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(Yahoo)   Showing they are still the vigilant watchdog in the commodities market, the CTFC begins an investigation of Goldman Sach's manipulation of the metals market mere weeks after the NY Times ran a story laying out the scam chapter and verse   (news.yahoo.com) divider line 25
    More: Asinine, U.S. Commodity Futures Trading Commission, London Metal Exchange, Goldman Sachs, New York Times, Commodities market, CTFC, Beer Institute, industrial products  
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1450 clicks; posted to Business » on 12 Aug 2013 at 10:53 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



25 Comments   (+0 »)
   
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2013-08-12 10:49:35 AM
You mean to tell me that Glenn Beck MIGHT have lied to me?

Perish the thought!
 
2013-08-12 10:59:21 AM
And this is why we need journalism.
 
2013-08-12 11:07:48 AM
What are commodities?

2.bp.blogspot.com
 
2013-08-12 11:51:48 AM
Now now... at least they are PLAYING catch-up.

With Madoff there were numerous letters to the authorities and eventually HIS OWN SONS were the one's who turned him in.

Which goes to show people... TREAT YOUR FAMILY RIGHT!  Or they'll fark you hard.
 
2013-08-12 11:55:43 AM
I'm sure after  a years long investigation they will be found guilty and charged $10,000. Then it will get bummped down to $500 on an appeal. That will teach em!
 
2013-08-12 12:32:19 PM
They'll just promise the investigators sweet jobs to not investigate.
 
2013-08-12 12:55:38 PM
You mean capitalists might be manipulating the market for their own personal gain? I cannot believe this! Libertarians tell me the market always right prices.
 
2013-08-12 12:58:24 PM

inglixthemad: You mean capitalists might be manipulating the market for their own personal gain? I cannot believe this! Libertarians tell me the market always right prices.


LoL!

Libertarian-ism is as useful of a political concept as Anarchy is.

Except one is invented by rich snob kids, the other by dirty angry snob kids...  both do not work in the 'real world'.
 
2013-08-12 01:21:39 PM
If I recall it wasn't a scam as much as some stupid regulation that made it so they couldn't hold product in one location for more than x days.
 
2013-08-12 01:22:07 PM
How anyone assigned to regulate financial matters in our country can draw a paycheck with a straight face is beyond me...
 
2013-08-12 01:31:46 PM
Looks like someone might be getting wrist slapping and possibly an easy-to-afford fine.
 
2013-08-12 01:40:16 PM

MugzyBrown: If I recall it wasn't a scam as much as some stupid regulation that made it so they couldn't hold product in one location for more than x days.


The scam was creating delays meant to artificially suggest scarcity to raise prices. The stupid regulation was designed to stop them from doing that, which they go around by driving in circles.
 
2013-08-12 01:52:06 PM

MugzyBrown: If I recall it wasn't a scam as much as some stupid regulation that made it so they couldn't hold product in one location for more than x days.


The "stupid" regulation was designed so that they would be encouraged to fulfill orders on a timely basis and avoid wait times of over a year to get your own materials out of their warehouse.

Instead of actually fulfilling orders like they're supposed to do they shuffle product from one warehouse they own to another warehouse they own and say it complies.  If you don't think that's a scam, I've got some wealth I can trickle down on you.
 
2013-08-12 03:06:05 PM

MugzyBrown: If I recall it wasn't a scam as much as some stupid regulation that made it so they couldn't hold product in one location for more than x days.


Not only the merry-go-round, but they were trading on the futures market as well.
So..... they bet on the market to rise, then marry-go-round their physical stock to make the prices go up, profit on both.
 
2013-08-12 03:16:25 PM
Who cares. Dog and pony show.
 
2013-08-12 03:25:23 PM
I'm sure they'll get a $100,000 fine, a "don't do that again, you bad boy" and laugh at the tens if not hundreds of millions they've made off this Ponzi scheme.
 
2013-08-12 03:27:00 PM

MugzyBrown: If I recall it wasn't a scam as much as some stupid regulation that made it so they couldn't hold product in one location for more than x days.


Lulz. "It's all the Evil Government's fault that we got caught artificially manipulating commodities markets! If we didn't have the pesky regulations, we could artificially manipulate the markets much more efficiently, and no one would have been the wiser!"
 
2013-08-12 04:12:16 PM
And yet, no bankers have  been pushed accidentally fallen out of a 60th story window yet.  That surprises me the most.
 
2013-08-12 04:27:53 PM
Sometimes I wish I had no conscience.
 
2013-08-12 07:56:27 PM

inclemency: Sometimes I wish I had no conscience.




I woulf be quite the evil lawyer.
 
2013-08-12 09:55:57 PM
Elizabeth Warren for President!

Geez that would bring an awesome shiatestorm of derp from the 1%.
 
2013-08-12 11:36:19 PM

drewbob21: Elizabeth Warren for President!

Geez that would bring an awesome shiatestorm of derp from the 1%.


If she won she'd be dead before Thanksgiving.
 
2013-08-13 12:40:39 AM

Frankentots: MugzyBrown: If I recall it wasn't a scam as much as some stupid regulation that made it so they couldn't hold product in one location for more than x days.

The "stupid" regulation was designed so that they would be encouraged to fulfill orders on a timely basis and avoid wait times of over a year to get your own materials out of their warehouse.

Instead of actually fulfilling orders like they're supposed to do they shuffle product from one warehouse they own to another warehouse they own and say it complies.  If you don't think that's a scam, I've got some wealth I can trickle down on you.


http://www.slate.com/blogs/moneybox/2013/07/22/aluminum_explanation_ co ntango_trade_leads_to_hoarding_side_effect.html
 
2013-08-13 08:43:30 AM

drewbob21: Elizabeth Warren for President!

Geez that would bring an awesome shiatestorm of derp from the 1%.


Exactly.  You Dems want to show you're "for the people"?  This is how you do it.
 
2013-08-13 09:09:28 AM
Last we'll hear of it.
 
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