This page has been archived and commenting is disabled.

Bart Chilton Jumps CFTC Ship

Tyler Durden's picture




 

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.

 

 

Via CFTC,

"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!

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 11/05/2013 - 15:38 | 4123722 TheLooza
TheLooza's picture

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....

Tue, 11/05/2013 - 15:49 | 4123769 MiguelitoRaton
MiguelitoRaton's picture

I thought Chilton died of auto-erotic asphyxiation years ago...

Tue, 11/05/2013 - 15:51 | 4123776 LetThemEatRand
LetThemEatRand's picture

No, that was Lagarde.  Turned out she was already dead, so no big deal.

Tue, 11/05/2013 - 16:09 | 4123847 akak
akak's picture

The words "erotic" and "Lagarde" do not belong in the same sentence, unless of course one is sexually aroused by withered baked carrots.

Tue, 11/05/2013 - 16:17 | 4123903 ParkAveFlasher
ParkAveFlasher's picture

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.

Tue, 11/05/2013 - 16:22 | 4123925 akak
akak's picture

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!

Tue, 11/05/2013 - 17:55 | 4124358 Al Gorerhythm
Al Gorerhythm's picture

Change that fetish to start woth g and you might form a movement.

Tue, 11/05/2013 - 18:49 | 4124563 Cacete de Ouro
Cacete de Ouro's picture

Hair today.....gone tomorrow

Tue, 11/05/2013 - 21:16 | 4125118 old naughty
old naughty's picture

Oops, Kwai-changed.

Wed, 11/06/2013 - 04:01 | 4125982 Rick Blaine
Rick Blaine's picture

LMAO

The photo(s) is genius.

Tue, 11/05/2013 - 16:19 | 4123904 Pladizow
Pladizow's picture

Lets hope SHILLton is on a plane to Russia to join Snowden!

Tue, 11/05/2013 - 16:37 | 4123986 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

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.

Tue, 11/05/2013 - 16:50 | 4124026 DeadFred
DeadFred's picture

Waiting for Chilton to fulfill his promises is like waiting on Glenn Beck. It all sounds nice but don't hold your breath.

Tue, 11/05/2013 - 16:15 | 4123892 Goldenballs
Goldenballs's picture

Same bloke different wig.

Tue, 11/05/2013 - 16:49 | 4124022 robertsgt40
robertsgt40's picture

Bart forgot to thank Gensler, his fellow traveler

Tue, 11/05/2013 - 18:05 | 4124393 Al Gorerhythm
Al Gorerhythm's picture

Thanks for all, Bart. You'll be rembered for all you've done.

Tue, 11/05/2013 - 19:33 | 4124714 prains
prains's picture

Dude's auditioning for Blade Runner 3

Tue, 11/05/2013 - 15:40 | 4123727 Catch-22
Catch-22's picture

 

 

If you like your president, you can keep your president… Obama 2016!

 

(…I’ll take the red arrows as “Hope and Change”…)

Tue, 11/05/2013 - 15:52 | 4123790 Running On Bing...
Running On Bingo Fuel's picture

(…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.

Tue, 11/05/2013 - 16:24 | 4123927 Jumbotron
Jumbotron's picture

It's pretty sad when David Carradine is the prettiest person out of that whole group.

Tue, 11/05/2013 - 15:40 | 4123728 Kirk2NCC1701
Kirk2NCC1701's picture

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.

Tue, 11/05/2013 - 15:42 | 4123744 ToNYC
ToNYC's picture

Les jeux sont fait. The games start as the ink dries.

Tue, 11/05/2013 - 15:45 | 4123747 Atlantis Consigliore
Atlantis Consigliore's picture

http://youtu.be/UpHiZAne1aY   Piece of Shit, You Know What Im Talkin About You COCKROACH...... MF Global...Alphametrix.... Peregrine....Cockroaches...

Tue, 11/05/2013 - 15:45 | 4123752 carbonmutant
carbonmutant's picture

Well it's clear somebody's had enough...

Tue, 11/05/2013 - 15:45 | 4123761 Hobbleknee
Hobbleknee's picture

Needs more Gary Busey and David Icke.

Tue, 11/05/2013 - 16:01 | 4123834 Agent P
Agent P's picture

Jimmy Savile

Tue, 11/05/2013 - 15:47 | 4123765 6th of May
6th of May's picture

What's Kwai Chang Caine doing there?

Tue, 11/05/2013 - 16:02 | 4123833 pazmaker
pazmaker's picture

He died of died of auto-erotic asphyxiation - David carridine?

Tue, 11/05/2013 - 15:46 | 4123767 BadDog
BadDog's picture

To the escape pods

Tue, 11/05/2013 - 15:48 | 4123771 YouThePeople
YouThePeople's picture

Joe Dirt Mullet 

Tue, 11/05/2013 - 15:48 | 4123772 LetThemEatRand
LetThemEatRand's picture

He went as himself to Halloween parties.

Tue, 11/05/2013 - 19:35 | 4124719 prains
prains's picture

....wearing a plastic grocery bag diaper

Tue, 11/05/2013 - 15:49 | 4123777 StandardDeviant
StandardDeviant's picture

Khaaaaaaaan!!

Tue, 11/05/2013 - 15:51 | 4123778 FieldingMellish
FieldingMellish's picture

No more frustration.

Tue, 11/05/2013 - 15:51 | 4123781 Running On Bing...
Running On Bingo Fuel's picture

Yea, his fucking job at goldman is waiting.

Over.

Tue, 11/05/2013 - 15:51 | 4123783 bagehot99
bagehot99's picture

All positions are speculative, dumbass. 

Tue, 11/05/2013 - 15:50 | 4123784 roadhazard
roadhazard's picture

Chilton is a shill.

Tue, 11/05/2013 - 15:52 | 4123787 LetThemEatRand
LetThemEatRand's picture

Mr. Chilton, please remove your helmet before addressing Congress.  Oh, sorry.  Please continue.

Tue, 11/05/2013 - 15:51 | 4123789 NOTaREALmerican
NOTaREALmerican's picture

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?

Tue, 11/05/2013 - 15:52 | 4123792 Yen Cross
Yen Cross's picture

  Bart, if you're going to be blowing any whistles, be sure and stay away from late model MBZ and David Carradine fetishes...

Tue, 11/05/2013 - 16:17 | 4123898 Disenchanted
Disenchanted's picture

It ain't whistles he'll be blowin...

Tue, 11/05/2013 - 15:55 | 4123798 TheBoyPlunger
TheBoyPlunger's picture

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.

Tue, 11/05/2013 - 15:59 | 4123820 LetThemEatRand
LetThemEatRand's picture

That's not hair gel that keeps his hair so stiff.

Tue, 11/05/2013 - 16:02 | 4123835 akak
akak's picture

It's OK as long as he doesn't let it get into his eyes.

Tue, 11/05/2013 - 17:26 | 4124206 CHX
CHX's picture

He obviously does not swallow.

Tue, 11/05/2013 - 19:37 | 4124729 prains
prains's picture

he saves it in his secret gullet, it's a reptillain adaptation to prolong the species in case all the males are killed

Tue, 11/05/2013 - 16:51 | 4124000 Son of Captain Nemo
Son of Captain Nemo's picture

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"!

Tue, 11/05/2013 - 15:56 | 4123809 yogibear
yogibear's picture

Dirt travels when the wind blows.

Tue, 11/05/2013 - 15:58 | 4123822 Sands8oo
Sands8oo's picture

And these "position limits" will apply to traders "acting in compliance with the required mandates of the Federal Reserve" correct?

Tue, 11/05/2013 - 16:11 | 4123871 Cult of Criminality
Cult of Criminality's picture

Just keep licking the boots Bart.

Tue, 11/05/2013 - 16:11 | 4123876 CHX
CHX's picture

Shillton finally to chill. 

Tue, 11/05/2013 - 16:30 | 4123944 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

"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...."

Tue, 11/05/2013 - 16:41 | 4123993 tradewithdave
tradewithdave's picture

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.

Tue, 11/05/2013 - 16:59 | 4124073 mbutler101
mbutler101's picture

yep, that about sums it up.

Tue, 11/05/2013 - 16:43 | 4123997 robertsgt40
robertsgt40's picture

Bart looks like he trained under Jimmy Swaggert

Tue, 11/05/2013 - 16:54 | 4124042 e_goldstein
e_goldstein's picture

rats

Tue, 11/05/2013 - 16:56 | 4124058 youngman
youngman's picture

Who he gets r´placed with will be worse....a real insider....one of Obama´s buddies

Tue, 11/05/2013 - 17:04 | 4124096 SillySalesmanQu...
SillySalesmanQuestion's picture

At last, one last time, FUCK YOU BART CHILTON!

Tue, 11/05/2013 - 17:36 | 4124249 loveyajimbo
loveyajimbo's picture

$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.

Tue, 11/05/2013 - 17:42 | 4124278 RealityCheque
RealityCheque's picture

Fuck you Bart. Hope you die of anal cancer. Soon.

Tue, 11/05/2013 - 17:46 | 4124302 noob
noob's picture

Marilyn Manson-Personal Jesus
http://www.youtube.com/watch?v=ZxyhHDhzcd8

Marilyn Manson - Tainted Love
http://www.youtube.com/watch?v=AVHITKnBnRY

Tue, 11/05/2013 - 18:50 | 4124562 akak
akak's picture

CAUTION!!

 

Before clicking on the link below, be aware that it is infected with a trojan horse.

Tue, 11/05/2013 - 18:34 | 4124509 Flying Wombat
Flying Wombat's picture
Open Letter To Bart Chilton

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

Tue, 11/05/2013 - 18:49 | 4124556 akak
akak's picture

CAUTION!!

 

Before clicking on the above link, be aware that it is infected with a trojan horse.

Tue, 11/05/2013 - 21:52 | 4125226 Captain Benny
Captain Benny's picture

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

Tue, 11/05/2013 - 18:39 | 4124539 Fuh Querada
Fuh Querada's picture

for the uninitiated, who are the 2 dudes on top of Christeen La Retarde? ( top R and center R) ?

Tue, 11/05/2013 - 19:26 | 4124685 Rehab Willie
Rehab Willie's picture

I smell another "We need to pass it to find out what's in it " brewing.

Tue, 11/05/2013 - 19:41 | 4124751 medium giraffe
medium giraffe's picture

Look at them all.  I fucking hate Hobbits.  Hobbits slow you down and get you killed.  Never have a Hobbit on your Party.  Never.

Tue, 11/05/2013 - 22:07 | 4125276 ChanceIs
ChanceIs's picture

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.

 

Tue, 11/05/2013 - 22:20 | 4125324 RaceToTheBottom
RaceToTheBottom's picture

What no picture of the Hulkster? 

Wed, 11/06/2013 - 03:29 | 4125952 hz
hz's picture

5 years for one rule, 5 pages for "I quit"... Seems reasonable.

Thu, 11/07/2013 - 23:45 | 4133898 PowerPlayer
PowerPlayer's picture

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.   

Do NOT follow this link or you will be banned from the site!