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"The Entire System Has Been Utterly Destroyed By The MF Global Collapse" - Presenting The First MF Global Casualty

Tyler Durden's picture





 

Presented without comment, merely to confirm that the market as we know it, no longer exists.

BCM Has Ceased Operations (source)
Posted by Ann Barnhardt - November 17, AD 2011 10:27 AM MST

Dear Clients, Industry Colleagues and Friends of Barnhardt Capital Management,

It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator.

The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy.

The futures markets are very highly-leveraged and thus require an exceptionally firm base upon which to function. That base was the sacrosanct segregation of customer funds from clearing firm capital, with additional emergency financial backing provided by the exchanges themselves. Up until a few weeks ago, that base existed, and had worked flawlessly. Firms came and went, with some imploding in spectacular fashion. Whenever a firm failure happened, the customer funds were intact and the exchanges would step in to backstop everything and keep customers 100% liquid – even as their clearing firm collapsed and was quickly replaced by another firm within the system.

Everything changed just a few short weeks ago. A firm, led by a crony of the Obama regime, stole all of the non-margined cash held by customers of his firm. Let’s not sugar-coat this or make this crime seem “complex” and “abstract” by drowning ourselves in six-dollar words and uber-technical jargon. Jon Corzine STOLE the customer cash at MF Global. Knowing Jon Corzine, and knowing the abject lawlessness and contempt for humanity of the Marxist Obama regime and its cronies, this is not really a surprise. What was a surprise was the reaction of the exchanges and regulators. Their reaction has been to take a bad situation and make it orders of magnitude worse. Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable. The risk exposure precedent that has been set is completely intolerable and has destroyed the entire industry paradigm. No informed person can continue to engage these markets, and no moral person can continue to broker or facilitate customer engagement in what is now a massive game of Russian Roulette.

I have learned over the last week that MF Global is almost certainly the mere tip of the iceberg. There is massive industry-wide exposure to European sovereign junk debt. While other firms may not be as heavily leveraged as Corzine had MFG leveraged, and it is now thought that MFG’s leverage may have been in excess of 100:1, they are still suicidally leveraged and will likely stand massive, unmeetable collateral calls in the coming days and weeks as Europe inevitably collapses. I now suspect that the reason the Chicago Mercantile Exchange did not immediately step in to backstop the MFG implosion was because they knew and know that if they backstopped MFG, they would then be expected to backstop all of the other firms in the system when the failures began to cascade – and there simply isn’t that much money in the entire system. In short, the problem is a SYSTEMIC problem, not merely isolated to one firm.

Perhaps the most ominous dynamic that I have yet heard of in regards to this mess is that of the risk of potential CLAWBACK actions. For those who do not know, “clawback” is the process by which a bankruptcy trustee is legally permitted to re-seize assets that left a bankrupt entity in the time period immediately preceding the entity’s collapse. So, using the MF Global customers as an example, any funds that were withdrawn from MFG accounts in the run-up to the collapse, either because of suspicions the customer may have had about MFG from, say, watching the company’s bond yields rise sharply, or from purely organic day-to-day withdrawls, the bankruptcy trustee COULD initiate action to “clawback” those funds. As a hedge broker, this makes my blood run cold. Generally, as the markets move in favor of a hedge position and equity builds in a client’s account, that excess equity is sent back to the customer who then uses that equity to offset cash market transactions OR to pay down a revolving line of credit. Even the possibility that a customer could be penalized and additionally raped AGAIN via a clawback action after already having their customer funds stolen is simply villainous. While there has been no open indication of clawback actions being initiated by the MF Global trustee, I have been told that it is a possibility.

And so, to the very unpleasant crux of the matter. The futures and options markets are no longer viable. It is my recommendation that ALL customers withdraw from all of the markets as soon as possible so that they have the best chance of protecting themselves and their equity. The system is no longer functioning with integrity and is suicidally risk-laden. The rule of law is non-existent, instead replaced with godless, criminal political cronyism.

Remember, derivatives contracts are NOT NECESSARY in the commodities markets. The cash commodity itself is the underlying reality and is not dependent on the futures or options markets. Many people seem to have gotten that backwards over the past decades. From Abel the animal husbandman up until the year 1964, there were no cattle futures contracts at all, and no options contracts until 1984, and yet the cash cattle markets got along just fine.

Finally, I will not, under any circumstance, consider reforming and re-opening Barnhardt Capital Management, or any other iteration of a brokerage business, until Barack Obama has been removed from office AND the government of the United States has been sufficiently reformed and repopulated so as to engender my total and complete confidence in the government, its adherence to and enforcement of the rule of law, and in its competent and just regulatory oversight of any commodities markets that may reform. So long as the government remains criminal, it would serve no purpose whatsoever to attempt to rebuild the futures industry or my firm, because in a lawless environment, the same thievery and fraud would simply happen again, and the criminals would go unpunished, sheltered by the criminal oligarchy.

To my clients, who literally TO THE MAN agreed with my assessment of the situation, and were relieved to be exiting the markets, and many whom I now suspect stayed in the markets as long as they did only out of personal loyalty to me, I can only say thank you for the honor and pleasure of serving you over these last years, with some of my clients having been with me for over twelve years. I will continue to blog at Barnhardt.biz, which will be subtly re-skinned soon, and will continue my cattle marketing consultation business. I will still be here in the office, answering my phones, with the same phone numbers. Alas, my retirement came a few years earlier than I had anticipated, but there was no possible way to continue given the inevitability of the collapse of the global financial markets, the overthrow of our government, and the resulting collapse in the rule of law.

As for me, I can only echo the words of David:

“This is the Lord’s doing; and it is wonderful in our eyes.”

With Best Regards-
Ann Barnhardt

 


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Thu, 11/17/2011 - 15:44 | Link to Comment DB Cooper
DB Cooper's picture

No that's what CNBC would say.  Any at all are only to make the sheeple believe the gov't really cares.

Thu, 11/17/2011 - 16:26 | Link to Comment NotApplicable
NotApplicable's picture

Twenty years ago, there were lots of acts that were illegal. Today? Not so much.

Thu, 11/17/2011 - 15:29 | Link to Comment transaccountin
transaccountin's picture

i bet this guy was content and exuberant when the market was rocketing on qe1 an qe2 hopium huh?

hypocrisy

Thu, 11/17/2011 - 15:36 | Link to Comment j0nx
j0nx's picture

FFS which guy are you referring to? The person to whom the rest of us are referring and who wrote the letter is a fn'g WOMAN! *snap snap* wake up.

Thu, 11/17/2011 - 15:44 | Link to Comment transaccountin
transaccountin's picture

whoever wrote the letter. while all was rosey bet she never saidca word

Thu, 11/17/2011 - 16:14 | Link to Comment Chump
Chump's picture

Go die in a fire you illiterate donkey.

Thu, 11/17/2011 - 16:16 | Link to Comment Vergeltung
Vergeltung's picture

moron.

Thu, 11/17/2011 - 15:29 | Link to Comment gibbersome
gibbersome's picture

Great rant, started out awesome, but kind of got conspiracy theory like at the end. I don't know if the government will ever be able to successfully regulated commodity markets (there's usually a loophole if you look hard enough, and if not, hire lobbyist to create one). But the part about the whole system being corrupt and full of risks...spot on!

Thu, 11/17/2011 - 15:48 | Link to Comment Milestones
Milestones's picture

As I suggested in another post--Let the punishment be the same as metted out to Joan of Arc for ALL financial crimes. This shit will stop NOW.  Milestones

Thu, 11/17/2011 - 16:27 | Link to Comment tmosley
tmosley's picture

If you think this is what the market is normally like, I have a bridge I'd like to sell you.

Thu, 11/17/2011 - 15:31 | Link to Comment Glasgow Gary
Glasgow Gary's picture

Concur with the conclusions of the author but please, spare us the cranky stuff like "Corzine is a crony of the Obama regiime" and especially the low educational level touting of the word "Marxist." Corzine well predates Obama, both on the Street, at GS, and in politics. And obviously you have only a bumper-sticker understanding of the word "Marxist." The Obama Administration is as mainstream and corporatist as they come.

But I do agree with the conclusions here. The US has become a joke of regulatory capture, and regulatory failure. I would advise the ROW to not do business here.

GG

Thu, 11/17/2011 - 15:45 | Link to Comment CIABS
CIABS's picture

hey, i know there are zerohedge commenters who are into this kind of thing, but the truth is that the writer, who is correct about almost everything in her letter, devastates her credibility by calling obama and his cronies, implicitly including corzine, marxists.  what a joke.

Thu, 11/17/2011 - 15:56 | Link to Comment Calmyourself
Calmyourself's picture

There is no possibility they are marxists after all they don't have a little red book in their hands they cannot be closet marxists of the fabian stripe nope, not possible..  Right...

Thu, 11/17/2011 - 16:13 | Link to Comment CIABS
CIABS's picture

i'm familiar with all that.  if you think marx was actually in favor of a global tyranny, then you could call the NWO types marxists.  there are a lot of things that we don't know about karl marx.  some people think that jesuits wrote his books.  i don't know for sure.  clearly the anglo-americans used his work (if it was his) in their geopolitical machinations.  rather than speculate about him, i think we should use "marxist" to refer to the essential vision that is expressed in the writings, which i would say is not in favor of global tyranny.  i think it's obvious that the writings are anti-elitist.  whether the ideas are right or wrong, or good or bad, obama and corzine are not marxists in this sense.

Thu, 11/17/2011 - 16:28 | Link to Comment Calmyourself
Calmyourself's picture

Marx was in favor of global governance as all the workers of the world would unite or was his philosophy strictly limited to Mother Russia, if so you may wish to infrom Ukraine, East Germany etc..  In order to be as accurate as possible the ruling elite have been infected with fabian socialism methodology and will implement however it is possible to do so.  Their current method seems to be the deliberate collapse of the world financial system with them remaining as the overclass.

Thu, 11/17/2011 - 16:54 | Link to Comment spooz
spooz's picture

As the fascism starts to creep in, the NWO types still are looking for those closet Marxists.  lol.  They will be the last to see it.

Thu, 11/17/2011 - 17:02 | Link to Comment Calmyourself
Calmyourself's picture

Quit drinking your name and think..  There is no right left political continium it is a circle where national Socialism is fascism is Marxism just keep thinking a boot on a human face forever...

Thu, 11/17/2011 - 18:45 | Link to Comment spooz
spooz's picture

edit the double post, can't delete...

but yeah, lolz on the fun name calling game.  so much more fun than having to think beyond your narrow confirmation bias.

Thu, 11/17/2011 - 18:12 | Link to Comment spooz
spooz's picture

Uh, drinking my name?

You'd have to be familiar with the futures market to know what it stands for. Got some connections to the old dinosaur open outcry trading pits before computers owned the world.

And painting socialism with the same brush as fascism serves the elite well I suppose.  Keeps those sheeple down.

 

Thu, 11/17/2011 - 18:20 | Link to Comment Calmyourself
Calmyourself's picture

spooge=spooz

Thu, 11/17/2011 - 18:52 | Link to Comment spooz
spooz's picture

oh, right I get that game,

Calmyourself = STFU

Calmyourself = palm yourself (rosie and her 5 sisters)

lolz

 

 

Thu, 11/17/2011 - 21:24 | Link to Comment Calmyourself
Calmyourself's picture

Yep, whenever I get under someones skin, course as easy as this was it only two of these, thwap, thwap...

Thu, 11/17/2011 - 22:07 | Link to Comment spooz
spooz's picture

you ain't under my skin simpleton

i take you for what you are:

an easily led sheeple, repeating what his masters have told him, which is all the thinking you need to do

 

Thu, 11/17/2011 - 21:27 | Link to Comment Calmyourself
Calmyourself's picture

Okay, So Hitler as the head of the National Socialists was a socialist or a fascist?  Give us a little rundown of his relationship with the trade unions and then Kaiser etal..  He was bringing the sheeple up with what then splooz?  The promise of lebensraum, enlighten us sheeple..

Thu, 11/17/2011 - 22:04 | Link to Comment spooz
spooz's picture

Why choose Nazi Germany instead of Sweden as a socialist model? Because it fits your agenda?

Thu, 11/17/2011 - 22:19 | Link to Comment Calmyourself
Calmyourself's picture

If I was in your position I would avoid that particular question like the plague too, tough one isn't it and pretty much proves my point..  For anyone midly interested, we were trying to discuss splooz's disgusting personal habits as well as the continium of political persuasions however mr spooz decided that the question of nazi germany being national socialists was a bit touchy.. 

So we get to discuss happy, happy socialist Sweden, where all the blond girls dye their hair black so the immigrants will not rape them..  Yes, a healthy system indeed Mr. spolze, we should certainly emulate it here..

http://westerncivilizationandculture.blogspot.com/2009_04_01_archive.html

Fri, 11/18/2011 - 00:43 | Link to Comment spooz
spooz's picture

So Sweden doesn't prosecute rapes adequately and that is supposed to support your case that socialism doesn't work?  Ummm...I was thinking more about the sustainability of their economic structure. 

And the Nazi Germany thing?  Other than racists like Glenn Beck, who I don't think will ever have a significant following, I don't see our country headed in that direction.  What is it about Nazi Germany that you see creeping into the country, since you brought it up? I don't see political parties being banned, we still have freedom of information, freedom to protest.  Besides, the whole discussion was about Marxism and I'm not convinced that Nazi Germany was Marxist.  Even if you could convince me it was, does it follow that a psychopath will be elected if you practice Marxism?  Seems like you confuse causation and correlation. But I don't really expect you to know what that means. 

Thu, 11/17/2011 - 16:04 | Link to Comment MachoMan
MachoMan's picture

Did you read the blueprint for change?

Thu, 11/17/2011 - 15:58 | Link to Comment flattrader
flattrader's picture

GG,

Please don't confuse this crowd with the facts.

Thu, 11/17/2011 - 15:59 | Link to Comment spooz
spooz's picture

Yeah, very hard to continue reading when the kneejerk "Marxist" label is used.  Doesn't the writer get that we are a crony capitalistic corporatocracy?  A steady march of disenfranchising people/voters who get to choose which owned politicians are least harmful to a sustainable economy instead of a Black Commission to root out corporate corruption.  (as in Bill Black, who cleaned up after the savings & loan crisis, now marginalized by MSM and powers that be).

At this point, how can we not expect a facist state to eventually take power, as we may be seeing in Greece?  For the author to think the people have enough power to bring about a Marxist regime or that status quo, particularly through right-of-center, owned by banksters Obama, could bring it about?  Delusion.

 The fact that you allow such unimformed analysis on the website is one reason I rarely quote ZH on other forums.

Thu, 11/17/2011 - 16:31 | Link to Comment NotApplicable
NotApplicable's picture

Wait, you believe that Marxist regimes are "people powered?"

Fascism is just the next step to go from corporatism to full-blown Marxism.

Thu, 11/17/2011 - 20:34 | Link to Comment spooz
spooz's picture

Got any real world examples of that?  Because I thought fascists opposed Marxism.

Unless you mean fascism leads to revolution which led to Marxism. I could see that.  But I hardly think revolution is in the plan for NWO.

Thu, 11/17/2011 - 16:28 | Link to Comment JOYFUL
JOYFUL's picture

And obviously you have only a bumper-sticker understanding of the word "Marxist." The Obama Administration is as mainstream and corporatist as they come.

and Marxism is as mainstream corporatist as they come. Win Win. Oink Oink.

Marxism® - Dreamed up by Wall Street, financed by same, subsidized and keep alive for 70 years by Wall St and the munitions business.

Invest a bit of time reading Anthony Suttons' Wall St and the Bolshevik Revolution...it'll peel the sticker right offa your bumper!

 

Thu, 11/17/2011 - 19:38 | Link to Comment spooz
spooz's picture

If you expect the gamers to keep playing the same game, you will lose. They are always two steps ahead. 

To my way of thinking, they have no interest in providing a public safety net in economic downturn.  Forcing those with the resources to provide for the common good is not going to be in the game plan.  Only dismantling and privatizing of all safety nets so that the rentier class gets a piece of everything.

 

Thu, 11/17/2011 - 22:59 | Link to Comment Calmyourself
Calmyourself's picture

Yes, the old rentier class, workers of the world unite to forge a safety net from the carcasses of the bourgeois.  Those with the resources ha, for 99% of Africa, YOU fool, are the 1% so when you shipping your resources to Africa?

Fri, 11/18/2011 - 00:03 | Link to Comment spooz
spooz's picture

Sorry, the globalism thing doesn't work for me, so, no, my taxes shouldn't be going to Africa when economic conditions have made things so hard for so many in my own country.  But for citizens of the USA, I'm willing to put my taxes to work keeping the safety net intact.  Ideally, it would include things like public health care (very basic coverage), free education, food and shelter. The entitlements would be at a very basic level, but enough so that human dignity is preserved and people have a chance to reach up for the American Dream.  If that makes me a commie, then you are a fascist.

Fri, 11/18/2011 - 00:12 | Link to Comment Calmyourself
Calmyourself's picture

If I'm a fascist your a meanie.. Okay got that out of the way.. We already provide these social safety nets in nearly unending amounts, hell we provide them by law to illegal immigrants. In your "very basic"  description above we should be cutting our entitlements by 40-50%; welcome to the party pal..

What more exactly would you like so you can feel good about yourself, helping starving Africans apparently is not on the list Mr. 1%..  So spill it, what makes splooge all warm and fuzzy, Sweden and some warm milk perhaps.

Fri, 11/18/2011 - 00:25 | Link to Comment spooz
spooz's picture

No, we should make the safety nets more efficient by offering public option health care available in community clinics using nurse practitioners partnering with government employed doctors.  Medicare for all, including our elected representatives.  Generic drugs, rationing elective surgeries, outcome based medicine.  Lots of ways to cut the fat there.  Like means testing for social security, which I like to think of as old age poverty insurance.

Whats all this about Africa?  You making some assumptions about me, knee jerk?  I actually like to call myself a libertarian socialist, so a lot of your assumptions will be WRONG. And don't go googling it, because the wicki doesn't define me either. You don't know me.  But I know you.  All I have to do is watch John Stewart make fun of Glenn Beck to get what you are about. Maybe its time to go palm yourself again.

Fri, 11/18/2011 - 11:50 | Link to Comment Calmyourself
Calmyourself's picture

A Libertarian socialist is what you like to call yourself.  Perhaps full on retard is more descriptive.  Who the hell is John Stewart or Glenn Beck you dropped out of the MSM remember... Africa ?  Above you are calling for social safety nets but only for people in America and then you call for basic rationing based on the oh so smart technocrats (libertarian, yeah right)using outcome based medicine  Your failure to answer any meaningful questions shows us all what you truly are.

Thu, 11/17/2011 - 15:30 | Link to Comment willien1derland
willien1derland's picture

Awestruck - There is NOTHING that can be added to or subtracted from her statement - absolutely one of the finest assessments of the state of the futures markets presently - If I could be granted a wish - I would love to have STEVE LIESMAN read this letter on air at CNBC....Now that would be the only reason to EVER watch CNBC...God Bless Ann - your integrity is impeccable & you have won my admiration & respect.

Thu, 11/17/2011 - 15:40 | Link to Comment madbuilder
madbuilder's picture

so am i to assume that if Romney gets in all will be corrected?  Whew. i was concerned that this might be a situation wherein both of our political parties might be the responsible whores.  glad i have something to be optimistic about- ROMNEY 2012- ALL will be fine AGAIN!!!!!!

Thu, 11/17/2011 - 16:25 | Link to Comment CIABS
CIABS's picture

no it won't because romney must be a marxist!

:)

Thu, 11/17/2011 - 16:42 | Link to Comment Tortfeasor
Tortfeasor's picture

Clearly she said that republicans are the answer.  It's right there!  Or between the lines!  Or outside the lines!

Idiot, she bashed your corrupt ringleader for being corrupt.  Deal with it.  Doesn't mean she wants some other idiot in power either.  You can take your straw-man, and the two of you can go home and fuck yourselves.

Thu, 11/17/2011 - 18:09 | Link to Comment madbuilder
madbuilder's picture

bashed my ringleader?  guessed you missed that day of school when your booklearnin' should've been geared towards sarcasm.  didn't know i had a ringleader- and if i did they wouldnt have a D or an R in front of thier name, which is my point.  my ideal ringleader would look alot like chelize theron (in Aeon Flux of course), quoting thomas jefferson, while opening up a can of woop ass in the halls of congress, the white house, the headquarters of both political parties, the pentagon, every big bank, the insuarnce giants, vulture funds, corporate media outlets............

i know i am missing someone here

Thu, 11/17/2011 - 15:47 | Link to Comment Gringo Viejo
Gringo Viejo's picture

Agree willien: Not sure I can completely grasp the whole, but I believe there is something momentous and groundbreaking in this statement.

Thu, 11/17/2011 - 16:08 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

This may be one of those rare moments where (to analogize) a HUGE rock gets tossed out into the middle of the lake, those listening can hear the splash.  Later the wave arrives.

Looks to me like, as mentioned above, that MF Global was the tip of the iceberg.

And Jon Corzine IS a crony of Obama as well as The Biggest POS on the PlanetTM.

Thu, 11/17/2011 - 16:26 | Link to Comment New_Meat
New_Meat's picture

DCRB: I'm glad you got the mark on "The Biggest POS on the Planet."

- Ned

{need an agent? ;-)  I see great things in your future for the never-ending series.}

Thu, 11/17/2011 - 16:37 | Link to Comment NotApplicable
NotApplicable's picture

More like Obama is a crony of Corzine. Or they are both cronies of Kissinger (et al.).

Thu, 11/17/2011 - 15:30 | Link to Comment unionbroker
unionbroker's picture

Barnhardt Capital Management in Greenwood Village, CO is a private company categorized under Nonclassified Establishments. Current estimates show this company has an annual revenue of unknown and employs a staff of approximately 1 to 4......  not that i don' totally agree

Thu, 11/17/2011 - 15:49 | Link to Comment Manthong
Manthong's picture

OK, so she's a small operator and might not have much of a business footprint.. but she does know how to make an impression.

Thu, 11/17/2011 - 16:59 | Link to Comment High Plains Drifter
High Plains Drifter's picture

sounds to me like a front company..........yet she seems to be able to have lots of time to go around making misleading and false speeches about islam and 911 etc........her job seems to be to make us hate islam instead of our true enemies and with a name like barnhardt i already have the jewdar 2000 going haywire ......

Thu, 11/17/2011 - 15:30 | Link to Comment Argos
Argos's picture

That was right to the point!

Thu, 11/17/2011 - 15:31 | Link to Comment vegas
vegas's picture

Saw this handwriting on the wall 20 years ago. People thought I was nuts for bailing all funds out of the U.S. Criminal exchanges, regulatory agencies that don't have a fucking clue or are totally bought off, or both, and an electorate that is dumber than a bag of carrots.

For all the morons who bought into hopey changey: how's that workin' out for ya?

I'm truly sorry for your misfortune.

 

http://vegasxau.blogspot.com

Thu, 11/17/2011 - 15:30 | Link to Comment Mitch Comestein
Mitch Comestein's picture

Begin the seven(ty) years of famine, bitchez.

Thu, 11/17/2011 - 15:35 | Link to Comment mfoste1
mfoste1's picture

nahh we have SNAP. the government will provide {rolling eyes}

Thu, 11/17/2011 - 15:31 | Link to Comment jm
jm's picture

Read this missive twice.  Very intense and very true.

One consolation I take is that the United States is a free enough country that such can be written.

Thu, 11/17/2011 - 16:41 | Link to Comment NotApplicable
NotApplicable's picture

That's only because it helps fuel the ole divide and conquer paradigm. With her fundy attitude, it serves to discredit her message to some at the same time that it lends credence to others.

Confirmation bias, FTW!

Thu, 11/17/2011 - 15:31 | Link to Comment DogSlime
DogSlime's picture

Hell's bells!

Looks like it's going to be an interesting Friday.

Thu, 11/17/2011 - 15:31 | Link to Comment youngman
youngman's picture

so this explains why gold and silver are down big today...If I was pulling my money out of the Russian Roulette market....where would I put it if I lost faith in the markets....to me that would be gold and silver....so like I said that is why it is down today big....WTF....I am going to get drunk tonight....I have much mre fun when I talk to myself....

Thu, 11/17/2011 - 15:35 | Link to Comment sabra1
sabra1's picture

there's always canadian real estate!

Thu, 11/17/2011 - 15:46 | Link to Comment nope-1004
nope-1004's picture

As there was US real estate in 2006.

Head over the cliff at will.

 

Thu, 11/17/2011 - 15:32 | Link to Comment ReallySparky
ReallySparky's picture

HOLY SHIT! Applause for this Lady.  You Madame, have my deepest respect.

Thu, 11/17/2011 - 15:31 | Link to Comment chancee
chancee's picture

Read 'Confidence Men' if you want the whole run down on why and how Obama is almost soley responsible for everything being a hundred times worse than it needed to be.  This guy nails it.  An in-experienced, obsessed the the Presidency, President got steamrolled by the powers that be when he sailed cluelesslly into office.

Thu, 11/17/2011 - 16:51 | Link to Comment NotApplicable
NotApplicable's picture

Obummer isn't even responsible for the color of his ties! All that book does is to create cover for actions by blaming it on hubris and incompetence. While I'm sure these traits are paramount, they are not the reason any of this stuff has happened. It was all planned out well in advance, and executed knowing full well they had the storyline setup.

Why is this so hard for people to see? Puppets have no power other than their cult of personality. As an unknown, he had none of that until the media anointed him as "The One." It lasted just long enough to give the sheeple the desire to select him over McCrazy Old Man.

Within a hundred days, much like W (and his daddy), he was reduced to a babbling TOTUS, incapable of uttering a complete thought of his own (unlike Clinton and Reagan).

DC politics is no different than professional wrestling. They are both scripted for your to elicit your reactions, in order to create interest where none would otherwise exist.

Thu, 11/17/2011 - 15:31 | Link to Comment williambanzai7
williambanzai7's picture

CANARY CORZINE

Thu, 11/17/2011 - 15:34 | Link to Comment Cliff Claven Cheers
Cliff Claven Cheers's picture

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

This here's a story about Wallstreet and AIG 
Two old thieves with nothin' better to do 
Than sit around the Bank, get high, and watch the Rubes 
And here is what happened when they decided to cut loose 

They headed down to, ooh, old Washington DC 
That's where they ran into a great big hassle 
AIG shot a man while robbing his castle 
Wallstreet took the money and run 

Go on take the money and run 
Go on take the money and run 
Go on take the money and run 
Go on take the money and run 

Eric Placeholder is a detective down in Texas 
You know he knows just exactly what the facts is 
He is gonna let those two escape justice 
He makes his livin' off of the people's taxes 

Wallstreet, whoa, whoa, they slipped away 
AIG caught up to her the very next day 
They got the money, hey 
You know they got away 
They headed down south and they're still running today 
Singin' go on take the money and run 
Go on take the money and run 
Go on take the money and run 
Go on take the money and run 
Go on take the money and run 
Go on take the money and run 
Go on take the money and run 
Go on take the money and run

Thu, 11/17/2011 - 15:35 | Link to Comment mt paul
mt paul's picture

banzai

brilliance 

Thu, 11/17/2011 - 16:10 | Link to Comment Lord Welligton
Lord Welligton's picture

Spot on Mr Banzai7.

The "market" is corrupt to its core and there is no regulation.

Time to get out of the mine.

Thu, 11/17/2011 - 17:00 | Link to Comment High Plains Drifter
High Plains Drifter's picture

hey william , put some cuffs on that dude...........

Thu, 11/17/2011 - 15:31 | Link to Comment TooRichtoCare
TooRichtoCare's picture

but wait...isn't it all Dubya's fault?

Thu, 11/17/2011 - 15:31 | Link to Comment monkeys.pick.bottoms
monkeys.pick.bottoms's picture

Integrity - refreshing and inspiring.

Thu, 11/17/2011 - 15:32 | Link to Comment Tsunami Wave
Tsunami Wave's picture

Here we go again with Silver and Gold... Beginning of May 2011, End of September 2011.. right now.

At the same time, Christmas is coming early.. thanks again Blythe for the nice artificial dip period!

Thu, 11/17/2011 - 15:35 | Link to Comment ZeroPoint
ZeroPoint's picture

Armageddon is here.

 

I am become death, the destroyer of worlds....

Thu, 11/17/2011 - 15:32 | Link to Comment longjohnshorts
longjohnshorts's picture

Except, if you look at her website, she's a bit of a nut-case, isn't she?

Thu, 11/17/2011 - 15:40 | Link to Comment j0nx
j0nx's picture

I was expecting a hagred old heffer but she is actually not a bad looking broad AND she's rich to boot AND she likes guns. A man could do worse, that's for sure.

Thu, 11/17/2011 - 16:00 | Link to Comment Calmyourself
Calmyourself's picture

What is your definition of nut case?  God, Guns and honesty apparently..  Nice avatar Mr. Normal..

Thu, 11/17/2011 - 16:12 | Link to Comment i love cholas
i love cholas's picture

How about leaving out party politics for a fucking start.

Thu, 11/17/2011 - 16:18 | Link to Comment Calmyourself
Calmyourself's picture

Ohh, party politics make you a nut case..  Okay pal, careful with that chola it might give you a dirty look and you could perceive that as an opinion and cry yourself to sleep..

Thu, 11/17/2011 - 16:55 | Link to Comment NotApplicable
NotApplicable's picture

Yes, party politics makes one a nut-case.

You surely don't think that the divide and conquer game of mob-rule at gunpoint is a beneficial social system, do you?

Thu, 11/17/2011 - 17:12 | Link to Comment Calmyourself
Calmyourself's picture

NA certain ideas and stances on leadership, liberty, divine rights etc are very beneficial as they have produced at least for a while the most free richest country on the planet.  These ideas and concepts if represented and championed more properly by one group over another means that no in fact party politics does not make one a nut case.  Now, what we are currently experiencing has little resemblance to what I describe I understand that.

Thu, 11/17/2011 - 18:22 | Link to Comment blunderdog
blunderdog's picture

Personally, I think burning "holy books" because of anger about terrorism is pretty indicative of "nutcase-ism."

She has every right to burn whatever books she wants, and I'm all for self-expression, but it's fuckin-a nutty to think anyone should care, or that it could imply something about our foreign policy.

Thu, 11/17/2011 - 16:21 | Link to Comment Vergeltung
Vergeltung's picture

well said brother man.

 

Thu, 11/17/2011 - 15:37 | Link to Comment I am a Man I am...
I am a Man I am Forty's picture

Damn Ann, get off on yo' bad self.

 

edit: minus the religious mumbo jumbo

Thu, 11/17/2011 - 15:32 | Link to Comment TheLooza
TheLooza's picture

But he did stay at a holiday inn express last night....

Thu, 11/17/2011 - 15:32 | Link to Comment sabra1
sabra1's picture

soon to happen to all ETF's, mutual funds, etc. bidless market when internet and phone service out of order!

Thu, 11/17/2011 - 15:37 | Link to Comment centerline
centerline's picture

No. The dumb money is going down with the ship. Little guys at first, like ETFs and mutuals. The final act will be pension funds across the nation suddenly, all at once, realizing they are toast. That will probably occur in one, horrific 24 hour (or less) event ending in indefinate market suspension and bank holiday.

Thu, 11/17/2011 - 15:33 | Link to Comment Hapte
Hapte's picture

Fun headlines today.

Thu, 11/17/2011 - 15:33 | Link to Comment H Reardon
H Reardon's picture

Dominoes? Anyone?

Thu, 11/17/2011 - 15:34 | Link to Comment centerline
centerline's picture

Nothing new here.  BUT... maybe the start of the final exodus for smart money.  Unfortunately, dumb (desperate) money outnumbers smart money by a pretty wide margin.

Thu, 11/17/2011 - 15:34 | Link to Comment marcusfenix
marcusfenix's picture

ABANDON SHIP BITCHEZ!

thank you Ann, for stepping to the plate, and please feel free to ignore the haters as there will be many.

Thu, 11/17/2011 - 15:34 | Link to Comment Translational Lift
Translational Lift's picture

I guess that about sums it up.................

God help us all......

Thu, 11/17/2011 - 15:34 | Link to Comment soopy
soopy's picture

Eloquent.

Thu, 11/17/2011 - 15:34 | Link to Comment pelagivore
pelagivore's picture

Exceptional; now that's integrity.

Thu, 11/17/2011 - 15:34 | Link to Comment kito
kito's picture

is this confirmed authentic? 

Thu, 11/17/2011 - 16:56 | Link to Comment NotApplicable
NotApplicable's picture

It's on her blog.

http://barnhardt.biz/

Thu, 11/17/2011 - 15:36 | Link to Comment bob_dabolina
bob_dabolina's picture

Finally, I will not, under any circumstance, consider reforming and re-opening Barnhardt Capital Management, or any other iteration of a brokerage business, until Barack Obama has been removed from office AND the government of the United States has been sufficiently reformed and repopulated so as to engender my total and complete confidence in the government, its adherence to and enforcement of the rule of law

Department Of Homeland Security is on your ass. Have fun in Guantanimo you terrorist.

-Hussein Obama el Presidente 

Thu, 11/17/2011 - 15:40 | Link to Comment Translational Lift
Translational Lift's picture

..

Thu, 11/17/2011 - 15:58 | Link to Comment knukles
knukles's picture

"So if there're all these troubles in commodity markets, then why aren't people buying stocks instead because there you always get more than your money back."
              -like to attribute to MDB but never heard him say it.

Thu, 11/17/2011 - 16:03 | Link to Comment zilverreiger
zilverreiger's picture

As if it ever was trustworthy...

 

Thu, 11/17/2011 - 15:36 | Link to Comment Long-John-Silver
Long-John-Silver's picture

Thank goodness I hedged years ago with Beans, Bullets, and Bullion.

 

Thu, 11/17/2011 - 15:37 | Link to Comment falak pema
falak pema's picture

the entire system has been collapsed by a congress that is the face of infamy; and a mind set that has reaganomics written all over its machiavellic face. As you sow so shall you reap.

Thu, 11/17/2011 - 16:23 | Link to Comment Vergeltung
Vergeltung's picture

my, what an uncommonly dumb comment. nice work.

 

Thu, 11/17/2011 - 16:32 | Link to Comment Calmyourself
Calmyourself's picture

That is nothing read his accumulated works, guaranteed 20 points off your IQ..

Thu, 11/17/2011 - 16:58 | Link to Comment NotApplicable
NotApplicable's picture

No, really. puppets are responsible for everything.

Thu, 11/17/2011 - 15:37 | Link to Comment yogibear
yogibear's picture

The smart banksters took the money, offshore-d it, did creative accounting and let the government agencies bail out the mess. There is no reason to be honest anymore. No jail time, the SEC doesn't care. The system is f'd up!

Thu, 11/17/2011 - 15:37 | Link to Comment Mad Marv
Mad Marv's picture

Thu, 11/17/2011 - 15:38 | Link to Comment xcehn
xcehn's picture

Complete breakdown of confidence in the system.  Now it's time for everyone to ask about the money that's supposedly safe in the banks. Oh no!

Thu, 11/17/2011 - 15:38 | Link to Comment kevinearick
kevinearick's picture

Ignition

 

So, Indonesia is going to save the global economy now. They don’t have an original idea among the whole lot of them. By now, everyone should see that government/corporate has nothing whatsoever to do with the economic growth all depend upon. All it does is redistribute income to legacy systems depending upon how much gravity sling you want, which is why they can’t keep the economy going with $15T in debt. Just keep those orders coming and count them as revenue, with a Fed push, expecting a different outcome. Why not just cut to the chase and ship the entire Boeing enterprise to Indonesia.

 

The door closes, and the elevator immediately attempts to go up, down, and change speeds, simultaneously (VIX), and everyone in the building pees their pants just thinking about the experience. Loop the controller to itself, with sufficient delay to be sitting in your rocking chair enjoying a cup of tea when it explodes. If they call you to fix it, and they will, charge cash up front for all materials and payroll for the first leg of the job. If they take over the job, and they will, because they always “think” they understand once they see momentum toward completion, let them. Rinse and repeat.

 

This is not the first rodeo for Greece and there are plenty of people in that black market that know how the David & Goliath sh** show ends. There are three basic types in the coliseum, those betting on Goliath with their money and their mouth, those betting on David with their mouth and Goliath with their money, and those smart enough to bet on David and keep their mouth shut.

 

A living is performing a unique role required by an economy that others cannot or will not provide. A job is make-work to the end of income redistribution, to subsidize the past. Government is in the business of replacing real parents with token parents, to maintain the past. Those employing anxiety know exactly what they are doing, and that’s all, trying to capture others in their black hole, in a black hole of black holes, to delay. The train is leaving for the future and will not be coming back in your lifetime. Choose.

 

So, Grays Harbor “suddenly” has $1.8M for the homeless that it states in the media that it doesn’t know what to do with. Are they copying best business practice from Italy again?

 

Put up or shut up.

 

If you really want to know what to do with that money, here’s what you do:

 

Give $5k to every homeless person that enters the office next week with a business prototype, no strings, no administrative overhead, or do the homeless a favor and shut the f&&& up.

Thu, 11/17/2011 - 15:38 | Link to Comment lieutenantjohnchard
lieutenantjohnchard's picture

crisp writing. no punches pulled . i liked it.

Thu, 11/17/2011 - 15:39 | Link to Comment Absalon
Absalon's picture

There should be no trustee claw back on withdrawals of segregated funds.

 

Don't know what happens if it all turns out to have been intermingled so that your withdrawal came from general account - sue the auditor I guess.

Thu, 11/17/2011 - 15:40 | Link to Comment XRAYD
XRAYD's picture

Here is this lady unloading on Mitt - 

 

http://thespeechatimeforchoosing.wordpress.com/2011/06/03/ann-barnhardt-not-all-that-happy-with-mitt-romney/

 

No word on what she has to say about [Her]man Cain or Newt[er] Gingrich!

Thu, 11/17/2011 - 16:52 | Link to Comment Absalon
Absalon's picture

Wow.  I used to know a woman whose face worked like that but the Judge gave me a restraining order.

Thu, 11/17/2011 - 18:21 | Link to Comment Isotope
Isotope's picture

She's got Crazy Eyes.

Thu, 11/17/2011 - 15:40 | Link to Comment spanish inquisition
spanish inquisition's picture

Your options are staying in the market and losing all your money, or getting a claw back notice if you don't get out early enough.

Thu, 11/17/2011 - 17:00 | Link to Comment NotApplicable
NotApplicable's picture

Why would it not surprise me to see her firm receive the first notice.

Thu, 11/17/2011 - 15:40 | Link to Comment LawsofPhysics
LawsofPhysics's picture

The recomendation to go into physical cash and or PMs has been proclaimed by many for quite some time, welcome to the party, by the time these folks start pronouncing they are doing the same thing, it is too late.  We'll see how this plays out if it is the real deal.

Thu, 11/17/2011 - 15:41 | Link to Comment AldoHux_IV
AldoHux_IV's picture

I would say Obuma is more crony capitalist and is a mouthpiece of what his employers (aka banks and large corporations) tell him to say.  Marxism would be a stretch for him, but I wholeheartedly agree with repopulating the US government as the current form (like previous ones before it) have only their cronies best interest in mind and not the real economy.

Thu, 11/17/2011 - 15:42 | Link to Comment indio007
indio007's picture

The resulting collapse of the rule of law?

 

Uhm... I thought you were leaving because it ALREADY collapsed.....

Thu, 11/17/2011 - 15:47 | Link to Comment FubarNation
FubarNation's picture

I bet that bloke didn't get laid this morning.

Thinking over lunch that I should try to extract as much cash from my accounts as possible and wire an order to Gainesville as well.

I really think things are getting out of hand.

 

PS My bad. Anne not a man.  It could be that time of the month I suppose.

Thu, 11/17/2011 - 15:42 | Link to Comment King Dong
King Dong's picture

Couldn't happen to a nicer girl

Thu, 11/17/2011 - 15:42 | Link to Comment russwinter
russwinter's picture

MF Global, Another Sympthom of Grand Theft Nation

http://www.wallstreetexaminer.com/blogs/winter/?p=4276

Thu, 11/17/2011 - 15:42 | Link to Comment sitenine
sitenine's picture

+1 Ann Barnhardt

Quoting Kyle Bass, "guns and gold."
God help us all.

Thu, 11/17/2011 - 15:44 | Link to Comment Chuck Norris
Chuck Norris's picture

I'd like to date her.

Thu, 11/17/2011 - 17:01 | Link to Comment NotApplicable
NotApplicable's picture

I don't know if you're man enough, Chuck. She's got some of the biggest balls I ever did see.

Thu, 11/17/2011 - 18:25 | Link to Comment Temporalist
Temporalist's picture

Chuck Norris' vagina is so big he gave birth to the universe.

Thu, 11/17/2011 - 15:49 | Link to Comment Seasmoke
Seasmoke's picture

wow this GIRL isnt fucking around any more.....figures its a girl who has more balls in 2011

Thu, 11/17/2011 - 15:44 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Should be no surprise to ZHers. 

THe solution in 08 was? To lever even more. That's what always worked since the Reagan days. 

None of the big connected players ever thought for a second that it could fail since the Fed had their back. That all changed with MFG. I said it here for 2 weeks. THe other big change was Greek bond haircuts. Both of those imply that unforseen risks are back ont the table

Thu, 11/17/2011 - 15:45 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

Ann Barnhardt = honorary lifetime pi-rat

Thu, 11/17/2011 - 15:54 | Link to Comment akak
akak's picture

Aye, matey, she be welcome aboard my corsair any day!  Arrrhhh!

Thu, 11/17/2011 - 16:01 | Link to Comment fuu
fuu's picture

Do you have hats?

Thu, 11/17/2011 - 16:24 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

L0L!!!

 

if you would like one, please specify:
    -virtual
    -tinfoil
    -all of the above

Thu, 11/17/2011 - 16:33 | Link to Comment fuu
fuu's picture

All of the above please good sirrah.

Fri, 11/18/2011 - 03:02 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

+++++

Thu, 11/17/2011 - 15:46 | Link to Comment chinaboy
chinaboy's picture

Why don't they send Jon (Ken Lay) Corzine to the jail? It is too bad to see good Americans get hurt and Corzines / CMEs of the world live like fat cats.

Thu, 11/17/2011 - 16:09 | Link to Comment flattrader
flattrader's picture

"Why don't they send Corzine to jail?"..."Why is he still alive?" is a better question.

Thu, 11/17/2011 - 16:52 | Link to Comment Jena
Jena's picture

No.  He ought to be alive and miserable in prison for a long, long time.

Thu, 11/17/2011 - 17:04 | Link to Comment NotApplicable
NotApplicable's picture

Better yet, why isn't there an #OccupyCorzine going on right now?

Fri, 11/18/2011 - 08:48 | Link to Comment Pope Clement
Pope Clement's picture

You wouldn't understand, it's a Jersey thing...

Thu, 11/17/2011 - 15:47 | Link to Comment Temporalist
Temporalist's picture

Oh it isn't so bad.  The account holders will get a WHOLE 60% of their funds back! 

Thu, 11/17/2011 - 15:48 | Link to Comment Peter K
Peter K's picture

Very sad to read the above.

I've been in the exchange traded market space going on 30 years. Found it to be a much safer environment to trade in than the OTC/bank trading space, not to mention the browser based fx/cfd/spreadbetting environmnet.

As for MF Global, the cause of the problem, i.e. the misappropriated client funds, was criminal in nature. I don't think it's possible to know/protect oneself from criminal activities. There are procedures in place, and if those precedures were violated, that means collusion, which is also a criminal activity. No way of getting around that.

Once again, as to the regulated market environment, it is still, and always will be a much safer environment than the OTC/bank environment, and I think that this is worth repeating.

As to the final point, about the criminal nature of Barak Obama and his administration, I wholeheartedly agree. The only solice that I draw from this aberation is that our founding fathers designed a system of governanace in which the least intellegent members of the ariticratic class (or any class for that matter) could function, and not destroy it. If there is a epilog to the presidency of Barak Hussien Obama, it is that he came, he saw, and he couldn't f**k it up beyond repair.

Thu, 11/17/2011 - 16:04 | Link to Comment catacl1sm
catacl1sm's picture

Obama is puppet, like Corzine. The heads of GS rule the world, not voters.

Thu, 11/17/2011 - 17:07 | Link to Comment NotApplicable
NotApplicable's picture

How can it be criminal when the CFTC told him it was ok?

Remember, laws are legal. That they were written by criminals is of little consequence.

Thu, 11/17/2011 - 18:26 | Link to Comment blunderdog
blunderdog's picture

What are all the big changes in the way government operates that have occurred since Obama took over?

It looks like all the same shit to me.  It's been at least 20 years of this.  Big government creates regulations and laws which benefit our biggest corporations and places the greatest restrictions on individual citizens.

That's not news.

Thu, 11/17/2011 - 15:48 | Link to Comment HD
HD's picture

I was right with him up to the Obama part. Yes, I'm unhappy with Obama, but even for those that hate his guts - come on, you really think Obama is the one calling the shots? There is a reason that almost the exact same Fed and treasury guys serve every President regardless to party. System was broken before Obama got in - and this pain was coming no matter who was in the white house.

Yes, let the endless red arrows begin...

Thu, 11/17/2011 - 15:52 | Link to Comment Everybodys All ...
Everybodys All American's picture

Do your own research and look at who backs him with an open mind. No one hates Obama but everyone sees his incompetance and unwillingness to prosecute or bring charges at least against the corruption. Name one guy Eric Holder his Attorney General has gone after besides Jan Brewer the governor of Arizona.

Thu, 11/17/2011 - 16:03 | Link to Comment HD
HD's picture

I personally don't believe the President - this or any other in recent memory - is anything more than a figurehead, just a lightening rod for everyone's hope and hate. Let's face it - these guys are elected and instantly go into an isolated echo chamber. They only know what they are told. Not to be a conspiracy theorist, but the last president that stood up to the bankers was Kennedy - and that didn't end well.

Thu, 11/17/2011 - 16:32 | Link to Comment Everybodys All ...
Everybodys All American's picture

Rule of Law matters. Prosecting the unlawfulness matters. Character matters. Morality matters. Truthfulness matters. All missing in action and hence chaos.

Starting to seem like this chaos was planned.

Thu, 11/17/2011 - 17:09 | Link to Comment NotApplicable
NotApplicable's picture

Being the US President is a job similar to a Wal-Mart greeter.

Thu, 11/17/2011 - 15:48 | Link to Comment NEOSERF
NEOSERF's picture

Look at the clouds forming....OMG they are locusts

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