The Commodity Customer Coalition Objects to JP Morgan's Super-Priority Protection Over MF Global Customers

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Mo Bius's picture

JPMorgan bitchez did it!!

See this:http://www.myspace.com/tom_heneghan_intel/blog

Buy futures on guns.

 

MrBoompi's picture

Does anyone actually believe the "investors" will win vs JP Morgan?  Does anyone believe $600 million is "missing"?

OK go to court and file a lawsuit.  You'll be in federal court fighting the Bankster/US Government partnership.  What's a snowball's chance in Hell?

 

 

 

 

 

Atlantis Consigliore's picture

Sushi anyone?  sushi?  

 

Sushimi customers, with hot sauce.

 

Yer yer yer yer, honor,  may it please the court ?  LOL>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

maybe they can have a Washington sushi party, and discuss

sushi seg funds. .....and Novation.

crooks, liars, thieves and Lawyers and regulators, oh my!@

 

 

Grand Supercycle's picture

NASDAQ megaphone pattern on daily chart indicates a big move lies ahead.

SP500 monthly chart remains bearish and USDX weekly remains bullish, so it’s only a matter of time until the market makes its move.

http://stockmarket618.wordpress.com

NotApplicable's picture

I'm quite sure that it's the Law of Rule that will prevail.

dexter_morgan's picture

yep, the golden rule, he that has the gold makes the rules?

ebworthen's picture

What?

JP Morgue Chaise ass fucking the avergae citizen again?

Say it ain't so!

(SSDD in Sodom and Gomorrah on the Hudson)

NotApplicable's picture

Actually, they've moved up the food-chain to "above average" citizens, as the average ones' have no skin in this game.

GetMFGlobal's picture

And Corzine should meet the same fate as Bundy.

He has ruined many lives and he MUST pay.

Otherwise...He'll probably have a "heart attack" like Ken Lay and disappear to a deserted tropical paradise.

Madcow's picture

anyone who thinks they're going to get a fair shake in the gulag casino deserves to lose their money. everyone should now understand that the US markets are a vast criminal fraud. 

if you hire Ted Bundy to babysit your kids, well ...

GetMFGlobal's picture

$600 million missing?? 

Well, the CME put up $300 million on Friday and Corzine's net worth is $300 million.

$300M plus $300M = $600M = Problem solved.

WTF...WHY HASN'T GIDDONS (the trustee) RELEASED ANY FUNDS TO THE CUSTOMERS!!!!

What a fucking scam...is there no decency in this piece of shit country anymore????  

ItsDanger's picture

This would violate the bankruptcy laws as I know them and Ive been involved in receiverships.  I smell major lawsuits.  You cant supercede the bankruptcy order of repayment or you break federal laws.  If this happens, you need a riot.

WTF_247's picture

Perhaps they should start letting customers trade CDS on their own accounts as "insurance" - hence the firm can sell it to them to steal even more money because customers feel protected and deposits will grow.  Then structure the looting so that its not a default event ... all it takes is a quick flight over to Greece to learn how to do it right.

Ned Zeppelin's picture

"Possession is 9/10ths of the law."

"Golden Rule: He who has the gold, makes the rules."

MF's pre-petition actions in raiding the segregated cusomer funds in order to protect the lenders like JPM were informed by such "wisdom."

As it is in Penn State, so it is on Wall Street. Financial pedophiles, merely "horsing around" in the showers, when in fact engaged in statutory rape.

Silversinner's picture

People sound surprised

Forgotten about the coup d'etat in the '10 and '20 by

the Morgue on your country.

I miss the story's from my grandpa about the depression of the '30

 

WTF_247's picture

There is no chance that they will hose individual customers - 0.

 

As soon as you do that, there is no reason anyone would EVER trade futures - any money in the account can be used/stolen by the firm to do whatever they want with it with no recourse.  The futures markets would tank as mass liquidations take place.  It would be wiser for even commodity producers to not hedge rather than lose their $2mil account to fraud - the risk of not hedging is not nearly that big.

They will also need to make the customers whole for any losses incurred while the acounts are frozen and they cannot hedge/exit positions.  This one gets a bit trickier as some of the accounts are pure hedges (farmers, commodities producers) and others are speculation accounts.  Because of the large leverage involved, if they do not do this an account with $5,000 and a single position could be negative by the time they are "unfrozen" - so you still get nothing back.  1 contract of the ES x 100 point move = $5000.00.  Not protecting the customer from wipeout (not to mention they might OWE additional money) is not gonna work.

 

kaiserhoff's picture

Is Jamie Dimon's fucking bonus really more important than Western Civilization?   That's the way this is being played...

Do ya feel lucky Punks?  Do ya?

PulauHantu29's picture

Small Fries don't count.  Sorry.

Catullus's picture

Maybe those customers should charge JPM credit card-like fees for the short-term loan. Worst case, JPM gets a small fine.

This is becoming a nightmare.

Silversinner's picture

Lots of people esp on the hedge are warning people to get their

savings out of the corrupt and insolvent banking system into real assets.(hedge)

If you loose your money,bad luck for you!

Just buy gold,silver,land and productive assets and you will do fine or

keep your money in the fake digital and paper fiat bullshit and get

ripped of.(zero)

 

 

 

My Days Are Getting Fewer's picture

This is a do or die legal case.  If the account holders are not made whole (merely with the restoration of their principal, not to mention the consequences of margin calls and loss of economic opportunity), then the System is corrupt beyond redemption.  That means that just plain looting by lawless marauders, who fear no reprisals or recrimination, will become the accept way of doing business.   If the System degenerates that low, then the call by the few, to take personal possession of physical bullion, may be correct.

JOYFUL's picture

 

It's actually worse than you think.

JPM  are running an "arms for hostages' operation here: the hostages, well you know who they are, the 'arms' in this case is a deal for immunity with the "regulators" who will see to it that several things which have not yet come to light, but  are so explosive in nature that JPM knows it would be extremely hard, even for them, to avoid being demolished by, will be decommissioned in time.

The money will be released, the hostages "made whole," once the deal is done...the $ involved is certainly sizable, but much less than what is at stake via certain other transgressions against the financial community. This was a pre-emptive strike on the bigger fish they have to fry...or be fried by. A certain previous Chairman of SEC had a piece of his brain removed, the day before being required to testify before a congressional committe - as a result of which operation he lost the ability to speak... you can be sure all sitting members of the regulating agencies involved are aware of that little bit of history. None of whole will seek to be made "unwhole." I fear that there is very little "legal" aspect to this case.

 

forexskin's picture

if? IF?

save yourself the trouble, its been shown again and again. the corruption is systemic and pervasive. how many more examples of every canary in every coal mine dead are needed before its clear?

there is no lawful air to breathe, and everything you own is theirs as soon as they decide to take it.

put your wealth beyond their paper trap - the call to possession of wealth in hand is correct.

I did it by Occident's picture

"Rational-legal legitimacy derives from a system of institutional procedure, wherein government institutions establish and enforce law and order in the public interest. Therefore, it is through public trust that the government will abide the law that confers rational-legal legitimacy."  from wikipedia on Legitimacy (political)

 

  public trust that the government will abide the law that confers rational-legal legitimacy.

so anybody knows what happens when that public trust is broken?  Does that mean TPTB would still hold legitimate mandate to rule?  This is a slippery slope indeed.  3rd world, here we come...

 

 

Manthong's picture

I don't see HTF you can freeze up thousands of trading accounts without having a noticable chilling of the rest of the market.

The Big Ching-aso's picture

 

 

The extent of this no rule of law applies post fuck-ups bullshit is unbelievable.    It's worse than a bad dream involving sex with Hillary.

Nobody For President's picture

"...bad dream involving sex with Hillary."

 

uh, that would be like a nightmare, more than just a bad dream. Shivers thinking about it.

Jim in MN's picture

Were this Court to allow any party to have an interest superior to customer segregated funds, it would provide a loophole in the protections which are the bedrock of commodity trading. This Court should only provide for the use of Cash Collateral which protects customer funds as Congress, the CFTC, CME, and hundreds of thousands of commodity traders have, for over 100 years, believed to have been the case. The system of regulation in the commodities industry is based on this bedrock principle, and this proceeding should in no way affect it.

 

Awww, ain't that cute.  The little fella can talk!  Now...squash him like a stinkbug and gimme mah BONUSES.......er ungh grunt....BURP

Bansters-in-my- feces's picture

"Super Priority Protection"

Sounds like the SPP PLAN.

Security,Peace and Prosparity.

National Security ,I am sure.

.......................Where is your Justice Department ?

Bansters-in-my- feces's picture

Fuck JPMorgan Chase&Co.

,,,,,,,,,,,,,,,,Fuck the American So Called Justice Department....

What a fucking sick joke.

Fuck the SEC

Fuck the CFTC.

Fuck the Trilateral Commission.

Fuck the Council on Foriegn Relations.

Fuck the NON FEDERAL .Federal Reserve.

When are you Puss'y going to revolt,,,??????

............Corrupt mother fucking system.....

.......................FUCK YOU'S..................................

MaxVernon's picture

Could be that it ends up being really bad news to be a JP Morgan employee.

Sabibaby's picture

Probably not to good to be associated with Goldman Sucks either. Unless you enjoy being shot at....

apberusdisvet's picture

You just know that the end is near when they are this brazen and know damn well that no one will do shit about it.

MsCreant's picture

"Will the rule of law prevail?"

No.

Neeeeext!

GeezerGeek's picture

The rule of law will apply just as it did for holders of GM and Chrysler debt.

Or, as Eric the Red might say, "we don't need no steenking law".

DOT's picture

There is no "Rule of Law"; we are enjoying the "Law of Rulers".

Trick question.

bank guy in Brussels's picture

Or the Rule of Lawyers for the Rulers.

Friggin' farce in the US ... most corrupt worthless pro-oligarch courts in the developed world ... contempt of court jailings with no trial or conviction, on trumped-up nonsense, Beatty Chadwick (fourteen years), economist Martin Armstrong (seven years) ...

2.4 million prisoners in the US, 25 % of all the prisoners in the entire world ... small businesses, people in divorces, getting all their life savings stolen by American lawyers and bribed judges ... asset seizures and confiscations right and left ...

US lawyers who file papers against corruption get disbarred, even jailed (on 'contempt of court' of course), like the heroic Richard Fine in California ...

The US media hiding US court corruption from the American sheeple and the rest of the world ...

Google blocking websites from search results, at the 'request' of bribe-taking US judges, precisely in order to hide the US judges' bribery crimes ...

Like the writer we have in Belgium who barely got out of the US alive, after friends of US federal judges and George Bush threatened to kill him, Google now blocks and erases almost anything he writes from search results ... he did a bunch of articles on US corrupt courts before CIA - Google began erasing and scrubbing him.

Articles on a Google-censored EU website about US court corruption:

Foreign Companies Face Risk of US Court Corruption:
Doing Business in the Big Bribery Nation
http://www.banned-in-america.net/us-court-big-bribery-nation.html

America's Corrupt Legal System -
A Danger to Visitors, Travellers as Well as USA Residents
http://www.banned-in-america.net/us-corrupt-legal-system.html

Americans Murdering Their Judges, and the US Crisis of Judicial Corruption
http://www.banned-in-america.net/americans-murdering-judges.html

America's CIA - Google censoring shown live at work:

Live Photo: Google Inc. Caught Censoring EU Search Results
Google Internet Censorship - Censure d'Internet par Google - Internet censuur door Google
http://www.flickr.com/photos/22325431@N05/6100668211/in/photostream

 

MachoMan's picture

The contempt power is as old as the court system...  either you conduct yourself properly before the magistrate or you go to jail.  The best way to think of the court is like an island dictatorship that once you step foot in, you have to play by the dictator's rule...  again, this is the way it has always been and always will be for obvious reasons (and with obvious checks on the judiciary's behavior).

While you're going to get a lot of sympathy from people on this board regarding armstrong, I'm not sure what you're hoping to do when a judge orders you to cough up identified personal property and you refuse...  the dog ate my homework isn't going to cut it.  The whole thing stinks both ways...  and I'm guessing marty or his assigns have been spending the loot in the meantime.

The wiki page is a riot...  but, but like he came up with $3 b all except for like $1.3m n stuff...  ok...  try and limit your misdeeds by proportion if you will...  doesn't justify them.

NotApplicable's picture

I prefer the term "Freejack."

Jim in MN's picture

Bring them down!  Bring them down!

--Theoden, The Return of the King (referring to rampaging oliphants, of course...kind of like rampaging oligarchs)

SirIssacNewton's picture

It's great that there's at least someone in there fighting from the customers of MFingGlobal, but I don't hold much hope for the "bought and sold" justice system.....JP and the rest of the Bankstas don't care as long as they get theirs.

illyia's picture

But, I do wonder, as the farmers and traders need to hedge against the future, if they will abandon the institutions that are stealing and start their own corps - or elevate smaller, theoretically uncorrupted firms to greater market share.

I suppose the comparison would be the on-going shift from banksters to credit unions - to be continued, slowly.

MachoMan's picture

No on the start-ups...  this is called regulatory burden and regulatory capture...  basically the institutions that can weather the storm get the spoils...

The consolidation of power will not stop until liquidation is forced on insolvent institutions.

LawsofPhysics's picture

Yet another "wow", yet customers keep lining up to be fleeced.

Bastiat's picture

"All animals are equal but some animals are more equal than others."   
Animal Farm, George Orwell

Schmuck Raker's picture

"You down with CCC? Yeah, you know me."