There are new tools and a whole new sub-unit at the DOJ’s disposal, supposedly. Here are the details…
(by Half Dollar) Traders beware!
That’s the message from Reuters, although the specifics are lacking:
However, if you want to make the markets seem legitimate, that’s exactly what you would put in the title.
But I digress.
From Reuters (bold added for emphasis):
The Justice Department fraud division is beefing up with the creation of a sub-unit specializing in combating commodities fraud overseen by Avi Perry, a trial attorney who has prosecuted high-profile cases involving trading powerhouse Tower Research Capital, Merrill Lynch Commodities Inc, and the ongoing JPMorgan probe, according to two sources.
Of course, this is what we’re told.
The truth is we have no idea if this is indeed taking place, and if so, what the “sub-unit” will be specializing in.
I mean, is it not possible that the DOJ’s idea of “combating commodities fraud” means getting rid of the rogues spoofers in order to commit the systemic, institutionalized fraud with much greater ease?
In other words, eliminating your competition, so that you’re combating fraud to commit fraud?
The Reuters article is quite lengthy, but it’s also severely lacking in details.
This, however, is noteworthy (bold added for emphasis):
Brian Benczkowski, assistant attorney general for the Justice Department’s criminal division, declined to comment on specific probes, but said that the agency’s software could lead it to widen investigations where it initially appeared a handful of traders were breaking the rules.
The word “could” certainly implies doubt, and much in the same way that the Border Wall is being sold as a way to keep people out of the United States, in reality, it’s more likely the wall will be used to keep Americans in, so I for one am not holding my breath thinking the DOJ or the CFTC are changing for the better.
Honest Question: What good is any tool if what you’re trying to fix is broken beyond repair?
Furthermore, I had a discussion with Stuart Englert about gold & silver market manipulation yesterday, so do check out that video if you have not already:
Thank you for your consideration.