Comment Text:
10-005
COMMENT
CL-00625
From:
Sent:
To:
Subject:
George Vastardis
Wednesday, April 14, 2010 9:11 AM
Metals Hearing
CFTC hearing
Dear CFTC
I hope you understand that the complaints were not about any illegal manipulation. The positions Bank
of America and JP Morgan have are very legal manipulations.
What I believe is manipulation is that they have
sold more negative contracts than metal available.
That should not be allowed. You should not be allowed to sell more metal than existing supply or
supply that come on line. If by some chance something tremendous happened and an avalanche of
deliveries came down the pipe the futures and comex would diverge revealing that the contracts are truly
in default. At that point no one could save the banks from their problems. That is why it should be
illegal. Banks taking Las Vegas roulette table risk is the problem.
As a banking customer I am afraid my money is at risk because of bank speculation. The FDIC is under
great stress and this can only add to our sovereign debt pressures and possibly loose our AAA status.
Thanks
George
