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Politics : To be a Liberal,you have to believe that..... -- Ignore unavailable to you. Want to Upgrade?

To: CharleyMike who wrote (3128)	9/18/1999 9:23:00 PM
From: long-gone	Read Replies (1) \| Respond to of 6418

only a liberal would believe the gold market was not manipulated when the SEC & CFTC said it wasn't for the LAST 4 YEARS! So what made them change their minds? "The question Is Hillary in on it also?" How many more manipulators are in business? CFTC Ties Armstrong Fraud to Precious Metals, Crude, Yen <Picture> Sep. 14-MAR-- [B] CFTC ties Armstrong fraud to precious metals, crude, yen --CFTC will not specify Armstrong's commodities, currency loss By Heather MacGregor and Melanie Lovatt, Bridge News New York--Sep 14--The Commodity Futures Trading Commission said financier Martin Armstrong, who is accused of defrauding Japanese investors out of about $1 billion, had a variety of futures positions including yen, crude oil and precious metals. However Daniel Nathan, deputy director of the CFTC's division of enforcement, declined to quantify those positions or losses. * * * He said that there could be losses in other sectors, although so far yen, crude oil and precious metals are the only areas the CFTC has chosen to identify. While market players have speculated that Armstrong and his companies, Princeton Economics International and its subsidiary Princeton Global Management, had maintained large positions in gold and silver, Nathan would not provide any specifics on Armstrong's precious metals trading activities. Rumors started to circulate today in the precious metals trading community that that Armstrong has been liquidating short positions in both gold and silver futures. However, the freezing of the accounts would prevent any activity from taking place, noted Nathan. On Monday, the court appointed a temporary receiver with the power to take possession of assets, property and records of PEI and PGM (story 18733). The CFTC, the Securities and Exchange Commission, and federal authorities all filed fraud complaints Monday against Armstrong. Armstrong is accused of defrauding Japanese corporate investors out of possibly $1 billion by falsely inducing them to purchase about $3 billion in fixed-term promissory notes offered by Princeton Economics International and its subsidiaries. Armstrong allegedly illegally operated commodity futures trading pools at losses which he concealed from investors. The notes, which were promised to provide 4% interest a year, were used mainly to purchase derivatives, bonds and currencies as well as futures contracts and options. The proceeds of the fund was supposed to be deposited into separate accounts at Republic New York Securities Corp, a subsidiary of Republic New York Corp, but were eventually co-mingled into a Princeton Global Management account maintained by Armstrong, the complaints alleged. The federal complaint against Armstrong accused him of operating an elaborate Ponzi scheme, where the money from the new investors was used to pay the artificially high returns to the original investors. Armstrong covered up the losses--estimated at about $500 million--with the help of a Republic's head of futures division, William Rogers, according to the federal criminal complaint unsealed Monday by Mary Jo White, the US Attorney in Manhattan. Rogers, who was not named in the complaint but was replaced in his position at Republic, allegedly issued fake confirmation letters that overstated the value of the funds and then in some cases distributed those letters to investors. Republic said earlier in the month that the FSA of Japan and US federal authorities were investigating its futures division in relation to a client of the Tokyo branch. It has since confirmed that client was Princeton. Republic at the time said it launched its own investigation and subsequently replaced Rogers, who allegedly directly helped Armstrong, and suspended James Sweeney, the chief operating officer of Republic New York Securities Corp. About a week later on Sept 9, the FSA suspended all trading of Princeton Notes. The CFTC complaint said there were futures brokerage houses other than Republic involved with Armstrong, but it did not make any specific reference to them. The CFTC, which has been trailing Armstrong for at least the past 6 years, says it took action in this particular alleged scheme because it involved commodities contracts. In 1993 the CFTC alleged that Armstrong was acting as an unregistered commodity trading advisor and did not follow CTA record keeping requirements. Three years later Armstrong suspended for 1 year after the CFTC alleged he failed to disclose third-party commission sharing agreements. The CFTC accuses Armstrong and his two investment vehicles Princeton Global Management and Princeton Economics International, with fraud by misrepresentation, acting as an unregistered commodity pool operator and commodity trading advisor. Armstrong, who is about 50, was released Monday on $5 million bond by federal court judge in Trenton, N.J. on these charges. Neither Armstrong nor his lawyer could be reached for comment. If convicted on the criminal charges Armstrong could face a maximum of 10 years in prison and a $1 million fine. End Bridge News, Tel: (212) 372 7562 Send comments to Internet address: metals@bridge.com [symbols:US;RNB] The Bridge ID for this story is ZLSWPR (c) Copyright 1999 FWN <http://www.futuresource.com/cgi-bin/webart/ai=fwn-meta?990914/160130>

To: CharleyMike who wrote (3128)	9/19/1999 6:29:00 PM
From: Emile Vidrine	Respond to of 6418

" We toleerate everyone but the intolerant. Those guys have got to go." Great point! You have to be speaking of the awful intolerance of the racist and religious Jewish-Zionist bigots. Jewish-Zionism has created a completely racist regime in Palestine by murdering, dispossessing and ethnically cleansing millions of indigenous Moslem and Christian Palestinians. These same intolerant Jewish-Zionist bigots then pretend to believe in American democracy and a pluralistic society. Dr. Israel Shahak has recently written an excellent book describing this Jewish Nazism. Noam Chomsky of Harvard University has also recently written a book describing the Jewish-Zionist Nazism in Israel. Both are well known Jewish authors. Both books can be bought at Amazon.com. I found Israel Shahak's book at the following URL: nationaljournal.org I neither condemn nor condone this site because I haven't thoroughly researched it.