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Bart Chilton Jumps CFTC Ship
On the day when the CFTC begins considering 'speculative position limits', believed to be "the signal rule of [his] tenure at the Commission," Bart Chilton has had enough. Having "left traders in their own" during the shutdown, Chilton expressed "excitement" at his new endeavours after sending his resignation letter to President Obama this morning (more poetry? - or body doubles?) "I'm reminded of the old Etta James song, 'At Last,'" said Mr. Chilton, one of the agency's three Democratic members. "At last, we've got this rule here," and at last, he would be leaving the CFTC. This leaves us wondering whether Chilton, no longer burdened by the shackles of his meagre compensation, perhaps can finally do what he has been promising to do for years - become a whistleblower - after all he has insinuated so many times he knows where all the "dirt" is; unless, of course, it was all for show.
"At Last"
Statement of Commissioner Bart Chilton, Dodd-Frank Meeting on Position Limits
November 5, 2013
For two reasons, this is a significant day for me. I am reminded of that great Etta James song, At Last.
The first reason is that, at last, we are considering what I believe to be the signal rule of my tenure here at the Commission; I’ve been working on speculative position limits since 2008.
The second reason today is noteworthy is that this will be my last Dodd-Frank meeting. Early this morning, I sent a letter to the President expressing my intent to leave the Agency in the near future. I’ve waited until now—today—to get this proposed rule out the door, and now—at last—with the process coming nearly full circle, I can leave. It’s with incredible excitement and enthusiasm that I look forward to being able to move on to other endeavors.
With that, here is a bit of history on the position limits journey that has led us, and me, to this day. The early spring of 2008 was a peculiar time at the Commission. None of my current colleagues were here. I and my colleagues at that time watched Bear Stearns fail. We had watched commodity prices rise as investors sought diversified financial havens. When I asked Commission staff about the influence of speculation on prices, some said speculative positions couldn’t impact prices. It didn’t ring true, and as numerous independent studies have confirmed since, it was not true.
I began urging the Commission to implement speculative position limits under our then-existing authority. And I was, at that time, the only Commissioner to support position limits. Given the concerns, I urged Congress to mandate limits in legislation. A Senate bill was blocked on a cloture vote that summer, but late in the session, the House actually passed legislation. Finally, in 2010, as part of the Dodd-Frank law, Congress mandated the Commission to implement position limits by early in 2011.
Within the Commission, I supported passing a rule that would have complied with the time-frame established by Congress—by any other name—federal law. A position limits rule was proposed in January of 2011 and finally approved in November.
In September 2012, literally days before limits were to be effective, a federal district court ruling tossed the rule out, claiming the CFTC had not sufficiently provided rationale for imposing the rule. We appealed and I urged us to address the concerns of the court by proposing and quickly passing another new and improved rule. I thought and hoped that we could move rapidly. After months of delay and deferral, it became clear: we could not.
But today—at last—more than three years since Dodd-Frank’s passage, we are here to take it to the limits one more time.
Thankfully, we have it right in the text before us. The Commission staff has ultimately done an admirable job of devising a proposed regulation that should be unassailable in court, good for markets and good for consumers.
I thank everyone who has worked upon the rule: Steve Sherrod, Riva Adriance, Ajay Sutaria, Scott Mixon, Mary Connelly, and many others for their good work.
In addition, I especially thank Elizabeth Ritter, my Chief of Staff, Nancy Doyle, and also Salman Banaei who has left the Agency for greener pastures. I thank them for their tireless efforts on the single most important, and perhaps to me the most frustrating, policy issue of my tenure with the Commission. I have had the true honor of working with Elizabeth since prior to my confirmation. I would be remiss if I did not reiterate here what I have often said; nowhere do I believe there is a brighter, smarter, more knowledgeable and hard-working derivatives counsel. She has served the public and me phenomenally well. Thank you, Elizabeth.
And finally to my colleagues, past and present, my respect to those whom we have been unable to persuade to vote with us on this issue, and my thanks to those who will vote in support of this needed and mandated rule. At last!
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Fuck knowing where the dirt is hidden. Yeah, that's worth a pretty penny, but knowing where to hide more dirt. That's where you can make some real coin in this day and age....
I thought Chilton died of auto-erotic asphyxiation years ago...
No, that was Lagarde. Turned out she was already dead, so no big deal.
The words "erotic" and "Lagarde" do not belong in the same sentence, unless of course one is sexually aroused by withered baked carrots.
You are a carrot-maligner.
Typical big-govt. shill, they all love that song. Like their soundbites, it's less than memorable after the first 5 seconds of listening.
No, I am worse: I am a carrotist.
That's right, an out-and-proud promoter of carrotism!
An unabashed user of the "c-word".
You miscegenating carrot-lovers make me sick!
Change that fetish to start woth g and you might form a movement.
Hair today.....gone tomorrow
Oops, Kwai-changed.
LMAO
The photo(s) is genius.
Lets hope SHILLton is on a plane to Russia to join Snowden!
I would like him to become a whistle blower too, but if you knew what he knows would you really do it? I mean, really?
Put yourself in Snowden's shoes for a moment. Living in Russia, trying to learn the language, under constant gaurd. You release information proving that every mobile phone platform has been owned by the NSA only to see a new iphone that reads fingerprints released two days later and people line up around the block BECAUSE it has that reader.
Would you really give up your life to save these people? I hope Chilton spills the beans, but can't say I'd blame him if he shuts his trap and cashes checks from whoever for as long as they last.
Waiting for Chilton to fulfill his promises is like waiting on Glenn Beck. It all sounds nice but don't hold your breath.
Same bloke different wig.
Bart forgot to thank Gensler, his fellow traveler
Thanks for all, Bart. You'll be rembered for all you've done.
Dude's auditioning for Blade Runner 3
If you like your president, you can keep your president… Obama 2016!
(…I’ll take the red arrows as “Hope and Change”…)
(…I’ll take the red arrows as “Hope and Change”…)
It doesn't work like that so take your fucking medicine like everyone else does.
Over.
It's pretty sad when David Carradine is the prettiest person out of that whole group.
WTF!? This reminds me of a clip in the movie 2012 and Deep Impact, when the Elite and Gov leaders are leaving in droves to tend to "family matters", while they're actually prepping to bug out or hunker down for the coming Apocalypse.
Les jeux sont fait. The games start as the ink dries.
http://youtu.be/UpHiZAne1aY Piece of Shit, You Know What Im Talkin About You COCKROACH...... MF Global...Alphametrix.... Peregrine....Cockroaches...
Well it's clear somebody's had enough...
Needs more Gary Busey and David Icke.
Jimmy Savile
What's Kwai Chang Caine doing there?
He died of died of auto-erotic asphyxiation - David carridine?
To the escape pods
Joe Dirt Mullet
He went as himself to Halloween parties.
....wearing a plastic grocery bag diaper
Khaaaaaaaan!!
No more frustration.
Yea, his fucking job at goldman is waiting.
Over.
All positions are speculative, dumbass.
Chilton is a shill.
Mr. Chilton, please remove your helmet before addressing Congress. Oh, sorry. Please continue.
Re: The Commission staff has ultimately done an admirable job of devising a proposed regulation that should be unassailable in court, good for markets and good for consumers.
Ok, so in summary: Epic Fail, dude.
How will it help the smart-n-savvy people?
Bart, if you're going to be blowing any whistles, be sure and stay away from late model MBZ and David Carradine fetishes...
It ain't whistles he'll be blowin...
No manipulation in the silver market right Bart? Have fun continuing to drop the soap for Dimon and Blankfein when your masters give you your new cushy job.
That's not hair gel that keeps his hair so stiff.
It's OK as long as he doesn't let it get into his eyes.
He obviously does not swallow.
he saves it in his secret gullet, it's a reptillain adaptation to prolong the species in case all the males are killed
No it sure isn't. But if you must ask that question it's an unpleasant ritual that Bart shares with Jon Corzine, Lloyd Blankfein and Jamie Dimon once a month...
"Something About Bart"!
Dirt travels when the wind blows.
And these "position limits" will apply to traders "acting in compliance with the required mandates of the Federal Reserve" correct?
Just keep licking the boots Bart.
Shillton finally to chill.
"Thankfully, we have it right in the text before us. The Commission staff has ultimately done an admirable job of devising a proposed regulation that should be unassailable in court, good for markets and good for consumers."
Sounds like the poor bastard knows the thing is either doomed to fail again or even if passed, will be soon be repealed.
Hope to see you as a fixture on KWN soon Bart. "JOOOOOONING US NOOOOOOOWWWW...."
Bart proved that all it takes to satisfy a disgruntled public and to completely work around Dodd-Frank on swaps was to email people back. I can't tell you how many people told me "Bart's a nice guy... he emails me." So much for the rule of law. Glad to have Russell Brand to take Bart's place as a content generator. Bart was good for about 200 posts... gonna miss that guy.
yep, that about sums it up.
Bart looks like he trained under Jimmy Swaggert
rats
Who he gets r´placed with will be worse....a real insider....one of Obama´s buddies
At last, one last time, FUCK YOU BART CHILTON!
$5 swill get ya $10 that Bart is a totally corrupt ball of Obunga's smegma... he should be tarred and feathered. And Gensler is far worse.
Fuck you Bart. Hope you die of anal cancer. Soon.
Marilyn Manson-Personal Jesus
http://www.youtube.com/watch?v=ZxyhHDhzcd8
Marilyn Manson - Tainted Love
http://www.youtube.com/watch?v=AVHITKnBnRY
CAUTION!!
Before clicking on the link below, be aware that it is infected with a trojan horse.
TND Exclusive: By Eric Dubin |
http://thenewsdoctors.com/open-letter-to-bart-chilton/
And Zerohedge, you're welcome to reprint the letter - the man has not earned the right to write his own legacy. If readers here agree, ask the Tylers to post the open letter.
Best,
Eric Dubin
CAUTION!!
Before clicking on the above link, be aware that it is infected with a trojan horse.
Uhm, no its not. The whole point of web browsers it to provide a runtime sandbox to protect from local code execution yet still allow complex rendering and layout. If you have a trojan, you need to use a real web browser and also stop having sex with monkeys
for the uninitiated, who are the 2 dudes on top of Christeen La Retarde? ( top R and center R) ?
I smell another "We need to pass it to find out what's in it " brewing.
Look at them all. I fucking hate Hobbits. Hobbits slow you down and get you killed. Never have a Hobbit on your Party. Never.
Hmmmmm. Reminds me of......hmmmm....OJ....now wait......almost there.......I got it. Kato Kaelin. Man he had bitchin hair.
http://www.google.com/imgres?imgurl=http://www.showbiz411.com/wp-content...
And you know....Kato lived in OJ's outhouse, and Bart lived in Jamie's.
What no picture of the Hulkster?
5 years for one rule, 5 pages for "I quit"... Seems reasonable.
How nice, he thanks his past colleagues just after he says that the commission staff gave him wrong information. Too bad we can't all work with this arrogant self-absorbed POS.