• Gold Money
    05/26/2016 - 14:27
    Here’s a question that might have you pondering: Is gold a commodity? More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly...

Goldman, et. al. Suffer From The Same Malady That Collapsed Lehman and MF Global, Worlds 1st and 8th Largest Bankruptcies!

Reggie Middleton's picture




 
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Mon, 12/12/2011 - 23:41 | 1972663 tankster
tankster's picture

Reggie lost me with his health club videos. WTF.

Mon, 12/12/2011 - 17:37 | 1971690 GMadScientist
GMadScientist's picture

Quick, let's rehypothecate some CDO-squared and see if we can make a blackhole!

Mon, 12/12/2011 - 17:01 | 1971587 hivekiller
hivekiller's picture

Interview of Jim Willie on the financial system and MF Global. 

 

http://bullmarketthinking.com/wp-content/uploads/2011/12/12062011willie.mp3

 

Mon, 12/12/2011 - 16:52 | 1971551 Roger Knights
Roger Knights's picture

I remember that line from a surfer song, "Wipe out! (chortle)"

Mon, 12/12/2011 - 16:23 | 1971416 falak pema
falak pema's picture

Its called malady du bonheur! But it has a habit of turning into Malady du Cauchemar! That's what adds spice to life when you are the Caliph of Wall Street and you have lots and lots of enemies, notably Ali Reggie and the forty Bloombustblog.coms.

Mon, 12/12/2011 - 16:39 | 1971483 The Big Ching-aso
The Big Ching-aso's picture

 

 

Ya know, banking dominoes are some big MF'ers.     They're like stone henge size, man.

Mon, 12/12/2011 - 15:59 | 1971334 Wakanda
Wakanda's picture

"There is NEVER just ONE roach!!!"

Dunno Reg.  I been known to roll more than one.

Mon, 12/12/2011 - 15:53 | 1971308 PulauHantu29
Mon, 12/12/2011 - 16:31 | 1971453 Darth..Putter
Darth..Putter's picture

You haven't heard of Adopt-A-Bug?  It' the new rage charity this season.  Every country is doing it.

Mon, 12/12/2011 - 15:53 | 1971307 machineh
machineh's picture

'VIE'? [last charts]

Sorry, don't know that acronym, and can't be arsed to look it up.

English, please!

Mon, 12/12/2011 - 17:14 | 1971618 cramers_tears
cramers_tears's picture

Variable Interest Entity - FASB supposedly says these types of assets are to be consolidated on the controlling entity (in this case, GS) or primary beneficiary's balance sheet... however hypothecation/re-hypothecation pretty much usurps all standard accounting rules and procedures...  That's why the last chart's reference "unconsolidated VIE"...  Just more "Fraud as Business Model" bullshit...  http://www.answers.com/topic/variable-interest-entity

Go Speed Reggie... Go Speed Reggie...  Go Speed Reggie Go-ooooo... (To the Speed Racer Song)

Mon, 12/12/2011 - 15:49 | 1971289 Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

You should get really worried when you hear Prince Alwaleed has taken a big stake in Goldman at a massive discount to the market.

Mon, 12/12/2011 - 15:44 | 1971261 Sudden Debt
Sudden Debt's picture

Let's all hope that Goldman Pig gets gutted one day!

FREE BBQ FOR ALL!!

 

Mon, 12/12/2011 - 16:10 | 1971371 Wakanda
Wakanda's picture

I wouldn't touch that rotten pork even if I was starving.

Mon, 12/12/2011 - 16:37 | 1971476 Mr Pink
Mr Pink's picture

I prefer my calamari breaded and deep fried

Mon, 12/12/2011 - 15:23 | 1971152 scrappykoala
scrappykoala's picture

If you bet agaisnt Goldman your an idiot. They own and run the planet. Never fuck with the big boys you get ran over. And by the way I hate them and wish they would go down but lets not forget who is in charge and who's former employees are now presidents and running the fed and so forth.

Mon, 12/12/2011 - 16:27 | 1971435 FreeNewEnergy
FreeNewEnergy's picture

Fuck Goldman Sachs and anybody who evr worked for them, especially the criminal traitor, Hank Paulson, who sold his soul for $700 billion in TARP.

Hope the flames of Hades burn your fucking eyelids off, Paulson, you scum-bag.

Tue, 12/13/2011 - 09:59 | 1973466 Sandmann
Sandmann's picture

Goldmabn has already sold Paradise to Hades

Mon, 12/12/2011 - 16:24 | 1971420 NuYawkFrankie
NuYawkFrankie's picture

Spraken zee English?

Mon, 12/12/2011 - 15:44 | 1971258 Gully Foyle
Gully Foyle's picture

Why is any of this news? It seems to be the practice dujour. I would imagine that anyone dealing in finance is running some book cooking of some type.

As soon as one entity sets a precedent everyone needs to copy it to keep even.

 

Mon, 12/12/2011 - 15:43 | 1971187 The Big Ching-aso
The Big Ching-aso's picture

 

 'You're', 'your', okay whatever.   We get the drift.

Mon, 12/12/2011 - 15:10 | 1971095 The Big Ching-aso
The Big Ching-aso's picture

 

 

One cockaroach is one cockaroach too many.     Raid the basturds before they contaminate our once pristine financial sewers any further.

Mon, 12/12/2011 - 16:37 | 1971477 NuYawkFrankie
NuYawkFrankie's picture

Is it true that cockAroaches are an Asian delicacy?

Hey - at least you'll never go hungry ;) 

Mon, 12/12/2011 - 15:22 | 1971146 Winston Smith 2009
Winston Smith 2009's picture

That opportunity has long since passed, I'm afraid.

Mon, 12/12/2011 - 16:02 | 1971014 Zero Govt
Zero Govt's picture

You see, Lehman's collapse was much larger than that of MF Global... was marred with obvious and purposeful misrepresentation, yet they broke no signficant laws or regulations.

Sure about that Reggie? ..theft and fraud not "significant" laws??

Both these US entities (Champagne Charlie gambling joints) usurped US Law (breaking a rule there surely?) by siphoning client funds from the US to London to gamble and leverage. Does it not constitute theft and fraud if your customer statement says you've money in your US account when it's actually been sent across the Pond to double-down on Eurozone debt?

When Gerald Celentes brokers statement comes through the post every month stating he has six figures in his account and he discovers those funds have been sent (and spent) on another continent, is that broker not producing a financial statement that is both a gross misrepresentation of the facts and fraudulent??

When the broker calls him up for "more money" and he replies there's plenty of money in my account according to the last statement you sent me in the post. And the borker says no there isn't, we "need some more to cover someone elses bets gone bad" as it wasn't really there at all  ....er, when did Celente 'lose' title to the money he did deposit? Is the broker not committing a second fraud and theft demanding more money to cover what was misappropriated and supposed to be there all along???

A good point by Martin Armstrong i was reading last night is that clients never gave either Lehmans or MF'ing Gobbel any authority to ownership of their funds

On that basis the crook, sorry NY liquidator, and stiffing agent, sorry NY Judge has zero authority to claw any customer monies for the NY derivative gangsters. Customer monies NEVER pased TITLE to MF Global. JP Morgan under the Law has zero title to customer money and will just have to take a big kick in the balls (tough shit Dimon, eat shit Dimon). Client funds are client funds. Period. End of

And the NY Judge that stiffed him made the point a corporation has no right to silence and corporate offciers (ie. Corzine) has no Constitutional Rights either and can be therefore lifed in prison until they die... let's see him apply the rules to Corzine as he did/stiffed Armstrong

Corzine testified he didn't know what was going on. But it was lying scumbag Jon Corzine who, according to a dicky bird, flew down to see SEC Chair, Mary Shapiro, to lobby (succesfully) against the SEC putting in a new rule to prevent financial firms siphoning off customer funds and pissing them away at Las Vegas (or London) Casinos 

Both MF'ing Corzine and the SEC's Shapiro are covered knee deep in blood. Another US Regulator has left the pitch leaving the goalposts wide open to lunch it up large with hook the crook Corzine who promptly runs through the open goalposts left open as he lobbied Shapiro to do running his bag of $1.2Bn looted customer monies

Don't see any "significant" Laws being broken there Reggie?!! 

Link. http://www.inflateordie.com/files/MF%20Global%20Disaster%2012-09-2011.pd...

Mon, 12/12/2011 - 16:08 | 1971367 FEDbuster
FEDbuster's picture

Ann Barnhardt (who closed her firm in response to this theft by Jon Corzine/MFG) in a recent interview by Jim Puplava

http://www.netcastdaily.com/broadcast/fsn2011-1201-1.asx

Mon, 12/12/2011 - 16:28 | 1971439 Zero Govt
Zero Govt's picture

Thanks FEDbuster, couldn't read your link on my Apple but probably have already as I have AB's website now and pop in regularly

She's a good'un, she's made a stand and a second one, she's refusing to pay anymore tax to the parasitical scum destroying America (ie the US Govt) ...we should all follow her lead

Mon, 12/12/2011 - 18:16 | 1971615 FEDbuster
FEDbuster's picture

I sent it in to the ZH "tip" email.  I hope "Tyler" will post the highlights and a link to the full interview, it's very good.  She says the whole thing is going down due to the fact there is no rule of law in the markets.  She is a straight shooting, no BS woman.  She said in the interview, "one should only invest in things you can stand in front of and defend with an AR-15, paper shares, contracts and 401-Ks will be worthless".

Mon, 12/12/2011 - 20:11 | 1972090 Zero Govt
Zero Govt's picture

she's right the Rule of Law is not working but she's wrong therefor to think installing the Rule of Law will fix what isn't working, which is the Rule of Law 

I generally work on the premise if it works, don't fix it

our pitiful Western thinking (problem solving) seems to think if Govt isn't working, or the Rule of Law, let's replace it with more Rule of Law or less Govt

I think if these systems aren't working you don't repeat the error (system)

Ann needs to understand the mononpoly versus the competition (free market) mechanism. The reason the markets aren't working is that they are all large monopolies. We have Chicago for example for commodities. All monopoly systems are infiltrated by monopolists and corrupted

The Judicial system in NY is a monopoly and sure as eggs it is totally corrupt. Nobody stands a snowball in hells chance up against the Big NY financial gangsters of a fair trial. It's been that way for 100 years

The solution is freedom (no rules) and competition. Competition brings you solutions (positives). Law brings you only retribution (negatives).

Instead of the Chicago monopoly which is increasingly destructive of commodities trading we need lots of smaller commodity exchanges right across the country all competing to provide better service on different levels. Variety, vbrancy and progress versus Chicagos corruption, incompetence and stagnation

If one competing exchange becomes corrupted there's a dozen others for consumers to fall back on (systemic robustness, low systemic risk). When Chicago collapses, as it will in corruption and turmoil, the whole system implodes (systemic risk 100%)

Ann had nowhere to go... she hed to shutter her business... the monopoly system is a stagnating market of ever decreasing circles (precisely what is destroying every sector of Europe and Americas economy right now) ...and its monopoly Law-Judical system is aiding that decline because monopolies put the unproductive (parasites) at the top of the food chain

Mon, 12/12/2011 - 22:37 | 1972519 FEDbuster
FEDbuster's picture

She spoke at the end of the possibility of a new exchange starting in Dallas, giving traders a different place to trade.  I think most of her business was cattle hedging?

Tue, 12/13/2011 - 20:02 | 1976558 Zero Govt
Zero Govt's picture

Dallas is a good stat but why not many more?

i hear US tobacco farmers are being screwed by the big monopoly US tobaco companies.. some have started selling abroad to Asian markets ...go for it... go international, go direct to your customers and avoid the exchanges

they'll have to soon when the Chicago monopoly implodes in its own greed and corruption anyway!

Mon, 12/12/2011 - 14:29 | 1970939 JW n FL
JW n FL's picture

 

 

Goldman Sachs Electronic Trading. New thinking: better trading. Why settle for vanilla? Watch the VIDEO

LULZ!!

Mon, 12/12/2011 - 15:09 | 1971093 vast-dom
vast-dom's picture

HYPER-CHURN MOFOS.

Mon, 12/12/2011 - 14:32 | 1970958 JW n FL
Mon, 12/12/2011 - 15:04 | 1971066 SillySalesmanQu...
SillySalesmanQuestion's picture

ROLTHFLMAO JW!  

Goldman Sachs customer service: After we have fucked you in the ass...you'll never be constipated again...

 

Goldman Sachs Customization:  If you trade with us we will customize OUR trading strategies to the fullest to make sure you lose ALL of your money.

 

Goldman Sachs executon quality: We take pride in killing you completely, more than once if necessary... three times daily if preferred..death by fiat and fraud...

Mon, 12/12/2011 - 15:31 | 1971197 JW n FL
JW n FL's picture

 

 

UBS says Kyle Bass / ZeroHedge is RIGHT!! Guns, Gold and Canned Goods BITCHEZ!!

http://www.youtube.com/watch?v=OSHD8GAx68Q&feature=g-u

Uploaded by on Dec 12, 2011

Watch the full Keiser Report E222 on Tuesday. This week Max Keiser and co-host, Stacy Herbert, discuss virtual dollars and American plots and tinned goods and small calibre weapons. In the second half of the show, Max talks to Detlev Schlichter about elastic money and financial crises.

Mon, 12/12/2011 - 15:31 | 1971196 JW n FL
JW n FL's picture

 

 

UBS says Kyle Bass / ZeroHedge is RIGHT!! Guns, Gold and Canned Goods BITCHEZ!!

http://www.youtube.com/watch?v=OSHD8GAx68Q&feature=g-u

Uploaded by on Dec 12, 2011

Watch the full Keiser Report E222 on Tuesday. This week Max Keiser and co-host, Stacy Herbert, discuss virtual dollars and American plots and tinned goods and small calibre weapons. In the second half of the show, Max talks to Detlev Schlichter about elastic money and financial crises.

Mon, 12/12/2011 - 14:26 | 1970927 Rainman
Rainman's picture

The financial system is one huge collection of digital bucket shops. It can't possibly end well.

Mon, 12/12/2011 - 16:50 | 1971545 Zero Govt
Zero Govt's picture

the financial system is Ivy League in-breds living a Chmpagne Charlie lifestyle they were born to lead (forever) ...when their bets go 'horribly wrong' they turn to theft and fraud to cover their inept worthless arses.. it's not really thieving you see when its the little peoples money and funds the greater cause which is their continued obnoxious existence on the Ivy League cocktail circuit

some people have to earn a living, this NY scum just steal it

Mon, 12/12/2011 - 14:39 | 1970926 spooz
spooz's picture

Permitted by "contract or custom"?  What about the CFTC rules regarding commingling of customer segregated funds in futures accounts?  Because they have a contract, or there is a "custom" amongst thieves, that makes it okay to break rules? I still don't see how failing to segregate customer funds is legal in any way.  The Thompson Reuters piece on rehypothecation implies that what Corzine did was legal because it was permitted by law.  I disagree. And if he tries to use the hoocoodanode excuse, Sarbanes-Oxley says he should have.

Per Jeffries: "In many instances, we are permitted by contract or custom to rehypothecate
securities received as collateral. These securities maybe used to
secure repurchase agreements, enter into security lending or derivative
transactions or cover short positions."

Mon, 12/12/2011 - 14:22 | 1970907 Stuck on Zero
Stuck on Zero's picture

Can my wife and I rehypothecate our meager bank accounts into billions?

Mon, 12/12/2011 - 14:28 | 1970934 Deadpool
Deadpool's picture

To late. Fractional reserve banking means your bank has already done it for you without you participating.

Mon, 12/12/2011 - 14:11 | 1970852 Buckaroo Banzai
Buckaroo Banzai's picture

Wow it's almost like Goldman is blowing itself up ON PURPOSE.

Can you say "Bust-out Scheme"?

http://www.bankersonline.com/vendor_guru/experianbulldog/experianbulldog...

Mon, 12/12/2011 - 14:27 | 1970928 Deadpool
Deadpool's picture

never forget Goldman is the Fed's bank (as is JPM). the stuffing of the world's toxic waste into their closet and under their rug with no risk of loss of principal with Fed's backing is obvious.

Mon, 12/12/2011 - 15:47 | 1971278 dracos_ghost
dracos_ghost's picture

Thank god we got rid of Glass-Steagal otherwise there would be problems in the banking sector.

Mon, 12/12/2011 - 14:09 | 1970849 canuck
canuck's picture

ah yes, I was waiting for Reggie to swoop in...

Mon, 12/12/2011 - 14:16 | 1970844 willien1derland
willien1derland's picture

Reggie! Reggie! Reggie! Reggie!

Ukraine's Banking Sector about to collapse? - Reggie, any thoughts?

http://www.bne.eu/story3038/Ukraines_banking_disaster_in_the_making

Do NOT follow this link or you will be banned from the site!