GATA Credited for Exposing Gold/Silver Market Manipulation


"It was evident that the CFTC was trying to ignore what was going on."

In a report published yesterday and dispatched by GATA, credits GATA with having been instrumental in making the world aware of the whistleblower Andrew Maguire, the watershed event that led to an avalanche of lawsuits against JPMorgan Chase and HSBC accusing them of illegally colluding to manipulate the silver market.

Maguire had warned the U.S. Commodity Futures Trading Commission of silver market manipulations but it took no action, so Maguire turned to GATA.

The public is under the false impression that all that's required to expose fraud and corruption is a whistleblower coming forward; but, in fact, whistleblowers are typically ignored and marginalized until it's too late.

The world didn't hear what Sherron Watkins had to say about Enron until the company had already collapsed. The world never knew of Harry Markopoulos until after Bernard Madoff's Ponzi scheme crashed and burned and Colleen Rowley's warnings to her bosses at the FBI about terrorist activities weren't known until after September 11, 2001.

On the other hand, GATA has made history. For the first time, the world was made aware of a financial market whistleblower before the fraud blew up and authorities took action against it. Now law firms are suing for damages even with the crime still in progress.

After he gave his evidence to the CFTC, Maguire expected to be invited to the commission's March 25, 2010, hearing on precious metals markets. At the last minute Maguire was refused an invitation. He was extremely frustrated and so he contacted me, a member of GATA's Board of Directors, and revealed the evidence he had given to the CFTC with respect to who is manipulating the gold and silver markets and how it is done.

It was evident that the CFTC was trying to ignore what was going on.

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