CFTC Commissioner Bart Chilton spoke Thursday before the International Roundtable on Financial Benchmarks in Washington, DC.
Chilton spoke out against last year’s LIBORGATE scandal, stating that We’ve witnessed blatant and brazen monkeying with the marks, and that When marks are manipulated, it affects us all.
While we couldn’t agree more with Mr. Chilton that benchmark manipulation affects us all, we also believe that so does manipulation of interest rates, gold, silver, the dollar, and every other commodity and currency market.
Perhaps the CFTC should focus on investigating manipulation crimes in progress, rather than the scandals that have already previously broken.
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From the CFTC:
Statement of Commissioner Bart Chilton Before the International Roundtable on Financial Benchmarks, Washington, DC
February 26, 2013
I’m pleased we are discussing the critically important topic of benchmarks. We’ve witnessed blatant and brazen monkeying with the marks. The LIBOR (London Interbank Offered Rate), for instance, impacts virtually anything consumers purchase on credit from a car to a home mortgage to a student loan. When marks are manipulated, it affects us all.
I’ve heard many suggest that lots of banks were submitting false rates, so therefore it was acceptable. That is, in no way, cool or copacetic. It violates the law and can hurt consumers and customers around the globe. Rather, the idea that pervasive manipulation, or attempted manipulation, is so widespread should make us all query the veracity of the other key marks. What about energy, swaps, the gold and silver fixes in London and the whole litany of “bors?” Why would they be any different in the minds of those that may have sought to push or pull rates? For me, this means every single mark needs to be reviewed, and potentially investigated.
Finally, these benchmarks need to be based upon real, transparent trades, and not in the control of any individual or entity which may have a profit motive. That means government; quasi-government or an appropriate not-for-profit entity should oversee the circumstances surrounding how marks are established.
I hope today’s discussion moves us in a direction that restores credibility and confidence to the marks and markets.
Last Updated: February 26, 2013
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Nice to hear from Bart again, feigning concern about corruption in the system.
What about doing your job, Bart ? There are
big problems in the silver market, and you know it.
Chilton is apparently nothing but an appeasing mouthpiece feiging concern -as you say- over diabolical systemic corruption, while the CFTC’s seemingly collusive ineffectivenss enables crimes in progress as Ted Butler says. He is not paid to wag his finger and wring his hands on TV, he is paid to regulate. His televised complaining, without doing anything about it, simply enables the banksters continued corruption.
Consider the opaqueness of silver manipulation through
1. freewheeling GLD/SLV shorts ala Turd and Mcquire
2. Central bank leasing/bullion bank gold loans rehypothicated infinately
3. Ted Butler/Ed Steer’s concentrated COMEX short selling (2.5 times the annual production of silver sold in a day?)
The CFTC has no interest in stopping this and their collusion/inactivity allows silver/commods to be manipulated downward, the dollar/Treasuries to be manipulated upwards, and the economies of the world to pay the price for the CFTCs pandering to corrupt banks. This will result in commodity shortages and worldwide famines
Thats quite a legacy Mr. Chilton.
I pray regularly for Commisioners Chilton, O’Malia, Wetjen and Chairman Gensler.
In a nutshell. Don’t wait on others to do something.. Take heed and do it yourselves. You wait on Bart or the CTFC your going to get like these Colonial Marines…Slaughtered
If he would do something about the BLATANT manipulation he would probably be suicided or be in a tragic helicopter crash
If he is not going to do his job, and at worse, enable corrupt fraudulent banks to steal and commit fraud, he should quit, otherwise he is complicit. The CFTCs Brooksley Born and Justice Painter refused to participate in the corrupt CFTC. He should to, as his ”good cop” role was stale a long time ago.
There are 5 CTFC commissioners. Bart will claim later he was outvoted and couldn’t do more. However, a truly honest and courageous man would go public with the silver market manipulation, and name the culprits and how it’s being done. Damn his career. Yes, he’d be thrown out, but maybe the COMEX would have to change. You know cockroaches scatter when the lights come on.
Turn on the light Bart.
fergit Bart we need Elliot Ness! Bart Simpson maybe
Bart’s pining about ANYTHING is way long in the tooth. He needs to take a hike like all the other zero-doers at CFTC.
When you lie down with the dogs, you get up with fleas.
Exactly!
Come on folks Bart’s doing his job, he’s saying what the Elite’s want him to say. He’s a paid Puppet, End of Story.
Noise for the sheeple to keep them happy, “see we know about it and are looking into it”