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antitrust.complaints@usdoj.gov
Citizen Complaint Center
Antitrust Division
950 Pennsylvania Ave., NW
Room 3322
Washington, DC 20530
Re: Reporting Antitrust
Concerns
http://www.justice.gov/atr/contact/newcase.htm#submit
Step 1: Fully Describe
Your Concern
1. What are the
names of companies, individuals, or organizations that are involved?
The CFTC, the Commodity
Futures Trading Commission, is withholding the names, with the excuse given
that they cannot reveal the names, because of statute. But, a statute, which
may violate other laws, is no excuse for obstruction of justice,
dereliction of duty, misprison of fraud, or conspiracy to defraud the United
States.
The COMEX, owned by the CME Group, also has the data on who is
primarily involved, as the antitrust violaters trade on their exchange. http://finance.yahoo.com/q?s=cme
JPMorgan Chase &
Co. has been
named by thousands of writers in the private sector, all over the internet,
based on the reports of the BIS, the Bank of International Settlements and
the OCC, the Office of the Comptroller of the Currency at the US
Treasury, that they manipulate the precious metals markets by fraudulently
selling metal that does not exist. This Bank report indicates that JPMorgan Chase & Co. is
heavily involved, far more than any other, in derivatives, exceeding $72
trillion.
JPMorgan Chase & Co.
270 Park Avenue
New York, NY 10017
http://www.occ.treas.gov/ftp/release/2009-161a.pdf
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2. How do you
believe they have violated the federal antitrust laws? (For details on
federal antitrust laws, see Antitrust Laws and You.) http://www.justice.gov/atr/laws.htm
RE: Sherman
Antitrust Act
This Act expresses our national
commitment to a free market economy in which competition free from
private and governmental restraints leads to the best results for consumers.
This Act outlaws all contracts, combinations, and conspiracies that
unreasonably restrain interstate and foreign trade. This includes agreements
among competitors to fix prices, rig bids, and allocate customers,
which are punishable as criminal felonies.
JPMorgan Chase &
Co. holds a
large, concentrated, short position in silver futures contracts at the COMEX that
allows them to unreasonably fix prices for silver lower than they should be,
which resulted in widespread shortages of retail bullion, and 1000 oz. silver
bars, over several months in 2008, at which time, I became a bullion dealer
to help relieve the shortages caused by this price manipulation. I had
to wait up to 5 weeks for delivery of 1000 oz. bars from one of the world's
largest wholesale suppliers at the time.
It has been estimated that JPMorgan
Chase & Co. has held up to, and over, 90% of the commercial
short interest in silver futures contracts, essentially dumping silver on the
market, silver that does not exist, in an attempt to contain, thwart,
suppress, and manipulate the price of silver lower than it should be, and
otherwise would be.
RE: The Sherman Act
also makes it a crime to monopolize any part of interstate commerce. An
unlawful monopoly exists when only one firm controls the market for a product
or service, and it has obtained that market power, not because its product
or service is superior to others, but by suppressing competition with
anticompetitive conduct.
World silver prices are
monopolized by this price manipulation that takes place at the COMEX, and
also in the London market, which is even more heavily leveraged due to excessive
selling of silver on paper that does not exist in the real world.
Their primary product, "silver on paper" is clearly inferior to
real silver, in that the key difference is that real silver does not depend
upon the financial solvency of JPMorgan
Chase & Co. for its value; and paper silver will lose all
value if JPMorgan Chase
& Co. goes bankrupt. Competition for real silver as
an asset is suppressed by their choice to sell paper silver at a discount to
the costs of delivering real physical silver, which must include shipping,
manufacturing, and mining costs. Other popular forms of silver for
investment, such as 100 oz. bars, and 10 oz. bars, and 1 oz. rounds also
include manufacturing costs, which are also not included in their "paper
silver" investment products, such as the ETF, SLV, futures contracts at
COMEX, options on futures contracts at COMEX, and the standard LBMA
"unsecured bullion accounts".
RE: The Clayton Act
This Act
is a civil statute (carrying no criminal penalties) that prohibits mergers
or acquisitions that are likely to lessen competition. Under this Act,
the government challenges those mergers that careful economic analysis shows
are likely to increase prices to consumers. All persons considering a
merger or acquisition above a certain size must notify both the Antitrust
Division and the Federal Trade Commission. The Act also prohibits other
business practices that may harm competition under certain
circumstances.
The Clayton Act was likely violated
when JPMorgan Chase &
Co. acquired Bear Stearns, and inherited their short position
in silver, giving JPMorgan
Chase & Co. even more control over silver market prices,
due to their even larger and more concentrated short position.
"Higher prices for consumers" is a result if the consumers are
silver investors, and if they lose the value of their silver, and thus, have
to pay relatively higher prices for everything else in the economy as a
result.
RE:
The Department of Justice
also often uses other laws to fight illegal activities, including laws that
prohibit false statements to federal agencies, perjury, obstruction of
justice, conspiracies to defraud the United States and mail and wire fraud.
The BIS, the Bank of
International Settlements indicates that the notional value of "other
precious metals" (silver) in the "over the counter" category
increased to $203 billion by June of 2009.
http://www.bis.org/statistics/otcder/dt21c22a.pdf
Yet, the entire world's annual production of silver, at about 600 million
oz., at $17/oz., is barely $10 billion, which is a mere 1/20th of the amount
owed in these bullion accounts, which are dominated by JP Morgan. But
the $203 billion of mostly silver, is 12 billion ounces of silver, which is
24 times world annual production, and perhaps 100 to 160 times the actual
supply of physical silver held in London for delivery against such accounts,
which may be as little as 75 million ounces or less.
JPMorgan Chase &
Co. is also the
custodian of the ETF, SLV, which is supposed to have up to 300 million ounces
held by JP Morgan, which is also likely not there.
JPMorgan Chase &
Co. is thus
likely engaged in a Ponzi scheme of selling silver to clients, without actually
purchasing the real physical silver in the marketplace, which is a totally
fraudulent and illegal activity.
JPMorgan Chase &
Co. is likely
engaged in sending false brokerage statements to account holders of unsecured
bullion accounts, and thus, is likely engaged in both mail fraud and wire
fraud.
JPMorgan Chase &
Co. is likely
engaged in defrauding the United States Government by manipulating
silver prices low, by selling excessive amounts of "paper silver",
which creates the false illusion of abundance of silver, which creates the
illusion of a false sense of availability of silver, which is likely needed
by the Department of Defense for the national security of the United States,
as silver is vital and necessary element for the defense industry.
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3. Can you give examples
of the conduct that you believe violates the antitrust laws? If so, please
provide as much detail as possible.
Yes. Andrew Maguire, a
silver trader, who knows the silver traders who work for JPMorgan Chase & Co.,
testified to GATA, and to the CFTC in the recent hearing on March 25th,
2010.
See
A London trader walks the CFTC through a silver manipulation in advance
By: Bill Murphy, Gold Anti-Trust Action Committee
http://news.silverseek.com/SilverSeek/1269625544.php
Andrew provides detailed, blow
by blow acts of price manipulation, giving specifics, in real time, through
emails to the CFTC about the manipulation in progress. His report is
highly detailed.
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4. What is the product
or service affected by this conduct? Where is the product manufactured or
sold, or where is the service provided?
Good question. The
product is silver. Real silver is sold through approximately 4000
coin shops nationwide in the USA. A low, manipulated price, hurts and
suppresses the business volumes of those businesses. Even more
directly, a low silver price hurts the worldwide industry of silver
mining. Most silver, about 75% is produced as a by-product of copper,
lead, and zinc mining. And many primary silver mines produce gold,
copper, lead, and zinc as by-products. Thus, a low silver price that
suppresses silver mining also restricts the supplies of gold, copper, lead,
and zinc, which leads to higher prices for all of those other commodities
than would otherwise be the case. The world could have more abundant,
and thus cheaper, gold, copper, lead, and zinc, which are desperately
needed for the continued industrialization of the entire world, if it
were not for the silver price suppression manipulation scheme in
progress.
Silver is primarily produced
in North and South America, so this is a direct assault on a large section of
the world's economy, which is, of course, a much smaller industry as a
result.
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5. Who are the major
competitors that sell the product or provide the service?
The largest refiner of silver
in the world is likely Penoles of Mexico, who may refine about 70
million ounces of silver per year, over 10% of the world's supply. The
second largest source is likely the Cannington silver mine owned by BHP
Billiton, which produces about 30-40 million ounces of silver per year.
The largest silver refiner in the USA is Johnson-Matthey, who also might have
been engaged in illegal allocation of 100 oz. silver bars back in 2008, as
their primary retailer had a wait list of over 2 months for delivery in
2008 as a result of their complicit actions in the price fixing scheme.
They refused to allocate silver to the highest bidder at the time. At
that time, I helped pioneer the development of a silver auction website, with
the owner of silverseek.com, who created seekbullion.com, which sold over
10,000 oz. of silver per day to the highest bidder for a few days during
a time of a national and worldwide silver shortage that resulted from the
illegal price fixing.
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6. What is your role in
the situation in question?
Another very good
question. I invested in silver, starting in 1998. I have been
advocating silver as an investment since then, as can be seen at
silverstockreport.com, which also has an email newsletter that reaches out to
80,000 readers. The price manipulation has negatively impacted the
success of my own investment choice, and the investments of hundreds of
thousands of other people around the world. I have been working to
expose this manipulation since 2002, as I wrote, and spent over $500,000 to
publicize, articles such as:
The
Moral Failures of the Paper Longs
Jan 22, 2003
CFTC
Response to Silver Problem
Jan 14, 2003
People
Talking About $32,567/oz
Jan 10, 2003
Letter
To Authorities of Silver Markets
Jan 6, 2003
Why
no talk of $32,567/oz ?
Jan 2, 2003
Refuting
Myths about Gold Oct 28, 2002
Controlling
Gold with Paper June 10, 2002
Impending
Gold Futures Default May 29, 2002
7. Who is harmed by the
alleged violations? How are they harmed?
As I have said, silver
investors who need to sell their silver for their retirement are primarily
the ones harmed. But also, silver mining is suppressed, which
hurts companies working to develop technology to explore for silver. It
hurts engineers and builder who develop mines. It hurts
and restricts the production of silver byproducts, which raises the
prices for gold, copper, zinc, and lead, which restricts industrial
development worldwide.
But primarily, it will
catastrophically hurt holders of American dollars in the future, as they
are currently being lulled into a false sense of security about the false and
fraudulent value of US Dollars, or more accurately, Federal Reserve Notes,
which stand to lose value rapidly as the fraud of selling silver that does
not exist gets exposed.
Thus, the silver fraud is a
small part of the Ponzi Scheme on which rests the much larger Ponzi scheme of
the US Dollar itself, a $14-16 Trillion fraud, and also, the much larger US
Bond market, which may exceed $30-40 trillion. Further, the $70
Trillion "interest rate derivative" fraud is also supported by
silver price manipulation. Inflation-indexed bonds are also sold as a
competing investment to silver, and so, by hurting the silver price, or by
making the silver price seem dangerously volatile by way of direct price
manipulation, JPMorgan
Chase & Co. supports its entire mountain of paper
investment products, which it clearly dominates in world trade.
The silver price
suppression scheme, and the resulting failure of paper money, and the
resulting collapse of commerce and world trade risks sending the entire world
into a severe depression that risks famine on a world scale unlike what has
ever been seen before in world history, and could therefore cause the
direct deaths of anywhere up to a third of all humans on earth, or even more.
Please pause now, and reflect on that for a moment. You may wish to
consider and ask yourself if you want that on your conscience, or if you want
to be blamed for that, by God himself, in the eternal reckoning that must
come due for all men, if you decide to do nothing to stop the fraud on
progress, that could potentially cause so much devastation.
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For more information, please see the following articles, or excerpts:
The Silver Boom Is Coming!
by Richard Daughty
April 6, 2010
http://www.lewrockwell.com/daughty/mogambo38.1.html
Key Excerpt:
Jeff Nielson, writing in the James Cook Market Update newsletter, who says
that because silver kills the bacteria that causes body odor, “the use of
silver in sportswear has exploded into one of the largest single applications
of silver. This one usage already consumes more than 1,200 TONS of silver per
year.”
1200 tonnes x 32,151 oz./tonne
= 38,581,200 oz.
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Silver Short Squeeze Could Be
Imminent
April 3, 2010
http://inflation.us/silvershortsqueeze.html
Key Excerpt:
NIA believes the precious metals markets are currently being artificially
suppressed by paper gold and silver that doesn't physically exist. At last
week's CFTC hearings, Jeffrey Christian of the CPM Group admitted that banks
have leveraged their physical bullion by 100 to 1. This means for every 100
ounces of paper gold/silver that trade, there could be as little as 1 ounce
of physical gold/silver in the vaults backing it. However, Mr. Christian sees
no problem with this because he says "it has been persistently that way
for decades" and there are "any number of mechanisms allowing for
cash settlements".
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Kingdom Economics Blog:
Biggest Fraud in History Exposed
FED and JP Morgan Chase appear to be manipulating Gold/Silver Market
4-5-2010
http://blog.kingdomeconomics.info/2010/04/05/...ry-exposed.aspx
Key Excerpt:
What does this mean for the future price of gold and silver? Now that this
fraud on the market has been exposed for what it is -- traders will
eventually call the bluff of the manipulators and expose their naked short
position. This could mean that the manipulators will need to find physical
gold and/or silver to cover their position. And with these metals now being
in short supply (relative to demand) we could see the PRICE of silver and
gold increase dramatically in the next few months. Silver is currently at
$17.97/ounce and gold is $1128.80.
I would not be surprised
to see silver exceed $25 by the end of 2010 and gold exceed $1500. And this
may be just the start of the increases in price for these metals. What we
have today is psychological money and it moves globally with the emotions of
traders. Prices are artificial (imaginary) and the market is very volatile
and emotional today. Except some ‘fireworks’ in the silver/gold markets in
the near future. See this web site for more details on this issue:
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Will fraud lift gold prices to
$10,000/ounce?
April 03, 2010
target="_blank" http://www.commodityonline.com/news/Will-f...-27107-3-1.html
Key Excerpt:
In fact, there is no gold left in this world if all the Gold ETFs ask for
physical delivery. And, if that happens only god knows what will be the gold
prices in the coming months — $10000 per ounce? Maybe, even more. Because,
price of a commodity which is not available at all can go up to any level due
to the sheer fact that it is not there in the market.
Now read about the Commodity
Futures Trading Commission (CFTC) hearing last week about a London
whistle-blower who had explained to the CFTC how JP Morgan Chase has been
manipulating/capping precious metal prices. In a shocking parallel to the
inaction by the US Securities and Exchange Commission (SEC) after receiving
warnings from Harry Markopolos about the Madoff ponzi, the CFTC has
apparently been sitting on the information on gold cartels.
Did you visit the websites of
GATA and CFTC this week? If you do, you can see a lot of articles and
responses from investors who have been keenly watching the developments in
bullion market.
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Gold, Silver, the CFTC & Conspiracy
Theories
April 2, 2010 target="_blank"
http://news.goldseek.com/GoldSeek/1270188480.php
Key Excerpt:
Well, if you read the Wall Street Journal, you’ll never know what happened at
the hearing and whether the CFTC paid any attention to them, but, if you look
elsewhere, you’ll read about all kinds of interesting developments during and
after the meeting.
Here’s a partial list:
GATA’s
evidence of silver and gold manipulation at CFTC hearing – Mineweb target="_blank"
CFTC
Gets Facts of Bullion Manipulation – Numismaster target="_blank"
JP Morgan Chase Caught
Manipulating Gold & Silver Market – Firedog Lake target="_blank"
Whistleblower
Speaks Out On JP Morgan Market Manipulation – Jesse’s Cafe target="_blank"
Former
Goldman Analyst Confirms LMBA Gold Market Is “Paper Gold” Ponzi – Zero
Hedge target="_blank"
Whistleblower
in Silver Manipulation Struck by Hit and Run Car In London – Jesse’s Cafe target="_blank"
King
World Interview with Andrew Maguire the Silver Market ‘Whistleblower’ –
Jesse’s Cafe target="_blank"
King
Interview With GATA On The Biggest Gold Manipulation Story Disclosed –
Zero Hedge
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Perhaps we all ought to submit
this story target="_blank" to americangreed@cnbc.com
? target="_blank"
http://www.cnbc.com/id/22680920/
Then again, they are about as
likely to expose this story as the Russian media was about to expose
communism in government. What's ironic is that pravda is more likely to
cover this story than the mainstream US media.
http://english.pravda.ru/
cc: target="_blank"
metalshearing@cftc.gov target="_blank"
americangreed@cnbc.com
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