Saturday, March 27, 2010

JP Morgan Manipulates PM Markets ?

For those of you who may have missed this piece, and I know you missed it because the mainstream media refused and refuses to cover it, we got extraordinary news, via the net and the blogosphere, that an employee at JP Morgan has turned whistleblower. One Andrew Maguire has stepped forward exposing JP Morgan's market manipulation scheme of precious metals.

It appears Mr. Maguire, sent emails to staffers at the SEC, (aka Keystone Cops formerly run by chief eunich Chris Cox), that JP Morgan actively manipulates the gold and silver markets. It also appears Mr. Maguire sent emails to the SEC regarding the dates and times these machinations by JP Morgan were taking place. Sadly the staff at the SEC are to busy
surfing porn to have the time to follow up these leads from Mr. Maguire. Yes, it appears the staff over at the SEC is far to busy and overworked to seriously follow up and investigate leads like this. Deja vu all over again. But Madoff and Stanford were just too complicated to unravel. Lehman was just too hard to discover. shhhh don't tell anyone or we will get more new regulation with teeth in it courtesy of Sargent Schultz errr, excuse me I meant Chris Dodd.

One might conclude that they are shocked that the likes of CNBC, Bloomberg, Forbes, et al. have not offered any coverage of this story surrounding too big to fail JP Morgan. Not me. What I am shocked at is how the likes of CNBC, Bloomberg, Forbes, et al. have not come out swinging impuning and savaging Mr. Maguire's character.

I am shocked that we have not already learned that he preferred, tranny dominatrix porn, that he smoked pot as a freshman in college and is purported involved in a string of meth labs, or that 15 yrs ago he dated a girl whose 2nd cousin passed off some bad cheques. Maybe he even has attended a Tea Party event. Either way this lack of character assassination is what shocks me.

The one thing that will not shock me is the strange eery tendency for the completely random, highly improbable and often tragic events that seem to befall people like Mr. Maguire once they step forward in this fashion.

Things like OD'ing on aspirin, crashing into a tree while skiing a green run, electrocuting yourself in the bathtub while operating a toaster. All of these black swan-type events tend to become white swans once you cross them.

Stay safe Mr. Maguire I wish you all the best. I applaud your onions (as Bill Raftery would say) for stepping forward with this information.

In all seriousness will someone over at CNBC, Bloomberg, or any other of the mainstream financial media outlets explain to me why this is not worthy of coverage. Come on guys step up to the plate and tell us. You continually say you are insulted by the idiot bloggers out there who you claim can say whatever they want be it substantiated or not, without repercussions.

Prove me wrong. Explain why this story is bogus. The boy in the hot air balloon can be riveting journalism but the manipulation of the precious metals markets is not. And you need to wonder why we are in the pickle we are in financially.

Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 1 unit Direxion Large Cap 3X Bear ticker BGZ @ $19.34
Long 2 units Direxion Small Cap 3X Bear ticker TZA @ $12.06
Long 1 unit Direxion Emerging Mkts 3X Bear ticker EDZ @ $60.50
Long 2 units Direxion Financial 3X Bear ticker FAZ @ $19.65
Long 2 units Ultrashort Xinhua China ticker FXP @ $8.49
Long 1 unit Ultrashort Real Estate ticker SRS @ $9.82
Long 2 units Direxion Tech 3X Bear ticker TYP @ $10.52
Long 1 unit US Dollar Bull ticker UUP @ $22.52 stop @ $21.97
Short 1 unit Daimler ticker DAI @ $52.23 stop @ $52.23

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