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The Chronology Of A Collapse: Santelli's Primer On The PFG Debacle

Tyler Durden's picture





 

There remains some confusion about the timing of actions around the PFG Best disaster. From withdrawn salary cuts to liquidation-only orders to forced liquidations from Friday to today, CNBC's Rick Santelli provides a succinct and shocking insight into what real money accounts and brokers have dealt with and continue to try to comprehend. The sad truth about where the money went is summed up by his guest that "we're just hearing rumors; it could be, on a percentage basis, worse than MF Global."

 


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Thu, 07/12/2012 - 13:28 | Link to Comment TruthInSunshine
TruthInSunshine's picture

My Fellow Citizens,

I  send my deepest condolences to all who have been and who will be adversely affected by this unfortunate event.

I will not rest until the truth of how & why this disaster transpired is uncovered, until all innocent parties who have suffered losses are recompensed fully, and I hereby personally pledge to do everything within my power to bring the wicked miscreants that were responsible for this criminal travesty to a swift justice.

Our systems of economics and justice, which inherently rely on a robust pillar of trust in institutions, can not survive unless those who perpetrate fraud on this scale, obviously fueled by a seemingly unquenchable avarice and greed, are appropriately punished for their reprehensible deeds.

Finally, allow me to acknowledge the fine work of persons such as Mr. Rick Santelli, who seems passionate in his own personal mission to get to the bottom of this rotten carcass. His kind of vigilance helps to protect all of us who have and always will "play by the rules."

 

Sincerely,

 

The Hon. Jon S. Corzine

 

Former United States Senator (D-NJ), Former Governor of New Jersey, Former CEO of Goldman Sachs, Former CEO of MF Global (a former Primary Dealer), and prominent Obama Bundler

Thu, 07/12/2012 - 13:29 | Link to Comment slaughterer
slaughterer's picture

That letter from Corzine has to be the sickest, most evil prank that has ever made me spray out my coffee onto my screen....

Thu, 07/12/2012 - 13:34 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Take back the power from the banks - take back the money supply!

BUY SILVER!

Thu, 07/12/2012 - 13:35 | Link to Comment I think I need ...
I think I need to buy a gun's picture

And CNBC has an analyst on all week by the name of Ed Ponsi,,,,,you can't make this shit up

Thu, 07/12/2012 - 13:36 | Link to Comment ghengis86
ghengis86's picture

they're laughing at the muppets.  as they should

Thu, 07/12/2012 - 13:57 | Link to Comment azzhatter
azzhatter's picture

Yep, I'll bet a fair number here are still banking with JPM, BAC and the likes. It would be so simple to kill the beast, just starve it but we won't, why I'll never know

Thu, 07/12/2012 - 14:39 | Link to Comment cossack55
cossack55's picture

Since JPMorgue runs the EBT card business for the Frauderal Govt., I don't see them starving soon.  You, on the other hand........

Thu, 07/12/2012 - 14:45 | Link to Comment knukles
knukles's picture

I wish the Unicorn* would make some serious public pronouncement to calm the markets.

 

* ref: Timmah as newly named by our "friends" (for that ever so very brief moment) on CNBS.  No I didn't think that up.  Don't shoot the messenger.

Thu, 07/12/2012 - 14:01 | Link to Comment Pinto Currency
Pinto Currency's picture

 

How much physical metal is in the PFG accounts and will it be returned to account holders or, like MF Global, will "value of the holdings" (paper not actual holdings) be returned to account holders.

Is this a clip by the bullion banks to secure physical metal as it appears it may have been with MF Global?

---------------------------------------------

From http://www.washingtonsblog.com/2012/07/beware-allocated-gold-may-not-really-be-there.html

" The trustee overseeing the liquidation of the failed brokerage has proposed dumping all remaining customer assets - gold, silver, cash, options, futures and commodities—into a single pool that would pay customers only 72% of the value of their holdings. In other words, while traders already may have paid the full price for delivery of specific bars of gold or silver—and hold “warehouse receipts” to prove it—they’ll have to forfeit 28% of the value...

...At stake is an unspecified, but apparently large, volume of gold and silver bars slated for delivery to traders through accounts at MF Global, which filed for bankruptcy on Oct. 31. Adding insult to the injury: Of the 28% haircut, attorney and liquidation trustee James Giddens has frozen all asset classes, meaning that traders have sat helplessly as silver prices have dropped 31% since late August, and gold has fallen 16%. To boot, the traders are still being assessed fees for storage of the commodities…"

------------------

And now PFG Best:

http://www.pfgbest.com/services/metals/

http://www.zerohedge.com/news/pfgbest-now-mf-global-part-2-220-million-segregated-client-money-has-just-vaporized

Thu, 07/12/2012 - 14:40 | Link to Comment slaughterer
slaughterer's picture

What's up with CNBC today?  Videos of sharks (2nd day in a row), headline story about PFG (with on-site reporting). Uncle Warren spouting accelerating downward spiral doom? 

Thu, 07/12/2012 - 14:53 | Link to Comment knukles
knukles's picture

Ever forget your meds?

Or, let's talk up QEwhateverthey'regonnacallit

 

I mean CNBS is a functionary of the rich and famous, fabulously wealthy, top 1%, of which Uncle Remus is a member, so why not, for the good of all mankind...
Oh, the humanity of it all..............

Like the econuts, save the planet horseshit.
As if fucking 401(k) statements matter anymore.

Come on, folks, the PigMen are panicking behind the Green Curtain.
Look at the charts, the interventions in markets, the news, the jawboning... including this.
No, it's not fucking OK
And they know it...
Gotta soften up the underbelly of America, inject fear and agony into the environment (come on, think Eddie Bernays, for Christ's sakes) to set it up to be ready for the BailOut Of The Century

 

It wouldn't work today, it'd just be another oh hemmm hawwww

Gotta bleed LOTS to call the Doctor.
No Iodine on the cuts here, gonna be Moral Ethical Transplant Surgery.

Thu, 07/12/2012 - 14:22 | Link to Comment zeneta
zeneta's picture

I personally know Ed Ponsi.

He's a good guy, very smart, and is in a self promotion mode.

If you notice he tends to be "perfectly vague" in his analysis.

 

 

 

 

Thu, 07/12/2012 - 14:53 | Link to Comment vast-dom
vast-dom's picture

Manduka has not much credibility after donating 3M to PFG.

Thu, 07/12/2012 - 19:49 | Link to Comment Buck Johnson
Buck Johnson's picture

I know, I couldn't believe it until I actually saw his name.  It's almost like they are pissing down our backs and not even bothering to say it's rain.

Thu, 07/12/2012 - 13:37 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

LH, is that you single handedly pushing up the price of Silver (and Gold) after the cartel beat it down this morning?

Heave ho! And thank you. :)

Thu, 07/12/2012 - 13:49 | Link to Comment ATM
ATM's picture

Have you bought all you are going to buy? I'm haven't. I want silver at $5 and gold at $250. 

Thu, 07/12/2012 - 13:58 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

The cartel ain't done yet. However, each time the price gets down near these support levels I purchase more.

Time to sell everything not nailed down so I can purchase even more Silver and Gold.

Thu, 07/12/2012 - 14:14 | Link to Comment youngman
youngman's picture

I bought today....prices down...but the world problems are just getting bigger...

Thu, 07/12/2012 - 13:31 | Link to Comment ghengis86
ghengis86's picture

Ahhh....the Honorable Jon S. Corzine.  My apologies.  I had mistaken you for a differnt, less-than-honorable, cock-scuking, lying, stealing, theiving mother fucker who should be rotting in some federal pound me in the ass prison who paid off the right people and bundled funds for the right dictator to get off scot free to live in some non-extraditable country full of bunga-bunga parties, coke, hookers and the best golden toilets GS/JPM can buy with taxpayer bailout and Corzined-Muppeted-Personally appropriated funds.

my bad.

Thu, 07/12/2012 - 13:41 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Don't hold back bro. Tell us how you REALLY feel.

:>)

Thu, 07/12/2012 - 13:59 | Link to Comment azzhatter
azzhatter's picture

somebody reported seeing him hanging out in the Hamptons last week. This brazen cocksucker doesn't even feel the need to leave the country. Dictator and Dickholder got his back

Thu, 07/12/2012 - 14:27 | Link to Comment cougar_w
cougar_w's picture

doood that was epic

Thu, 07/12/2012 - 13:44 | Link to Comment cougar_w
cougar_w's picture

If this latest clusterfuck serves to refocus the light on Corzine, then at least something good will have come from it.

Corzine should have been wearing an orange jumpsuit a long time ago. That, or a fall from the 42nd floor.

Thu, 07/12/2012 - 13:52 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Cougar,

What the hell are you doing to all those cities and towns out in California that's driving them into bankruptcy? Are the girls loose again?

http://madscienceunlimited.com/fiction/

BTW Mrs. Cog is "a ferocious fan".

Thu, 07/12/2012 - 14:07 | Link to Comment cougar_w
cougar_w's picture

Man tell me about it, munis around here are toast. Two decades of easy credit and house flipping are coming home to roost. Not to mention all the technology jobs that went to China.

My best to the Misses. Didn't know I had an actual fan! I feel so important now. Been working on a short, fun piece where Diamond "gets into the act" as they say, turning on the charm and extracting a truly heart-felt confession from a dirty dealer. In the process giving a shout-out to an actual man-eating tiger who not long ago made headlines right here in San Fran! It's non-stop mind-numbing terror -- how can one cat be having so much fun?

Thu, 07/12/2012 - 14:11 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Good to hear the epic continues. Make sure to find me in the threads and via email when you release it so I can get the word out.

I know you don't shamelessly promote your own work...........so let me do it for you. :>)

Thu, 07/12/2012 - 14:43 | Link to Comment hustler etiquette
hustler etiquette's picture

I would like to view your past work that the fellow below has mentioned

Thu, 07/12/2012 - 14:57 | Link to Comment cougar_w
cougar_w's picture

Certainly. Most current stuff can be had here:

http://madscienceunlimited.com/fiction/

I add to that list once in a while, you can always check back there and see what I've been up to. I have 3 in process right now, could go up any day.

Thu, 07/12/2012 - 13:46 | Link to Comment Mr. Bingley
Mr. Bingley's picture

For a minute there I thought this Corzine letter was written by OJ...

Thu, 07/12/2012 - 13:53 | Link to Comment TruthInSunshine
TruthInSunshine's picture

No worries, friends.

Eric PlaceHolder, in the extraordinary league of gentlemen, one of Obama's modern day "Elliot Ness's"  and one tough prosecutor is on the case of PFG, MF Global & massive, systemic Wall Street criminal racketeering, writ large.

Fri, 07/13/2012 - 07:26 | Link to Comment StychoKiller
StychoKiller's picture

Dyslexia temporarily got me, I read systemic Wall Street as "Sesame Street."  :>D

Thu, 07/12/2012 - 13:47 | Link to Comment Michael
Michael's picture

Thanks Truth.

From almost the inception of ZH and before on housing bubble blogs, you have heard me say, "I just thank God every day for the complete and total worldwide economic collapse", as it's the only thing that will solve most of our problems. This was my way of sounding the alarm of the inevitable. How did I know, I did the math correctly and people should be getting ready as the next depression will make the great depression look like a picnic.

I do know the horrible implications of this statement in all it's gory details and I do not want to see people get slaughtered but alas, it will happen because certain people running the show are pure evil and there's nothing the sheeple will do to stop it. Too bad.

Thu, 07/12/2012 - 14:42 | Link to Comment Pure Evil
Pure Evil's picture

Ah, come on, we're not all that bad.

Thu, 07/12/2012 - 13:49 | Link to Comment resurger
resurger's picture

i started loving rick, after his last interview with Nigel

nice one TIS

Thu, 07/12/2012 - 13:53 | Link to Comment disabledvet
disabledvet's picture

Here, here! Huzzah, huzzah huzzah! Rah, rah! Shish koom-bah! (I mean doesn't anyone anymore concern themselves with HOW THIS LOOKS?! No? Cuz "the media's got our back"? REALLY?)

Thu, 07/12/2012 - 14:06 | Link to Comment Rearranging Dec...
Rearranging Deckchairs's picture

Scarry that Banksters learned their ethics from Orenthal James (OJ). 

 

" I won't rest until I have searched every private golfcourse, five-star restaurant, and high class brothel for the real culprits."

 

Thu, 07/12/2012 - 14:43 | Link to Comment Pure Evil
Pure Evil's picture

Now his cellmate can search his rectal cavity to see if the killers are hiding up there.

Thu, 07/12/2012 - 15:21 | Link to Comment I am more equal...
I am more equal than others's picture

that should read "and prominent Obama Bumbler"

Thu, 07/12/2012 - 15:25 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Very good TIS!

"Former United States Senator (D-NJ), Former Governor of New Jersey, Former CEO of Goldman Sachs, Former CEO of MF Global (a former Primary Dealer), and "FORMER AMERICAN".

Thu, 07/12/2012 - 15:38 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

!!!!...Free Jon Corzine.....

Bithch slap  Little fucking weasel Timmy G ...!!!!

And Fuck Benny B....!!!!!!!!

Thu, 07/12/2012 - 16:54 | Link to Comment Cole Younger
Cole Younger's picture

Investing has risks...everyone knows that...This just one example of it...more to come I am sure....

Thu, 07/12/2012 - 13:28 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"we're just hearing rumors; it could be, on a percentage basis, worse than MF Global."

Rumors are often used to condition us for the coming disclosure of the existing reality.

What deeply saddens me is that it appears that PFG received some block transfers (about 700+-) of MFG clients. So some have been raped twice. Very sad indeed.

Thu, 07/12/2012 - 15:42 | Link to Comment terryfuckwit
terryfuckwit's picture

Yes and rumour has it Gordon Brown sold half of all the uk's silver to bail out the short position of a large American bank. Gordon was promised the uk would be last in the que for a bond price shagging by the big boys when the crisis came...

You couldn't make this shit up...

but i just did!!

Thu, 07/12/2012 - 13:27 | Link to Comment the not so migh...
the not so mighty maximiza's picture

I heard a rumor we are fucked.

Thu, 07/12/2012 - 13:27 | Link to Comment Matt
Matt's picture

Bullish!

That'll boost confidence and get more money back into the market for sure.

Thu, 07/12/2012 - 13:28 | Link to Comment lsbumblebee
lsbumblebee's picture

Why is CNBC reporting this? Has Becky finished having oracle sex?

Thu, 07/12/2012 - 14:02 | Link to Comment azzhatter
azzhatter's picture

she had 3 dickles in her mouth this morning although Sorkin took over on Buffett for a while

Thu, 07/12/2012 - 13:29 | Link to Comment Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

Fuck you Corzine!

Thu, 07/12/2012 - 13:29 | Link to Comment HardwoodAg
HardwoodAg's picture

Suicide...liquidation only....RoFLMFAO

Thu, 07/12/2012 - 13:42 | Link to Comment Thomas
Thomas's picture

Diamond definitely worthy of a forced liquidation

Thu, 07/12/2012 - 13:30 | Link to Comment lemosbrasil
lemosbrasil's picture

Volatility is gonna explode next 48 hours.

VXX and VIX are under a downtrendline. They are under this downtrendline by 3 days.

Hard and hard bullish divergences of MACD and RSI for many months at daily cjharts

Its impossible we dont see a hard break up that downtrendline.

See here: http://pracompraroupravender.blogspot.com.br/2012/07/vejam-intensidade-da-volatilidade-que.html

Thu, 07/12/2012 - 13:31 | Link to Comment Conman
Conman's picture

How to make money:

1. Start any financial firm

2. Fleece your customers

3. BTFD Dummy

No need for fancy degrees, charts, intense financial forensics. Just BTFD and Corzine your muppets.That is how you become rich.

Class. over

Thu, 07/12/2012 - 13:34 | Link to Comment Mitch Comestein
Mitch Comestein's picture

Don't forget your biggest expense.  Not people, not offices.

ADVERTISING.  Think Fidelity commercials.

Thu, 07/12/2012 - 13:36 | Link to Comment Conman
Conman's picture

thats just a subset of startign your firm. Putting aside a lot of moeny to run commercials and line hte pockets of politicians. Buy yourself onto boards, etc. Ask Madoff, that was his model. oh yeah, BTFD dummy!

Thu, 07/12/2012 - 13:41 | Link to Comment adr
adr's picture

Yep, the vast majority of advertising isn't done to sell your product, it is done to hype your stock.

Thu, 07/12/2012 - 17:17 | Link to Comment Dburn
Dburn's picture

Vast majority of advertising done is to keep the MSM quiet.
You think they are gonna run a story on a Bank or a defense firm that places ads 10x a day on their networks?

Thu, 07/12/2012 - 14:42 | Link to Comment Papasmurf
Papasmurf's picture

The biggest expense is to purchase the best politicians and regulators that money can buy.

Thu, 07/12/2012 - 13:32 | Link to Comment Mitch Comestein
Mitch Comestein's picture

Sold my last bit of paper gold yesterday in exchange for the heavier stuff.  It is peace of mind. 

What brokerager / clearing house is next.

Thu, 07/12/2012 - 13:51 | Link to Comment ATM
ATM's picture

All of them.

Thu, 07/12/2012 - 13:32 | Link to Comment Sudden Debt
Sudden Debt's picture

As Obama said to all his sponsors:
YES YOU CAN!!!!

and they sure did it... whatever they wanted to do...
they...
CHANGED!!!!
all the rules...

Thu, 07/12/2012 - 14:38 | Link to Comment DosZap
DosZap's picture

As Obama said to all his sponsors:
YES YOU CAN!!!!

and they sure did it... whatever they wanted to do...
they...
CHANGED!!!!
all the rules...

That is the ONLY thing he said in 4 yrs, that was not a lie.

HE promised to FUNDAMENTALLY change America...........................and man oh man he has.

Thu, 07/12/2012 - 13:36 | Link to Comment Hmm...
Hmm...'s picture

I find it interesting that the press ignored this story.  ZH is covering it, so did a few other financial blogs. 

The day it broke, and the day after, you could not find any story on Marketwatch about PFG.

the day after it broke it wasn't on the Front Page or even in the Business section of the NYT.  instead it was on the "Dealbook" blog about half way down. 

The bar for newsworthy has been set high indeed.  $200million stolen doesn't even get a blurb.

Nothing to see here...  just a paperwork problem. 

Thu, 07/12/2012 - 13:41 | Link to Comment ghengis86
ghengis86's picture

chicago tribune ran the story on wednesday; front page of business section continued a few pages back.  nice big picture of Russell Sr. and little substance.  just about right for the shitty trib

Thu, 07/12/2012 - 13:53 | Link to Comment ATM
ATM's picture

They didn't have room because they have to report each and every shooting in the city from the day before.

Thu, 07/12/2012 - 13:57 | Link to Comment Captain Queeg
Captain Queeg's picture

On the reassuring side though, thank Christ we know all the details about how Katie Holmes secretly planned and executed her escape.

Thu, 07/12/2012 - 15:19 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Hmm, in case you did not know the "establishment" media is bought and paid for by the same people that hijacked our government and pentagon.  These are "former" Americans now globalists.  Be surprised no further.

Tuco

Thu, 07/12/2012 - 17:14 | Link to Comment Dburn
Dburn's picture

Have you ever seen a image of Brian William's Estate in either the Hamptons or Greenwich. Those MSM fucks are neighbors with these bankers. Paid 25M a year for top billing . Even a MSNBC show pays 2-7M.

They have catered outdoor dinners together, they fuck each others wives. Share a little sniff  through a Benjamin on the tit of a "transactional" sex toy. Banker has a problem and calls the boys. "Brian, if you hear anything about my firm, ignore it man. Tell everyone there. It's their old freind Jamie."

"Done Jamie, hey send the wife over tonight will ya?"

"Heh Heh heh, you got it bro"

Thu, 07/12/2012 - 13:38 | Link to Comment El Oregonian
El Oregonian's picture

 

LESSON NO.#1) Do not store up your treasure within the banks. It will be houdini'd even before it reaches the vault.

LESSON NO.#2) Silence and have hidden map.

LESSON NO.#3) Trust NO ONE.

Thu, 07/12/2012 - 13:39 | Link to Comment adr
adr's picture

Anybody else here remember Adelphia Communications. Cable company that was supposed to be using subscription fees for network upgrades and general business. Instead all the money went to the guys running the company so they could buy expensive homes, cars, hookers, drugs, and build a private golf course on their poperty.

All of sudden someone from the outside looks at the books and the company doesn't have a dime in cash. That represents every one of our publicly traded trash corporations and most of those that live off trading the shares.

Thu, 07/12/2012 - 14:00 | Link to Comment ITrustMyGut
ITrustMyGut's picture

I rememeber.. and yes.. spot on...

corzined to the last drop~

Thu, 07/12/2012 - 13:40 | Link to Comment ItsDanger
ItsDanger's picture

Isnt everyone sick of this already?  Having been involved behind the scenes in these types of companies, I can tell you there are a LOT of people involved in these cases.  I want to see a long perp lineup (and not just from that company) instead of just 1 fall guy each time.

Thu, 07/12/2012 - 13:40 | Link to Comment Monkeyfister
Monkeyfister's picture

For the rest of us, seems like the mattress is the safest place for our money. No greedy fucking criminal Banksters to skim and out-right steal from you.

The ONLY good Bankster is a DEAD fucking Bankster. Y'all do the world a favor and just JUMP, already.

Thu, 07/12/2012 - 15:14 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

I heard that dumb ass from PFG jumped from a three story window but his fall was broken by a "hedge" and he lived.

Tuco

Thu, 07/12/2012 - 13:41 | Link to Comment cougar_w
cougar_w's picture

Jeez guys. They call themselves clearing houses for a reason; they clear out your account.

Thu, 07/12/2012 - 13:47 | Link to Comment resurger
resurger's picture

i love sniffing vapor trails from time to time

Thu, 07/12/2012 - 13:50 | Link to Comment fuu
fuu's picture

"forced liquidations from Friday to today"

Of course.

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

JPM goes the extra mile -- even working weekends -- when there is client money to be rehypothecated.

Isn't that kind of work ethic an inspiration?

Thu, 07/12/2012 - 16:00 | Link to Comment marathonman
marathonman's picture

Just doing God's work.

Thu, 07/12/2012 - 13:59 | Link to Comment americanspirit
americanspirit's picture

When I lived in Dallas in the 80's my next door neighbor was the president of a big S&L. Got caught helping a buddy hide assets from his divorcing wife. Sat down in his living room and blew his head off. No hose in the Cavalier's tailpipe - this dude was serious about ending it. Highly recommended. If you need a little help, just ask.

Thu, 07/12/2012 - 14:00 | Link to Comment fuu
fuu's picture

Cliff Baxter did it right.

Thu, 07/12/2012 - 14:12 | Link to Comment cougar_w
cougar_w's picture

I'll bet Jamie Dimon has no respect for people like that.

Thu, 07/12/2012 - 14:02 | Link to Comment Downtoolong
Downtoolong's picture

Forced Liquidation by the Clearing Firms, aka TBTF banks, which probably already front ran the liquidation process through various funds and positions that they manage. Ergo, instant return of lent capital and huge profits to boot for the lender and some of their other clients. The potential for collateral fraud and market manipulation during and after the unfolding of these incidents is as big as the incident itself. No wonder they want to keep everyone in the dark about it for so long. The system is inherantly flawed and incapable of settling things fairly. You'll never see this back story discussed anywhere in the MSM. Crime leads to more crime. If you're in these markets, your turn will come one day. 

Thu, 07/12/2012 - 14:25 | Link to Comment Casual_Observer
Casual_Observer's picture

No doubt..

Now it's like the scene in Goodfellas where they have taken over the guys Restaraunt, ran up his credit-line, ripped-off all the provisions out the back door and when the jig is up and the low hanging easy frauds have been tapped dry, it's time for the controlled demolition: arson where the rip-off of the insurance company begins. (I think I read this analogy in another ZH thread).

Rinse and repeate.

Same thing is happening here with Wall Street Banksters with the politicians and "investigators" as accomplices.

Thu, 07/12/2012 - 15:18 | Link to Comment gabeh73
gabeh73's picture

Alex Jones was using this story(analogy to our present conditions) in a show a few months ago.

Thu, 07/12/2012 - 14:02 | Link to Comment alien-IQ
alien-IQ's picture

So does this mean that the Hawking Event Horizon theory is incorrect?

Thu, 07/12/2012 - 14:08 | Link to Comment giovanni_f
giovanni_f's picture

still nobody hanging...are there no ropes available or what?

Thu, 07/12/2012 - 14:13 | Link to Comment cougar_w
cougar_w's picture

Oh hell, if that's all there is to it I've got about 200' of rope out in the truck.

Tell me where to send it, I'll have FedEx right over here.

Thu, 07/12/2012 - 14:39 | Link to Comment giovanni_f
giovanni_f's picture

oh I see. There must be some other reason then. Too many dumbed down sheeple, too few outraged citizens?

Thu, 07/12/2012 - 14:57 | Link to Comment Monkeyfister
Monkeyfister's picture

We are LOOOOONG past-due for a Bankster Pinata Party. We've got 200 feet of volunteered rope, to which I'll gladly add my collection of baseball bats.

Thu, 07/12/2012 - 14:15 | Link to Comment Cone of Uncertainty
Cone of Uncertainty's picture

Let this be a lesson to you fucking muppets, that your shit is mine for the taking.

Regards,

Jamie Dimon

Thu, 07/12/2012 - 14:17 | Link to Comment vincent
vincent's picture

Go long tinfoil and preps.

We're getting righter and righter.

GLTA

Thu, 07/12/2012 - 14:18 | Link to Comment youngman
youngman's picture

The guy gets married 9 days before his attempted suicide....does a new Power of attorney before too....he has a restaurant ..was going to open another...to me that is where all the money went...lol....I used to own one...but he knew what was up....He looks like a pretty boy..so he didn´t want to use a gun...he wanted ot look beautiful in the casket i think....

Thu, 07/12/2012 - 15:57 | Link to Comment cougar_w
cougar_w's picture

Madoff did much the same thing; "I'm old, lock me up, I don't give two shits because I already took care of my family and friends. Oh and good luck finding any of the money gumshoes. It's vanished."

Thu, 07/12/2012 - 14:33 | Link to Comment geewhiz190
geewhiz190's picture

i am personally acquainted with people who had accounts a pfc. let me tell you, it is pretty f----- awful. it's one thing to take the wrong side of a trade, but this? this is too much to take

Thu, 07/12/2012 - 14:49 | Link to Comment Hannibal
Hannibal's picture

Anyone still in paper with a "brokerage" got to be nuts.

Thu, 07/12/2012 - 14:58 | Link to Comment Whoa Dammit
Whoa Dammit's picture

Could regulators really be so stupid as to not know that corporate bank statements can be obtained online, in real time, while they are on site conducting an audit?

Thu, 07/12/2012 - 15:05 | Link to Comment Darkside
Darkside's picture

I HAD an account at PFG the CFTC complaint said US BANK (whatever that is ). I wired my money to JP Morgan Chase as Custodian. SOMETHING IS NOT RIGHT HERE  

Thu, 07/12/2012 - 15:24 | Link to Comment gabeh73
gabeh73's picture

Where do people with Interactive Brokers accounts wire their money? I use IB and I am worried about losing my lifesavings/hopes of small business/ hopes of someday not working for the man. Make my living working for the big oil companies...but would like to be more independent...it is gonna make it real tough if they steal my brokerage account.

 

I guess that is the point for people like me...they knew I was good at math so i got into MIT in order to be a decently competent functionary for the PE. Now I married a MIT girl...bred three children and can afford to feed/ clothe and educate them a bit...we are like livestock to these people.

Thu, 07/12/2012 - 15:20 | Link to Comment msjimmied
msjimmied's picture

I was read Mr. CEO is wide awake and lucid. 

"Authorities will not discuss Wasendorf Sr.'s condition, but a local newspaper, quoting unidentified sources, reported he is alert and responsive at an Iowa hospital, and possibly able to shed some light on the bizarre events leading up to the firm's collapse."

I'm not going to say a damn thing after this, take it away boys!

Thu, 07/12/2012 - 15:20 | Link to Comment Temporalist
Temporalist's picture

It's a screaming buy!  Get my broker RobotTrader stat!

Groupon Shares Tumble to Record Low

http://www.bloomberg.com/news/2012-07-12/groupon-trades-at-record-low-on...

 

Thu, 07/12/2012 - 15:30 | Link to Comment Carl Spackler
Carl Spackler's picture

How many more FCM disasters are out there?!

 

Thu, 07/12/2012 - 15:36 | Link to Comment Joe Ploppy
Joe Ploppy's picture

I am a victim of PFG, but thankfully only by about $900  since I withdrew most of my money from my PFG account in May 2011!

There have been rumors from Huffington Post that JP Morgan Chase may have some of the missing funds.  That is possible because part of the wiring instructions of clients is that they send money to JP Morgan Chase for the account in the name of PFG for the futher benefit of Customer xxxxxx.

So I'm relying on PFG and JP Morgan Chase.  Yikes.  So like MF Global, some of us are hoping some missing funds magically appear in the coffers of JP Morgan Chase.

See:

http://www.pfgbest.com/fund/wire.asp

 

Thu, 07/12/2012 - 17:34 | Link to Comment MrSteve
MrSteve's picture

Who doesn't find the whole sheep-shearing, dipshit dipping negligence and dysfunction of the our FEDERAL REGULATORS to be just par for the course under this White House administration of scam? The Chicago Way is in many regards exactly what you think.

Does the DOJ give some kind of "get out of jail free card" with every $50K donation to the C-I-C, Crook In Charge?

There is every disrespect for the law and human decency that this administration will let pass by. FDR must be rolling in his grave! It's too late for any real impeachment procedings, we'll need to take it to the polls in November. Good Luck

Thu, 07/12/2012 - 18:21 | Link to Comment dreadnaught
dreadnaught's picture

It seems Santelli kept calling Nigel "Mr FaraNge" Is he an idiot or trying to insult him? its Farage

Thu, 07/12/2012 - 19:01 | Link to Comment world_debt_slave
world_debt_slave's picture

yep, TPTB will rip you off in a flash, 2007 the Feds stole my silver coins from a warehouse in Idaho during a raid of the business. I wrote letters demanding my property back but not a word from them to date.

Feds are now shaking down medical marijuana stores in Cali.

Feds MO, let you toil for your wealth and then they come in and steal it. They did in in 1933 with the citizens gold and will do it again without batting an eye.

Fri, 07/13/2012 - 02:18 | Link to Comment RiotActing
RiotActing's picture

Why the fuck does ZH keep giving this Santelli Fuck attention? The guy is a MSM shill, whore... Fuck Rick Santelli... fucking clown.

Fri, 07/13/2012 - 02:48 | Link to Comment BigDuke6
BigDuke6's picture

We truly are heading into the crypt of rays.

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

 

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