A few comments by Bill Cara on today's CFTC meeting.

Regards - VHF

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Bill Murphy Names Andrew Maquire

Bill Cara

March 25, 2010

I do believe that Bill Murphy is riding the right horse, and we should be appreciative and understanding of the challenges in the fight GATA's taken on.

But in today's CFTC hearing, he raised the name of Andrew Maguire as being his evidence of wrongdoing by HB&B. Interesting that CFTC knows all about Maguire's complaints, which have been voiced publicly for some time.

More interesting is that Maguire, in a complaint letter to CFTC a couple years ago, quotes Murphy's findings as evidence of wrongdoing in precious metals markets.

What bothered me about today's hearing is very important, which is that nobody wants to address the issue of conflict of interest. It seems that nobody -- other than maybe Murphy -- is prepared to stand up and say a lending bank should not be a dealing bank, prop trader, advisor, broker, insurer, and all else that they want under their "self-regulated" umbrella. So, for all the intelligent and fact-based discussion I listened to, it wasn't worth a hill of beans.