation on the CBOT. I have notified the CBOT of this data.

Finally, I want to thank everyone who took the time to contact the SEC, asking them to delay the NYMEX’s IPO until they openly respond to the allegations of concentration and manipulation. Unlike the CFTC, the SEC has responded promptly, indicating they take the matter seriously. I find this very encouraging. I am sorry I have been unable to respond to copies of your notes to the SEC and the replies you have received from them, but I appreciate them deeply. Likewise, all the e-mail I’ve received recently.

http://news.silverseek.com/TedButler/1159293869.php

le dernieres nouvelles sur ce sujet

http://news.silverseek.com/TedButler/1160513112.php

ça chauffe sur le nymex , drapeau rouge?

avant le lancement en bourse (IPO), démission du ceo tout juste nommé ..

n'oubliez pas que le comex est la division mét précieux du nymex ...

__________

by courtoisy de notre partner le metropole café ( midas )
Bill,
Nymex IPO Hits the Road

http://www.thestreet.com/_googlen/newsanalysis/businessinsurance/10317662.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA

Despite there being a GATA dispatch last night about this highly unusual resignation of Nymex CFO Jerome Bailey written by Ted Butler I thought it so important that this news item is also referenced in the Midas. It is almost unheard of for a top CFO to quit so quickly (he only joined in March 2006) when the IPO that he was hired to orchestrate is weeks away. He would undoubtedly have a massive grant of stock options that could be potentially worth millions after the IPO. So to walk away VERY suddenly means he has unearthed something that he wants no part of. What springs to mind is the enormous manipulation of precious metals and in particular silver. What is even more strange is that the guy to replace him is the previous CFO (Shifrin) who was promoted to VP of Finance.

I suspect Bailey was in a ‘Houston, We have a problem" situation and found that no one even wanted to acknowledge that Apollo 13 had been launched let alone have a serious technical problem.

The pieces of the puzzle start to fit together. The picture is coming into focus and it looks ugly for the cartel and their friendly neighborhood furry friends. The extent of this could make Enron look like a kid lost his lunch money on the way to school!

Cheers
Adrian Douglas

______

et voila le topo de butler sur cette démission : red flag !

à lire absolument !

Dear Friend of GATA and Gold:

In his latest essay, silver market analyst and GATA consultant Ted Butler comments on the sudden and unexplained resignation of the chief financial officer of the New York Mercantile Exchange. Butler thinks it has something to do with the former CFO's discovery that the NYMEX has a terrible liability in the manipulation of the silver market. You can find Butler's new essay, "A Red Flag?," at GoldSeek's companion site, SilverSeek, here:

http://news.silverseek.com/TedButler/1162319136.php

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

allégations de manipulation du marché de l'argent - réponse de la CFTC / Ted Butler



des développements inhabituels cette semaine, dans le dernier topo de Ted Butler

- futures us de l'argent : les "petits" commerciaux ( 9 et plus gros traders) ou raptors ont pris livraison de la majorité des contrats de la semaine
c'est la 1ere fois que Butler observe ce fait ..pourquoi ont'il fait cela? ( les réponses à cette question sont bullish .. )

- futures us de l'or :
les 4 gros ont shorté une quantité importante sur la baisse du spot ( Butler dit que c'est la 1ere fois, mais je crois qu'en mai 2006 , on avait eu phénoméne similaire).. tandis que les autres commerciaux ont acheté en long ceux que les 4 gros vendaient... baston entre commerciaux ..

le reste de l'article revient sur la short position concentrée, tjs aussi phénoménale .. et à laquelle la CFTC ne réagit pas .. mais Butler a visiblement un projet en tête .. stay tuned ..

http://www.investmentrarities.com/05-13-08.html

étude de la CFTC concernant les allégations de Ted Butler sur la manipulation du marché de l'argent

conclusions

http://www.cftc.gov/newsroom/generalpressreleases/2008/pr5499-08.html

étude détaillée

http://www.cftc.gov/stellent/groups/public/@newsroom/documents/file/silverfuturesmarketreport0508.pdf

on peut dire que la CFTC se mouille, pas mal de détails sont donnés..

notamment sur les 4 gros, qui ne seraient pas tjs les mêmes traders ( rien que ça , c'est énorme ).. + interview de certains d'entre eux sur leur positions totales y compris en OTC ...marrant car personne ne peut vérifier leurs allégations .. que la CFTC prend pour argent comptant ..

j'attends avec interêt la réponse de Ted Butler ..

en réponse aux arguments donnés, pour prouver la manipulation du marché de l'argent:
un autre pdf de la CFTC, tres différent, celui ci, en date du 14 mai 2004


http://www.cftc.gov/files/opa/press04/opasilverletter.pdf


la réponse de Hommel, à celui ci uniquement... auquel le 1er document fait référence
http://silverstockreport.com/2008/manipulation.html

point 2, 3 et 4 sont particuliérement relevants amah .. notamment point 1 .. démission de l'auteur de ce rapport, 3 semaines apres sa rédaction

de nouveau Hommel, qui souligne un point capital :

la limitation des positions des traders longs , ce qui fait que contrairement à ce qui est prétendu, ils ne peuvent pas se "précipiter" sur des prix bradés abusivement

Citation :

Here is their big lie. On page 3, they reference Michael Gorham's 2004 report , and write:

"In terms of plausibility, the analysis noted that there is unrestricted access to the silver cash and futures markets. If prices of silver were in fact artificially low, there would be nothing to prevent a well-capitalized trader, or even many small traders, from entering the markets to buy cash silver or futures contracts at what they believe to be bargain prices. This openness of the markets tends to render the claim that silver futures prices had been manipulated downward for more than 20 years implausible. In this regard, there is no logical explanation as to what, during those 20 years, has prevented traders from buying cash silver or silver futures and thereby driving prices up to what those making the manipulation argument would regard as a reasonable price."
In truth, there is no "unrestricted access" to the futures market because there are position limits on traders.
They also lied again on page 3, when they wrote:
"In addition to the implausibility of a long-term manipulation, advocates of the manipulation argument have also failed to explain how the alleged manipulators have profited, or will profit, from such a manipulation."
I and the Gold Anti-Trust Action Committee (GATA.ORG ) and many others have repeatedly said that the manipulation to keep gold and silver prices low helps keep the value of the dollar higher. By keeping silver and gold low, the Fed is able to print up to $350 billion in one day. Yet the annual investment demand for silver remains a mere $1 billion.
If paper money collapsed, and had to spend silver or gold to prop up failing markets, the Fed would no longer have the kind of power it has today.

http://silverstockreport.com/2008/cftc.html

réaction d'adrian douglas

le rapport de la CFTC, concluant qu'il n'y a pas de manipulation du marché de l'argent est une honte !

Bill,
The CFTC report concluding that there is no silver market manipulation is an absolute disgrace.
Look at this:
QUOTE
In August 2007, NYMEX contacted several of the largest short silver futures traders requesting specific information regarding their activity in the silver cash and OTC markets.13 The exchange found that these firms generally held significant forward purchase and sales agreements that, overall, left the firms with a net long silver exposure. The short futures positions on NYMEX were approximately offset by their long cash exposure. This means that, contrary to the silver commentators’ allegations, the largest net short traders in the NYMEX silver futures markets are not "naked" shorts, as the firms’ overall exposure in the silver markets (considering their futures, cash and OTC positions) is approximately neutral.
END
So concentration on the COMEX doesn’t matter in terms of defining manipulation!! If you own some illiquid OTC derivatives you can be short the futures market and hold 80% of the short position.
So everybody, let’s take them at their word. Let’s buy some puts and go long COMEX futures and accumulate 80% of the long position! I will be looking for some sovereign wealth funds and/or hedge funds who would be interested in such immunity for accumulating such a position. I am sure the Hunts would have loved to have had this in writing from the CFTC!
Then there is this gem
QUOTE
In conclusion, in comparing the silver futures market to other metals futures markets, the level of concentration of short silver traders does not appear to be unusually high nor does it exhibit any unusual patterns that would suggest manipulation or illegal activity. Moreover, even though concentration levels in the silver futures market increased during 2007, this coincided with a period in which silver prices maintained their strength against other metal prices, as was seen in Exhibit 2.15
END
Are you kidding me? When the silver market is compared with the other manipulated precious metals markets it looks just fine!!! What is it about one year of global silver production sold short by just 8 traders does the CFTC not understand.? But I am reassured that they will keep up their market surveillance to diligently look out for any signs of market manipulation! One key metric they should be vigilant for is when the total short position exceeds all the silver resources on the planet...unless of course it is offset on the OTC market by an equivalent long position for all the silver yet to be mined on Mars!
When I read this document I got the eerie feeling I was reading something written by the Soviet Politburo! This report should be filed in the "fiction" section of the public library right next to the Warren Report on the Kennedy Assassination.
Cheers
Adrian

**********************

réactions d'un lecteur:

Hi Bill
Looking over the latest denial from the CFTC on silver manipulation a few things stuck out:

1) The CFTC says silver is not manipulated because concentrations and pricing tracks that of gold Gold...BUT GATA HAS ALREADY PROVEN THAT GOLD IS MANIPULATED, SO IF SILVER IS TRACKING GOLD THEN SILVER, BY DEFINITION, IS MANIPULATED TOO!

2) The CFTC says that the LBMA reflects the proper value of the cash market for physical silver.... ARE YOU KIDDING ME? HOW CAN THE LBMA HAVE ANYTHING TO DO WITH PHYSICAL SILVER WHEN OVER 150M OZ (or 4,700 tons!) OF "PHYSICAL SILVER" ARE TRADED EVERY DAY?! http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=51517&sn=Detail

3) The CFTC says the top four traders change all the time so there is no single concentrated short .... THIS IS 100% CONSISTENT WITH MARKET RIGGING BY A CABAL TRADING HUGE AMOUNTS OF SILVER CONTRACTS BACK AND FORTH TO SET THE PRICE.

4) The CFTC says the largest traders have very diverse business interests... OF COURSE THEY DO BUT THEY ALL HAVE THE SAME GOAL OF SUPPRESSING THE PRICE JUST LIKE THE MEMBERS OF THE SILVER USERS ASSOCIATION!

5) The CFTC says that nobody has provided a plausible reason to suppress the price of silver... NOW THEY ARE JUST BEING SILLY! I SUGGEST THEY READ THE WORK OF TED BUTLER, CHARLES SAVOIE, IZZY FRIEDMAN OR EVERY GATA ARTICLE WRITTEN OVER THE PAST 10 YEARS!

They did offer one piece of good advise in this report:

"If prices of silver were in fact artificially low, there would be nothing to prevent a well-capitalized trader, or even many small traders, from entering the markets to buy cash silver or futures contracts at what they believe to be bargain prices."

Thanks for the tip....now let's go buy up all that physical silver and end this game!

réponse deTed Butler
http://news.silverseek.com/TedButler/1211293587.php

comme d'habitude, c'est tout simplement excellent et expliqué de maniére la plus simple possible..

je ne vais pas reprendre point par point ce long article, mais par ex, au sujet de ce que raconte la CFTC sur les 4 gros qui ne seraient pas les mêmes et qui changeraient SOUVENT de positions, voici ce qu'en pense Ted Butler

Citation :

Cook: They make a big deal that the composition of the four largest traders, in terms of net positions, changes over time. Does this alter your position that the big shorts are up to no good?

Butler: No. They are talking about changes over the past few years. There have been no changes in the 8 or less traders composition this year.
Cook: How do you know?
Butler: The concentration is too extreme and the positions haven’t changed enough to allow for different large short traders to come and go

moi qui observe ces positions , toutes les semaines sur les Cots , je ne peux qu'approuver .. et c'est bien dans ce sens, que ce rapport de la CFTC se mouille ... car il s'agirait ici bien d'un mensonge basique, pouvant étre facilement vérifié par quiquonque, disposant des statistiques en question ( statistiques des positions de tel ou tel trader, nominativement ) ...

autrement dit : on seulement la CFTC garde par devers elle, un certain nb d'informations capitales , mais à présent, elle mentirait publiquement à ce sujet !!! c'est assez grave d'en arriver là ..

à titre de comparaison ( et puisqu'on dispose des statistiques nominatives sur ce marché ), prenons l'exemple des futures or et argent du tocom.. pour voir ce qu'il en est de la concentration des shorts positions


futures or / tocom
http://www.tocom.or.jp/souba/gold/torikumi.html

open interest : 177124
net short position: 114868
net short position des 7 plus gros : 65744 soit 57% de la net sh position
notons aussi que depuis que STDJ est entré sur ce market , il est rapidement devenu le "plus gros" et détient actuellement un record de 39750 net short positions

futures argent / tocom
http://www.tocom.or.jp/souba/silver/torikumi.html
open interest :9731
net short position :4140
net short position des 7 gros :1460.50 soit 35% de la net short position


on est très loin des 80 % et plus du comex
bizzare, non?

David Morgan revient sur l'étude CFTC des futures de l'argent et insiste sur certaines régles .. que la CFTC oblitére totalement .. et pourtant ce sont ses propres régles ..

un des points essentiels concerne la délivraison d'argent métal physique aux utilisateurs finaux, qui se fait principalement sur un marché non régulé, l'otc..on peut se demander pour quelles obscures raisons, cette livraison ne peut pas se faire sur les marchés de futures .. et dans ces conditions, à quoi servent'ils?

http://www.safehaven.com/article-10317.htm

je maile l'inspecteur général de la cftc, en appui à Ted Butler ..plus on sera nombreux à le faire, mieux ce sera ..

at Alavik@cftc.gov
A. Roy Lavik, Inspector General
U.S. Commodity Futures Trading Commission
3 Lafayette Centre
1155 21st St. N.W.
Washington, D.C. 20581

voici, à titre d'info ce que je lui ai mailé :

__________________________
Mister CFTC's inspector general,
as a french silver investor, i know very well this kind of market, studying the silvercots reports each week, since 2002 .
the recent study on this subject issued by the CFTC ( and anonymous ??? nobody sign it ) is pityful, to say the least ...
i fully agreed with the comments of Ted Butler, you cand find here.
http://news.silverseek.com/TedButler/1211293587.php

all the best

May 19, 2008
A. Roy Lavik
Inspector General
US Commodity Futures Trading Commission
Three Lafayette Centre
1155 21^st St, NW
Washington, DC 20581
Alavik@cftc.gov
Dear Inspector General Lavik;
I am writing to ask you to investigate what I believe is a serious case of misconduct within your agency. Specifically, members of the Commission and staff are currently and intentionally derelict in fulfilling their obligations to prevent manipulation in markets over which they have jurisdiction.
On May 14, 2008, the Commission’s Division of Market Oversight (DMO) issued a report that re-examined long-term and recent allegations of manipulation in the silver futures market. The report was generated as a result of public articles written by me and found here - http://www.butlerresearch.com/archive_free.html At the heart of my allegations is the issue of a concentration on the short side of the market that is documented in the Commission’s weekly Commitment of Traders Report. The DMO’s report concluded no such manipulation existed in spite of the concentrated short position.
My complaint to you about misconduct by the Commission does not solely concern the findings of the report, but the process of the investigation itself. It is clear to me that no fair investigation was intended, nor undertaken because only interviews were taken of short side participants. Neither the Commission, nor the DMO sought input and feedback from those making the allegations, because the conclusion of the report was likely formed before the investigation began.
Even though the investigation took six to ten months to complete, and involved numerous high-level meetings and significant man-hours and expense, because it was conducted unfairly, the issue of taxpayer waste is also an issue.
I respectfully request that you investigate the process of analysis in the report to determine if it was fair and free of misconduct, fraud and abuse, and whether taxpayer resources were, in fact, wasted. If I can offer any assistance, including private commentary between the Commission and myself, please don’t hesitate to contact me.
In the interest of full disclosure, I intend to make this letter public and ask those who are interested to contact you as well.
Sincerely,
Theodore Butler

une réponse point par point de Bix Weir à la derniere étude de la cftc qui nie toute manipulation sur le marché de l'argent

c'est vraiment excellent ... lisez attentivement, ça le mérite !

http://news.silverseek.com/SilverSeek/1212127200.php