Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

SEC Rocked By Sex and Corruption Scandal

IMG Auteur
Published : November 21st, 2012
621 words - Reading time : 1 - 2 minutes
( 2 votes, 4.5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

 

 

 

 

"The filing of this lawsuit now by Weber officially begins the raging clusterfuck portion of the story, as he and his lawyers are releasing lurid details not only about Kotz and Maloney, but about a host of other SEC and SEC IG officials.

It's very strong stuff: the only things missing from this lawsuit are tales of SEC officials running white-slavery rings and snorting brown-brown off the corpses of strippers with West African rebels...

It's hard to say how all of this will shake out. Certainly, from a P.R. standpoint, it'll be ugly for the SEC. One other storyline to follow: If the Weber retaliation claims are true, they fall within an ongoing and increasingly disturbing pattern of federal whistleblowers who have come forward and experienced reprisals themselves instead of having their claims investigated properly."

Matt Taibbi, SEC Rocked By Sex and Corruption Scandal


Hell hath no fury like a whistleblower fired, ridiculed, and scorned in the national press. As you may recall, earlier this year Mr. Weber was labeled a dangerous crank for allegedly wanting to bring a gun to work. He was subsequently cleared in an investigation but was fired nonetheless.

I do not recall hearing about this unfolding scandal at the SEC on the mainstream medias. But I tend to get most of my serious financial news and commentary from Rolling Stone magainze and the Comedy Central network these days anyway.

The story about this lawsuit came out quietly last week in the wire services with non-descript headlines like:
Ex-SEC Investigator Sues Agency, Seeks Damages of $20 Million. There was a more in-depth story from Thomson Reuters that portrayed Weber's allegations as 'hard to swallow in their entirety' here.

The Taibbi piece is an interesting read. Matt has an outré phraseology that puts a sharp point on his stories. If there is a Congressional investigation about this I would imagine that C-Span would receive a significant boost in the number of viewers for some of the live testimony. Americans do not care much about financial corruption, or even gross abuses of justice and individual rights including torture, unless it involves sex.

As you may recall there was a minor scandal a couple of years ago when it was revealed that there was a propensity amongst some at the SEC to spend most of the quiet intervals between trips through the revolving door between Washington and Wall Street by surfing the web with a bias towards porn sites.

Apparently not all regulators were so sedentary in their pursuit of kicks, bangs, and thrills of the belly button and below. You can read the details from Taibbi
here.

The continuing development of a potential 'cup and handle formation' was discussed intraday
here.

As I pointed out last week, the markets were being taken much too far to the sell side, and it appeared to be tax-selling as the VIX failed to show any real fear that was driving the market. It was more of a financial calculation.

So what next. This is a holiday market in the States, and is going to be thinly traded. There are the 'fiscal cliff' which is artificial, and the continuing conflict in Gaza, which is a destabilizing influence on the region and a human tragedy for all concerned. And thirdly there is the economic instability in Europe and the adoption of the bank bailouts "Japanese model" which is crippling the real economy.

All three of these present a situational risk to markets should they take an unfortunate turn for the worse. There could be an associated divergence between stocks and bullion as they may not present as liquidity events but as a risk trade.

Let's see how the market makes its way into December.

 

 

Companies Mentionned : Bullion | West African |
<< Previous article
Rate :Average :4.5 (2 votes)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Financial Repression Authority w...
20:46overtheedge
"The US is only about 50% of global market cap but most US investors have a 'hometown bias" of having 70% of their portfolio in US securities. Fabe...
Bondholders “Bailed In” In Austr...
19:59overtheedge
"“Bail-in is now the rule” as Irish finance Minister Michael Noonan warned in June 2013. Noonan admitted that the move to not maintain deposits as ...
Bondholders “Bailed In” In Austr...
15:57Argus
Shortly after the Cyprus test run, Canada's budget document made provision for bail-ins in the event of significant 'systemic risk' to the banking ...
Illinois Pension Plans 39% Funde...
02 Marovertheedge
And it gets even worse. The unfunded pension liability monies aren't invested and never will be. You can't pay pensions out of an unfunded ...
China is about to overthrow Lond...
28 Febneville
This a good slap in the face for the downright crooked bullion banks,traders that have been front running ie algorythm trading etc It had to ta...
A Salvo in the Battle for the Go...
27 Febovertheedge
I would argue that the devil is in the details, i.e. the definition of money. What the people of the US are using is currency. Currency bei...
A Salvo in the Battle for the Go...
26 FebFrankinca1
Sort of written for a PHD in economics, which gold believers (myself) are not often that well educated, have difficulty following. The definition o...
A Salvo in the Battle for the Go...
26 Feb07788525833
The dollar has a monopoly over all other types of money which is rammed down peoples throats by gun and drones , any one wanting to change this...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Major DrillingMDI.TO
Announces Third Quarter Results and Declares Dividend
CA$ 6.40-7.11%Trend Power :
Corporate news
UR-Energy(Ur)URE.TO
Releases 2014 Year End Results
CA$ 1.15+3.60%Trend Power :
Financials
Rockwell(Cu-Gems-Ni)RDI.TO
Announces Filing of Preliminary Short Form Prospectus
CA$ 0.26+6.00%Trend Power :
Corporate news
Cardero Res.(Ag-Au-Cu)CDU.TO
Announces Proposed Reverse Takeover of Artha Resources
CA$ 0.04-12.50%Trend Power :
Corporate news
Goldcorp(Cu-Le-Zn)G.TO
declares third monthly dividend payment for 2015
CA$ 26.08-1.92%Trend Power :
Corporate news
Integra Gold(Gems-Ag-Au)ICG.V
Files PEA Technical Report on SEDAR
CA$ 0.32-5.97%Trend Power :
Corporate news
Fjordland Expl.(Ag-Au-Co)FEX.V
Geophysical Survey Outlines Strong Conductors on South Voisey's Bay Nickel Project
CA$ 0.03+0.00%Trend Power :
Corporate news
Clifton StarCFO.V
Announces Private Placements and Settlement of its Osisko Litigation Raising $11 million
CA$ 0.18+2.86%Trend Power :
Corporate news
Marathon GoldMOZ.TO
Hits 3.02 g/t Au over 32.9 meters (TT) in Step-Out Drilling, Valentine Gold Camp, Newfoundlan
CA$ 0.29-3.33%Trend Power :
Corporate news
Chalice Diamond(Gems)COD.V
Sulliden Mining Capital to acquire Coastal Gold, an Advanced Gold Project in Newfoundland
CA$ 0.02+0.00%Trend Power :
Corporate news
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.