J.P. Morgan is short more paper silver than physically exists in the world?

Corzine is already lawyered-up. It's going to take time to gather the information to present to a federal grand jury or whoever else has the power to indict Corzine. This could take years. Confidence will have to be re-earned over time.

 

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Yeah, but I sure as heck like Fatima's sentiment of throwing a bunch of the regulators out. Madoff had whistleblowers showing detailed proof to the SEC for YEARS proving Madoff was lying, and the SEC did nothing. Every single SEC official who ever was involved in that case should have been fired, and I do not think anyone got more than a slap on the wrist.

Basically, I am against new laws like Sorbane's Oxley that make us uncompetitive globally, but am all for competent and effective prosecution of existing laws. These men should get thrown in the, "oh dang I am in a 6x6 cell with a violent rapist/murderer for the next 12 years" jail, not the holiday inn they stay in even if they do get jail time. The fact that a kid robbing a store for $48 gets sent to "real" jail, and someone like Madoff who stole billions and ruined thousands of people's lives get sent to a country club is disgusting to me. He really does deserved to get shanked and/or made someone's girlfriend.

I know, I know, "but how do you really feel about it Chris?"

 

If it's any consolation, the CFTC voted unanimously to make it explicitly illegal to intermingle customer funds with investment funds, even though it was already implicitly illegal. It doesn't really matter if it's a banker or an NFL player, if you've got the money for a good lawyer and can pay the courts what they want your punishment will be significantly less than the common folk. It doesn't make it right, but that's the world we live in. My confidence in the market has nothing to do with John Corzine so whether or not he gets 25 to life or walks I will still be stacking precious metals and staying away from paper as much as possible.

 

Lawyers don't stop law enforcement, especially the Justice Department. I'd say this is the reason.

[video=youtube;xm3VMrKqJSA]http://www.youtube.com/watch?v=xm3VMrKqJSA[/video]

 

No, but they usually stop their clients from talking. I'm not defending Corzine. It's just that this prosecution is going to take a lot of time.