Comment Text:
Dear Sirs....
As a trader and investors, I have been active in the silver markets for the past five years. And I have to say, the manipulation that I have witnessed -- and that it seems the entire world knows about, watches in action, and now comments on via the web worldwide as it happens -- has been nothing short of breathtaking. Strangely, your organization seems to be the only organization on earth that hears and sees nothing -- even when traders such as Andrew Maguire have walked you thru the action in real time.
Over the years, I have contributed my comments and complaints to you at every opportunity. Nothing has happened. No action has been taken.
I have to say, I have little expectation that anything will be done to correct the situation this time. That said, I think you should know that the CTFC and its lack of any effort to protect anyone other than the manipulating entity (and at this point, the world knows who this is), has completely and utterly destroyed my faith in the fairness, the transparency, and freedom of the US markets. Any faith I used to have that investors would be protected is long, long gone due to what I have seen happen here in the silver markets.
In short, I think your actions here -- e.g., the complete lack of any regulatory effort and absolute blindness to the blatant corruption -- has really brought it home to me that our financial markets are now on par with the very best of the banana republics worldwide.
Once a very long time ago, I lived in a dicey neighborhood in NYC where the police turned a blind eye to the armed drug dealers doing business not fifty feet away from the stationhouse's driveway. Finally, at one community meeting, an owner of a local market stood up and asked the police chief outright what the drug dealers paid the police, and would he give the neighborhood the opportunity to meet and better their payoffs?
We're at that point, I think, with the CTFC. It may be time for someone to stand up and ask the Board of the CTFC the same thing. I'm at the point where I think this is what it is going to take to see a change....because how you are operating in the "public" interest now is a complete mystery to me.
KC Crafts
