Sorry folks, this whole 'investigation' amounts to slapping a coat of fresh paint on a building that is rotted to the core. Nothing is going to happen. At best, they will come up with a minor fine and consider the matter closed. The whole charade is exposed in one sentence: "JPMorgan has not been charged with any wrongdoing." And they wont be...
Look, how many monumental cases of fraud have been exposed in the last few months, none of which has been punished whatsoever. Lets just talk about Fannie May for example, where there are literally billions of dollars that are missing and no reliable financial reports have been presented for years. Why was that firm not delisted? Why were the senior management not indicted for fraud? Where were the fines that should have been imposed? Is there one person on the planet that can look at that story and not know that something is seriously wrong with the financial market enforcement division?
Hell, remember when ECU was slow in filing documentation a couple years ago, and they halted trading on our stock. For this little company we get hammered but for the big, connected banks and institutions, all fraud is acceptable.
Can anyone name me one senior bank manager that has been charged with fraud as literally hundreds of banks have gone sour in the last couple years? How about Hank Greenberg with CountryWide Financial, who cashed out hundreds of millions in stock sold immediately before his company went bust. It is estimated that 80% of the mortgages underwritten by that firm were fraudulent. And taxpayers spent billions to bail it out all out. No fines, no criminal charges.
What about the CFTC hearings in March that were supposed to clear it all up and root out the fraud. You gotta be kidding me if you think the regulators were seriously interested in making change or fixing this mess.
So this JPM 'investigation' is just more lipstick on the pig. In fact there is probably something sinister behind the scenes that has prompted this. I would not be surprised if they are going to come up with some excuse to suspend or alter the COMEX so that all of the past fraud is forgiven or grandfathered into some new set of rules, and NO ONE WILL BE PUNISHED OR FORCED TO PAY UP. Watch for it. They would not just come up with this whole investigation now, after ignoring the obvious interference and fraud for more than 10 years, without some underlying reason. And I doubt it will be to the benefit of the longs in the metals.
cheers!
mike
