(Artwork by Warren James, Screwtape Files 2012)
As a long-time studier of the original Wynter Benton messages, I had some fun reading the '1st WhistleBlower of many' letter, which I looked at only because a link graced my inbox today. The message appears at the same time as 'shocking revelations of fraud' from a former Goldman employee (which even reached the mainstream news here in the antipodes), the timing context presumably lends some 'association credibility', and infers that silver and gold are about to go ballistic.
The letter is here:
http://comments.cftc.gov/PublicComments/ViewComment.aspx?id=57019
[ small update 17th March 2012 - apparently the item has been removed from the CFTC site which means the best copy of the original letter is now the Zero Hedge article here, or on silverdoctors blog here. The spread sheet image referenced by Kid Dynamite below, can also be seen here ]
I have no problems with silver and gold going ballistic, but the story stinks. And before anyone calls me a troll, the main takeaway here is
to not base your asset purchases on mysterious industry insiders offering 'key' market information - it's a big set up.
One of the troubles with launching a
Wynter Benton Clone is that it's difficult to do this in style, particularly when the original Benton story crashed with such spectactular punctuation, only a short time ago. Sadder still that the perpetrator (or at least someone wishing to bolster the story) should write a comment defending the letter.
That anyone would wish re-attempt the con is surprising, and for me is an indicator of another imminent push in silver. But these guys insult the intelligence of the metals community to assume they can peddle this story successfully. Mr 1st Whistleblower of Many, if you want to run a successful fraud then you need to get in touch with the pros - someone who can write convincingly like the
original Benton copy-writer, or the agency behind Kony 2012, or at least stage a hit-and-run accident.
Now I'm running back to my desk before Jeanne realises I've escaped from my room !!!
11 comments:
well I do declare... Zerohedge got his one right!!!
http://www.zerohedge.com/news/jpm-metals-whistleblower-letter-complete-fraud-or-just-total-mockery
Unfortunately, what more such repeated faux "whistleblower letters", which are likely forthcoming, from other "current JPM employees" will do is simply dilute the effect of any real such disclosure that may come in the future. For that purpose, we strongly caution anyone who considers submitting such disinformation attempts from doing so as it will merely impair and discourage any just intent of validated and justified whistleblowing, either at JPM or elsewhere.
Wait! I love that letter. Even if not real, its true...maybe we should have tens of thousands of them written.
Wow, that's a good synopsis from zero hedge - I agree ... it's an excelent way to muddy the waters.
There seems to be a level of interest to keep the story afloat -over at silverdoctors another random commenter suggesting whistleblower go to King World News for an interview.
In addition, a screenshot has been added as 'evidence' (doesn't load though).
Hiya The Big Setup, I was hoping you would drop by ;)
Oh, and The Big Setup, I fully agree. In fact I just read a paragraph which sums up my views perfectly:
"That the banking system is a suite of ritualized and perpetualized fraud and ponzi schema which has existed by the corruption of arrogant and incompetent "leadership" from the political to the bureaucratica is held in full face of abundant and overwhelming publically available evidence."
My only concern is that letters such as these appear to be merely an attempt at further manipulation. The Goldman insider appears to be a good example of this - once something reaches the mainstream news in Australia that nearly guarantees that it's some kind of orchestration. Makes me wonder what they are up to this time.
FT Alphaville's take http://ftalphaville.ft.com/blog/2012/03/15/924901/i-write-you-in-the-finest-green-ink/
The Daily Bell I think has gone off the rails in seeing this fake as "possibly, part of a larger power elite dominant social theme" and "that the warmed-over accusations are aimed at boosting the entirely corrupt CFTC". Link here http://www.thedailybell.com/3707/New-Street-Hearings-Redux-How-They-May-Regulate-Gold-into-Irrelevance
As per Zerohedge..looks like it may be REAL:
http://www.zerohedge.com/news/terminated-cbo-whistleblower-shares-her-full-story-zero-hedge-exposes-deep-conflicts-impartial-
so the ... floodgates are officially opened for a deluge/army of industry insiders spilling the beans? Help us all.
If it's a real event then we're in trouble since rats will flee a sinking ship. If it's orchestrated then we're in trouble since it suggests the stage is being set for something - I've always wondered if the banks would become the fall guys for any major currency devaluation, perhaps this is the big one?
P.S. Doesn't change the core deficiencies of the CFTC Comment.
the 'Bugs will no doubt draw strength from Brother Gartman this morning:
http://ftalphaville.ft.com/blog/2012/03/16/926591/gartman-ponders-the-1st-whistleblower-of-many/
note that Gartman never says that the letter is real - only that IF it were real, it would be bullish for the metals.
duh. that's the POINT Of how the silver-ogosphere works!
also - warren - I looked at that balance sheet snapshot - total bs. It has fixed income exposure of way way less than equity exposure. not a chance that's JPM's book. you can right click on the image and select "view image" to get it to enlarge
Warren - Nothing much to add from me, apart from the obvious which has already been said by many: it's clearly a hoax/fraud/bored teenager/pissed off investor. Absolutely nothing about this letter smells like something a real trader would write.
But I really want to congratulate you on that photo-shopping effort. That is just BRILLIANT! You really made my day with that. I shall forever think of you as Yoda from now on :-)
Now get back to your room before you get a spanking.
Wouldn't it be nice to just know the truth?
I hunger for the truth. I can cope with the truth - but an endless parade of lies, half truths and bullshit is tiring - from all directions.
Actually read a good article at Kingworld today on inflation. Author talks about the price of grain in the late Roman Empire. Good stuff and a more rational view of the situation than most I have read. People keep waiting for the one cathartic moment to happen - for that one black swan to fly. Life is generally not like that. Most devaluation and collapse happen over a long period of time as power seeks to hold onto its place in our world.
The link is here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/16_Fitzwilson_-_The_Roman_Empire_%26_The_Power_of_Money_2.html
Found another clone ...
http://www.silverdoctors.com/could-jpms-silver-short-position-be-backed-by-massive-base-miners-forward-contracts/
Note the use of suggestive language, anonymous smokescreen, persistent follow-up etc. The target audience doesn't know much about shorting and hedging, so the arguments appear mostly valid. Same game, different people (or maybe even the same) ... hey speaking of which, what happened to the 'many' whistleblowers who were supposed to follow, anyway? Not as advertised, I want a refund.
I'm going to keep adding clones to this post, as they pop up.
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