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Fraud*
According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

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Saturday, September 29, 2012

Still No Position Limits on Speculation for Goldman Sachs

The head of the CFTC is a former Goldman Sachs guy, Gary Gensler, who is trying to make rules that flesh out Dodd-Frank.  The Commission is endeavoring to regulate excessive speculation in energy, grain and metal markets.

Two Associations (the Securities Industry and Financial Markets Association and the International Swaps and Derivatives Association) sued the CFTC stating that position limits on the number of contracts would damage their business.  A federal judge ruled against the CFTC.

It is passing strange that those who brought down the financial system in 2008 still cannot see why they should be regulated so that another crisis will be averted.

Judge throws out CFTC's position limits rule
By Alexander Alper and Karey Wutkowski - Gata.org
 . . . .

Wilkins ruled that, by law, the CFTC was required to prove that the position limits in commodity markets are necessary to diminish or prevent excessive speculation.

 He also ruled that the amendments to the 2010 Dodd-Frank financial oversight law "do not constitute a clear and unambiguous mandate to set position limits, as the commission argues."

The ruling is a major victory for traders just two weeks before parts of the new position limits rule were scheduled to go into effect.

Read the full article here

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