*Updated with Gensler’s response
For anyone who wondered, the banksters are above the law- just ask Mr. Dimon and his Presidential cufflinks.
DC District Court Judge Robert Wilkins Friday threw out the CFTC’s position limits rule, scheduled to go into effect Oct 12th.
Naturally this was announced late on a Friday afternoon after the markets had closed, to insure as little to no publicity as possible.
The metals manipulation will only end when FREE MARKET FORCES OVERWHELM the bullion banksters.
IT IS TIME TO FIGHT BACK BY EMPTYING EVERY LAST DOLLAR OUT OF EVERY ACCOUNT YOU OWN- CHECKING, DEPOSIT, STOCK, RETIREMENT- AND TAKE DELIVERY OF PHYSICAL SILVER!!!
(Reuters) – A U.S. judge handed an 11th-hour victory to Wall Street’s biggest commodity traders on Friday, knocking back tough new regulations that would have cracked down on speculation in energy, grain and metal markets.
Judge Robert Wilkins of the U.S. District Court for the District of Columbia threw out the U.S. Commodity Futures Trading Commission’s new position limits rule, and sent the regulation back to the agency for further consideration.
Wilkins ruled that, by law, the CFTC was required to prove that the position limits in commodity markets are necessary to diminish or prevent excessive speculation.
He also ruled that the amendments to the 2010 Dodd-Frank financial oversight law “do not constitute a clear and unambiguous mandate to set position limits, as the Commission argues.”
The ruling is a major victory to traders just two weeks before parts of the new position limits rule were scheduled to go into effect.
For those holding out the faintest of hopes in the system, we have reached out to the CFTC’s Bart Chilton for his comments, as well as whether the CFTC will appeal Judge Wilkins’ decision.
Vampire Squid CFTC Chairman Gary Gensler has released a public statement on the ruling:
Statement of Chairman Gary Gensler on Position Limits
September 28, 2012
“As part of the Dodd-Frank Act, Congress directed the Commission to impose limits on speculative positions in physical commodity futures and options contracts and economically equivalent swaps. The Rule addresses Congress’ concern that that no single trader is permitted to obtain too large a share of the market, and that derivatives markets remain fair and competitive. I believe it is critically important that these position limits be established as Congress required. I am disappointed by today’s ruling, and we are considering ways to proceed.”