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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 From withdrawn salary cuts to liquidation-only orders to forced liquidations from Friday to today, CNBC's Rick Santelli provides a succinct and shocking insight into what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 | 2610392 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 | 2610416 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 | 2610438 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 | 2610441 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 | 2610443 ghengis86
ghengis86's picture

they're laughing at the muppets.  as they should

Thu, 07/12/2012 - 13:57 | 2610513 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 | 2610634 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 | 2610655 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 | 2610525 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 | 2610643 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 | 2610668 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 | 2610579 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 | 2610670 vast-dom
vast-dom's picture

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

Thu, 07/12/2012 - 19:49 | 2611465 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 | 2610450 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 | 2610491 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 | 2610518 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 | 2610566 youngman
youngman's picture

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

Thu, 07/12/2012 - 13:31 | 2610429 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 | 2610466 Cognitive Dissonance
Cognitive Dissonance's picture

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

:>)

Thu, 07/12/2012 - 13:59 | 2610523 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 | 2610595 cougar_w
cougar_w's picture

doood that was epic

Thu, 07/12/2012 - 13:44 | 2610480 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 | 2610493 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 | 2610544 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 | 2610555 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 | 2610647 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 | 2610679 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 | 2610484 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 | 2610490 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 | 2612190 StychoKiller
StychoKiller's picture

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

Thu, 07/12/2012 - 13:47 | 2610487 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 | 2610646 Pure Evil
Pure Evil's picture

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

Thu, 07/12/2012 - 13:49 | 2610489 resurger
resurger's picture

i started loving rick, after his last interview with Nigel

nice one TIS

Thu, 07/12/2012 - 13:53 | 2610501 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 | 2610543 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 | 2610649 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 | 2610770 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 | 2610781 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 | 2610833 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 | 2611090 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 | 2610393 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 | 2610844 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 | 2610402 the not so migh...
the not so mighty maximiza's picture

I heard a rumor we are fucked.

Thu, 07/12/2012 - 13:27 | 2610407 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 | 2610414 lsbumblebee
lsbumblebee's picture

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

Thu, 07/12/2012 - 14:02 | 2610535 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 | 2610418 Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

Fuck you Corzine!

Thu, 07/12/2012 - 13:29 | 2610420 HardwoodAg
HardwoodAg's picture

Suicide...liquidation only....RoFLMFAO

Thu, 07/12/2012 - 13:42 | 2610470 Thomas
Thomas's picture

Diamond definitely worthy of a forced liquidation

Thu, 07/12/2012 - 13:30 | 2610424 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 | 2610425 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 | 2610439 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 | 2610445 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 | 2610460 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 | 2611146 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 | 2610645 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 | 2610431 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 | 2610497 ATM
ATM's picture

All of them.

Thu, 07/12/2012 - 13:32 | 2610433 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 | 2610632 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 | 2610442 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 | 2610465 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 | 2610500 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 | 2610512 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 | 2610759 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 | 2611142 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 | 2610452 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 | 2610454 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 | 2610526 ITrustMyGut
ITrustMyGut's picture

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

corzined to the last drop~

Thu, 07/12/2012 - 13:40 | 2610456 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 | 2610458 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 | 2610735 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 | 2610461 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 | 2610488 resurger
resurger's picture

i love sniffing vapor trails from time to time

Thu, 07/12/2012 - 13:50 | 2610494 fuu
fuu's picture

"forced liquidations from Friday to today"

Of course.

Thu, 07/12/2012 - 14:10 | 2610554 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 | 2610905 marathonman
marathonman's picture

Just doing God's work.

Thu, 07/12/2012 - 13:59 | 2610519 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 | 2610528 fuu
fuu's picture

Cliff Baxter did it right.

Thu, 07/12/2012 - 14:12 | 2610557 cougar_w
cougar_w's picture

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

Thu, 07/12/2012 - 14:02 | 2610534 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 | 2610587 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 | 2610754 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 | 2610538 alien-IQ
alien-IQ's picture

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

Thu, 07/12/2012 - 14:08 | 2610549 giovanni_f
giovanni_f's picture

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

Thu, 07/12/2012 - 14:13 | 2610563 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 | 2610583 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 | 2610678 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 | 2610568 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 | 2610572 vincent
vincent's picture

Go long tinfoil and preps.

We're getting righter and righter.

GLTA

Thu, 07/12/2012 - 14:18 | 2610574 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 | 2610890 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 | 2610621 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 | 2610661 Hannibal
Hannibal's picture

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

Thu, 07/12/2012 - 14:58 | 2610680 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 | 2610698 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 | 2610775 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 | 2610765 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 | 2610766 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 | 2610798 Carl Spackler
Carl Spackler's picture

How many more FCM disasters are out there?!

 

Thu, 07/12/2012 - 15:36 | 2610819 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 | 2611182 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 | 2611275 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 | 2611346 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 | 2612036 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 | 2612047 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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