CA Attorney: Silver Manipulation Suit Dismissed Because Corrupt CFTC Has Left Investigation Open

A California attorney has dissected the recent ruling by 90 year old judge Robert P. Patterson Jr. dismissing the class-action lawsuit alleging manipulation of the silver market.
He concludes that the entire purpose of the delay in the CFTC’s nearly 5 year investigation of silver manipulation is so that the courts can rule that the government agency in charge of investigating market manipulation has not ruled that any market rigging has occurred, and thus the courts cannot become involved in civil litigation.

Now that the class action suit has been dismissed, he states to expect an announcement by the CFTC regarding the wrap up of their silver investigation- pending the appeal of the District Judge’s ruling.

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From TFMetalsreport:

 

I have carefully read the Court’s Opinion which granted JPM’s Motion to Dismiss the silver manipulation case, which case had been pending in the United States District Court, Southern District of New York.

Summary of My Analysis: Re Court’s Ruling on JPMorgan’s FRCP Rule 12(b)(6) Motion to Dismiss for Failure to State a Claim

I am setting forth my take on the Court’s ruling.  I am not surprised by the ruling, because in hindsight, I can see fairly clearly that JPM had the winning hand from the get go.  I feel rather inept for not figuring this out earlier, but, the argument is rather simple:

(1) Congress is tasked with regulating commerce, and created the CFTC to regulate commodities futures and options, including silver [  http://www.cftc.gov/About/MissionResponsibilities/index.htm ];

(2) The CFTC is not part of Congress, nor part of the Executive branch, but is an independent agency; however, it is still part of the Executive Branch, tasked with regulating futures and options [ http://wiki.answers.com/Q/Whats_the_difference_between_an_executive_agen… ].

Other independent agencies are the CIA, SEC, FCC, FTC, NASA, and on and on.  Some call this the fourth branch of government, but in reality, all federal “agencies” are just tentacles of the same federal government octopus exerting control over all of us all the time.

(3) The federal government, in general, through its proxies and institutions like the Federal District Courts, ALWAYS acts to protect itself, to include never acting to shrink itself, to disgorge power, to decentralize, to neuter its capabilities or scope of influence, etc.;

(4) In the balance of power arrangement with the three co-equal branches of government, Executive, Legislative, and Judicial, the Judicial branch typically defers making a Constitutional decision when there are other options to dispose of a case;

(5) Here, there is a govt agency DIRECTLY charged with dealing with the exact issue before the court, and is ACTIVELY doing so, namely, whether JPM engaged in fraud and manipulation with respect to silver futures and options.

(6) The “expert” govt agency, the CFTC, found no manipulation in either of the two prior manipulation investigations, nor was any found in the ongoing investigation;

(7) Since the govt agency best charged with investigation is doing it, and found nothing then nor now, then why should the Court involve itself in another agency’s business? [Remember, the Court does not view the CFTC as a corrupt, captured shill agency like we all view it.]

(8) In short, because the Complaint essentially argues that something is amiss that the “expert” govt agency has not found, then the Court is not likely to step in and muddle around.

Click here for the California attorney’s full analysis: