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CFTC Finally Gets The Memo: Regulator Sues PFG, Says Firm Has $200 Million Customer Fund Shortfall

Tyler Durden's picture





 

MF Global 2 is now official. At least one can never accuse ex-Goldmanite, and current head of the CFTC Gary Gensler, as being behind the curve:

  • U.S. COMMODITIES REGULATOR SUES PEREGRINE FINANCIAL GROUP
  • FIRM HAS $200 MILLION CUSTOMER FUND `SHORTFALL', CFTC SAYS
  • CFTC LAWSUIT FILED ONE DAY AFTER FIRM ANNOUNCES NFA PROBE

Hopefully, the CFTC's now meaningless action will help all those farmers whose money has just vaporized. Luckily, they can make it all up on record corn profits.

 


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Tue, 07/10/2012 - 10:55 | Link to Comment icanhasbailout
icanhasbailout's picture

-> CFTC LAWSUIT FILED ONE DAY AFTER FIRM ANNOUNCES NFA PROBE

 

How long were they sitting on it? Was this suit prepared for the specific purpose of ass-covering once PFG blew sky high?

Tue, 07/10/2012 - 10:58 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

Gee that's great, now how are those silver manipulation investigations going?

Tue, 07/10/2012 - 11:04 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Gee that's great, now how are those silver manipulation investigations going?

They're still in the ground. They have to process over 9000 pages of paperwork and send out a request for bids to hire someone with a shovel.

Tue, 07/10/2012 - 11:30 | Link to Comment indygo55
indygo55's picture

Hey! Tell Obama we have "shovel ready" jobs available. Bullish!

Wed, 07/11/2012 - 07:27 | Link to Comment StychoKiller
StychoKiller's picture

Is it really that hard to find $5 in yer pocket(s)? :>D

Tue, 07/10/2012 - 11:00 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

How long were they sitting on it?

Until their porn connection went down.

Tue, 07/10/2012 - 11:08 | Link to Comment Abitdodgie
Abitdodgie's picture

The crops in USA will be down 25% this year next year 50% down the following year 75% down and then it will start to go back to normal, during this time they will trade food for guns , any roiting and you will be in FEMA camps for re-education so just a heads up.

Tue, 07/10/2012 - 11:24 | Link to Comment Biosci
Biosci's picture

How long were they sitting on it?

Until it stopped vibrating?

Tue, 07/10/2012 - 11:08 | Link to Comment Master_Blaster
Master_Blaster's picture

And never filed against MF Global...but hey, PFG doesn't have an ex-goldmanite.

Tue, 07/10/2012 - 11:11 | Link to Comment CommunityStandard
CommunityStandard's picture

Truth.  Watch they crack down hard on this guy and continue to let Corzine run free.

Tue, 07/10/2012 - 11:18 | Link to Comment Vagabond
Vagabond's picture

They'll say: "hey we got 1 out of 2... good enough for government work."

Tue, 07/10/2012 - 11:14 | Link to Comment sumo
sumo's picture

Doesn't have Koch brothers accounts involved .Doesn't have Washington connections. So yeah, the CFTC will at least pretend to do something this time. To restore public confidence.

Tue, 07/10/2012 - 11:25 | Link to Comment NotApplicable
NotApplicable's picture

Corzine set them up the bomb!

Commodity exits are being sealed in order that the paper scams can continue as per the script.

Great Leap Forward 2.0

Tue, 07/10/2012 - 11:55 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Very interesting take NA.

Verrrrrrry interesting. Next targets should be....?

ori

Tue, 07/10/2012 - 11:55 | Link to Comment HoofHearted
HoofHearted's picture

Just check out the waterfalls from 9-11:30. And notice how they fall right into London "fixing." We all know the fix ix in, but it will be like a beach ball held underwater...once we finally get some real trading to happen, that is.

Tue, 07/10/2012 - 12:01 | Link to Comment fuu
fuu's picture

This allows the chorus singers to exclaim, "Euro down, dollar up, gold down", on the beat and with enthusiasm.

Tue, 07/10/2012 - 12:44 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

Master_Blaster correctly noted:

And never filed against MF Global...but hey, PFG doesn't have an ex-goldmanite.

...and Jamie Dimon said he'd handle MF Global for them.

Tue, 07/10/2012 - 12:48 | Link to Comment FlyoverCountryS...
FlyoverCountrySchmuck's picture

"but hey, PFG doesn't have an ex-goldmanite."

Who also happens to be a Prominent, high-profile DEMOCRAT, a huge donor to Obama, and a campaign bundler.

If this had been done while REPUBLICAN, the media would be riding in on the four horses of the Apocolypse to make sure that every sheep in America knew the story. But, since these are DEMOCRATS, you get ABSOLUTE SILENCE from them.

 

HOPEY-CHANGEY, SUCKAZ

Tue, 07/10/2012 - 12:51 | Link to Comment Al Huxley
Al Huxley's picture

Still drinking the Red-team/Blue-team koolaid I see.

Tue, 07/10/2012 - 13:07 | Link to Comment riley martini
riley martini's picture

 They didn't have Clinton on the payroll as a PR consultants . Clinton has collected $150,000,000 in "fees" since he left office.

Tue, 07/10/2012 - 11:25 | Link to Comment Stuart
Stuart's picture

CFTC are cowards and knowing there is no Corzine relationship to worry about, they're going to try to throw the book at these guys, which is as they should, but also should've thrown the book at MFG as well.   Either cowards are colluded crooks they obfuscated.   Like a bully, pick on the easy targets is their MO.   Corrupt to the core.

Tue, 07/10/2012 - 12:03 | Link to Comment Downtoolong
Downtoolong's picture

I'm surprised the CFTC had time to do anything but celebrate their 11,347th useless hearing on position limits. Even Blythe doesn't bother to show up and make her case against limits anymore. She knows it's never going to happen.

Tue, 07/10/2012 - 12:30 | Link to Comment Dingleberry
Dingleberry's picture

MF Gobal---"fool me once"

PFG---"fool me twice"

 

Sorry, but hard to have sympathy here. I got my cash out long ago as a two year old can see how corrupt ALL markets are. Suggest you do the same.  Unless you are prepared to lose it all. 

Tue, 07/10/2012 - 10:56 | Link to Comment EscapeKey
EscapeKey's picture

They sue them after all their funds have "vaporized"?

Oh excellent. I can't wait to see the eventual $1.50 fine imposed on them.

Tue, 07/10/2012 - 10:57 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Attention farmers, time to accept only PM's in exchange for the fruits of your labor.  Fuck the paper-pushers.

Now let's see, how did WWI start again, oh damn...

Tue, 07/10/2012 - 11:19 | Link to Comment Gringo Viejo
Gringo Viejo's picture

God bless these farmers, these good people. I think they've just about had enough of this.

Tue, 07/10/2012 - 10:57 | Link to Comment Temporalist
Temporalist's picture

Well it's a good thing the CFTC has been investigating the silver manipulation for 4 years.  Any day now, any day...

Tue, 07/10/2012 - 11:08 | Link to Comment tmosley
tmosley's picture

I guess they are waiting on a non-existant private regulatory body to make the first step.

Tue, 07/10/2012 - 11:17 | Link to Comment sumo
sumo's picture

They are waiting for another Harry Markopolous to hound them for ten years into enforcing the law.

Tue, 07/10/2012 - 11:22 | Link to Comment Vagabond
Vagabond's picture

Their handlers haven't given the ok yet.  These guys aren't even allowed to take a crap without getting the okay from Goldman and friends... Just a bunch of yes men acting like they have some kind of power.

Tue, 07/10/2012 - 11:25 | Link to Comment sumo
sumo's picture

Gensler is a former Goldman exec. As CFTC chair, he is a member of the PPT. He is involved in this up to his lying lips.

Tue, 07/10/2012 - 11:31 | Link to Comment Vagabond
Vagabond's picture

I have a hard time believing that his involvement is anything other than looking the other way.  If you were the man making the macro calls in this environment where there is no longer any pretense about fucking the common people in the ass, you'd probably want to remain anonymous.  I'm pretty sure Gensler is where he is because he's willing to take orders... not make them... but I certainly could be wrong.  What role does Gensler play other than not prosecuting the inner circle?

Tue, 07/10/2012 - 10:59 | Link to Comment sunaJ
sunaJ's picture

The regulators are IN BED with these VD-stricken firms.  They will only take serious enforcement action (beyond a mild penalty) when it is already blown up and only do it to maintain credibility with the muppets.

Tue, 07/10/2012 - 11:10 | Link to Comment Jonas Parker
Jonas Parker's picture

Hell, even us Muppets aren't THAT stupid - are we???

Tue, 07/10/2012 - 10:58 | Link to Comment john_connor
john_connor's picture

The collapse is accelerating

Tue, 07/10/2012 - 11:09 | Link to Comment Stock Tips Inve...
Stock Tips Investment's picture

These cases do nothing but deteriorate even more to Wall Street. I think we need less regulation but more control. Justice that is delayed is not justice.

Tue, 07/10/2012 - 11:24 | Link to Comment Vagabond
Vagabond's picture

We need more regulation in some places less regulation in a lot of places, but all of that is irrelevant without justice.  We need justice;  the law needs to apply equally to all people.

Tue, 07/10/2012 - 11:11 | Link to Comment Zero Debt
Zero Debt's picture

Put the pieces together: JPM shorting silver + crashing futures trading houses and sucking in their collateral.

Max Keiser's slogan was: Buy Silver, Crash JP Morgan. But this is more looking like "Buy Silver, Crash Your JPM-Backed Futures Broker".

Tue, 07/10/2012 - 10:59 | Link to Comment Dr. Engali
Dr. Engali's picture

Corn prices may be high, but it's not going to be a good year. It's all dead around here, the farmers are cuttng it all down  for silage.

Tue, 07/10/2012 - 11:54 | Link to Comment JohnKozac
JohnKozac's picture

You said it Doc. My inlaws sold 40% of their cattle due to the severe drought. They are trying to dump the whole farm but very few buyers out there. He even contacted the Chinese who said they will wait until RE prices drop another 50%.

Stinks.

Tue, 07/10/2012 - 12:37 | Link to Comment Agent P
Agent P's picture

Going to be hit or miss around here (IL corn belt), but mostly miss.  What little rain we've had has spotty.  Some areas have decent looking fields that look like they could produce ok yields, but others look like they're growing pineapple.  Beans look a little better, but are still small for early/mid July. 

Tue, 07/10/2012 - 12:54 | Link to Comment cowdiddly
cowdiddly's picture

Exactly kinda hard to make record profits selling at high prices when all you have is a bunch of burnt to a crisp stalks to sell. Ths is going to be one record lousy crop from what I cant tell around here.

Tue, 07/10/2012 - 10:58 | Link to Comment lizzy36
lizzy36's picture

Once again regulators are "Johnny after the spot".

They discover massive shortfalls after....subprime wasn't contained after....AIG forgot to reserve after....they did dicover LIEbor was manipulated after the fact about 5 years ago, just forgot to do something about it.

Heckva job.

Really confident that Dodd-Frank will be anything but really expensive TP.

Tue, 07/10/2012 - 11:04 | Link to Comment EscapeKey
EscapeKey's picture

With all due respect, there HAS been some pretty awesome additions to Youporn recently.

Tue, 07/10/2012 - 11:13 | Link to Comment iDealMeat
iDealMeat's picture

I'm going to have to verify that.. I just don't take people's word on things. Even on ZH.. 

Tue, 07/10/2012 - 12:13 | Link to Comment machineh
machineh's picture

Any videos of Gary Gensler getting barebacked by a well-hung horse?

Tue, 07/10/2012 - 10:59 | Link to Comment alien-IQ
alien-IQ's picture

Does this mean that the PFG CEO is not a former Governor or fundraiser to a US president?

Tue, 07/10/2012 - 11:07 | Link to Comment Cursive
Cursive's picture

@alien-IQ

Compare/Contrast

Both stole client money/One CEO is arrogantly parading around, the other CEO tried "suicide" but, since he's a worthless banker, was very unsucessful.

Tue, 07/10/2012 - 11:19 | Link to Comment alien-IQ
alien-IQ's picture

When a Wall Street executive attempts suicide, it's merely a thinly veiled plea for additional QE.

Tue, 07/10/2012 - 11:26 | Link to Comment Vagabond
Vagabond's picture

Jump mother fuckers, jump.

Tue, 07/10/2012 - 11:57 | Link to Comment HoofHearted
HoofHearted's picture

Maybe you need to help them a little...just a wee little push and poof...they're gone!

Tue, 07/10/2012 - 12:15 | Link to Comment machineh
machineh's picture

To paraphrase Stalin ... 'no banksta, no problem'

Tue, 07/10/2012 - 11:30 | Link to Comment NotApplicable
NotApplicable's picture

He got caught with his hand in the penny change jar that was found at the "non-crime" scene in Corzine's trash after he looted the company vault for billions.

Sounds like an Eddie Murphy flick.

 

Tue, 07/10/2012 - 10:59 | Link to Comment mr1963
mr1963's picture

Regulators are always a day late and $200 mil short. What did the guy need $200 Mil for? Bad trade? Anyone know? I would not keep funds with anyone doing prop trading personally, these guys get caught up in a trade and they "just need it until the trade turns around..."

Tue, 07/10/2012 - 11:10 | Link to Comment EscapeKey
EscapeKey's picture

Well, given that he attempted suicide, clearly he forgot to "donate" to Obama. Or whoever the GOP Wall St puppet is.

Tue, 07/10/2012 - 11:11 | Link to Comment Abitdodgie
Abitdodgie's picture

Has anyone contacted Gerald Celente to make sure , well you know.

Tue, 07/10/2012 - 11:00 | Link to Comment Cursive
Cursive's picture

It was a one-time deal!  Just like MF Global was a one-time deal!  They will all be one-time deals!  Just like the one-time adjustments for earnings announcements!  One and done!  Forget about it!  The markets are safe again!

Tue, 07/10/2012 - 11:31 | Link to Comment NotApplicable
NotApplicable's picture

Remember, every domino is unique.

Tue, 07/10/2012 - 11:03 | Link to Comment Lost Wages
Lost Wages's picture

A certain managed futures trader who has been very angry & vocal over MF Global is now on Twitter going, "Oh wah, I can't believe these guys would do this! Russ Sr and Russ Jr are my butt buddies." Your friends are crooks, G.

Tue, 07/10/2012 - 11:59 | Link to Comment CvlDobd
CvlDobd's picture

Peter Brandt? I keep saying to these people. Your charts are great but who gives a shit of you money vaporizes?

Tue, 07/10/2012 - 11:00 | Link to Comment LULZBank
LULZBank's picture

Too much of good news today and too little time..

Thank you Tylers for all your efforts !!!

Tue, 07/10/2012 - 11:01 | Link to Comment orangedrinkandchips
orangedrinkandchips's picture

Corns going through the roof and will continue....drought city sweetheart.

Dustbowl part 2?

 

Depression revisited?

Tue, 07/10/2012 - 11:07 | Link to Comment Master_Blaster
Master_Blaster's picture

Sweet light corn?

Tue, 07/10/2012 - 12:08 | Link to Comment MarsInScorpio
MarsInScorpio's picture

It already is the Second Great Depression.

 

The only reason they won't use the phrase is because of the panic it will inflict, thus cutting their fleecing strategy short.

-30-

Tue, 07/10/2012 - 11:02 | Link to Comment Getting Old Sucks
Getting Old Sucks's picture

Let's see what happens to Corzine after they send this guy to jail for life.

Tue, 07/10/2012 - 11:17 | Link to Comment tocointhephrase
tocointhephrase's picture

Fat end first (dry) 

Tue, 07/10/2012 - 11:23 | Link to Comment Rainman
Rainman's picture

Very few white collar criminals get life for stealing hundreds of millions from the muppets....unless their computer is loaded with kiddie porn. We can only pray it is so for all of them.

Tue, 07/10/2012 - 11:32 | Link to Comment Nadaclue
Nadaclue's picture

I don't think any jail. My bet is that he smoked a bullet and is brain dead but not clinically dead. They'll pull the respirator in a few days.

Tue, 07/10/2012 - 11:04 | Link to Comment jal
jal's picture

Didn't you realize that you were at a nude beach.???

The tide goes out progressively and reveals the truth.

Did you think that people would put on their bathingsuits to go into the water?

 

Tue, 07/10/2012 - 11:06 | Link to Comment doc_in_the_house
doc_in_the_house's picture

IF the PFG ceo is a DEMON-RAT...just like corzine....

then he's safe with odummernomics...as long as he made the prerequisite political donations...all he's gotta say is "i don't know where the money is at"...LOL !!!

also last week spx @ 1374...the stupid witch perfomance chasing reporter, sarah eisen from bloomberg..right @ the peak says: "stocks suuuUUUURGE!!!, euro SURGES" = MASSIVE SHORT SELL SIGNAL !!! LOL !!!

shorted EUR @ 1.27, shoted spx @ 1370 and just added more spx shorts this morning @ 1361....thank you stupid "reporters"

Tue, 07/10/2012 - 11:07 | Link to Comment mark7
mark7's picture

VIP call girls are so devastated...for maybe two days until they will find another broker sucker with inflated ego and customers' money.

Tue, 07/10/2012 - 11:16 | Link to Comment midgetrannyporn
midgetrannyporn's picture

Like they didn't know. They help the big banks destroy these firms every day with margin manipulation etc..

Tue, 07/10/2012 - 11:13 | Link to Comment fuu
fuu's picture

Just over 2 years late there Gary.

Tue, 07/10/2012 - 11:55 | Link to Comment tekhneek
tekhneek's picture

No shit man. This is fucking disgusting. It's even more disgusting by how predictable this was. Everyone knew they were going to ream PFG up the ass to appease the peasants and show how "hard they are on crime."

Shittiest part is, after the guy who got fucked by MFG moved his money, he just got fucked again except this time all of a sudden there's a lawsuit..?

...Who's going explain the difference between stealing segregated funds when you're Mr. Corzine or Mr. Wasendorf? No kangaroo hearing or super committee to save us?

C'mon... that lip quiver Corzine had going on made me feel like justice was almost served! After all, what's a few 1.6 billion when we're talking about MILLIONS here.

Either way people: IF YOU HAVE MONEY ON DEPOSIT AT ANY BANK. GET. IT. OUT! (less bills of course) or face the odds of being Corzined in the next 6-12 months which, right now, look pretty shitty.

Tue, 07/10/2012 - 12:04 | Link to Comment fuu
fuu's picture

Good questions, good advice.

Also, thank you for the unicorns and the pot o' gold.

Tue, 07/10/2012 - 11:13 | Link to Comment yogibear
yogibear's picture

The money is safe in private offshore accounts, what's the problem? Let the US taxpayer pay back the losses, that's what their good at.

Looting/fraud is the norm. It has been for a while.

Tue, 07/10/2012 - 11:15 | Link to Comment walcott
walcott's picture


Illuminati Members - Napoleon Hill explains their BIGGEST SECRET. MUST SEE!!!

http://www.youtube.com/watch?v=I_SnhNXF-Iw


Charlie Munger: Civilized People Don't Buy Gold

http://www.youtube.com/watch?v=TUpFTM5s4UA


BBC Presents Warren Buffett on Dale Carnegie

http://www.youtube.com/user/pal8583?v=k7gXaPY524I

 

persuasion. Persuade people to join the pyramid masonic ponzi. The Mason's are fucking the United States of America 100%.

Tue, 07/10/2012 - 11:17 | Link to Comment azzhatter
azzhatter's picture

Wouldn't the role of a regulator be to catch things before they happen?

Tue, 07/10/2012 - 11:24 | Link to Comment midgetrannyporn
midgetrannyporn's picture

The CFTC's job is to help cause these things to happen.

Tue, 07/10/2012 - 11:18 | Link to Comment Sutton
Sutton's picture

OK, now we see, beyond any doubt, that money in a commodities account has NO protection, and can be stolen at any moment.  Why would anyone keep any money in a segreated(from your money) account?

They got me at MFG-Never Again.

Tue, 07/10/2012 - 11:22 | Link to Comment sumo
sumo's picture

This is Ann Barnhardt's Told You So moment.

Tue, 07/10/2012 - 12:38 | Link to Comment torak
torak's picture

This is Ann Barnhardt's Told You So moment.

Yeah, and here are her comments.  Fun read!

http://www.barnhardt.biz/

Tue, 07/10/2012 - 17:07 | Link to Comment Clashfan
Clashfan's picture

Good read, Torak. Thanks. :)

Tue, 07/10/2012 - 11:20 | Link to Comment doc_in_the_house
doc_in_the_house's picture

on other "breaking news" the 600 lb FAT SLOB

that so desperately needs to go on a diet = callaway, the LIEBERAL "objective" editor of cbs-mw = odummernomics cheerleaders...

he is leaving to usa today = never buy a usa today paper....freaking LIBTURD!!

http://www.marketwatch.com/story/marketwatch-editor-in-chief-to-helm-usa-today-2012-07-10

 

Tue, 07/10/2012 - 11:25 | Link to Comment Kina
Kina's picture

How long before a bazillion dollar law suit against the CTFC for negligence and colusion in the manipulation of just about everything.

Tue, 07/10/2012 - 11:30 | Link to Comment mark7
mark7's picture

No worries...most future traders are only goot at losing their monies except maybe five percent of them so what is the problem?! :) They just made the losses pre-emptively.

Tue, 07/10/2012 - 11:34 | Link to Comment Benjamin Glutton
Benjamin Glutton's picture

Once again for the cheap seats. American markets have become nothing more than a private self regulated club. Not in the tragic/comic George Carlin sense but in fact an actual Private Club.

All existing US Government regulatory bodies with any useful authority have been gutted of examiners and are completely devoid of initiative. For those of you shilling on behalf of less regulation I ask what regulation? For those of you who still believe our regulatory alphabet soup are merely dysfunctional I offer this one word rebuttal.

hilarious!

Until we adopt Roubinism nothing will change....

Even Nouriel Roubini Says We Need to Jail or Hang Some Bankers

Nobel prize winning economist Joe Stiglitz – and many other experts – have said nothing will change unless dishonest bankers are jailed.

Tue, 07/10/2012 - 11:39 | Link to Comment LoneStarHog
LoneStarHog's picture

Roubinism? ... To hell with flip-flopping Roubini and his "isms" ... We need a Judge Roy Bean! ... Round the bastards up and ship them to Langtry, Texas ... The Judge's place is still there and can be open for immediate business!

Tue, 07/10/2012 - 11:57 | Link to Comment Liquid Courage
Liquid Courage's picture

William K. Black is sitting by his phone. I think he even has his own robe and gavel.

Tue, 07/10/2012 - 12:02 | Link to Comment Benjamin Glutton
Benjamin Glutton's picture

It's too late for judges. Hang 'em high per Roubini's(ism) recommendation.

 

The fact that even mainstream economists like Roubini are talking about hanging bankers shows that this is the last chance for the justice system – the only thing which stands between criminals on Wall Street and pitchforks – to work.

Tue, 07/10/2012 - 11:35 | Link to Comment LoneStarHog
LoneStarHog's picture

CFTC? ... Hell, they were also completely absent from Trading Places!

Tue, 07/10/2012 - 12:37 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

who do you think "Meeks" was?

Tue, 07/10/2012 - 16:54 | Link to Comment Grinder74
Grinder74's picture

He was private securtiy for the USDA's crop report.  Which movie did you watch?

Tue, 07/10/2012 - 11:42 | Link to Comment Seasmoke
Seasmoke's picture

looks like Gensler will have to remove himself once again.....oldest play in the jew playbook

Tue, 07/10/2012 - 11:47 | Link to Comment msjimmied
msjimmied's picture

Farmers work incredibly hard. Only a small fraction of them are wallowing in subsidies, or have multi million dollar accounts. Unfortunately, they are sitting on asssets that's primo, and finite. Farmers don't sell their assets unless they have reached the absolute end of the rope. Difficult to create bubbles, easier to clean out the bank account. My eyes are wide with the forboding of bad karma coming down the pike, it is a grave sin to bite the hand that feeds you.

Now that the rot is being felt first hand in the fly over states, I wonder how long it will be before they give up their chant for less bank regulations? That's twice already in very recent past. Has the financial dolts forgotten who doesn't have to stop to buy a pitchfork? 

Tue, 07/10/2012 - 12:14 | Link to Comment Lednbrass
Lednbrass's picture

They arent going to be asking for regulators from the government, thats anathema to the mindset of the kind of guy that becomes a farmer. The real big ones in the Midwest and Texas with their noses in the Federal trough might, but thats a pretty small number though their clout is disproportionate.

Corn is a mess this year, the fields where I am in SC are pitiful- little 3-4' plants trying to put out ears.  What grows will be stunted and not good for much but pigs.  I have a small number of plants that are irrigated and doing well, but the monoculture guys with serious acreage are having a terrible time.  Great money for what grows, but if the summer continues as is it will be very little. For myself, I cant wait to pick my first nice ears this week or next- Silver Queen right off the stalk just cannot be beat!

Tue, 07/10/2012 - 12:29 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Precisely why we planted more soybeans.  Can't wait for a real free market to return in Agriculture.  Fucking bring it.  The fucking paper-pushers will be the peasants then.  Time to trade in that fancy suit for the jumpsuit I will provide all my sharcroppers, bitch.

Tue, 07/10/2012 - 13:06 | Link to Comment msjimmied
msjimmied's picture

I wonder if they are trying to engineer a perfect storm for farmers as well.  A lousy crop and no money to work with. The trouble with regulations is that there is way too many on the lower strata of business and none at the top. People who work with the land are nobody's fool. Their minds have been sharpened with curveballs flung at them by nature, government, finance, machinery, crops, cattle...name it. Pragmatic people, salt of the earth. They don't get mired down with indecision when the bullshit gets obvious, they deal directly with it., like they do with curveballs all day long.  The frou frou money boys are messing with the wrong people. The farmers bought down an empire once, mess with them, and this shadow empire will be taken out as well. 

Tue, 07/10/2012 - 16:06 | Link to Comment AnonymousMonetarist
AnonymousMonetarist's picture

 

http://anonymousmonetarist.blogspot.com/2012/07/criminal-syndicate-strikes-again-quis.html

 

'History repeats itself, first as tragedy, second as farce..'
-Karl Marx 


I have spoken to the heads of various Wall Street equity derivative trading desks and every single one of the senior managers told me that Bernie Madoff was a fraud. Of course no one wants undue career risk by sticking their head up and saying that the emperor isn't wearing any clothes. As a result of this case several careers on Wall Street and in Europe will be ruined. Therefore, I have not signed nor put my name on this report. I am worried about the personal safety of myself and my family.'
-Harry Markopolos in 2005. 



'No one at MF Global ... has been accused of any wrongdoing....The CME Group...has not been accused of any wrongdoing.' - New York Times


'A “spot check” performed on US futures brokers’ customer accounts in the wake of the MF Global failure found all, including PFG, were in compliance, CFTC said in January.The Chicago-based NFA had responsibility for auditing the broker’s accounts. 
After contacting US Bank on Monday, the NFA found that PFG had only $5m on deposit there, NFA said. Further, NFA found that two balances of $207m and $218m reported by PFG for February 2010 and March 2011 respectively at US Bank were false. PFG only had less than $10m for each of those months, the NFA said.' - Financial Times


 'Only now at the end do you understand. Your feeble skills are no match for the power of the dark side...'
-Emperor Palpatine


'We have to show these men and women freedom by enslaving them, and show them courage by frightening them.' - Fight Club


"FCM's should be required to develop automated daily reports that divulge their segregated customer account balances and holdings to exchanges.  Appropriate information such as compliance to guidelines need to be made public," Alex Kins, CEO, AlphaMetrix


The criminal syndicate strikes again.


The NFA, National Futures Association (NFA) is the industrywide, self (er scratch that) stealth-regulatory organization for the U.S. futures industry. NFA strives every day to safequard market integrity, protect investors and blah blah blah (insert your derision here).

 
Obviously the (smurfs at the) NFA's  spot-check of PFG, the most recent happening 'that could never happen'  involved making sure that the officious document asserting  a couple hundred million at US Bank was  uh.... officious looking.  Hold it up to the light to see a watermark perhaps? Check the PFG website to make sure it was the correct company letterhead? Did the fella sign it? OK!! Put it in the official file.


Of course actually contacting the institution to confirm funds was too obtrusive and outside the NFA's striving mandate to safeguard and protect the criminal syndicate and its' associated sycophants.


Golly gee, they will no doubt exclaim we don't have a mandate or the manpower (er scratch that) willpower to police the thousands of FCMs ( er scratch that...  less than 100!... see    http://www.futuresbuzz.com/fcm_accounts.html)  and besides that responsibility if it were to exist would rightfully need to be explained away by one of our brethren regulators (er scratch that... wolves).


Today's 'hen special' of two or 'tree' hundred million vaporized will quickly cycle through the pablum narrative... the 'regulators' even now divining what mitigating action need be taken to turn the page , to start afresh, to restore confidence and integrity to the folks who serve as the necessary fodder for the armaments of the more equal brainworkers.


The only hope for the good people, which I can assert since they include friends and acquaintances, who now stand victimized and vulnerable, is that the dollar cost to the Cosa Nostra of the hit to whatever these solons desire their 'reputation' to be is greater than the dollar cost of making clients of PFG whole.


The 1st rule of Fight Club is that you do not talk about FIGHT CLUB. The 2nd rule of Fight Club is that you DO NOT talk about FIGHT CLUB.


Watch as they try to change the conversation again.


Quis custodiet ipsos custodes?


@$#%@#$%@#$ Honey! Where is my scotch?

Tue, 07/10/2012 - 13:02 | Link to Comment falga
falga's picture

Looks and feels like a ponzi scheme gone sour...

How many more like this?

Tue, 07/10/2012 - 14:06 | Link to Comment insanelysane
insanelysane's picture

'A “spot check” performed on US futures brokers’ customer accounts in the wake of the MF Global failure found all, including PFG, were in compliance, CFTC said in January.' <2012 added>

After contacting US Bank on Monday, the NFA found that PFG had only $5m on deposit there, NFA said. Further, NFA found that two balances of $207m and $218m reported by PFG for February 2010 and March 2011 respectively at US Bank were false. PFG only had less than $10m for each of those months, the NFA said.' - Financial Times

Does anyone need any proof that these regulatory agencies are complete BS and are no-show jobs for the friends of the politicians?

Tue, 07/10/2012 - 14:28 | Link to Comment Mango
Mango's picture

Hate to say it, but I'm a victim here.....to the tune of a low six figures account = bai bai!  Oh well, diversification is key, although at this point, feels like ponzi scheme diversification.  I just hope my money went to keep a hooker well fed and warm.

Tue, 07/10/2012 - 14:45 | Link to Comment Youri Carma
Youri Carma's picture

According to the suit, PFG CEO Russell Wasendorf attempted to commit suicide Monday.

"Here's one more thing you stink at"  Seinfeld suicide stand up http://www.youtube.com/watch?v=K3MDIAm1njs

"There's nothing more rewarding than reaching a goal you set for yourself"

Also taking into account you've got people who wonna commit suicide because they always wanted to be a banker  http://www.youtube.com/watch?v=lVNPRm7y9xM

Little Extra: Inside Look: The Suicide http://www.youtube.com/watch?v=MRP8S1C6T4k

Tue, 07/10/2012 - 18:13 | Link to Comment ElixirMixer
ElixirMixer's picture

Honestly this one kind of shocked me. I guess you truly can't judge a book by it's cover. It's one thing to live in New Jersey and screw over Iowa farmers, but to live in Waterloo and do it takes a lot of cajones.

Tue, 07/10/2012 - 22:41 | Link to Comment gofigure
gofigure's picture

Fine?  You meant settlement, right?

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