Hat tip to Zerohedge for this story, but it’s not like we couldn’t see this coming from a mile away since the hatchet job that was done on Silver last May 1st and has spread like a virulent cancer through the commodity futures markets in the U.S. since then. The CME Group (NYSE:CME), facing just abysmal trading volume, especially in the precious metals thanks to not only margin hike shenanigans but the complete and utter enabling of theft and fraud by two of their major commodities broking clients, MFGlobal and now Peregrine Financial Group, has been reduced to effectively begging traders not to leave their exchange casino run for the benefit of their primary shareholders.
The actions in the U.S. financial markets, especially surrounding the precious metals have been nothing short of over-the-top criminal but not one person has done a perp walk while everyone else gets Corzined. But nothing is done because of a toxic mix of incompetence (not knowing how to file a freaking bankruptcy such that criminality can be assessed) and malevolence (intentionally allowing customer funds to be stolen and not recovered.
When you think about it President Obama made it very clear when he took office that he would be waging war on the food supply of the U.S. by increasing the regulatory burden on small farmers. Who knew that he was also going to unleash his attack dogs at JPMorgan (NYSE:JPM) and their enablers at the CME Group by bankrupting many of them in the futures market? Worse than that Mother Nature looks to be finishing off the rest of them with a 60+ year drought that has corn prices over $8.00 per bushel.
Some people call the letter sent out by the CME group begging, but from this chair its just karma.
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