Let The Games Begin: Et. al. v. JP Morgan and HSBC

By now everyone with a stake in this issue is fully aware of the lawsuits filed yesterday by two separate plaintiffs against JP Morgan and HSBC.  It's not my intent to offer a view on how this suit will unfold and we certainly have no idea what the ulitmate intent is of the plaintiffs and its representing lawfirm, Lovell, Stewart, Halebian, Jacobson (i.e. are they going after an easy, massive financial settlement and not true justice?).

It's not my intent to analyze probabilities and offer speculation on whether or not the chain of judges that will ultimately review this case are not corrupted. To be sure, there are grey areas of the law to be debated in court in which any judge will have to exercise "judgement" as to whether or not this case has merit.

There's the very real possibility that the representing law firm will manage to extract a big settlement out of JPM in which this case will be put to rest and JPM is not required to admit to any wrongdoing. In Blanchard v American Barrick, JP Morgan et al, JPM was eventually dropped from the suit and Blanchard extracted a big settlement from Barrick AND ABX did not have to admit to any wrongdoing.

As for the "grey" area that can be exploited by a corrupted judge, I offer up this decision in the Reg Howe v BIS suit, of which every longstanding GATA supporter is knowledgeable and in which Reg Howe accused the BIS, Fed, Treasury, Bk of England and some bullion banks of manipulating the market. Here is the judge's decision to toss out the case:

...not because the Defendants didn't manipulate the price of gold. Rather, the case was dismissed for a reason that I consider to be a technical matter. The Judge said that Reg did not have standing.

To explain this point, the Judge states: "...there are many participants in the gold and gold derivatives markets who could allege a more direct injury than does the plaintiff. For example, there are many gold mining companies and private investors in gold (not to mention those central banks with gold reserves) that the plaintiff does not allege to be involved in the conspiracy. All of these persons or entities would be more directly injured than the plaintiff by a scheme of the kind he alleges." LINK

But let's fantasize for a second about a real possibility. If the Plaintiff is allowed enough leeway for discovery AND the plaintiff AND its law firm decide to do the right thing and take this case to its limits: this suit could ultimately reveal the extent to which JPM/HSBC actually have real physical silver/gold with which to back up and deliver if they were ever called on by the big long positions in the futures market. It could further lead to real discovery about the true extent of the paper short in gold/silver that we know exists in NY and London vs. the available of deliverable, unemcumbered bullion. I think we all know the answer to that issue, but knowing the truth and getting the legal door opened to prove it in a corrupted court system are two entirely different matters.

Ultimately this could be the kind of lawsuit that opens the necessary crack in the door that needs to be opened in order to completely rip apart our system in the way that GATA has maintained since its inception. There's a very real possibility that this lawsuit could open the door for what needs to be done to ultimately save our country.

Let's hope this suit is ultimately about Truth, Liberty and the pursuit of Justice and not just about a bulldog NY law firm with political connections taking on a lay-up lawsuit in order to extract a big financial settlement.

Va bene - Che il gioco inizi