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Clearinghouses, Regulators Told To Prepare For MF Bankruptcy, Risk Off
Just out from Bloomberg, citing the WSJ:
- CLEARINGHOUSES SAID TO PREPARE FOR MF BANKRUPTCY, WSJ SAYS
- US REGULATORS ALSO PREPARE FOR MF BANKRUPTCY, RESTRUCTURE: WSJ
The EURUSD has tumbled 50 pips in the aftermath of the news as risk just moved to the Off position
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Good Citizens of Metropolis!
I have sad news.
This may come as a shock.
But Europe is still fucked up.
http://geraldcelente.proboards.com
paarsons - are you an idiot - or just lazy?
This story is about MF. MF is a US corporation.
Furthermore - as you will learn this winter: US/USD goes down - EU/EUR goes up.
Sleep well.
Good Citizens of Metropolis!
This question has been posed:
Am I lazy? Or am I an idiot?
The answer?
Probably a little bit of both.
http://geraldcelente.proboards.com
IF you love US Empire - THEN, logically, you MUST also love US FED RES & Wall Street banksters - i.e. TBTF and NWO - so allright, now we know where you stand. Hegemon.
you're a worthless fuking adbot troll for that direspectful cunt, celente!
he is slewie, a total cunt mate.
i'm gonna get on the dark net and hire someone to put a cap in his ass.
http://www.guardian.co.uk/technology/2009/nov/26/dark-side-internet-freenet
celente's dick's in there, 6
shoot 2 pricks w/ 1 cap
I'll admit that I didn't know what "MF" was. I had a street slang gutter talk of a guess, but I didn't know. Maybe Tyler can go a few words longer so that all the "non-cogs" can also understand ;-)
Risk can be switched on or switched off on a day to day basis these days.
This is the biggest fallacy mind fuck being perpetrated by the stock market these days.
Get a grip, risk is cumulative.
being a "dis-respectful cunt" is on the up Slewie, get on the rising social trendline or fall behind in respectful fence sitting (and get splinters in your arse)
I like Celente mainly because he's a very accurate predictor of markets and change
If there's one thing i've learned about human nature, the difficult cunts are the sharp cookies whereas the nice, well-balanced respectful individuals are behind the curve and absolutely clueless.
Great people come with lots of rough edges, are unbalanced and are hot potatoes (difficult to handle)... like Reggie Middletons recent banzai kung-fu kick-boxing post nobody was willing to look past the exuberent style and grab the brilliant content. Celente is the same ego on steroids but i don't give a crap. Both are brilliant at their 'jobs'
People that judge (and filter out) others by their personalities and not their performance will be left behind putting style over content.
Celente Rules ok
Your money is safe in MF!
~ Kramer
Put a fork in the Euro, we're done!
Ol' Jon Corzine strikes again.
For the sake of the globe's finances and all of humanity, retire to the Hamptons and keep banging Karla Katz.
And BOJ hath intervened
Is this the reason for the Yen crash or was there also some BOJ playtime in FX?
Risk off.
AUD just went south hard, cross up on the YEN.
edit: stupid smartphone
don't think MF Bankcrubcy has the same scale of Lehman one..
Maybe not the same scale but look at the measures they put in place to cover long term capital management. Death by a thousand cuts is still death.
Poor Mr. Corzine. Mt heart is bleeding for you. I hope your golden parachute is big enough to support your fat ass.
Question for Board
Is MF big enough to be contagious like LTCM, or too small to morph?
OHH NOES WHAT DOES IT ALL MEAN AHHHHHHHHHHHHHHHHHHHHHH!
EURUSD movements seems more a BoJ intervention than the MF news
intervetion on the YEN just kicked in hyper...send in the clowns
Won't it be interesting to see how clearinghouses and regulators prepare for the MF bankruptcy? Ready on the right? Ready On the left? Ready on the firing line? At my count, 1, 2, 3. Maybe these stalwarts better prepare for a few more bankruptcies, like BNP Paribas, for example. En Bas La France!
Jim Cramer just made a strong Buy recommendation for MF
Meh, Dexia is 10x bigger and no one cared that it failed.
When did Dexia file for bankruptcy again? Oh wait it didn't.
Call it whatever you want.
http://www.businessweek.com/news/2011-10-27/dexia-sees-1-7-billion-euro-...
We'll call it a "haircut." HAHAHA
Kind of off-topic but if they do go bankrupt, maybe some of the folks that work there will go homeless and get to be mocked by foreclosure mills like Stephen J Baum's. Nothing but class...
http://www.nytimes.com/2011/10/29/opinion/what-the-costumes-reveal.html?...
Shoud be an interesting bankruptcy. The FCM report from CFTC is showing $7,270,301,248 in customer segregated accounts.
do you have a link for that? thanks.
http://www.cftc.gov/MarketReports/FinancialDataforFCMs/index.htm
thanks much. segregated means MF can't play with it, right? and assuming they can't, do you know of any loopholes in that regard? (i have a relative with an account there...)
Segregated means segregated for just this type of event. When the bankruptcy court starts going through all the money and creditors, they will not be able to touch that $7 billion in customer accounts. The rest of their assests will be tallied up and people will have to get in line for the haircut. For those people it may take years to see any money. For your relative, they should be fine. It will be a matter of the bankruptcy court allowing a paid staff in the accounting department to start refunding the money.
Segregated means segregated for just this type of event. When the bankruptcy court starts going through all the money and creditors, they will not be able to touch that $7 billion in customer accounts. The rest of their assests will be tallied up and people will have to get in line for the haircut. For those people it may take years to see any money. For your relative, they should be fine. It will be a matter of the bankruptcy court allowing a paid staff in the accounting department to start refunding the money.
that's what i thought. thanks very much.
now you know why Fast Money is broadcast at ground level.
Segregated means that MF (any FCM) is restricted in how it can invest the customers' money in excess of margins. this is how FCMs generate a large portion of revs. the cftc rules do allow for 'investment' of cust seg funds in a variety of securities, including it seems SOVEREIGN DEBT. see securities and exchange act title 17, section 1.25(a)(1.)(vii) investment of customer funds. good luck.
crap... i have a small account with them. Oh well. We'll see what happens tomorrow. Hope I get bailed out. lol
There isn't any retail forex at MF Global, so it shouldn't be that bad. It'll just take some time for the bankruptcy court to start cutting the checks.
crack of doom bitchez
http://www.youtube.com/watch?v=5U319VzSqEU
Dude. Thanks for the link! The Tiger Lillies ... haha awesomeness
Whoa.. just got a Weimar Berlin chill from that one.
Gold just fell off a cliff. Does that say "risk off?"
Gold does not like deleveraging and money destruction....get out now while you can
Who needs OWS when these dumb and greedy ba$tards eventually self-destruct (just not fast enough for those on Main Street). My heart bleeds for them.
Ya, but the CEOs and management will pay themselves billions of dollars in exit pay. It has to be legal.; it is in their contracts.
Legal is not working.
Ok..... likely not a Llehman, much smaller, BUT they do have 3000 employees in 70 countries, their common equity a couple years a go was 5 billion, the question is , whats their derivatives exposure, This bears watching,
THis Golden Sacks m.....er f....er , just excellent, midnight mass for me THANK YOU JESUS we got one!!!!
There is great conterparty risk, I am closing out all positions and recommend the rest of you do the same!!!
how is this different from Dexia?
Yup...
Gold just lost it's erection.
Fucking PPT.
fUCK YOU bEN,tIMMY AND CREW.
It's like anti-Viagra for Gold and Silver.
So, 6000 wingtips just hit the cement, superb, free round of joints at NYC OWS (ley) , get it?
They were trying to get help from the largest Chinese fortune cookie maker in China, but when they cracked open cookie it just read:
"The total world is in a a giant Ponzi Scam -Your Doomed"
How much is MF Global worth and what is going to be given up, and by whom? Anybody know? How does this affect the big picture?
How much is MF Global worth and what is going to be given up, and by whom? Anybody know? How does this affect the big picture?
...still not touching the short side of equities...PPT is out there, I know it
tomorrow is as good a day as any to short, if not load up the truck for Tuesday should be a fun day!
MF who? Sexy MF?
What makes this somewhat comical is some of you may remember a post I did ~3 months ago from a debt deal MF Global did, there was an addendum to the deal that said the bond would pay 1% (100bp) MORE if the CEO of MF Global were named head of the NY Federal Reserve Bank within 6 months. Some speculated that Lil Timmy was out and Corzine in, we didn't expect it to be from MF Global going bust. What are nomination chances for Lil Dickey Corzine now LOL From Senator to CEO to Unemployed all within 1 year
I do remember that one. Guess Corzine was making a job application.
Then again, we could still get stuck with him as a czar or something. He's available.
I would actually listen to yhose nomination hearings, getting "grilled" from the same guys he worked with for 8+ years. "And Dick, I mean Mr Corzine, if you ran MF Global into bankruptcy in under 12 months how are you qualified to run the Fed Bank of NY"? "Senator, that would be correct" :)
Intervention after intervention, why can't these idiots let the mother nature work by herself?
This will make for a painful Monday. Oh well, I thought all we had to worry about was Europe blowing up and another US credit rating cut... http://networthprotect.com/2011/10/31/easy-a-debt-ratings-dont-matter-yields-do/
This isn't Lehman.
Dexia and MF are like the 2 BS funds that went under.
We still have to live through the ESFS funded recaps and mergers ala Merrill, WaMu, JPM/BS etc...
The EU is only planning on the banks needing E100bbn. IMF says E300bbn, CS says E400bbn and Goldman says E1ttn.
The real recap cost will be high enough the mkts will choke on it (more specifically bank CEOs won't accept the dilution and will wait till June 2012 to do anything) and most governments won't be able to fund without ESFS help, so this will exhaust ESFS and push Italian and Spanish yields over 7.
THEN we get Lehman. Once the ESFS is exhausted and France looses AAA. Prob next summer.
Not saying we won't be down over next 6 months, just that history suggests crisis is more likely next July/Aug (really it's getting TOO predictable).
Next catalyst for next small slide is no resolution from US super committee, expiration of unemployment benefits and FICA tax reductions, crappy Xmas spend, and downgrade of US to AA-.
That will be good for a retest of 1,100. But LEHMAN will be next summer!
:)
"MF Global’s lenders include Citigroup Inc., Bank of America Corp., and JPMorgan Chase & Co., Bloomberg data show"
Lets see how this banks will hold.
Will there be any ripples in derivatives markets as the unwind begins?
Corzine ran it like it was New Jersey.
He'll be shown as a bigger DA than Robert Rubin, the once darling and world's smartest financier.
Couldn't have happened to a better douche......I remember Corzine standing in front of all the union workers in a Trenton union rally, and yelling "I will fight for you, I will fight for you!"
He was management and should have been fighting for us...the NJ taxpayer!
I hope he, his reputation and his finances blow up along with MF Global!