earlier i spoke with james cook tulis co-founder of the commodity customer coalition about the new c f.t.c. suit against john corazon i first asked him if it's possible we will see criminal charges as well. and legal opinion but he definitely committed crimes and m.f. global and i think it's encouraging to see this. as a step and now. done just about all they could do on the civil side but now it's up to the you know jane to do their job and as we know unfortunately we have an attorney general. i don't think really the country's best interest of our and hasn't done a very good job prosecuting financial times so he has involvement in. wire taping orders. but really it's now on her shoulder. to try to act like he's not completely corrupt and then a perjury case which is ongoing i think it's easily when all or more difficult. well let's talk about your last part let's talk about the possible perjury case now john corey's mind was in front of congress he basically said i didn't know what was going on dude there is new evidence out in the civil case that kind of contradicts that so what is that

c. f.t.c. who published their proposed rules which were over one hundred pages and during that comment period over seventeen thousand comments were made in july of last year the fed announced the banks have two years to conform with the rules but these rules have yet to be implemented occupied as the c. filed a suit asking the courts to set a deadline for implementation they also submitted a comment letter to the f.c.c. having found a number of holes in the rules so before glass steagall was amended and one nine hundred ninety nine proprietary trading and investments in hedge funds ag government backstop banks was illegal the volcker rule was intended to return banking to glass steagall standard but has been described as toothless and a necessarily complex is riddled with examples so for example according to occupy d.c. there is a blanket exemption for repurchase agreements or repo which seems to deny the intent of the rule as it is a major source of funding in the bond and derivatives markets

c. f.t.c. attorney stood up shortly after that nobody corrected this and they were headlines out that day that said the money that there's no shortfall and this was one of the events that led the futures industry into a shortfall after it was discovered that there was a shortfall so i mean you started out with the customer commodity customer coalition you helped found it to deal with the fact that there was nobody looking out for the futures industry at that time and what was it like in those early days . i mean it was actually. i'm a licensed attorney but i've never practiced a day of all my life i've never taken a class on bankruptcy so at the time i'm a thirty year old hedge fund manager with no experience whatsoever but due to this complete boy a customer have i was put in this position where. i was essentially directly representing ten thousand customers and indirectly representing the entire class of summers and having to go up against the morgan and louis freeh who is the former director

c. f.t.c. is saying that this is sort of what high frequency traders are doing they're sending out loads of spoof trades and wash trades in order to create and benefit from the rest of the market they're scooping out well for the rest of the market right well instead of a price resulting from buyers and sellers in a process called price discovery price is determined first or calculated first or mention first and then you fill in the trades to get to that price but decide if there's no buyers of sellers get back to the japan being a funding currency as relates to the federal reserve bank and jamie diamond so jamie diamond and j.p. morgan all put a bunch of wash trades using zero percent money to get prices the word they pre-determined their them to go through manipulation and then the buyer and seller or the buyer of all the debt that they used to get to that trade is ultimately the federal reserve which is backed up by the bank of japan and zero percent interest rate so that's where all the ris

in front of the c f.t.c. . just blacked out my testimony and then the next day and you're going to get run over by a car guy it's two cars getting away you're chasing. the poor guy for doing the right thing well certainly causation doesn't necessarily equal correlation but that is a great story can you describe the way you describe the way the gold market is we have gold and we have physical gold we have various locations central banks how does it all fit together. question i mean people think that the paper market and physical market are different in really i know why they say that but it's not because it's a london fix every day that's more physical mark physical dealings all of the world are settled but it's driven by the paper market that can drive the price down using . another derivatives and not. to react you know either step up to the plate or back off and it's you know. been driven down from close to eight hundred dollars to just a while ago there. and twelve hundred dollars in gold and that was driven

silver market when you're that big you can do it she gave us testimony i read it in front of the c f.t.c. . it just blacked out my testimony and then the next day and you're going to get run over by a car guy it's two cars getting away cops are chasing. the poor guy for doing the right thing well certainly causation doesn't necessarily equal correlation but that is a great story can you describe the way you describe the way the global gold market is that we have paper gold and we have physical gold we have various locations central banks how does it all fit together it's a great question i mean people think that the paper market market different in really i know why they say that but it's not because it's a london fix every day that's more physical mark physical dealings all of the world are settled but it's driven by the paper market that can drive the price down using . another derivatives and that causes buyers to react you know either step up to the plate or back off and if you know the price of the driven down from close to eight hundred dollars to just a while ago that. twelve hund

global's general counsel sent e-mails to the f.t.c. m a c s d c indicating that there was a significant shortfall in the customer segregated accounts yet the next day november first in bankruptcy court and the locals bankruptcy council cans them on ad and went before the judge and misrepresented saying that there were no. he specifically said there was no shortfall in the broker dealer and then if the f.t.c. attorney stood up shortly after that nobody corrected this and they were headlines out that day that said the money that there's no shortfall and this was one of the events that led the futures industry into a shortfall after it was discovered that there was a shortfall so i mean you started out with the customer commodity customer coalition you helped found it to deal with the fact that there was nobody looking out for the futures industry at that time and what was it like in those early days i mean it was actually. i'm a licensed attorney but i've never practiced a day of all my life ever taken a class on bankruptcy so as a time i'm a