Bart’s Bombshell
Posted by Investment Rarities on October 27th 2010 in Bart Chilton, CFTC, Gary Gensler, JPMorgan, Short Sellers, Silver, Ted Butler, U.S. Congress, Wall Street | Be the first to comment!“Will the CFTC actually act to protect silver investors?” That’s what a Seeking Alpha post asked after a dramatic statement by CFTC Commissioner Bart Chilton at a hearing on Tuesday, in which he said:
“I believe that there have been repeated attempts to influence prices in the silver markets. There have been fraudulent efforts to persuade and deviously control that price. Based on what I have been told by members of the public, and reviewed in publicly available documents, I believe violations to the Commodity Exchange Act (CEA) have taken place in silver markets and that any such violation of the law in this regard should be prosecuted.”
Ted Butler told Citywire that “I’m very impressed with Chilton’s comments, as it goes a long way towards restoring integrity in the CFTC.” And concerning Butler’s proposal for position limits, The Wall Street Journal reports that “In the hearing Tuesday, Mr. Chilton said limits on the size of trading positions could also help prevent fraud and manipulation.”
“Hats off also to Commissioner Chilton for having the integrity to follow through on this even in the face of what no doubt must have been some very strong opposition,” wrote JSMineset’s Dan Norcini, suggesting that “If you have not done so, please take the time to send him an e-mail encouraging him and thanking him for his efforts. So often men in his position only get emails or letters haranguing them.” [Bchilton@cftc.gov]
