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Privately sponsored RICO lawsuits have a difficult time obtaining the types of information that are required to make a conspiracy case unless they get lucky in the discovery process or find a willing whistleblower. The defendants generally lawyer up and stonewall, using the types of court maneuvers that prove so effective in mortgage fraud cases, theft of customer funds, and mass foreclosures based on forged documents.
The chances of an Obama Administration investigation with teeth seems unlikely. Their Justice Department has strong ties to the big banks and mortgage companies and a very poor record of prosecuting fraud cases.
Of course there is little reason to hope for anything different from any Republican administration. Ron Paul would be honest enough, but it is hard to tell which laws he would choose to enforce and which ones would be considered an intrusion on free markets.
It might be more effective for the public to demand the appointment of a special prosecutor with a proven record of effective investigation of the big banks. Too bad Eliot Spitzer was taken out of the picture in a bank sponsored 'investigation' into his sex life by the Bush Justice Department.
Bloomberg
Corzine Sued for RICO Violation by MF Global Customers
By Linda Sandler
January 20, 2012, 6:42 PM EST
Jan. 20 (Bloomberg) -- Jon Corzine, MF Global Holdings Ltd.’s former chief executive officer, was sued under U.S. racketeering law by commodity customers alleging he and other executives “unlawfully” took money from their accounts and failed to segregate their money as the law requires.
The suit alleges that hundreds of millions of dollars were transferred from customers’ accounts to other MF Global units, at a time when the company was short of cash and faced calls for collateral as its risky Eurobond and other investments fell in value.
Named in the suit, JPMorgan Chase & Co., the company’s banker, should have noticed the “depletion” of customer money, and should have investigated, according to the plaintiff. The customers are seeking unspecified restitution and damages.
The suit, filed in federal court in Manhattan today on behalf of Robert Marcin and other MF Global segregated account holders by Grant & Eisenhofer PA of New York, is one of at least 10 against Corzine and other MF Global executives. Plaintiffs including the Virginia Retirement System have been competing to lead a consolidated lawsuit seeking so-called class-action status....
Read the rest here.
The metals were higher today led by silver.
Next Thursday January 26 is an option expiration for gold.
Here is the current list of option expirations in the metals.
As you can see in the stock commentary below I think the market is looking tired and a bit toppy. It may have another move up left, but now is a good time to get defensive again on equities.
I am still running the long bullion - short equity indices paired trade, and increased the bearish weighting a bit into the close.
Flat to down day with a little late pop into the close. All eyes are on the Greek situation.
Earnings were a disappointment especially with GOOG but IBM carried the Dow Jones Industrials higher.
I think we are nearing a short to intermediate term top in stocks. \
The SP could have as much as 20 points left, but we'll look at the VIX to signal a top and reversal if there is one.
This is a difficult call because the monetary and sovereign debt considerations are somewhat exogenous and may trump the slowing economy.
But even with the pumping the market looks tired.
I increased the short weighting in the long bullion - short stocks pair trade into the closing rally.
Source: CME Group 2012
Jan. 26 Comex February gold options expiry
Jan. 26 Comex February copper options expiry
Jan. 27 Comex February miNY gold futures last trading day
Jan. 27 Comex January silver futures last trading day
Jan. 27 Comex January copper futures last trading day
Jan. 27 Comex February E-mini copper futures last trading day
Jan. 27 Nymex January platinum futures last trading day
Jan. 27 Nymex January palladium futures last trading day
Jan. 31 Comex February gold futures first notice day
Jan. 31 Comex February silver futures first notice day
Jan. 31 Comex February copper futures first notice day
Jan. 31 Nymex February palladium futures first notice day
Feb. 23 Comex March silver options expiry
Feb. 23 Comex March copper options expiry
Feb. 24 Nymex February platinum futures last trading day
Feb. 24 Nymex February palladium futures last trading day
Feb. 27 Comex February gold futures last trading day
Feb. 27 Comex February copper futures last trading day
Feb. 27 Comex February E-micro gold futures last trading day
Feb. 27 Comex March E-mini copper futures last trading day
Feb. 27 Comex March miNY silver futures last trading day
Feb. 29 Nymex March palladium futures first notice day
Feb. 29 Comex March silver futures first notice day
Feb. 29 Comex March copper futures first notice day
March 16 Nymex April platinum options expiry
March 20 Nymex April platinum futures first notice day
March 27 Comex April gold options expiry
March 27 Comex April copper options expiry
March 28 Comex April miNY gold futures last trading
March 28 Comex March silver futures last trading day
March 28 Comex March copper futures last trading day
March 28 Comex April E-mini copper futures last trading day
March 28 Nymex March palladium futures last trading day
March 29 Comex April E-mini gold futures last trading day
March 30 Comex April gold futures first notice day
March 30 Comex April copper futures first notice day
April 25 Comex May copper options expiry
April 25 Comex May silver options expiry
April 26 Comex April gold futures last trading day
April 26 Comex April copper futures last trading day
April 26 Comex April E-micro gold futures last trading day
April 26 Comex May E-mini copper futures last trading day
April 26 Comex May miNY silver futures last trading day
April 26 Nymex April platinum futures last trading day
April 27 Comex April silver futures last trading day
April 30 Comex May silver futures first notice day
April 30 Comex May copper futures first notice day
May 24 Comex June gold options expiry
May 24 Comex June copper options expiry
May 26 Comex June miNY gold futures last trading day
May 29 Comex May silver futures last trading day
May 29 Comex May copper futures last trading day
May 29 Comex June E-mini copper futures last trading day
May 29 Comex June miNY gold futures last trading day
May 31 Comex June gold futures first notice day
May 31 Comex June copper futures first notice day
May 31 Nymex June palladium futures first notice day
June 26 Comex July silver options expiry
June 26 Comex July copper options expiry
June 26 Comex July silver futures last trading day
June 27 Comex June gold futures last trading day
June 27 Comex June copper futures last trading day
June 27 Comex June E-micro gold futures last trading day
June 27 Comex July E-mini copper futures last trading day
June 27 Comex July miNY silver futures last trading day
June 27 Nymex June palladium futures last trading day
June 29 Comex July silver futures first notice day
June 29 Comex July copper futures first notice day
June 29 Nymex July platinum futures first notice day
