Compare this record to your own results during the volatile first quarter of 2012.
- Bernard Madoff $50bil scheme owned few actual assets as he served as NASDAQ chair
- Alan Stanford $7bil investment scheme
- MF Global over $1.6bil of segregated client cash stolen no charges filed
- PFG Best $220mil of segregated client cash stolen while firm owner chaired regulator board
- 453 US bank failures since 2008 and the list grows
We say all this to illustrate the point that today's Financial Times headline is hard to take seriously.
Consider Kwan Box comrade in arms Bill Murphy's statements before this same CFTC panel in 2010. Your editor has known Bill for some time and this is a mere fraction of the evidence he delivered to the commission.
As long as connected parties are allowed to sell the market short without borrowing physical metal, regular investors don't stand a chance. The mob captains running these markets have hand-picked their watchdogs and the interest of the public are secondary.