once again, ted butler goes after the cftc:

At the very least, the CFTC is losing the battle of public opinion, as there is little obvious public support for their contention that all is well In silver. Certainly, with the release of the August Bank Participation Report, the case for manipulation grew stronger still. This report indicated that one or two U.S. banks held a net concentrated short position of more that 25% of the world annual mine production of silver, a level of concentration never witnessed in any market. Suddenly, the question became not if there was a manipulation, but how could such an historic extreme concentration not be manipulative? No explanation has been offered.

So obvious was this evidence and so strong was the public outcry over it, that the CFTC hastily convened a formal investigation around September 25. But it has become obvious that this investigation was designed to diffuse public outrage by stalling the search for the truth. This has allowed the big short manipulators (thought to be led by JP Morgan Chase) to complete their short covering during the epic sell-off. In fact, at the time of announcement of the silver investigation, the price of silver was above $13 an ounce, down almost 30% from the summer highs. After the investigation was announced, silver fell an additional 30%.

Let me be clear, I am alleging that the CFTC permitted JP Morgan to continue their manipulation of the silver market under the guise that the Commission was investigating. In reality, the CFTC sided with and allowed JP Morgan to profit and clean up its shorts at the expense of great loss to the public. Shameful and illegal as this may be, the sad truth is that Commission officials are more likely to curry favor, including post-Commission employment from the likes of a JP Morgan or the CME Group than from any member of the public.

The ongoing silver investigation looks to be a sham and a whitewash. In feedback from some people who have been interviewed by the Commission and Enforcement Division staff, I have been told that in addition to being poorly versed on silver specifics, the staff has been biased and has attempted to convince those being interviewed that there is nothing wrong in the silver market.

http://news.silverseek.com/TedButler...