An open letter to Bart Chilton:
Dear Mr. Chilton,
There comes a time when you can perform the duties of your job better by tendering a resignation and going direct to the public with everything you know - including information on MF Global. You have reached that point in time.
You could create a vocation within the media/internet that equals your current check, and eventually, exceed the security of your benefits.
As you know, there are tens of thousands of investors well aware of how fragile our financial system has become. These people will help you if you make a public call for help -- but only if you back-up your call with information that sheds light on rampant criminality and abuse of the financial system. In my humble opinion, remaining at the CFTC will only enable you to contribute to reform to trivial affect. Meanwhile, the worst case vision of people like Ann Barnhardt and others could very well rip through our financial system, bringing the entire edifice down, resulting in a mess that could equal or even exceed the impact of the Great Depression and subsequent political developments (world war).
Derivatives, hypothecation, reverse hypothecation and excessive leverage in general in a world were financial institutions (counter-parties!) can legally mark to make believe "assets" that would otherwise force insolvency is anything but a stable world. Humanity might get lucky. We might skirt a systemic implosion of our financial system. But there can be no doubt that multiple lesser problems are just around the corner and "the big one" will NOT be a black swan. A squadron of the damn birds are visible right now, flying overhead and looking to land.
There's only way the regulatory system will do it's job. That day, should it come, will be on the back of a mass movement of very angry Americans demanding reform. I suspect your knowledge of what's really going on and how the regulatory establishment has failed can help contribute to that movement. I'm convinced your efforts today, while laudable, have and will result in no material reform. As it stands, on the inside, your efforts are basically worthless. You want to make real change? Become a whistleblower.
