Wednesday, June 1, 2011

The diff between dis and dat

12:49 pm (Hawaii) This story on Phil Ivey, Full Tilt Poker and online players who are being left out to dry brought to mind Comex, silver and the whole manipulative world it is. Of course, there are differences, but the similarities had me thinking.

• Full Tilt Poker, like Comex, had full control over all player accounts.

• Full Tilt owes/owed players the goods, but failed to maintain a large enough reserve account to return funds when it was shut down by authorities. (For Full Tilt, it is cash; for CME, there is an apparent shortage of physical silver for its SLV accounts.)

• Phil Ivey, champion and spokesman for the company, has taken a stand against the shenanigans. The only similar party in the silver world would be the CTFC, which is in position to take a stand and sue CME, but probably will never challenge CME.

Of course, there are more differences than similarities in this comparison, but I couldn't help thinking of the parallels. So, for silver to have a truly fair market, it would need a Phil Ivey to stand up, among others. Someone with the clout and credibility to stand up for the little guys. It's safe to say, though, that Full Tilt Poker is probably more approachable and liable (in reality) than CME, JP Morgan, and indirectly, the Fed.

I'm never going to expect fairness in the market. I learned my lessons years ago. If big money and big brother wants to naked short your ass, they will do so without mercy and without repercussion. I'm not a gambler or card player, but it's interesting to compare anyway.

ESPN: Phil Ivey sits out World Series of Poker (June 1 2011)

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