Wednesday, October 20, 2010
Retiring Judge: We Covered Up Market Manipulation
NEW DEVELOPMENTS IN THE CFTC SCANDAL: On September 17, 2010, CFTC Administrative Law Judge, George H Painter, issued a "Notice and Order" announcing his retirement from his position. In this notice Judge Painter wrote of a conspiracy at the highest levels of the CFTC (within the ENFORCEMENT DIVISION) where a long time judge of 20 years has been conspiring with past CFTC Chairs to RIG THE ENFORCEMENT OF THE LAW by NOT finding ANYONE guilty of market manipulation. Here are Judge Painter's own words:
"There are two administrative law judges at the Commodity Futures Trading Commission: myself and the Honorable Bruce Levine. On Judge Levine's first week on the job, nearly twenty years ago, he came into my office and stated that he had promised Wendy Gramm, then Chairwoman of the Commission, that we would never rule in a complainant's favor. A review of his rulings will confirm that he has fulfilled his vow. Judge Levine, in the cynical guise of enforcing the rules, forces pro se complaints to run a hostile procedural gauntlet until they lose hope, and either withdraw their complaint or settle for a pittance, regardless of the merits of the case"
A copy of Judge Painter's letter can be found below with a stamp proving that it was received and filed by the CFTC on October 13, 2010. – RoadtoRoota
Dominant Social Theme: Please don't look at the man behind the curtain.
Free-Market Analysis: We are well aware of the corruption that inevitably arises when regulatory democracies persist and like tumors begin to swell. The United States is perhaps the world's most powerful regulatory democracy, and likely its most icily corrupt. Nevertheless, it is absolutely startling to find a senior judge (see article excerpt above) at one of America's most important financial regulatory agencies – the Commodities Futures Trading Commission – bluntly accusing a former CFTC Chairwoman (Wendy Gramm, wife of former Senator Phil Gramm) and a fellow judge of deliberate malfeasance, apparently over decades. Sub dominant social theme: "This kind of thing doesn't happen in the US!"
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