paper examines Blanchard suit against...
.
Date: 2/16/03
From: Le Patron @ Le Metropole Cafe
To: Sidougak@freezy.com
.
Le Metropole Member,
.
[GATA]
New Orleans paper examines Blanchard suit against Barrick, Morgan Chase
.
Dear Friends of GATA and Gold:
.
Sunday's New Orleans Times-Picayune, the biggest newspaper in Louisiana,
has an excellent story about Blanchard & Co.'s lawsuit against Barrick Gold
and Morgan Chase.
.
The story describes very well the opportunity for collusion among Barrick,
Morgan Chase, and the central banks for suppressing the gold price.
.
The newspaper's business writer, Stewart Yerton,
took a lot of time to understand the situation.
.
This is a good one to distribute to other news organizations.
.
Please help GATA do that.
.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
.
* * *
.
GOLDEN FLEECING?
.
A New Orleans retailer is accusing a mining giant and one of the
biggest names on Wall Street of illegally manipulating the price of gold
.
By Stewart Yerton
New Orleans Times-Picayune
Sunday, February 16, 2003
.
In a David-and-Goliath antitrust battle...
... last week, Barrick fired Chief Executive Randall Oliphant,
who has been credited with devising the company's gold-hedging strategy,
which is at the center of the lawsuit.
... it's a very big event," said Chris Powell, secretary-treasurer
of the Gold Anti-Trust Action Committee Inc., an advocacy group
set up to fight what it has alleged to be collusion to manipulate
the price and supply of gold. The Blanchard suit, Powell said, "is a very big story."
.
GATA, as Powell's group is known, previously brought an antitrust suit
against a wide-ranging group of alleged conspirators, including
Federal Reserve Chairman Alan Greenspan. That suit was dismissed
by a federal judge in Boston, making the Blanchard litigation
the best hope for the gold bugs who believe there's much more
affecting the gold price than traditional market forces.
.
"It is probably as promising a vehicle for getting at the truth
of what's happening in the gold market as there is," said Powell.
.
To hear management explain it, Barrick can't lose --
whether the price goes up or down...
the ultimate win-win combination," Barrick says.
.
... during last week's conference call, Barrick Chairman Peter Munk
said the company had failed to translate higher gold prices
into benefits for the company's shareholders.
.
"Underperformance," Munk said...
... "But just because something seems intelligent or smart
or savvy from the outside doesn't make it the right thing to do,
" he said. "Five years ago everyone was saying the same thing about Enron."
-END-
.
All the best,
Bill Murphy
Le Patron, Le Metropole Cafe
Chairman, Gold Anti-Trust Action gata.org |
