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  • A must read for all futures market traders – a speech by CFTC Commissioner Bart Chilton



    By peterlbrandt.com

    CFTC Commissioner Bart Chilton shoots it straight with AMCOT Business Conference in Lake Tahoe about the games being played in the futures markets by the big banks and other mega players.
    [Editor’s note: While I personally disagree with Chilton on some issues, I give him credit as the only CFTC Commissioner who has advocated for the interests of the private speculator. Chilton is willing to be the lone voice for reason within a government agency—the CFTC—that has utterly failed to protect investors in the very markets it is charged to regulate. The CFTC is a perfect zero for four in protecting futures market investors against bankruptcies and fraud by Futures Commission Merchants.]

    [You may need a translator to understand some of Chilton’s finer points, but the general message cannot be misunderstood—a small group of mega trading interests are manipulating the commodity markets.]

    [With the CFTC requesting from Congress an additional $110 million in funding next year, and with small investors still being hung out to dry in the Peregrine/PFG Best fiasco, I plan to do several posts in the months to come about the inept state of investor protection in the U.S. futures markets.]

    SPEECH OF COMMISSIONER BART CHILTON TO THE AMCOT 2013 BUSINESS CONFERENCE, LAKE TAHOE, CALIFORNIA

    August 5, 2013

    Hey Yeah, Hold Your Horses!

    Hey yeah! Much obliged for the introduction. It sure is a fine thing to spend a spell with all you good folks in this pretty part of the American West. I always get a little “giddy-up” when dealing with cooperatives, so it’s a great treat to be with each of you.

    When people think of Tahoe, they may ponder “Tahoe, oh—skiing, the Lake, maybe golf or gambling. Heck, let’s go.” But today, well, let’s switch it up and talk about the Old West and Tahoe aglow, back in the day. This is a fitting place to do just that. The Ponderosa Ranch, from Bonanza, was just over yonder, on the Nevada side of the Lake. Remember the Cartwright’s? There was Ben who survived three wives, but begets a son from each one: Adam, Hoss, and Little Joe. And just a few miles from here, they hold the Genoa Cowboy Festival at the site of the first ranch in Nevada. (Not the Mustang Ranch—that’s 15 minutes east of Reno. Hey, you at the door, where ya going?) The first ranch in Nevada was Trimmer Ranch No. 1. Let’s assume there were others. The oldest saloon in Nevada is also in Genoa. A portion of the original bar from the 1800’s is still in use. And, the local phone book lists at least 25 places to “get your boots on” and get a pair.

    Right about now, some of you might be thinking, “Whoa, hold your horses there, long hair.” Isn’t this supposed to be about financial regulation or commodity markets or something?” Yeah, Sundance, it is. We’re just going to kick up the dust a bit as we “tumble along with the tumbling tumbleweeds” and have our cordial conversationalizing. After all, like George Strait sings, “I ain’t here for a long time. I’m here for a good time.” So, let’s get to it and talk some about the Old West and our financial markets today.


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