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FPI:
Well, having always lived here in Chicago, and being a MERC member at one point,
and having once been an economist at Harris Bank [1980], I actually know all of
the people in the chain of command at Harris and the Bank of Montreal. I also
have very good contacts at the MERC. Oddly enough, I also have some very good
contacts at Bank of America. Now, Bank of America is more likely to have been
involved in something like this, because their international trading, compared
to Harris, is much larger. But I don't think there's much there...
As for the MERC, memories seem to be short-lived. They were investigated to
death by a local politician looking to make a name for himself, using the FBI's
muscle. And all he could find was a few nickle and dime problems--in fact, no
one indicted was found guilty; instead, only the people that plea bargained
ended up being sentenced. Of course there are people on the Merc and any
exchange that break the law--but this stuff is just someone's imagination.
The financial implications of closing the MERC for 90 days would dwarf any
financial scandal seen in this country, especially in this atmosphere. Think of
all the derivative trades and SP trades--gone or being unable to hedge an
existing position.
At least that's my opinion. Anything else I know or think on the matter, I have
no interest in putting in print, thank you.
Best,
Tim Morge
fpi@xxxxxxxxxxxx wrote:
>
> CME traders:
>
> The following was sent to me by a close trading friend & newsletter writer.
> He's doesn't go in for urban legends, etc. Nor am I trying to start one. I
> have NO data on this personally. I'll check with some other contacts & post
> anything interesting. But in the meantime,in the event others on the list
> might have some info to share,either substantiating or refuting, here's the
> article my friend sent me:
>
> FEDERAL REGULATORS EYEING SHUT-DOWN OF CHICAGO MERCANTILE EXCHANGE
> By Sherman H. Skolnick
>
> Producer/Moderator, Public Access Cable TV Program "Broadsides"
> Since 1963, Founder/Chairman, Citizen's Committee to Clean Up the Courts
>
> CHICAGO - In a rare move, federal regulators are joining with the US
> Justice Department in seriously considering the possible shut-down for
> ninety days or more of the Chicago Mercantile Exchange. Following up on
> several years of our exclusive reports, the federal investigators have
> uncovered what appears to be massive illicit transactions on the Chicago
> markets by trading firms on behalf of the Red Chinese government and newly
> privatized Chinese firms.
>
> The billions of dollars of highly suspect deals involve foreign exchange as
> well as soybean dealing, all done to reportedly disguise dope trafficking
> and unlawful weapons shipments, as well as the trafficking in human body
> parts harvested by murdering political prisoners in China. Under intense
> scrutiny are the records and lack of records of the Chicago foreign
> exchange unit of a Canadian bank along with the dealings of Chicago and New
> York based firms and a swarm of commission agents known in the trade as
> introducing brokers.
>
> The moves come in the wake of the Beijing government dragging their feet on
> usually routine letters of credit and other bank-to-bank transactions used
> by US and Europe based exporters. Experts on the export-import trade contend
> the Chinese authorities are taking the actions to attempt to sidestep
> devaluation of their currency and the related frantic flight of capital.
> Chinese firms are accused of inflating their records to get funds out of
> the country into US and other supposedly more sound currencies. A Red
> Chinese devaluation, band watchers claim, would nearly destroy the
> Rockefeller banks, such as the First National Bank of Chicago, which lent
> billions to China on the empty promise of re-payment in gold from their
> western provinces. Instead of gold, the Chinese have been allowed to flood
> the US, through Chicago as the intake point, with "China White" high purity
> heroin, seemingly exempt from interception by the US Drug Enforcement
> Administration, considered themselves highly corrupt.
>
> Likewise, a Red Chinese devaluation would most likely collapse the Japanese
> banking system which is heavily involved in loans and dealings with Red
> China and other Asian nations.
>
> Called by savvy types, ForEx trading, the Chicago & China deals go
> principally through the Chicago foreign exchange unit of Harris Bank, owned
> by the Bank of Montreal, home-base of the whiskey barons and reputed dope
> trafficking money laundering Bronfman family. Heavily invested in the US
> music, entertainment, and communications industries, the Bronfmans are
> generally considered sacred cows, off-limits to severe criticism by
> mainstream pundits. On occasion, some of the Chinese foreign exchange
> transactions also go through Harris Bank in combination with Bank of
> America.
>
> The San Francisco-based worldwide enterprise is owned principally by the
> French Rothschilds jointly, historically, with the Jesuits. In more recent
> years, major owners also of the parent firm, Bank America, have been the
> Japanese Mafia, the Yakuza, who bought into the bank octopus when their
> stock was below ten dollars a share.
>
> Complicating the growing possibility of a Chicago-centered international
> scandal is the attempt by former Clinton White House Senior Advisor, Rahm
> Emanuel and a group of shadowy foreign exchange "bandit types" to take over
> one or more trading firms. Rahm Emanuel reportedly arm-twisted various
> traders, introducing brokers, and related agents, promising them huge
> profits if they, without raising questions, went along with his plan to
> greatly expand the already huge Chinese armlock on the Chicago markets.
>
> Some of the brokers and traders claim, off the record, that they are being
> unfairly singled out by the federal authorities in a move to divert
> attention from President Clinton's treasonous giving of US financial,
> industrial, and military secrets to the reputed head of the Red Chinese
> Secret Police, Wang Jun, who is also a private law client of supposedly
> "Independent" Counsel Kenneth W. Starr. Some point to this as a
> conflict-of-interest overlap between Starr and Clinton.
>
> Showing up at recent meetings of traders, brokers, and other agents,
> dealing on the Chicago Mercantile Exchange, Harris Bank's foreign exchange
> unit, and Bank of America, have been a contingent of agents for those who
> oppose the fiery-eyed, overly intense Rahm Emanuel, who reportedly utilized
> embezzled funds as a major 1992 presidential campaign boost to Clinton.
> The funds were a three million dollar gap between 50 million dollars of
> federal funds secretly transferred to Arkansas from Chicago and 47 million
> dollars needed to cover up the embezzlement of Madison Guaranty Savings &
> Loan, for which Bill and Hillary Clinton are subject to federal criminal
> prosecution.
>
> The Chicago Mercantile Exchange was part of the route of the clandestine
> transfer of funds originally parked by a federal agency with Chicago-based
> Household International and Household Bank. [Household Bank units in 1996
> were taken over by Harris Bank.] The 50 million dollars were laundered
> reportedly through the foreign exchange unit of Harris Bank.
>
> At the meetings, those confronting Rahm Emanuel warned him that he should
> "leave the country now" before something physical happens to him. In
> apparent violation of US Constitution mandates, Emanuel has dual
> citizenship, US and Israel, and left the US during the Persian Gulf War to
> serve in Israel's Defense Forces.
>
> Federal authorities are inquiring into the manner in which the clandestine
> Red Chinese funds were laundered. Such as, huge amounts being attributed
> to the ForEx trading arrangements, if not actual accounts, of various
> trading firms, brokers, and introducing brokers who contend to confidants
> that this was done without their knowledge, profit, or benefit. Rahm
> Emanuel's cohorts, in strong-arming their way into the markets to expand
> the Red Chinese presence in the Chicago markets, are now reportedly
> promising traders and others sizable pay-offs by giving them other deals to
> profit by. All, to further promote silence.
>
> The federal authorities have to be extremely precautious in these
> situations. Some of those trading in Swiss currency and Italian funds are
> apparently implicated as well in the apparent murder of Clinton White House
> deputy counsel Vincent W. Foster, Jr.; also the murder of Raul Gardini,
> killed in the same time period as Foster. Gardini was head of the Vatican
> firm seeking a major foothold in the Chicago markets, the firm Ferruzzi.
> That firm helm a huge position in soybeans which almost wiped out
> Archer-Daniels-Midland and Cargill, which had an ill-timed opposing market
> position. [As we pointed out in exclusive prior stories, a director of the
> Chicago Board of Trade admitted to us that they paid some 62 million
> dollars in bribes to five identified federal judges in Chicago to cover up
> the soybean cases in the center of which was Ferruzzi. The Milan,
> Italy-based firm went bankrupt because of the judicial bribery to fix the
> cases for the Board of Trade and a group including Hillary Clinton and to
> damage Ferruzzi.]
>
> Knowledgeable sources claim Foster was "suicided" or murdered, to cover up
> his role as major "bagman" from the late 1970s on, for various illicit
> dealings on the Chicago Mercantile Exchange. And that by 1991, Rahm
> Emanuel got into this picture and played some role in the July, 1993 demise
> of both Foster and Gardini. Foster, according to airline records uncovered
> by the London Sunday Telegraph newspaper, traveled hundreds of thousands of
> miles in the decade or more before he was briefly in 1993 a Clinton aide in
> the White House.
>
> Closing the Chicago Mercantile Exchange for ninety days or more would be
> unprecedented for the 20th Century. In the 19th Century, however, due to
> wild gambling, the much older Chicago Board of Trade was closed for a while
> and Western Union Telegraph cut off the wires into the place.
>
> Cynics in law enforcement say they expect a string of strange vehicle
> "accidents", "heart attacks", which we call CIA heart attacks, and such, to
> try to shut down the Chicago Mercantile Exchange scandal before it spreads
> to other venues. The shut down may be covered up as a merger with, or link
> in some way, with the Chicago Board of Trade.
>
> End.
>
> FPI
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