The New York Post reported this weekend that regulators have criminal and civil investigations underway into possible manipulation of the silver market by JPMorgan Chase.
The investigations stem from a story in The Post, which reported on a whistleblower questioning JPMorgan’s involvement in suppressing the price of silver by “shorting” the precious metal around the release of news announcements that should have sent the price upwards…
The Commodities Futures Trade Commission is looking into civil charges, and the Department of Justice’s Antitrust Division is handling the criminal probe, according to sources, who did not wish to be identified due to the sensitive nature of the information.
I don’t see this story picked up in any of the major papers yet. Why not?
— ProPublica’s Paul Kiel reports that the Obama administration’s mortgage-relief plan—you know, the one that got Rick Santelli all riled up and started the Tea Party thing—is shooting blanks.
When the administration launched its foreclosure prevention program, it committed to spend up to $75 billion. By the end of March, more than a year later, only about $242 million had actually been paid out.
Can’t subsidize many “loser’s mortgages” with that paltry sum.
— The Shiny Shiny blog reports that magazines are having to censor their iPad/iPhone offerings to pass Steve Jobs’ “no-nipples” diktat.
Here’s what Anna Leach reports wags at fashion mag Dazed & Confused are calling it:
A D&C insider revealed that the mag’s iPad edition has been nicknamed the Iran edition by the people putting it together…
Again, here is what the press is submitting to in its scramble to gain access to Apple’s platforms:
Applications may be rejected if they contain content or materials of any kind (text, graphics, images, photographs, sounds, etc.) that in Apple’s reasonable judgement may be found objectionable, for example, materials that may be considered obscene, pornographic, or defamatory.”
(ADDING a h/t to Felix Salmon)
Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR’s business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.