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Mystery Surrounding Collapse Of Hong Kong Mercantile Exchange Deepens; Four Arrested
A week ago, when the brand new Hong Kong Mercantile Exchange suddenly shuttered after being in operation for only two years, urgently settling what little contracts were outstanding, many questions were left unanswered.
Such as: how it was possible that the exchange, expected by many to become the new preferred trading venue for Asian precious metals and to steal the CME's crown, could close on such short notice, without barely having been given a fair chance at being profitable, let alone dominating Pacific rim metals trading.
This mystery deepened further after reports that the exchange barely had seen any volume, with allegedly only a tiny 200 open contracts remaining to be settled upon shuttering.
Now, the confusion surrounding the HKMex closure has taken another big step for bizarrokind following news that not only have at least four HKMex senior executive have been arrested having been found to be in possession of false bank docs for nearly half a billion in dollars, but that government itself was forced to "shore up confidence" in CY Leung, Hong Kong's 3rd Chief Executive, whose former top aide was none other Barry Cheung Chun-yuen, founder of the HKMex.
Yet another major geopolitical scandal centered around gold: how original.
From the South China Morning Post:
Three mainland men charged in a scandal over the failed Hong Kong Mercantile Exchange (HKMEx) were found in their hotel rooms with false bank documents purporting to be worth hundreds of millions of dollars, a court heard yesterday.
Dai Linyi, 65; Li Shanrong, 49, and Lian Chunyan, 50, who were arrested on Tuesday, appeared in Kowloon City Court charged with "possessing false instruments with intent".
The men were detained after the Securities and Futures Commission found serious irregularities with the finances of the exchange - chaired by executive councillor Barry Cheung Chun-yuen - and handed the details of its inquiry to the police.
Specifically, among the confiscated false documents were an acknowledgment letter, two letters of guarantee and three proofs of funds allegedly issued by HSBC and Standard Chartered Bank. There were also time deposits and at least one telegraphic transfer. "The acknowledgement letter, which was found among Dai's papers, was dated April 23 and allegedly issued by Standard Chartered in relation to a cheque for US$460 million (HK$3.57 billion). He also had a letter of guarantee from the same bank undertaking to pay US$460 million to a Zhang Jisheng."
Just as "surprising" is that HSBC is involved in another potential money-laundering scheme:
Dai also had a proof of funds dated May 8 and allegedly issued by HSBC confirming that US$11 million had been deposited into an account held by Lian. Both Li and Lian also held two other such "proofs" with the same descriptions. In addition, Dai and Lian had two documents dated May 7 proving the existence of two separate deposits of US$11 million each in another account held by Lian, the court heard.
However that is just the beginning:the scandal over the failed exchange threatens to go to the very top of Hong Kong's political ladder, following Friday's resignation of HKMEx founder Barry Cheung Chun-yuen, from all his public duties - including executive councillor and head of the Urban Renewal Authority - on Friday and is himself under police investigation over the collapse, the government has said.
The probe into the collapse of the Hong Kong Mercantile Exchange has widened, with police questioning three senior executives of the failed commodities agency.
Separate sources confirmed yesterday that detectives from the commercial crime bureau had talked to a total of four staff from the exchange.
Where things get truly bizarre is the news that the head of Hong Kong itself and the founder of the HKMEx were very close.
The probe into the collapse of the Hong Kong Mercantile Exchange has widened, with police questioning three senior executives of the failed commodities agency.
Separate sources confirmed yesterday that detectives from the commercial crime bureau had talked to a total of four staff from the exchange.
Meanwhile, government officials moved to shore up confidence in Leung Chun-ying's administration amid the growing controversy surrounding HKMEx founder Barry Cheung Chun-yuen, who was formerly his top aide.
Cheung resigned from all his public duties - including executive councillor and head of the Urban Renewal Authority - on Friday and is himself under police investigation over the collapse, the government has said.
Speaking to the Sunday Morning Post yesterday, Cheung, 54, would say only: "Sorry, I am not taking calls today. I am at home with friends and family."
How long before there is a connection between Cheung and Hong Kong's top man CY Leung? Probably not very.
In the meantime, we don't hold much hope for the resurrection of the now shuttered mercantile exchange:
Meanwhile, Ben Kwong Man-bun, one of the 37 broker members of the HKMEx, said the exchange's business model would make it difficult for any would-be investor, or "white knight", to consider rebuilding the exchange.
"If you look at the exchange's record, not too many members were actively using the platform," he said. "[The exchange] needs a lot of capital and infrastructure."
So... what was the HKMEx being used for? Well, one explanation is that it was nothing more than a highly structured gold financing vehicle?
Huh?
Recall our lengthy article about China's Copper Financing Deals, and how China is cracking down on the practice: something which will likely unencumber 500,000 tons of copper as Letter of Credit collateral, and force its market liquidation, further crushing the spot price.
The opposite process can also be just as true: while in China copper has long been the preferred financing-creation asset of choice, in Hong Kong it may well have been gold. Which ostensibly would make the previously discussed CCFDs convert into HKGFDs.
And with the recent collapse in the price of paper gold, suddenly the infinite rehypothection chain that whatever gold was at the HKMEx was used for, found itself in jeopardy, with margin funding pressure forcing collateral chains to break, as counterparties suddenly demanded excess margin on existing arrangements.
The subsequent escalation in the serial failure of assorted "HKGF" deals may have been the ultimate reason why suddenly not only the very exchange - which may have been nothing than a glorified bonded warehouse for tons of LC collateral - was forced to promptly shutdown, but all those associated with it had to scramble to procure fake financial documents on short notice to avoid someone else's wrath, while the found a way to ride into the sunset.
Naturally, all of the above is still speculation, and much can change in the coming hours and days as more information is disclosed, however, if indeed this is a scandal about (multiple times) encumbered gold, if it reaches the very top of HK's power structure, one can be assured that there will be some very angry counterparties on the losing side of whatever gold-financing deals Hong Kong's top politicians had engaged in over the past two yeas.
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ZHs very own 'Yen' warned this sort of thing would happen with his comment yesterday.
Prediction: the losing counterparties can huff and pull all they like, like Celente and other clients of MF Global, and politically protected Corzine.
Own it or lose it. This is a game for ruthless force, not munchkins.
Fractional-reserve gold? Why, whoever heard of such a thing?
Like I have said before (but did not invent this...):
"Be your own central bank: buy physical gold!"
Golly... all these scams involve Gold.
You'd think it might be valuable or something... something other than a traditional, barbarous relic.
'Bout says it all, eh?
The failure of the HK exchange fell just as there was a constriction in physical gold availability on the LBMA.
This one will play out and we will see the reasons, however all doors seem to be opening to the physical gold issue right now.
Supply and demand BITCHES.
also, check out this woman; http://www.nytimes.com/2008/06/19/nyregion/19gramercy.html
Golly... all these scams involve Gold.
I sense a trend developing here.
Where things get truly bizarre is the news that the head of Hong Kong itself and the founder of the HKMEx were very close.
I object in the strongest terms possible to this characterization. Please, pray tell me, what is so unusual, let alone bizarre, about politicians being in cahoots with bankers in order to loot the public?
Ok i feel better now, thanks for the story
a side note, HSBC is only a name used for rogue british bankers that left Hong kong in 1999 when the 100 year lease was up.
Is there a general credibility problem with HK? At the end of the end of the day. The underpinning of all exchanges is trust. The world has considered the US the haven of trustability for the past half a century. If China wants to dominate the exchange market, and the currency market for that matter...they need to start with how they can be #1 in the world in trust. In my opinion, this is the single largest constraint on Chinese economic dominance. And it's true on the streets of China too, as their own citizenry constantly question their own government. It is fixable...but putting credibility ahead of short term wealth and quick schemes is almost counter cultural. There's a revolution for you.
Barbarous always struck me as an interesting word choice, especially given man's history of co-opting elements of a displaced faith when constructing a new religion. Rereading Abu Bakri got me thinking- Nixon shuttered the Temple of Mammon, and ever since the central bankers have worshiped at the altar Baal Zebub and his gluttonous printing press. Gold was worshiped by the heathen Philistines at Ekrom and the priests of paper have never quite figured out how to effectively co-opt or expunge the tradition and practice of the pagans- and now the threat of collapse of their ineffective efforts may lead to their undoing.
How much ya wanna bet that blow-hard old-fart, Buffet, has plenty of the "barbarous relic" stashed away for himself...
He doesn't want to attract any attention to it. He lives in a modest older home, barely noticeable. He's a prepper and a stacker and fits all the criteria. Talks up paper because he's got lots of it as well but quietly stacking and farming.
Do as they do, not as they say.
Strip out the finance and media subsidiaries that get all the attention, Warren has all the gold, food, and raw materials (and other "simple/understandable" things) he could possibly need on speed dial, and a network of planes, trains, and trucks to deliver it wherever and whenever he wants...
https://en.wikipedia.org/wiki/List_of_assets_owned_by_Berkshire_Hathaway
walkure,
Buffett's son is a big farmer, I mean acres and acres of it. 60 minutes had a piece about him one time.
Can anyone here explain that logo? It looks to like a cave drawing of someone shitting bricks... ; )
methinks Chinese for "Commodity/Goods Trade/Mercantile" - Asiatic languages aren't my thing, but if you strip out "Hong Kong" and "Exchange" from the Chinese name and juxtapose the two characters...
+1
Thankyou!
Of course when the very same thing happens with Bitcoin, you bobble-heads take an opposite view. Why am I not surprised?
what side of the wall is this on...im hoping on the side that treats these guy right...i guess it would be the eastside saheeb...where they dont feed them long...
James Sinclair, a voice in the wind, always says be your own bank.
The Chinese encourage it. The Indian politicians are trying to discourage it.
The Western politicians are ignorant.
Remeber that PAGE just disappeared too ?
The much awaited China-based Pan Asia Gold Exchange (PAGE) was scheduled to start trading this June after a ‘soft’ launch at the end of 2011. This exchange that could potentially bring down the Ponzi bullion banking system has been killed before it could see the light of day, according to recent disclosures by Ned Naylor-Leyland and London whistleblower Andrew Maguire.
So “dangerous” was this exchange to the status quo that it faced interference from “a New York based entity with very strong Chinese relationships” soon after the much publicized soft launch. Another factor that helped derail PAGE was the People’s Bank of China’s (PBoC) announcement about control over domestic Gold trading outside of Shanghai.
Before we go into the details of this news, let’s revisit why PAGE managed to send chills down the spine of the powers that be. Consider the following:-
Enter PAGE…- The contracts would be denominated in RMB
-What could have happened had PAGE gone “live”
Ultimately, we will have price discovery with or without HKMex.
The price premia above the pretend price for bars will be posted on the web.
The various major trading platforms will be pushed to the side when the c.b. gold flows stop.
I don't see how you can have 1:1 in a futures market. If it's 1:1 it's a de facto spot market.
Don't be getting logic in a perfectly good conspiracy theory.
That is the point. Fucking idiot.
GOLD IS NOT A COMMODITY. IT DOES NOT GET CONSUMED SO IT MAKES NO SENSE TO HAVE A FUTURES MARKET.
Sorry but jesus christ does this get aggravating.
I think the idea is that if you write a gold futures contract you have to put up a bar so that it is not naked.
Isn't the proper definition of a "future(s) contract" to trade on a commodity that is yet to be mined?
We know its in the ground in proven reserves. CME, CBs and "economists" have distorted the real definition of what a "future(s) contract" should be based on.
There is speculation involved because the cost of mining as well as the contents are variables. But that doesn't allow for a 350:1 leveraged spec play. That's pure nonsense. The price of gold is higher next year simply because of costs, scarcity and demand.
That is what a real price discovery and free market mechanism would identify.
Whatever, I'm buying more gold next week. An old geezer who couldn't make money in the market if his life depended on it told me to keep my powder dry because prices were dropping. That's a "buy" signal for me.
What you fail to grasp is that the vast majority of gold that has ever been mined in human history is available in relatively tradable form within, say, 30 days.
Gold is not consumed, it is hoarded.
The amount of gold that is mined every year is a relatively trifling amount compared to the amount of gold that can be readily mobilized into the market from above ground hoards.
Futures markets are for pricing commodities that are largely wiped out every 12 months. That includes base metals, because those are transformed into things that are difficult and costly to recycle; consequently, new mine supply is a meaningful factor in making a price for this years industrial needs.
What the futures market for gold should rightly produce is an INTEREST RATE, not a gold price. That is its function, in any economy that makes sense.
Of course, in this clusterfuck of an economy, where interest rates are a complete fiction, it has necessarily produced a gold futures market that is a complete fiction.
I think they see this is a key competitive difference. Paper prices would be set by the physical market. Not the other way around. It would make a profound impact on the metal market. The difference being that when you buy spot gold in large quantities today, you are buying unsecured unallocated contracts. Whereas with the PAGE system you would receive secured allocated contracts. Those investors who want physical metal will gravitate to the PAGE.
Thanks for posting this. The dots are all connected on this massively over leveraged paper farce. Speaking of that, where are the PM bears to discuss the facts? Oh that's right, they only discuss things after the prices move, and then base their conclusions on that action.
Jon Nadler made a nice living doing that for years at Kitco, without ever addressing these issues. Just lie, distort, obfuscate...SOP for the gold trolls.
"...it faced interference from “a New York based entity with very strong Chinese relationships"
Lemme guess: GS, right? They've been selling the US soul (an more) to China, just so they could have a "special" position over there. In other words, when the US system crashes, they will simply operate from Shanghai. Which they already do.
GS is global these days, with allegiance to no country. How can you, when you "doing God's work"? /s
Well wasn't this exchange the love child of Deripaska of oligarch fame and rothchild money?? I don't see this mentioned anywhere...
Great catch and absolutely spot on. Few make the Roths connection withDeripaska. There was a great comment awhile ago on ZH that even the Roths are dwarfed by old Italian Black Nobility banking families. Something to research more when I have the time, but it makes a lot of sense. Roths are fairly new to the scene compared to the old italian bankers who crashed european markets many many times during the dark ages and renaissance. Rome fell but the empire persisted through banking and the vatican.
http://wap.nytimes.com/blogs/dealbook/2013/05/21/regulators-in-hong-kong-suspect-financial-irregularities-at-mercantile-exchange/
Tru dat!
http://theunhivedmind.com/UHM/naming-the-venetian-black-nobility-behind-the-rolling-stones/
So the whole exhange from its beginning was nothing more than a scam, a Ponzi aimed at sucking in suckers' money. How rich (or poor).
Looks like another MF Global was playing out. This time they picked the wrong country.
Confucius say: Criticism is not nearly as effective as sabotage.
And all you Bitcoin lovers think Mt. Gox is safe - until - it isn't
Hmmm, were these guys PAID OFF by HSBC to "throw the fight" between the HKMEx and the bullion banks?
That is sure what it looks like. Like finding a boxer after a big and unexpected loss in is hotel room with a big sum of cash.
I had thoughts along those lines but the article doesn't give enough evidence to tell. Certainly odd that a new vehicle that may have limited the shorting control of the COMEX went horribly wrong at birth.
When you combine this with PAGE it's pretty clear the HKmex was meant to fail, was designed to fail and that is the entire point. An attempt to suppress prices in Asia and also confidence in gold. That's why PAGE was killed outright pre-birth and this was up and running scamming out of the gate. The question is will PAGE make a come back? You have to assume some pretty grave threats were made and/or China sees no reason to stop the price suppression as long as they can continue to accumulate.
Motive, means and opportunity, bitchez.
Wow, someone was arrested?!? Holy shit! How did that happen??????
Oh yeah, it's not the US.
You sayin shitloads of people aren't arrested in the US? You mean: a rich guy was arrested.
It would be what would happen if a rich guy ripped off a richer guy. Rich guys can still get arrested in the us, just not for stealing from smaller guys
BobPaulson,
In US there is a difference between being arrested and convicted and spending time in jail.
I'm pretty sure he meant for a financial crime that wasn't directed at the oligarchs. No doubt we have a vast and thriving prison industrial complex.
HW Bush wasn't kidding when he said "You think there aren't enough prisons to hold all you (non-violent who gives a fuck) pot smokers? Well...we'll build em!"
Build em they did, public funds used to secure private profits for the ultra expensive housing of non-violent criminals. AWESOME!
Meanwhile at the SEC/CTFC etc. etc.:
"Duuuude Lary check out this midget ladyboy getting a train pulled on him/her!"
Lots of people are arrested and then never heard from again in the US when someone thinks it's important they become incommunicado. Often they just need a few years of psychiatric observation and treatment in a military hospital before they "get well".
Why do I smell western banking interests?
It's not unlike the stench of death.
I was wondering this too. Isn't Blythe Masters sitting somewhere at the bottom of this morass?
Gold in hand, is worth 200 in the bush.
Or, putting gold in one hand, gets you one in the bush. Or maybe putting lots of gold in a voting machine company's hand, gets you two Bushes. No wait, how about a COMEX in the hand, is worth two Asian exchanges and some bush... damn, I was never good at metaphors.
http://www.maxkeiser.com/2013/05/hkmex-to-cease-trading-will-close-out-c...
Is this Rothchild related?
Excerpt:
When the Rothchild’s HKMEx was launched in 2011, much of the metals community assumed that the COMEX & LBMA, were they not to outright default, would fade into irrelevance with the advent of the new Asian metals exchange.
That is interesting that a Rothschild gold entity would fail after such a short time. I think this story will have legs, it will be interesting to learn how deep and wide this goes.
Completely agree with all above who recommend holding physical gold only in your own possession.
Interesting that the article makes no mention of the connection to Nathaniel Rothschild.
Nice catch, Aribabak. I remembered seeing Rothschild listed on the board of one of those new lemonade stands initially, but the page listing membership was taken down when I checked a few weeks later, and then I forgot about it. In a nutshell, it's a turf war, and the locals prefer to use their own money to buy real product locally.
You'd think that the Chinese would have forgiven / forgotten about the opium wars by now and would be wanting to do it all over again.
Whoduh thunk it!
Basically these guys are and were just big fish in and bigger fish pond in which they eat the smaller fish and try not to cross paths with the bigger fish, However when you really look at it closely you realize that this HKMX was a set up from the get go!
If you can't put bite marks in it then you don't own it!
Maybe this will help flesh it out a little more:
The Rothschilds and the Hong Kong Mercantile Exchange (July 2011)The Rothschilds haven't demonstrated any super-human skill at maintaining their control of seats at the gold table in recent years.
From the not so distant past-
http://www.zerohedge.com/article/did-gordon-brown-sell-uks-gold-keep-aig-and-rothschild-solvent-more-disclosures-how-ny-fed-m
The quotes in that article by themselves are sufficient justification for a person of conscience to take his/her wealth out of their system. What corruption. Amazing.
"If you don't hold it, you might as well kiss it Goodbye."
A fool and his money are soon parted
They were lucky to get together in the first place.
If you don't hold it, it doesn't do the SWAT team or some other group of criminals much good to break down your door either.
How to make sure it's ONLY available when you and yours need or want it -- it's a puzzlement.
So they were a clearing house and people wanted their physical but they sold many times over?
Is the cme doing the same?
Only the COMEX allows banks to sell shit they ain't got. Elimination of competition.
Well if that's true, why does it take 4 weeks for delivery whenever you order bullion from most places?
Yawns. This story resembles the Cincinnati IRS scallywag servant lackey blame game tactic. Get some legs on the story, expose the big names. Then we’ll research further. :)
Good Lord man...are you saying its possible that avarice & lust has no race or culture!?!?
Well, this changes everything we thought we knew! ;-)
Priceless statement.
Sin is sin. Regardles of the colour of skin outside.
"Good Lord man...are you saying its possible that avarice & lust has no race or culture!?!?"
~~~
I dunno... But here's what I'd say...
There are over 1.3 billion Chinese in the world [which has a population of 7 billion]... So there's a 1 in 6 chance that any [person at large] caught doing something is going to be Chinese [in Hong Kong of all places, Whoocoodanode]?...
As for 2%'ers [like, for example, Bangladesh, & Nigeria]... You'd think you'd hear far less cases of them being involved in any capers [save for a couple of e-mails from the odd Prince or two]...
http://www.census.gov/popclock/
I also don't remember hearing about any Bangladeshi Anti-DeFamation Leagues, or air raids, & other innocent hijinks... I'm sure the 'Tylers' are all but inundated with threats of lawsuits in the Swiss Courts by the Bangladeshis trying to keep the record straight about their glorious history of service to humanity by way of propaganda & printed [stolen] money...
The Rockefellers, Morgans, Aldrich, Wilson etal were not Bangladeshi or Chinese or the other, which shall go un-named...lol.
But they were majority Northeastern, white, protestants...I guess its all in what one sets out looking for ;-)
For some time now, due to federal policies implemented, the federal government has increasingly relied on the central bank counterfeiting operation to meet the bottom line on accounts payable.
Down through the ages (specifically staying here at home) we were warned about this financing tactic...Jackson and Jefferson being the most noteworthy.
Its human nature to take the path of least resistance and accept at face value promises made by people in power, thinking they must be the smartest, by virtue of them being in power.
We know (or should know by now) this is untrue.
Omnium consensu capax imperii nisi imperasset.
What's religion got to do with it? Tribal/family loyalities are another thing.
"Religion is regarded by the common people as true, by the wise as false, and by the rulers as useful." -Lucius Annaeus Seneca (4?BCE - 61CE)
"The Rockefellers, Morgans, Aldrich, Wilson etal were not Bangladeshi or Chinese"
~~~
Correct ~ & what they DID was to place themselves next to & useful for, the unnamed [which gave them thier measures of 'success' ~ If, that is, one 'MEASURES' success by how many little rectangular debt notes you hold & which in fact, are somewhat of a measure of EVERYONE ELSES combined misery]...
In any case... the GOOD NEWS, still, is that if you happen to be 'Bangladeshi', there's little need for you to create an 'anti-defamation' league because you don't likely suffer from any type of paranoia...
You see... Here we are on an internet blog talking openly about 'Bangladeshis' [with zero fear of any blowback]... Amazing!
Maybe "God" didn't choose the Bangladeshis? Maybe "God" isn't concerned with whether or not the Bangladeshis have good press? Isn't "anti-defamation league" just another example of a (lying) advertising agency? Eddie Bernays showed us the way to influence large groups of people. And which groups would Eddie be likely to want to influence?
It helps one understand what's going on if one knows who "God" is.
Have you not seen my new movie Into Darkness? It answers early on as to who God is to a primitive culture.
The same principle applied to a group of semi-literate sheep herders. And those who could read & write, and had good verbal/communication skills got to define the message. The rest, as they say, is history.
Given Seneca's famous quote, the question then becomes: Which are YOU? The Common man, the Wise man or the Ruler? / And you do realize of course, that the Ruler needs a lot of Common men and not too many Wise men? /s
An educated, free-thinking populace is inconsistent with and intolerant of the goals of would-be authoritarians. Big, oppressive government requires stupid, impoverished devotees, ill-equipped to question their "betters." It should be obvious to everyone here that there are no coincidences when it comes to government control over schooling.
Seneca must have been mindful of the fact that all the world's different groups are instruments of policy and control. Ethnicity is only important until it isn't. External threats like terrorism have their place. The wolf never limits itself to one set of sheep's clothing. The psychopath cherry-picks the best cons to suit the occasion.
On that note, it's ingenious how the Gaia Cult poses as a product of the search for Truth. There is no better camouflage. In the past, God's Word was sufficient. Nowadays, the heretic is forced to contend with ordination by "Scientific Consensus!"
Man is tribal. Ethnicities and language that defines and "proves" the respective ethnicities is the way tribes know their respective members. This is the way humans have come to define and know who of their fellow humans are loyal. It does no good, from a survival standpoint, if one's fellow tribal members are not loyal to each other.
A pregnant question would be, "to whom is one REALLY loyal to if one has dual nationality?"
This is also a primary reason that the nation's founders thought it necessary that their Commander in Chief was a "natural born citizen". It is a test of: "Which tribe do YOU belong to? If not my tribe, then you're not MY Commander in Chief."
Cultures diffuse. Religions provide cover. Nationalities and ethnicities can be stolen, proclaimed, bought and legislated. Narratives can be fine-tuned for political correctness, truthyness and opacity. Oligarchy strives to make 2+2 = Anything.
"Correct ~ & what they DID was to place themselves next to & useful for, the unnamed [which gave them thier measures of 'success' ~ If, that is, how one 'MEASURES' success by how many little rectangular debt notes you hold & which in fact, are somewhat of a measure of EVERYONE ELSES combined misery]..."
As I said, avarice & lust has no race or culture. Neither do positive individual attributes, like character, honor & integrity.
& what about free speech?
~~~
Unless you REALLY believe that the whole 'policy change' on ZH from FIGHT CLUB to whatever the fuck it is right now [as fonzanoon said "Cheers", with a Bloomberg Terminal]... Is due to those evil Bangladeshis???
Or, in the case of "the squeaky wheel gets the oil can"... How many RACES & CULTURES out there are that squeaky? [since you seem to be so anxious to make UNIVERSAL certain traits & characteristics]... I guess we'll never know now, because to ASK would get you kicked off the site... Damn those Bangladeshis!...
"& what about free speech?"
What about it?
You're still saying whatever you want aren't you? When I said "un-named" it was a joke...at your expense..as you had some sort of problem with what I said generally about race/culture and avarice & lust.
"Unless you REALLY believe that the whole 'policy change' on ZH from FIGHT CLUB to whatever the fuck it is right now [as fonzanoon said "Cheers", with a Bloomberg Terminal]... Is due to those evil Bangladeshis???"
All lawyers aren't Jews francis, if thats what you're getting at. The old policy stated ZH doesn't need any reason to boot you or me...I assume thats still in affect.
What Ty's doing is prudent business and provides another layer of protection to him, if you weren't so single-minded you would see it. There is plenty of places to go on the net for the constant race baiting...and AGAIN...its his property, he can do whatever he wants with it, including shutting it down or selling it.
Its not yours.
I could give a FF about what 'Tyler[s]' decide to do with his/their property...
~~~
I say what I say simply to illustrate a point... Oftentimes, on this site, the phrase "Conspiracy Theory becomes Conspiracy Fact" comes into play [& many have witnessed former "Conspiracy Theories" [such as Libor rigging], be exposed]... That was the great thing about FIGHT CLUB before...
In the past I've offered out my own versions of so called "Conspiracy Theories" [& made every attempt to present factual evidence to back up the statistical & mathematical improbabilities which support my theories]... I don't do this as a measure of HATE... I do it as a measure of understanding the part of the larger picture where most people fear to tread...
In any case ~ that sort of free thought is not welcome anymore... So in fact... Perhaps the wishes of yourself & a few others here may become a reality... I'll have to seek OTHER places if I dare to question this synthetic authority... But before I go, I intend to be vocal in a way to draw out "water carriers" & "defenders" [like yourself]...While there's nothing wrong with what you've said, or what you do... I think it's important for people to know which individuals, HERE, when all is said & done, actually prefer the "Cheers" environment to the Fight Club...
"In any case ~ that sort of free thought is not welcome anymore"
Thats assuming, of course, it ever was welcome.
So your overall agenda is what, exactly? To parrot the same things as Storm Front or Jihad TV? I look at it like this dude, you have a right (here) to speak, you DO NOT have the right to be believed or considered as a rational person.
There are many times I pass over comments like "Jews use the blood of murdered children in their religious rites" because its patently untrue. I know where all that bullshit comes from. In the Arab world and a large part of Europe, jooo bashing is considered some weird sport.
Do I know the jews betrayed Christ? Yes. Do I also know this was pre-ordained? Yes.
"But before I go, I intend to be vocal in a way to draw out "water carriers" & "defenders" [like yourself]..."
lol...knock yourself out sport.
But in your zealotry you only expose yourself, not me. I'm open about everything I have ever said and remain unapolegetic. I have nothing to hide.
You however will have to reconcile a few things along the way like taqiyya, jizya, Islamic censorship (the marriage of mosque & state, the very real things you supposedly decry here above) along with oddball flase flag tornado's (lol...Alex Jones) HAARP and every other cockamamy contrivance to get where you're trying to go.
Here this may interest you...the Hezbo's are getting their ass kicked...by ordainary people...
https://now.mmedia.me/lb/en/commentaryanalysis/hezbollah-slips-in-qusayr
So that "Inscrutable Oriental" stuff is out the window, eh?
lol...although they love to propagate that mystical, ethical, logical, naturalist oriental horseshit.
They're no different than anyone else, on the inside ;-)
"Book 'em Dano."
A little bit of "tin".
I wonder if someone was involved in "crashing" the price of gold and thereby taking a player out of the game.
Are the wolves starting to turn upon each other?
You’re not suggesting that game theory aka. prisoners dilemma has encroached their playing field? Those Central Planning nervous nellies must be shitting themselves. /LoL
Looks like with every passing week that popcorn will be another commodity of interest... Physical popcorn only!
Right here..., not far from my physical gold!
The new GCL (Gold Combat League) is really heating up! We have currency wars raging... and now comes the global gold war.
Banks don't have it, some sheep think they have it stored (but they're being sheared), some want it but can't buy because they've already been sheared. And the mountain of paper gold is starting to burn which will heat up the Global Gold Combat wars.
So far, in the last 12 years it's gold winning 11 years and paper 1. Let's see whats up lads in the fall of 2015.
Good gold man Jim Sinclair calls us CIGAS. I'm ok with that.
CIGA means 'Comrade in Golden Arms', for those who don't know the meaning of this favoured phrase on the Jim Sinclair website
CIGAs, Comrades in Golden Arms
And often in firearms, too ...
My .45 Model 1911 pistol that I shoot at one of the Brussels shooting clubs, is something of a type I am sure many other gold owners enjoy (Yes, Americans, we do indeed own handguns here in Western Continental Europe !)
JS also has a shooting range in his cellar and has converted a barn into a helicopter hangar.
But unfortunatly they took all your ar15 and ak47's?
Did you mean to say the AK is 100% pure gold, or gold plated tungsten like the AR-15?
http://www.google.com/imgres?imgurl=http://static.fjcdn.com/pictures/Gol...
Nice!
Oooohhhh, what an interesting story for this weekend, I will now read it and comment.
+ $55,000 Tyler(s)!
People read the stories on ZH? I thought the point was to comment first and type bitchez.
I wonder if they will be helicoptered?
I'm still proud of China for hanging banksters.
Oh boy, maybe they'll hang some more.
China's interest may be in keeping the current game going while they skim physical.
Focus now.
Ignore politics, the shills.
Oh how I love Hong Kong (Shang Ghang). Lived there for spell. If you have never been you really need to visit sometime.
To the right of the Peninsula Hotel in Tsim Sha Tsui, Kowloon is a street called Nathan Road. Head uphill away from the tourist area and you will find some extraordinary Dim Sum and roast duck spots. If you are into street food you will be in heaven. The Hong Kong style of Cho Doe Fu (stinky tofu) is outstanding.
Considering the subject matter on ZH, take the Star Ferry across the Bay to Hong Kong Island and get your picture taken in front of the big HSBC tower.
Sucks they closed the old Hai Tak airport. It was always fun making the last min turn to avoid the mountain and skimming the tops buildings on final approach.
http://youtu.be/RIvbm2ZlsnQ
WARNING: Stinky Tofu smells like cooked cockroaches.
I've never been there but a good friend of mine did. He said it was scary seeing the stewardesses get the oh shit look on their faces going between skyscrapers,.
I wonder if the pilots on those flights needed to make weight and balance adjustments on account of their giant balls of steel.
Spend five minutes youtubing for Kai Tek approach if you haven't seen it before.
They all got to train on multi-million dollar Flight Simulators (from CAE) while co-pilots, before they graduated to pilots. Looks harder than it is, actually.
BTW, they are sometimes called Flight Stimulators, because they are so realistic to the real thing. At $20M a pop, they better be. We have better stuff at the Academy, of course. Kirk out.
Kai Tak actually.
Oops. Typo.
i prefer mongkok where tourists are rarer and hong kongers do their shopping.
The Hong Kong banksters fatal decision was to set up the exchange inHong Kong. If they had selected Chicago or Manahattan, there would be no investigation, no arrest, no charges and no possibility of lethal injections, with subsequent organ harvesting.
It looks like Lehman or like the assassination of Archduke Franz Ferdinand so have a seat, clean your gun, shine your gold and enjoy the pop corn !!!!
Good to see ZH getting around to talking about a story that broke ove a week ago. This exchange launched in 2011 with huge fanfair as it was to be fully backed by gold inventory in the HK warehouses. In other words, it was not to be a fractional reserve structure as the COMEX is. Additionally, the futures contracts were the only in Asia for pysical settelment, not cash. Anyone with a futures contract could go to the warehouses in HK and pick up their gold. So why is the exchange settleing in cash only then?
http://knowmadiclife.com/blog/2013/5/20/the-curious-case-of-the-hong-kon...
I was in the tunnel under the exchange and all I saw was rubber ducks laying around.
WB7
Lot's of little ones, or lot's of big ones?
Makes a difference you know, lol.
@Divine Wing
"HSBC Tower"
HSBC LC's
Hanging tower very forward looking thanks!
Information about the HKMEx's management team has been scrubbed from its website. But the scrubbing was in vain thanks to the Wayback Machine:
http://web.archive.org/web/20120808125433/http://www.hkmerc.com/en/About...
Here's a fun fact: Ann Cresce, HKMEx's last general counsel and head of compliance (ouch) joined the HKMEx from the now defunct Chicago Climate Exchange, where she served as senior vice president and AGC.
So...Chicago had its hands in this?
Hmmmm?
Trading clouds on the climate exchange is very similar to trading gold on the Comex.
I was looking for Director of Photography ! ... seems to have gone missing ;-)
There's no mystery, especially with Rickard's pivot to blaming China for the manipulation. How the skullets hold on... now that's a mystery even Chilton can't get to the bottom of, but with the final swaps vote now in killing off Donk Fraud what did Cheung expect but a Minority Report in reverse (post-crime reversioning) to those "bank documents?".
The usefulness of the virtual Occidental-Oriental see-saw has served its purpose now that physical equilibrium is within reach.
http://tradewithdave.com/?p=10692
Rickards is a bit tricky.
At center of LTCM now a golden good guy.
The first SCMP article says about the three of the four arrested men who were denied bail:
There is no information that the four arrested were even employed by the HKMEx, on the contrary, they are said to be from the mainland, occupied on the mainland, and only visiting Hong Kong.
And a subsequent article is titled:
It looks like you have confused these two separate groups of people:
@..The Rothschilds and the Hong Kong Mercantile Exchange
http://politicalmetals.com/2011/07/27/the-rothschilds-and-the-hong-kong-...
.
david.
David de Rothschild on CBS July 07
http://www.youtube.com/watch?v=sai7mKvME9I.
" how many bankers does it take to change a light bulb? "
.
nat
Bumi Plc - Championing Indonesia on the World Map - Nathaniel Rothschild.flv
http://www.youtube.com/watch?v=cuDJRy_yu40
.
Rothschild and Rockefeller run the Federal Reserve and control the Media
http://www.youtube.com/watch?v=GxWjptWiwkw
.
Nat Rothschild Rues ‘Terrible Mistake’ in Deal Gone Sour
By Jeremy Kahn & William Mellor - May 7, 2013 7:01 PM ET
http://www.bloomberg.com/news/2013-05-07/nat-rothschild-rues-terrible-mi...
http://www.youtube.com/watch?v=GZfuY2M9aMA
@ last bloom link
"Bakries’ Woes
In October 2008, during the height of the global banking crisis, shares in PT Bumi Resources were suspended by the Jakarta stock exchange for a month after they plunged 32 percent in one day. Bumi Resources secured a $1.9 billion loan from China Investment Corp., the Chinese sovereign wealth fund, on which it paid annual interest of 19 percent in 2009.
For the Bakries, what made the Rothschild deal so attractive was access to London’s established capital markets, says Bakrie Group spokesman Chris Fong.
For Rothschild, the Bakries’ woes were part of the deal’s appeal.
He could acquire stakes in Bumi Resources and a second Bakrie-linked company, PT Berau Coal Energy, through Vallar’s London-listed holding structure. Given the U.K.’s reputedly superior corporate governance rules, Rothschild says, he reckoned investors would be willing to pay higher multiples for the London-listed company than for the underlying Indonesian assets.
Star Asset
Rothschild says he was also convinced by Hannam that the Bakries wanted to improve their image ahead of the 2014 Indonesian presidential election, in which Aburizal is a candidate. Combining the Bumi Resources and Berau stakes under the Bumi Plc umbrella would create a mining giant just as China’s demand for coal-generated power seemed insatiable.
The deal came together fast -- perhaps too fast. Less than three weeks after Hannam’s e-mail, Rothschild met Nirwan Bakrie, one of Aburizal’s younger brothers, in Los Angeles and shook hands on the transaction.
Three weeks later, he flew to Singapore to formalize the $3 billion deal. Only then did Rothschild personally visit the island of Borneo to inspect his new company’s star asset, Bumi Resources-owned PT Kaltim Prima Coal (MIN6M214), one of the world’s largest sources of coal for power generation.
The deal eventually gave Rothschild’s Vallar 29 percent of Bumi Resources and 85 percent of Berau. The Bakries got 55 percent of Vallar.
Due Diligence
An Indonesian with ties to the Bakries, Rosan Roeslani, who had been the majority shareholder in Berau, got 13 percent of Vallar. Rothschild was left holding 3.6 percent of Vallar, although he remained co-chairman alongside Indra Bakrie, another younger brother of Aburizal. Vallar was then renamed Bumi Plc.
How much due diligence was done -- and by whom -- is the subject of heated debate. In a January statement, Bumi said Vallar Advisers LP, Rothschild’s management company, was responsible for vetting the two Indonesian companies.
Rothschild says Vallar Advisers relied on 50 different experts and consultants who pored over thousands of documents, including prospectuses from Berau’s August 2010 Indonesian IPO and a September 2010 U.S. bond issue for Bumi Resources, both of which were marketed by Credit Suisse Group AG (CSGN) and JPMorgan.
“The mistake we made was relying far too much on the supposed relationship that Hannam and JPMorgan had with the Bakries,” says Rothschild, who had boasted that Bumi investors would double their money.
Successful Debut
In response to e-mailed questions, a spokesman for Hannam, who no longer works at JPMorgan, says that by early 2011, Hannam was under investigation by the U.K. Financial Services Authority over an unrelated deal. Because of this, his work on the Vallar-Bumi merger was overseen by others. Hannam, who was fined by the FSA, has appealed the case. Credit Suisse and JPMorgan declined to comment.
Investor Mark Mobius says Rothschild should have known better.
“I was shocked that Rothschild would get into such a venture,” says Mobius, who oversees $50 billion at Templeton Emerging Markets Group. “I am not saying the Bakries have done anything wrong, but given their history of corporate governance, I was surprised.”
At first, Bumi Plc seemed to be a success. Having debuted at 10 pounds the previous July, the shares hit 14 pounds in April 2011. That spring, the Bakries pledged their Bumi shares as collateral for a $1.35 billion loan from Credit Suisse and other lenders.
Coal Price
A coal company’s fate, however, is forever linked to the price of coal.
" ... etc.
billions were lost / stolen.
At least they arrest their criminal fraudster financial fuck-up's.
Where is Jon Corzine?
Where is Jon Corzine?
Cato the Elder at the end of every speech to the Roman Senate advised that Carthago delenda est -Carthage must be destroyed, which it eventually was by the Romans.
Corzine deserves no less: -Corzine should be in prison. Spread the word.
Got it.
Corzine should be in prison!
Ahhh close all the fucking casinos down. Everywhere.
I have no doubt that this (as with every global fraud) will traced back to the 2 Wall Street cesspools of Goldman and JP Morgan.
This is the pregame... 3... 2... 1... collapse!
June bitchez! *for HulkHogan*
Let's see if China will set the bar high as an example for the rest of the world and put a bullet in the back of their heads
So that's where Jon Corzine move to Hong Kong. With hind sight it's obvious.
Inhale to the cheif... and long live the anti Ponzi.
In the Major Global competion in Market rigging and accounting fraud, so far Bernanke and Abe are setting the New Normal standard.... The rest of the world envious of all our "free" Bananas.
Where's Buzzy Krongard these days? I'll bet he or Ed Lansdale, if he were still alive, would know something about this.
Ben Kwong Man-bun bitchez!
Bang Dae-Ho
I can't help but think, some how and some way, the slimy CME had something to do with their demise. Afterall, they are in Chicago, and is not the "Chicago way" the Chalky Soetero method of dealing with any competitor?
http://vegasxau.blogspot.com
Four is not enough. Arrest Moar. "8" is their lucky number....go for eight.
The death of paper commodity exchanges is what you would expect to see in this environment. Controls and enforcement are lax while paper prices are held at levels where physical cannot change hands. One way or the other, these exchanges require physical product to change hands at quoted price levels, or they will break. You have one group of people selling paper and expecting to always be able to pay out cash instead of delivering. Another group of people need the metal to be delivered and don't want cash.
Spot the snark: The number 4 in Chinese is incredibly unlucky, and is linked to death.
Not a mistake, more of a message.
looks like some high official in China bought some tungsten from HKME and the story followed ...