In September 2013, just 24 hours after Andrew Maguire went public with revelations of two actual JP Morgan whistle-blowers in the silver manipulation case, the CFTC quickly and summarily closed what had been an ongoing, 5-year silver market investigation. In a curious development, just two days later the chief investigative officer of the CFTC, David Meister, suddenly resigned his position and left the agency.
Fast forward to yesterday…
Submitted by T. Ferguson, TFMetalsReport:
In this effort, I ask for the full participation of the SD community. If you have a few minutes and if you’re tired of feeling helpless in the face of the endless price manipulation, I beg you to read this post and then take action.
As most of you are aware, I was very optimistic in the summer of 2012. I was excited. It was hot. And I expected the summer to be historic. It wasn’t…and by the time the calendar flipped to 2013 I was dejected and suffering from “Low-E”. (http://www.tfmetalsreport.com/blog/4413/low-e)
Then, in September 2013, just 24 hours after Andrew Maguire went public with revelations of two actual JP Morgan whistleblowers in the silver manipulation case, the CFTC quickly and summarily closed what had been an ongoing, 5-year silver market investigation. In a curious development, just two days later the chief investigative officer of the CFTC, David Meister, suddenly resigned his position and left the agency. Case closed.
Fast forward to yesterday…
I’m on a conference call with Ned Naylor-Leyland out of London. The call was organized by David Morgan and it also included Andy Hoffman and Chris Duane. During the call, Ned dropped a bombshell.
It had come to Ned’s attention that the “CFTC Affair” did not end in September of 2013. Nope. Not by a long shot. According to Ned, Andrew’s lawyers had contacted a well-known and well-regarded financial journalist named William Cohan. Mr. Cohan then reviewed all of the evidence that Andrew and the whistleblowers had provided to the CFTC. And here’s the thing…Mr. Cohan has apparently written a scathing article that fully summarizes the clear evidence of silver market manipulation. And what do think has happened with that article? NOTHING.
It seems that both Mr. Cohan AND the mainstream financial media want nothing to do with the story and they are frightened or otherwise afraid to publish it. Why? Well, I think you can imagine why.
Today, Ned typed up a summary memo and sent it over to Bill and Chris at GATA. So far, it has appeared on Bill Murphy’s LeMetropole site. With his permission, it is reprinted below:
Within days of the CFTC Silver ‘investigation’ finally closing in August of 2013, CFTC whistleblower Andrew Maguire’s lawyers had contacted William D Cohan, a reknowned NY-based financial journalist, and had him sifting through the folders full of detailed evidence regarding the use of the dark arts in the Precious Metals market. A month later (September 2013) I was told that the mooted article had indeed been written and that it would be the biggest mainstream broadsheet in the US within 2 weeks as an extensive editorial piece. Although I was excited by the direction this was moving, I vocally doubted that it would happen and warned Maguire and his lawyers not to rely on any mainstream publication, as I felt they would likely be ‘all mouth, no trousers’.
Around 6 months later (Spring of 2014) I was informed by a frustrated Maguire that the story had indeed been ‘nobbled’, by no less than 4 different mainstream newspapers/publications since Autumn 2013, despite Mr Cohan’s stellar reputation. Cohan has since confirmed the above ‘nobbling’ to me, independent of Maguire and described his story and the clear cover-up that has followed it as ‘amazing’ and as ‘a story that needs to be told’.
Despite these positive responses from Cohan, both he and the New York based lawyers now refuse to publish the story, thanks apparently to an argument over the publication or not of some minor details. I have accused both Cohan and the lawyers of sitting on the pot without relieving themselves for a whole year, but received little back to reassure me that anything material was happening.
I made the point that people need to know either the full story, or I would have to put what I know in the public domain, as I am now doing. The importance of this Precious Metals manipulation story is that it proves regulatory collusion, cartel behaviour and the breakdown of the rule of law in financial markets. In light of the current ‘investigations’ into FX manipulation by big banks, this story is so ripe it is bursting at the seams. All the details lie just out of reach and I am told that William D. Cohan even spoke directly to ex-CFTC commissioner Bart Chilton, who expressed his belief that the Maguire evidence was valid and that there had been some kind of cover up within the agency.
I very much hope that pressure will now be brought to bear on William D. Cohan to publish the article that he wrote a year ago and is still sitting on; the suppression of this evidence and regulatory collusion is helping to keep this rig going. An investigative financial journalist of repute has looked at the evidence, wrote a long and scathing editorial piece about what happened (a year ago) and yet STILL we sit waiting for discovery or publication of his piece.
While nothing comes of this Precious Metals investors continue to experience real losses, something that is unacceptable to me as an observer aware of the background story. I take no pleasure in naming and shaming in this way, and am heartened that Cohan confirmed and corroborated Andy’s evidence, but now is the time for the pot to be filled and the perpetrators flushed out.
If it takes intervention by a third party to set fires in order to get it out there, then so be it. At the moment the cynic would infer that either the journalist or the lawyers (or both) are colluding to continually keep this most important of stories under wraps. If this is not the case then they must drop the petty infighting over specific details and publish immediately.
Quilter Cheviot Investment Management
So, there you have it and this is where the collective effort of SD comes in.
Per Ned’s request yesterday, PLEASE take a moment to review the contact information for Mr. Cohan that is listed below. Then, pick a venue and drop him a line. PLEASE be responsible, polite and courteous. However, PLEASE feel free to demand that Mr. Cohan make every effort to see his article published as soon as possible.
Some background on Mr. Cohan can be found here: http://en.wikipedia.org/wiki/William_D._Cohan
His twitter page can be accessed here: https://twitter.com/WilliamCohan
He can be reached by email at: [email protected]
In the end, I must admit that I’m not certain much will come of our efforts but we have to try. Thanks for your help.
FIAT JUSTITIA RUAT CAELUM!!