All, In case you didn't catch it Gillian Tett of the FT wrote an article last week inviting ideas about the future scandals which will break and cause financial havoc. Writing to the CFTC is akin to banging the head against the wall except for Bart Chilton who does seem to get it. In response I've already written Gillian referring her to Ted, Adrian, GATA about the shenanigans of daily silver moves, blatant access market bull@hit , naked shorting of the miners and the ETFs. Maybe this is another dead alley as I have written her before but we have to keep banging the table. Please feel free to email her so she doesn't think I am a crank LOL! Every little helps

Her article is here:

http://www.ft.com/intl/cms/s/0/3d447b98-533e-11e1-aafd-00144feabdc0.html#axzz1mKXUsXtZ

Overdrive

It appears more and more like it's safer to shove bullion under the mattress than keep it in any other form. The banksters will steal whatever they can lay their hands on through the system.

http://www.infowars.com/gerald-celentes-gold-account-was-emptied-by-mf-global/

Anyone know what happened to bigpic?

overdrive

Does anyone have a modelled estimate for the warrant prices in the new entity? I've seen $3-10, the former would imply that 50k warrants of ECU (becoming 2,500 of the new entity) would be worth $7.5k versus the $25k prior to the merger (50k x $0.50). We'd need a $10 aprice to be flat, that seems optimistic?

DCFM,

I fear your calculations are correct. This is very unfair, the shares themselves already got adjusted and therefore the # of warrants should remain static but exercisable at the newer price. To do otherwise makes no sense as it is in effect a double adjustment and will certainly piss off every warrant holder. Maybe GWR, Coach or others can comment on this, which seems to be either poorly thought through or a straight rip-off.

Belatedly I am reading The Big Short by Michael Lewis. It is very well written and clearly lays out Wall Street's dirty tactics during the housing bubble, how they gamed the whole system, from regulators to rating agencies to their 'customers'. Particularly intriguing was the part about Goldman continuing to take collateral from a guy who had shorted housing bonds via CDS even though the market had clearly moved in his favour, simply because Goldman made the market in the instrument he was holding and therefore could say what they liked as to the value. This continued (and almost caused the guy into forced capitulation) until Goldman had figured out where the market was going and positioned itself on the same side of the trade as the smart guy. Then the big short was 'allowed' to get his rewards.

As I read it, the analogy to JPM share-holders became quite clear. I believe that we are collectively the Big Long, similar in a lot of ways to that Big Short. We're just waiting for things to blow up ('all hell to break loose' in Uncle Jimmy's words today), for the shysters that run the system to realize that our bet is the right bet, and then we will be off to the races.

Overdrive

Ladies and Gents we are now below 100mill ozs and only 28mill in the available category. Somebody is saying "screw Gensler's ever increasing margin requirements, I want my silver in my hot little hands".

PREV TOTAL
NET CHANGE
TOTAL TODAY

TOTAL REGISTERED
28,697,092
-773,018
27,924,074

TOTAL ELIGIBLE
72,118,367
-1,226,322
70,892,045

COMBINED TOTAL
100,815,459
-1,999,340
98,816,119