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    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Why SIPC? MF Global Customers Were Thrown Under the Bus on Day 1

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Sun, 12/18/2011 - 16:42 | 1992083 jmcadg
jmcadg's picture

Has anyone explained how Soros (low life fuck monkey) was able to pick up the European bond trades at reduces prices AFTER MF Global went into bankruptcy. A reduction I believe that equates to something similar to the outstanding $1.2 billion?????

Also the wired transactions that were recalled BEFORE the bankruptcy that went back to JPM accounts and then ooops vanished?????

Why do I still feel slightly sorry for Corzine???? I know, I know, he's scum, but I have this overriding feeling that he was fucked in the ass by Dimon. 

I know this is somewhat stating the obvious, but for me Dimon is enemy No.1, with that weasel Blankfein just behind him.

Anyone with any sense will heed Ann Barnhardt's advice here.


And if you add this:


and this:


That pretty much sums up this shitty mess and gives you a clear indication what to do.

Good luck all this week!

Sun, 12/18/2011 - 20:43 | 1992449 tom a taxpayer
tom a taxpayer's picture

Thanks for the links. Ann Barnhardt is fantastic!

Sun, 12/18/2011 - 16:29 | 1992062 ebworthen
ebworthen's picture

Message:  any money anywhere if not in PM's or cash in hand is at risk

Sun, 12/18/2011 - 15:57 | 1992016 AndrewCostello
AndrewCostello's picture

MF Global was just a tool of fraud, used by JP Morgan to target investors who were trying to buy hard physical assets, instead of the fantasy crap of Wall Street.  This whole thing was one big set up from start to finish, and now all that Physical Silver has been transferred to JP Morgans accounts to cover their shorts.



Read this book, its really good and quite inspiring.


Sun, 12/18/2011 - 16:16 | 1991988 NuYawkFrankie
NuYawkFrankie's picture

Dopey Duffy was/is just the token Dumb Oirishman - fresh off the ol' Turnip Truck - whose only function was to take the fall when the real operators had disappeared with the goodies. And all the time this deluded sorry-ass thought he was a Big Swingin D!ck (ahhhemmmm,,..  'scuse the anatomical reference ladies - I've  just been informed that the smelling-salts will be arriving shortly)

What? He thought he got to be the head of the CME 'cause he was so smart, so connected, the top of the heap, the best & brightest? Yeah right - you just gotta look at the guy!  Gimmee a freekin break! LOL!


Sun, 12/18/2011 - 15:04 | 1991940 Bagbalm
Bagbalm's picture

Nobody was hurt badly enough to walk up and put a bullet in the head of these thieves?

Sun, 12/18/2011 - 15:58 | 1992019 AndrewCostello
AndrewCostello's picture

If they ever steal my money like that, they can kiss thier asses goodbye.

Sun, 12/18/2011 - 16:12 | 1992030 NuYawkFrankie
NuYawkFrankie's picture

They already have stolen your money - along with everything else you thought you had, like a fewtcha... you just don't realise it yet. When you do, you'll be kissin your own ass goodbye - 'cause their asses will be looooo..ng gone. Enjoy the show ;)

Sun, 12/18/2011 - 15:58 | 1992013 Divine Wind
Divine Wind's picture

I was thinking the same thing.

Madoff did it smart. When he realized the game was up, he confessed and went right into custody, making it a harder to reach him.

As long as Corzine and the MFG crew are NOT behind bars...

Sun, 12/18/2011 - 14:38 | 1991889 Joebloinvestor
Joebloinvestor's picture

I want to see a cage fight with Gensler and Duffy.

I want Duffy to be handicapped with a sawed off baseball bat (not a full length one).

Gensler is a fucking piece of shit who should be fired and indicted.

Read the transcript, and one finds Gensler made one phone call on a "fishing expedition" to find out how far the auditors were, then got as far away from the shit as he could.

Gensler put the CME on the hook and Duffy ain't happy about it.

Sun, 12/18/2011 - 16:20 | 1991972 NuYawkFrankie
NuYawkFrankie's picture



Sun, 12/18/2011 - 13:54 | 1991773 ThisIsBob
ThisIsBob's picture

JPM grabbed the dough - probably legally - and blew them up, which was nervertheless an inevitability.

Either that or it was those Venezueland and Iranian hacker bastards.

Or maybe it was a Sri Lankan rouge trader.

Sun, 12/18/2011 - 14:11 | 1991811 technovelist
technovelist's picture

Yes, that Sri Lankan rouge contract is a bitch to trade!

Sun, 12/18/2011 - 13:03 | 1991643 cocoablini
cocoablini's picture

The SIPC is a self-regulated private insurance account. It's not the FDiC. The SIPC could never insure all the accounts and lost money by even MFGlobal alone- nevermind a bunch of brokerages. It's a total, levered joke run by the party boys of wall street.
Which is why no one should have any cash in a brokerage- the system will guarantee you get your stock back( maybe) but cash will be gone and the SIPC will be broke.
And if you have an options account, the brokerages can lend you shares out for shorts which means you may be in a line of 30 other people who thought they had the same shares.
Best course of action:
- move money and cash into FDIC banks which is gov insured.
- own long only stocks you want to hold during another crash and bank holiday
- stop investing in a 401k with severe time restrictions
- by assets like gold and silver and guns
-Pay off any debt. Don't go out on margin unless you understand you could lose 100%
- assume just because you are in the "right" doesn't mean you will get your money or stock returned.

Sun, 12/18/2011 - 13:53 | 1991771 Waterfallsparkles
Waterfallsparkles's picture

And what makes you think that the FDIC has enough money to pay people back if a big Bank went belly up?  Banks are just a dangerous these days.

For me the safest place to put your Money is in Rental Real Estate and you still can get a decent return on your Money in Rents.

Sun, 12/18/2011 - 12:59 | 1991628 PulauHantu29
PulauHantu29's picture

Fleckenstein lost quite a bit on MF Global I read.

Sun, 12/18/2011 - 12:49 | 1991582 tom a taxpayer
tom a taxpayer's picture

Incredible! Outrageous! This scheme to screw customers needs to be front page news on every TV, newspaper, investment newsletter, and investment homepage. Congress needs to haul these regulators (SEC) and industry front groups (SIPC) before Congressional investigating committee immediately. State and Federal prosecutors need to open investigations immediately. The passports of these filthy criminals need to be lifted immediately. 

This is the result of unchecked rampant Wall Street criminal activity and of not prosecuting the TBTF and their criminal aider and abettors in federal regulatory agencies and Congress. Where the hell are the prosecutors.

Sun, 12/18/2011 - 15:05 | 1991941 WTFx10
WTFx10's picture

"Congress needs to haul these regulators" Yes, get all the bank employees involved congress has done so much for we the people. No matter what we want they do exactly the opposite.

Sun, 12/18/2011 - 12:53 | 1991609 sun tzu
sun tzu's picture

The lame stream media will never educate the masses. They will continue to feed us Kardashian and Jersey Shore tripe while hiding the crimes of the elites in NY and DC. Remember this when the time comes

Sun, 12/18/2011 - 12:38 | 1991575 stant
stant's picture

ann barnhardt said take you ball and go home. and they are

Sun, 12/18/2011 - 12:40 | 1991571 JuicedGamma
JuicedGamma's picture

I keep hoping that maybe this all a mistake and that Corzine, Gensler et al are just completely incompetent and thus are guilty of culpable negligence and of being over their heads (the Peter principal at work).  

The more that comes out the more this looks like a huge scheme to defraud customers of MFG, plus I still believe Corzine is an incompetent pompous ass.

Whatever happened to the security industries adage that customer is always first, not at the pig trough apparently.

Sun, 12/18/2011 - 12:51 | 1991593 sun tzu
sun tzu's picture

Corzine is a former Goldman Sachs CEO. Do you think incompetent people make it to the top of GS? He is a master criminal and professional liar

Sun, 12/18/2011 - 12:54 | 1991613 JuicedGamma
JuicedGamma's picture

Let's define competent by example.


Blankfien, CEO of Goldman when their reputation has been torn to shreds.  Employees have been instructed not to mention their employer in public, I guess because people may take affront.

Hank Paulson, Treasury Secretary during TARP, etc.

Corzine, 'nough said.


Depends on your definition.


Sun, 12/18/2011 - 15:01 | 1991932 disabledvet
disabledvet's picture

Gitmo. "with the Jefferson Bible" as reading material.

Sun, 12/18/2011 - 14:59 | 1991927 rufusbird
rufusbird's picture

Kind of ironic that the higher the officers of banking or financial institution officers are in rank, the weaker their memory seems to be. Funny thing that...

Sun, 12/18/2011 - 12:24 | 1991535 surfersd
surfersd's picture

Hey I got another 14% back Friday from the trustee. My offer stills stands they can keep the other 27% if the make Corzine do a perp walk.

Why hasn't the question been asked, "Mr Corzine why did you resign the day after bankruptcy was announced instead of helping to navigate the company through an orderly wind down?" Answer " Because now I couldn't sit here and say I have not been able to review any records" 

Heard story that the outside PR person in charge of the MF Global was concerned about the connotations of the name. Corzine's response he wanted to be known as Mother Fu#king Global!! Please put him a sell with Bubba.


Sun, 12/18/2011 - 15:04 | 1991938 disabledvet
disabledvet's picture

"because I'm guilty and I needed to lawyer up first." sound about right?

Sun, 12/18/2011 - 13:01 | 1991636 El Oregonian
El Oregonian's picture

"Please put him a sell with Bubba."

 How about sell him to Bubba? For let's say... a pack of smokes?

Sun, 12/18/2011 - 12:38 | 1991570 Seasmoke
Seasmoke's picture

well that scumbag Abelow was still at MF and he said less than Corzine

Sun, 12/18/2011 - 12:14 | 1991519 Georgesblog
Georgesblog's picture

It should be safe to say that we will see legislation and revision of regulations to protect investor assets. The public is of a mind to throw Congress under the bus. 


Sun, 12/18/2011 - 16:29 | 1992061 Teamtc321
Teamtc321's picture

George, imo the banker lobbist would have a rule written into buried legislation within hour's to circumvent protecting inverstor assets.   

Sun, 12/18/2011 - 10:23 | 1991267 max2205
max2205's picture

The effect on PD of margin accounts closing is like a need for 1500% reverse cash need to settle back their balance sheets. If they follow rules at all

Sun, 12/18/2011 - 10:21 | 1991261 max2205
max2205's picture

Margin accounts closing like snow flakes across the world

Sun, 12/18/2011 - 13:41 | 1991737 realitybiter
realitybiter's picture

I was reading that there was no longer enough liquidity in the markets to support both the bond market and the stock market.  Hence, bonds go up, stocks go down.  This explains the disconnect.

As prudent, intelligent investors decide, "holy crap, nothing is safe (due to lack of legal justice and enforcement of property rights), I better close my margin account and convert it to cash", I have to imagine that this liquidity situation will only worsen.  This is classic deflationary effect of debt contraction.


Much of this would be contained if  TPTB actually did their job rather than waste their time running guns into Mexico in a circuitous attempt of "gotcha" against the constitution, while determined to give amnesty bankers....no banker left behind....

 These guys are drunk on their arrogant political agenda.  Sober, rational reason need not apply.

They could raise the capital gains tax to 50% and it would not have any affect as there will be only gains on those that went short, but no one will go short because they will have already closed their margin account and there will be no stock to short.  Fear not.  The naked short sellers will creatively counterfeit new stock.......Deflationary hell.

BWTFDIK?  I didn't go to Harvard.  I'm sure the smarty pants that are calling the shots have it all figured out.  Larry Summers is obviously a very successful man(sarc).  Ditto for Rubin, Greenspan, Honk, Timmay, and now, BSB.  The scorecard for all is a long line of dramatically reduced stock price of any company they touched, yet somehow their personal fortune went through the roof.  Kleptocracy, anyone?  Simple, brainiac embezzlers.  

This is not the America that the employees of their Father's fought for in WW2.  


If you aren't pissed off you are an idiot or very uninformed.

I am with the poster above regarding keeping the rest of stolen funds in MFG.  PMITA prison for Corzine!  MF-er....

Thu, 12/22/2011 - 19:51 | 2005813 Franktastic
Franktastic's picture



Peter Schiff interviews Ann Barnhardt Dec 21, 2011
Sun, 12/18/2011 - 10:14 | 1991244 bank guy in Brussels
bank guy in Brussels's picture

It is shocking for Americans to finally realise they live in what has become a totally corrupt nightmare kleptocracy, and not the 'great country' described in the propaganda they have heard all their lives ...

And what is yet to come is the realisation that, short of some great revolution, that kleptocracy likely cannot be fixed or changed via 'normal' means.

In January of 2011, there was a commentator on ZeroHedge with the username 'Fat Ass', who posted this:

« The USA had 40 years of stability and power. In the future it will be a shithole. So what? Just another new-world shithole. Life goes on. »

Sun, 12/18/2011 - 19:52 | 1992383 philipat
philipat's picture

The "light" touch of JPM?

Follow the metal??

Sun, 12/18/2011 - 15:10 | 1991948 disabledvet
disabledvet's picture

So I never liked brussel sprouts...but I had a tuff mum and "learned to like them."

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