Whistleblower Exposes JP Morgan's Silver Manipulation Scheme

Tyler Durden's picture

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CB's picture

will anything meaningful actually happen in response to these revelations?

jedwards's picture

Of course not.  No one cares.  Criminals are protecting criminals.  No one wants a fair market.  If Ramirez had any intention to do anything about this, he would have asked for further information.  What a fucking joke this world is.  It's like those movies where the people who are supposed to protect you from crime are also the criminals.

Fed Supporter's picture

No shit.  Tyler please give me Andrew Maguire's email address.  If the CFTC does not give a shit at least I would like to have heads up in order to trade in the same direction and make some money. 


Cognitive Dissonance's picture

"If the CFTC does not give a shit at least I would like to have heads up in order to trade in the same direction and make some money." 

The CFTC most certainly does give a shit. About you. You, my friend, will be stepped on. The regulators have 2 functions. To ignore criminal activity when it's "official" and to eliminate any "competition" to the "official" manipulation.

You would be considered competition. You don't think you're ID is actually hidden from view here on ZH, do you? Don't be naive.

Fed Supporter's picture

I was just being a smart ass, I don't trade in the Silver Markets.  I was simply making the point that if the CFTC ignores this guy, I among others would be happy to have insider information.  

I know the government and their agencies have no concern for the little guy.  As well I am aware that anything I post on the internet can be tracked back to me if the authorities need to locate me for my expert opinion as to how it feels to be stepped on.



SWRichmond's picture

A smart ass, at ZH?  Say it ain't so!

Cognitive Dissonance's picture

I assumed you were being a smart ass. I hope you understand I was as well?

CB's picture

sometimes crazy people react.  The establishment must love it on some weird level b/c they can then say their norm is the right norm.

BDig's picture

Actually, I'm pretty sure Ramirez genuinely cared about the event.  This is the type of thing that will do wonders for someone's career in regulation.  However, the conversation with Ramirez's superior would go something like this:

Ramirez:  Boss!  We've got some crazy manipulation stuff going on right now...

Boss:  Let me make a quick call...

Dr. Claw:  <You should not be concerned with such matters.>

Boss to Ramirez:  There is no manipulation going on.  You need not be concerned with such matters.  Move along.

That said, I wonder how this will impact the resolve of interested parties.

swamp's picture

Not in this country, but GATA has international readers, including the Chinese government and others. 

swamp's picture

Not in this country, but GATA has international readers, including the Chinese government and others. 

Al Gorerhythm's picture

If a tree fell in the woods and nobody heard it, did it make a sound?

The arrogance of the man in making that comment, is mirrored in the current "investigation into silver manipulation.

If an illegal manipulation was observed but not acted on by the regulators, would it still be a crime?

VegasBD's picture

If a fat girl falls in the forest do the trees laugh?

Voluntary Exchange's picture

This also nicely explains the  concerted shorting activity in the corresponding mining sector stocks, including gold miners.  So demand prosecution from the SEC too, and when they do nothing demand congress charge SEC staff for criminal conspiracy, and when congress does nothing the people will see what they need to do to be free!

IBelieveInMagic's picture

Sorry, this trail of emails is too good to be true -- I suspect these email exchange is fake. It would be a great way to wrong step all the PM conspiracy theorists. The powers-that-be would love to repeatedly show that the conspiracy theorists are wrong although there is no doubt market manipulation going on...


Hulk's picture

Those emails are exactly like the kind of emails  I sent Auditors on my whistleblower cases, so I think they are real.Andy will spend the next x months/years oscillating between hope and really, really pissed off. Just reading those emails made me very angry, bringing back old thoughts.In the end, Andy will capitulate completely when he realizes that:

A:) no one wants to hear the facts

B:) no one wants to deal with the facts

C:) the system is 100% corrupt and the people in it are pathological liars,frauds and incompetents

I came away with the feeling that 90 percent of the people in the system know they are frauds and incompetents, and they are just covering each others asses. That includes auditors and regulators.

Marko found this out, how he kept at it for ten years I'll never know

I'll tell  every here this: you will never understand the depth of the fraud and corruption until you try to fix it.  Never. Ever.

You have an idea, to be sure, but its much worse than you will ever imagine....



hbjork1's picture

Actualiy, a falling tree is converting the potential energy of its distance above the ground into vibrational pressure wave energy in that propagates through the air around it.  If the vibrational pressure waves fall on our little eardrums we get feable electrical transmissions to a gelatinous mass in out head that can send electrical messages elsewhere.  We call it sound.  The voltages for those electrical signals are 40 to 70 millivolts.  And it is all done without silicon (so far as I know.)  (In contrast, the voltage change per Degree C. in a thermocouple is in the MICRO volt range. )

When reliable documentation about market manipulation falls on the little sensors that make up my eyes, my own gelatineous mass is inclined to send signals to my fingers that type out the word FRAUD in a letter to one or more of my elected representatives in Congress. 

They are all going to think I am just another kook but they will probably count the missives on the subject in their tally sheet. 

And if anybody has an e-mail address for the whistle blower, I would be most happy to be able to send him a" thank you".

knukles's picture

Fuck yeah, waddya think?   Andy'll probably get an e-mail from Ramirez thanking him for the information.  What else you want?


PS  Are we supposed to rate the article or Ramirez's e-mail?

Al Gorerhythm's picture

Drawing a bit on the longbow there, Chumba? A bit of a stretch but I know where you are coming from.

SV's picture

If you want to see it, this is that clip.

Frank Owen's picture

Well, that was more specific than I anticipated.        Sure was. lol

chumbawamba's picture

No wonder no one takes Bill Murphy seriously.  Did anyone ever tell him what that dot means at the end of sentences?

I am Chumbawamba.

paladin's picture

why did Bill Murphy talk as fast as he did..



I know.....do you??

paladin's picture

I want a dam answer on this

tip e. canoe's picture

"thank you very much for your observations"

click send

click open new window

enter www.trannysurprise.com

Mad Max's picture

For those mislabeling this as junk, I believe it's actually a fairly intelligent commentary on a recent minor scandal involving a US federal agency.

chumbawamba's picture

Never underestimate the stupidity of any crowd, including ones that coagulate in ZH comments.

I am Chumbawamba.

Cognitive Dissonance's picture


What a wonderful usage of the term "coagulate". Consider it stolen by me.

Crime of the Century's picture

Yeah - amazing that the SEC needs "unfiltered" access like the DOJ. The bulk of Fed systems run enhanced Websense or such. Things that make you go hmmmm. And you're right, the junkers are suffering from cranial impaction.

tip e. canoe's picture

thank you SO MUCH for junking my comment!  i see you find the dark side of the human psyche offensive.  personally, i find people hiding behind false sincerity much more so.  and even more revolting is the thought that a person whose livelihood is being paid for by the collective energy, sweat & toil of american taxpayers and who got busted obsessively surfing porn on the job still has a job being paid for by __________.

i guess we can agree to disagree as to what is 'junk'. 
it's the American Way, right?
hope you enjoy filling out your tax return!

Cognitive Dissonance's picture

People don't like to reminded of crazy Auntie in the attic. In a society that spends so much of its time trying to avoid discussing anything of substance, you're an ugly reminder of their participation in the collective denial.

I suspect a few people clicked the link, got turned on, then were embarrassed by their sexual response and struck out at you for leading them by the nose to their own sexuality. Shame on you, tip e. canoe!

tip e. canoe's picture

well i hate to be the one to break the news but crazy Auntie has already busted out the attic and refuses to go back inside until she sits down and has a heart-to-heart with every single one of her nieces & nephews.  she's got some family history to share with us all.

Hulk's picture

just ignore the junks tip.e.canoe. They are now meaningless...

velobabe's picture

i thought it was funny that you suggested to open a new window.

yeah know if your writing html code can target attribute defines whether to open the page in a separate window, or to open the link in the current browser window. can we do this in ZH posts?

fuu's picture

Disable rich text formating and do the html by hand.

target="_blank" opens your link in a new window. You need the rest of the html though.
Example: a href="www.zerohedge.com" target="_blank" Zerohedge /a

Zero Hedge(pops)

Cookie's picture

This should be the 'smoking gun', but of course all that will happen is for Maguire to meet with a fatal accident.

Missing_Link's picture

I have a terrible feeling that the only way to profit from this whole situation is a life insurance policy on Andrew Maguire.

VFR's picture

does that mean shorting him

viahj's picture

No, that would mean taking a CDS position.  "Curious Death Suddenly"

Shameful's picture

Now I really want to know who those physical buyers are that come in for the discounted physical.  Good thing JPM is to big to fail.  So when this finally blows up in their face we can bail them out again.

Double down's picture

This is one dangerous game they are playing.  Imagine the resonance this builds up. 

Mad Max's picture

Yeah, except that I'm concerned that this could be used as a pretext for confiscating privately held gold (and even silver).  "Sorry, Mr. J6P retail gold buyer, it turns out that the big bullion banks were fraudulently short selling, and a rather stern Saudi prince called their bluff and demands delivery.  Since the US war machine needs oil, we're taking your gold in order to keep the oil flowing to the war machine.  You'll be fairly confiscated at the official US gold price.  (By the way, that's $39/oz)."

Shameful's picture

Oh this is a possibility.  I consider it remote simply because Americans don't own much gold.  In some ways they are already forcing gold out of the weak hands with the cash for gold commercials.  Now I expect them to just jam up the price and let the dollar fall and just bid with dollars, that will kill a lot of weak hands "Gold doubled overnight!  It's a bubble sell!  Sell! Sell!" 

After all sending out teams of IRS agents and support to try to grab goldbugs gold could be a lot more messy then it's worth, really how many of us are there that have any real amount of gold?  On top of it most goldbugs are also gun bugs and would dole of free lead samples before coughing up their gold.  Sure they could get it, but a lot of pain for little gain.  They would be better off just making gold ownership illegal again and crack down on those attempting to sell expect to the US Gold Commission.  Though honestly I think this idea is remote unless the dollar totally dies when the crimex explodes.  Really the best play would be to sell gold out of the Fed and Treasury.  They can sell every last ounce if need be, and then they can leverage allies like the UK or even India to cough it up to meet their shorts, not to speak of IMF gold.  There are literally thousands of tons of gold they can back up the TBTF with (assuming they have not sold or leased it already).

Though the newscast would be amazing "Goldbugs declared war on! They are terrorist because they won't give their gold to the Government to support JPM.  Later in the hour we will have Jamie Dimon to explain why these vile terrorists hate America!"  For extra comedy we need Dimon to be Treasury Secretary at the time to :)

oddsman's picture

Americans in general don't hold much PHYSICAL gold or silver, but...Imagine how much easier things would have been for FDR had GLD & SLV been around back then, instead of thousands of banks with hundreds of thousands of safe deposit boxes. IMO in all likelihood GLD & SLV contain fake bars (tungsten + osmium = weight of gold, lead + aluminum wire = weight of silver) but even if they're real the risk of government confiscation, compared to metal you hold yourself, is extreme. Buy "junk" silver if you like silver. Then you can look at it and marvel at how we can call it "junk" when it's so beautiful. :)

Mad Max's picture

tungsten + osmium = weight of gold

Tungsten alone is so close there's no need to add others.  Last I knew Osmium was pricier than platinum.

DoChenRollingBearing's picture

I believe osmium is cheaper than platinum:

www.thebulliondesk.com (with the www, the site is from England).

Yes, tungsten is very close to gold's density.  You would be EXTREMELY close if you had an mixture 98% or so tungsten and 2% or so osmium.

Mad Max's picture

Color me surprised.  Good site to link to.

So, yes, you could be spot-on for the overall density with a little osmium.  But the bar/coin would still fail more sophisticated tests like speed of sound and electrical conductivity.

Mad Max's picture

funky server double post