Guest Post: ISDA's Lawyers Make Up "Facts" And "Law" To Overturn Limits On Speculators

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
GeneMarchbanks's picture

Who could've seen this coming? Total Black Swan.

HedgeAccordingly's picture

black swan might be within our own borders.. if we cant figure out how to use a computer http://hedge.ly/tHy6w4

Peter K's picture

Is the fact that Scalia is the son of a SC judge of any material relevance in this case?

BTW Down twinkles.

11b40's picture

Maybe like father, like son?  Sounds as if he is as sleezy as the old man.

Material?  No.  Relevant?  Maybe.

Grinder74's picture

Natch.

Obama Sr. was a communist...so is his son.

Obama Sr. hated the British...so does his son.

Obama Sr. used those around him for his own nefarious means...so does his son.

 

See how fun this is?

11b40's picture

Yep....it is fun.  Was the article about the father or the son?

Anyway, what's your point?  I don't give a rat's patootie about Obama, and have no argument with your statements one way or the other, as he was not the object of this discussion.

I do, however, disagree with Scalia's judgements, which overwhelmingly come down on the side of corporate America and the greediest, slimiest among us....at the expense of freedom and liberty.  Oh, yes.  I almost forgot.  He and his asshole buddy Thomas are crooks, liars, and hypocrites of the highest order.

 

 

non_anon's picture

it all began with...

PulauHantu29's picture

DC Judges are very bright, Hopefully they slam dunk those BoBo's.

topcallingtroll's picture

They may be bright, but if they are too busy to read a few hundred pages a day carefully then this Hail Mary has a chance. That is the dirty little secret of our judiciary. Judges robosign most everything and just hope their clerks got it right.

Stormdancer's picture

Don't forget the SIFMA which is also party to this lawsuit.  And who'd a guessed...Blythe Sally Jess Masters is board member and chair emeritus at the SIFMA.

http://www.sifma.org/news/news.aspx?id=13600

SheepHerder's picture

I can't recommend Damon Vrabel's series on debunking money enough. I watched it last week and was rudely awakened from a lot of my misconceptions. There's a lot of fallacies in thinking this country has been anything other than a complex debt based slavery system.  In decades to come, our masters are going to totally trounce all over the Constitution and our civil liberities as they collect on what they feel is theirs.   

topcallingtroll's picture

Scalia is knowledgeable about the legal system. Judges cant possibly read everything and write their own rulings on everything. They depend on law clerks to do most of the work and the judge justs robosigns a majority of the cases.

He is hoping to baffle busy clerks with lengthy bullshit hoping they will skim over it.

I had a ruling against me once that didnt even address the issue of standing or the specific case itself. It was as if someone got a couple of cases mixed up and cut and pasted the wrong thing. I was too poor at the time to pay five thousand for an appeal. I suspect this happens a lot.

lunaticfringe's picture

Lawyers engaged in dreaming up shit  to line their own pockets? Never heard of such a thing. You didn't think the banks were gonna give up that easy, did ya?  Blago is an attorney. heh. http://thecivillibertarian.blogspot.com/2011/12/blago-awaits-sentencing-...

 

topcallingtroll's picture

An attorney friend brazenly made up a "precedent" in a DUI case in texarkana arkansas when i lived there. He knew if it sounded sensible that this particular judge would be too lazy to check up on it and too embarrassed to admit he didnt know the "precedent"

He got the guy off a DUI and made 7000 bucks!

This attorney used to be the prosecutor, so he knew how to play that old man.

Andre's picture

"A good lawyer knows the law. A great lawyer knows the judge."

11b40's picture

There he is again....good ole turtlehead Phil Gramm and that Chinese wife of his, Wendy.

This former Congressman, who went on to become SVP with UBS, probably did more to undermine the financial system, and cause the problems we have today, than any other single individual involved in this mess.  He as the Congressman, and she from the rape and pillage branch of private industry (and Enron Board member) acting as his guide, effectively took care of Glass-Stegal and regulation of commodites trading.  There should be wanted dead or alive posters of this asswipe all over Texas.

jmc8888's picture

....and his protege is running for President.  Think of Phil's entire funding network (and thus policy making) transferred to Rick Perry, and you get the idea of what Rick would be focused on inbetween calls to BofA to help him out.

Glass-Steagall

 

Bansters-in-my- feces's picture

lawyers breathe too much air.

I wish they would breathe none.

rambler6421's picture

THey need to protect Jamie Dimon.

miker's picture

These position limits are being stalled.  The Fed needs for the squid and JPMorgue to be able to run the precious metals market.  To do this, they need unlimited positions, not something based on actual use of the material.  This is where the whole commodity futures system has gone bankrupt.  Anyone can speculate.  And the big ones do it in spades.  Anyway, these limits will never change.....that would curtail the ability of the Fed to have PMs manipulated down.

IMHO.

Kat's picture

Where do I start?  I'll start where I'll end.

 

Whoever wrote that piece is a total and complete idiot with zero understanding of markets.

Sophist Economicus's picture

Nice try David.  

BTW, love the line "As coincidence would have it, the two lead attorneys on the case, Scalia and Miguel Estrada, are members of The Federalist Society"

 

Does the Federalist Society SCARE the folks at Huff Po???     LOL!

JW n FL's picture

 

 

this article completely ignores the fact that..

1. there was a vote.

2. the vote passed.

3. people are just mad becuase they are not in the club that voted. http://www.youtube.com/watch?v=i5dBZDSSky0

no one likes a loser who wont shut up..

so ya'll just have a coke and smile and shut the fuck up!

ArsoN's picture
Find me a strict constitutionalists lawyer that isn't a member of the Federalist Society...  It's the by far the biggest libertarian inclusive law school organization out there. http://en.wikipedia.org/wiki/Federalist_Society An attorney should be a book for the client.  He may advise and may not break laws but ultimately moral decisions are for the well informed client to make.  This is a trait unique to free democratic societies and something you never find in communism, dictatorship or fascism.    The above wouldn't be an issue if we didn't subsidize interest rates and banking institutions. 
tony bonn's picture

i would declare scalia's brief a hoax and fraud upon the court and jail the scum bag for 1 year and fine him 100,000usd....

Grinder74's picture

Of if he were a liberal, appoint him to a czar position in your administration.

Augustus's picture

". . . And since Congress has long held that excessive speculation is, ipso facto, an undue burden on interstate commerce, it specifically tasked the CFTC with the obligation to impose position limits that would diminish the excessive speculation. It wrote: . . . ."

And so. we find that the CFTC did not follow the requisit procedures to determine IF there was or is "excessive speculation" in the first place.  As noted, the vast majority of commodity trades occur OFF of the exchanges, even within the US.  That does not even consider trades in other markets and countries.  The attempt to restrict speculation is futile and doomed to failure.  It will only benefit the regulator class, as is the real purpose of about 90% of all regulation.

AldoHux_IV's picture

Markets continue to be manipulated bitchez!