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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 - 17:00 | 1888940 MrBoompi
MrBoompi's picture

I certainly agree that anyone with a broker account like the ones at MF Global might be a little nervous these days.  But when a person starts vilifying Obama as if he's the cause of this, or that McCain or any one of these assclown Republican candidates would have done anything any different or any better, I just have to laugh.

So DON'T vote for Obama then!  What you're gonna get is a Republican who wants LESS regulation.  GOOD FUCKING LUCK WITH THAT

 

 

Thu, 11/17/2011 - 22:04 | 1889973 honestann
honestann's picture

What we'd all like is a politician and justice department that vigorously prosecutes ALL fraud and insider dealing... and leaves everyone else alone.  Who cares which party.  Better someone not beholding to any party... which pretty much describes Ron Paul.

Thu, 11/17/2011 - 17:00 | 1888944 onebir
onebir's picture

I was in the process of opening a US brokerage account when I heard about MF Global 'losing' client money. The rules that allow them (=FCMs) to

a) invest client money in classes of bonds which now carry substantial risk premia (& skim off the excess return)

b) trade with client money (potentially leveraged) subject to making good losses

are downright scary. Esp combined with window dressing to hide overall leverage.

Does this apply to all brokerages that offer futures and options, or are there some that actually have sane regulations???

Thu, 11/17/2011 - 18:28 | 1889354 Rearranging Dec...
Rearranging Deckchairs's picture
"Customer securities

Customer securities—such as stocks and bonds that are fully paid for or excess margin securities—are segregated from broker-dealer securities in compliance with the SEC's Customer Protection Rule. This is a legal requirement for all broker-dealers. In the unlikely event of insolvency of a broker-dealer, these segregated assets are not available to general creditors and are protected against creditors’ claims. There are reporting and auditing requirements in place by government regulators to help ensure all broker-dealers comply with this rule."

The above was found on a charles schwab webpage. http://www.schwab.com/public/schwab/nn/sipc_account_protection.html

The scarry thing is my limited understanding of the commodities market is that there were such segregation regulations in place its just that MF Global ingored them and either the regulators were totally asleep at the wheel or the MF'ers managed to fool them.

Really what's to stop this from happening at a major U.S. broker dealer in the equities or bond markets? I mean how much do you trust the SEC and the exchanges to ensure these regulations are actually being followed?????

 

Thu, 11/17/2011 - 17:04 | 1888957 FLUSA.com
FLUSA.com's picture

Does anyone know how much money this Bernhardt Capital Managment ...managed?  My major funding source for distressed asset purchase has HUGE money in options......scares the crap out of me....if I send this to them and its a nobody player they will just shrug it off....if they managed hundreds of millions or better yet billions it will get there attention....thanks for the help....

Thu, 11/17/2011 - 17:02 | 1888962 Amused2Death
Amused2Death's picture

Just read some of her postings, she seems on the fringe with her prayers and conspiracy theroies, good article though...

Thu, 11/17/2011 - 17:09 | 1888998 tahoebumsmith
tahoebumsmith's picture

Rock on Ann, you have a way with words!!! I consider you the modern day Annie Oakley. I have alot of respect for people who don't twist their words and aren't afraid of telling it like it is. A few weeks back when reading your comment to the guy that suggested you should be shot...Holy Shit, I pity any poor bastard that takes you up on your offer....

I

Fri, 11/18/2011 - 00:25 | 1890288 hannah
hannah's picture

+1

Thu, 11/17/2011 - 17:09 | 1889001 privatehedge
privatehedge's picture

Soooo its all Obama's fault? He saved Wall St - bailed out one after the other. I hear these Wall St types moaning and wingeing about this and it's obvious from this distance they owe their very existence (numbered maybe) to Obama. Blame anyone , blame the 2 term Bush admin for its appalling lack of supervision, Undoubtably the worst administration in US history .......AUFFR ?

Thu, 11/17/2011 - 17:12 | 1889018 Fyodor Does DF Ski
Fyodor Does DF Ski's picture

"When did the future go from being a promise to being a threat?"

Thu, 11/17/2011 - 17:18 | 1889067 Marshabar
Marshabar's picture

Ann Barnhardt has video taped herself burning a copy of the Koran and daring anyone to do anything about it.   You can see it at YouTube.  She is a firebrand, that's for sure.  I think she's right about market manipulation.  No invisible hand any more.

Thu, 11/17/2011 - 17:19 | 1889073 Zymurguy
Zymurguy's picture

Atlas is shrugging.

Thu, 11/17/2011 - 17:19 | 1889076 Steve in Greensboro
Steve in Greensboro's picture

Let the Barackalypse continue....

Thu, 11/17/2011 - 17:21 | 1889077 antisoshal
antisoshal's picture

This just in: Hysterical right wing loon blames Obama for the lawlessness that has pervaded for 20 years and the crony oligarchy that supports it, then throws her arms up and quits. This is important why? This is worth a headline why? It has nothing material to do with MF Global, nor really Obama beyond his proving up at being a member of the same club every president since Carter has been in.

Thu, 11/17/2011 - 17:24 | 1889102 tahoebumsmith
tahoebumsmith's picture

"Support the guy who is fighting for you".... We need you....

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

Thu, 11/17/2011 - 18:44 | 1889410 Freddie
Freddie's picture

Name any MF Worldwide lootings that happened under Bush?  This is does not include Bernie who was protected by NY, CT,NJ Democrat senators who run the SEC.

The oligarchy and elites were bad under Bush but now they are not even hiding the looting under the muslim - your boy.

Thu, 11/17/2011 - 23:49 | 1890212 spooz
spooz's picture

Who knows what was happening.  The regulators were asleep.  It was only when the Eurozone began to self destruct that the risk and leverage became a problem. 

Oh, and remember that Mozilo guy?  He was doing his best stuff during the Bush years.

Sheeple.

Thu, 11/17/2011 - 17:20 | 1889079 FLUSA.com
FLUSA.com's picture

What type of world do we live in where YELP files for a $100,000,000 IPO.....I mean really.....

Thu, 11/17/2011 - 17:26 | 1889113 JoBob
JoBob's picture

TO add some context for those who are not familiar with Ann Barnhardt, quoting from her blog:

It has been almost seven months since I burned my koran on YouTube, and not a single musloid has made even the slightest attempt to punish me. Every day that I live is another day in which the people of the world stand and LAUGH at islam. How weak and impotent islam is! Every single muslim man on earth PUT TOGETHER can't even stand against ONE Christian female, alone, carrying the Banner of Christ.

I will never, ever, ever submit to islam. I will fight islam and expose it as the satanic evil that it is until either I am dead, or islam has finally been exterminated from the face of the earth. There is no third option, so you see, it truly is going to have to be either you or me. This world isn't big enough for the both of us.

Fair and balanced??

"Musloid"?????

Thu, 11/17/2011 - 19:23 | 1889581 James T. Kirk
James T. Kirk's picture

Fair and balanced? Hahahahahahahahahahahaha: JoBob, you managed to hit the nail on the head AND simultaneously evade the entire point. You have just tacitly stated that the devil does not exist, but she is IN YOUR FACE, claiming that he does exist. She is just being courageous and creatively angry, calling out the spiritual offspring of the evil one. I wish I had the balls and motivation to burn a Koran on Youtube. Go girl.

Thu, 11/17/2011 - 17:26 | 1889114 Mark701
Mark701's picture

Fine, you're no longer in futures and options, but DON'T blame the Obama Administration for today's economic mess. The fact is this whole fiasco started under GEORGE W. BUSH and his sidekick Dick "Deficits Don't Matter" Cheney. The economic fiasco enabled by that single (mis)administration will haunt this nation through the next 20 administrations and perhaps more.  Reason is because our too big to fail banks are sitting on around 70 TRILLION to 100 TRILLION is crap derivatives that materialized from 2006 through 2008. These derivatives are bets/risk that were put together by packaging and repackaging junk mortgages and selling them as AAA rated securites.  When the prices of homes declined so did the "value" of the derivatives and everything dependent on them.

The Bush Administrations major crime was not cracking down on Wall Street when they saw what was happening. Second, please remember that the GOP has stood in the way of even the most common sense financial reforms proposed by the Obama Administration. The GOP/Wall Street political party is the reason too big to fail banks are still with us and why, once again, banks are overexposed on bad debt, this time in Europe. These greed blinded idiots will NEVER acknowledge their participation is the economic destruction of the most powerful nation on earth. To them it's all about blaming the other guy enough to make you believe they had nothing to do with it. But facts are stubborn things and the fact is the GOP/Wall Street are responsible for the mess wer're in, not Obama.

Thu, 11/17/2011 - 17:42 | 1889200 Dingleberry
Dingleberry's picture

All correct......and people took notice of Bush, et al.  And Obama was elected BECAUSE HE PROMISED CHANGE.....YOU FUCKING FUCK. WE expected Repubs to be in the bankers pockets.......BUT WHAT EXCUSE FOR THE DEMS???????

Thu, 11/17/2011 - 17:52 | 1889245 cfosnock
cfosnock's picture

LOL, an oligarchy is in control. Read your history and you will notice that the most damaging legislation was done by the DEMS. Only a fool would think their is a difference between the political parties. Among other things the DEMS have

 

1. Reversed the Glass–Steagall Act

2. Confiscated the public's physical Gold

3. Signed The Federal Reserve Act

4. Signed NAFTA

5. Declared China Most Favored Nation (MFN)

Thu, 11/17/2011 - 20:20 | 1889331 Rearranging Dec...
Rearranging Deckchairs's picture

I also agree I think its naive to single out one party.  Both parties are thoroughly corrupt sucking the dick of the Wall Street Criminals ( not all are criminals). So I am tired of seeing rants against one party or the other. They are both shit and completely out of touch with the average middle class person who has worked really hard and deserves a level playing field.

I agree with prior commentors that its too bad she had to go on such a loony political rant   thereby totally destroying her credibility. Because other than the loony rants she is actually principled and right. The utter failure of the enforcement of the segregation regulations and the way the chapter 11 preceedings are going with this MF faisco will totally destroy all faith in the commodities market. And aside from all the liquidity providing speculators , main street businesses from mom and pop ranchers right up to really large corporations depend on being able to hedge price and input cost risk in the futures markets. This will just make the other markets all the more volatile ( I guess maybe thats what the Banker pimps want).

I am sure if my securities brokerage went under it would turn out they were playing with my money as well and it would be months before any insurance would give me shit. And there would still be the same clawback risks etc. Besides the SIPC would probably get a bailout and then whatever money I would get would be useful as toilet paper from all the printing.

 

We need a rule of law party that commits to reform the system, otherwise its revolution bitchez!

 

 

Thu, 11/17/2011 - 23:21 | 1890150 spooz
spooz's picture

You got your history a little mixed up:

1. Glass Steagall was repealed by Gramm-Leach-Bliley (all republicans) act of 1999, passed by a Republican majority congress.

2. Long time ago. Later on, Nixon ended the gold standard.  TIE.

3.You got me.  The Democrats are just as bad.

4. George H W Bush spearheaded NAFTA, but despite his efforts to fast-track it, Clinton actually signed it.  TIE.

5. China has had MFN status since their first commercial agreement with the US in 1979, subject to annual renewal.  Presidents from both parties continued to pass it unconditionally, including when Bush Sr. pushed it through after Tiananmen Square. TIE

I'm not biased.  I think both parties suck.

 

Fri, 11/18/2011 - 00:33 | 1890308 Calmyourself
Calmyourself's picture

Okay, we agree "PARTIES" suck..  But you should still help the Africans..

Fri, 11/18/2011 - 00:48 | 1890349 spooz
spooz's picture

Right. And if I admit to having nationalist tendencies I will be called a nazi.  Palm yourself lately?

Fri, 11/18/2011 - 00:29 | 1890297 hannah
hannah's picture

exactly...we can blame obooboo because he said things would change and he was just another crook liar SOB birth cert faking pancake eating idiot....

Thu, 11/17/2011 - 18:20 | 1889326 Freddie
Freddie's picture

No no no.  Go back to the CRA/community organizer/ACORN lawsuits where banks had to then make mtg loans to anyone.  Who was running Fannie, Freddie (Rahm & Gorelnick plus Franklin Raines), World Savings (Sandlers), Stan O'Neil at Merrill - all Dem and Obama/Clinton operatives.   The Dem Cong Black Caucus block OFEO from cracking down on Fannie and Freddie helped by Barney Frank, Hillary and Dodd plus Obama. 

Wall Street is predominantly Democrats.  It is also not just Wall Street but hedge funds including Soros, Stevie Cohen et al.  Bush sucked but the national debt was $7 trillion and people had jobs. F u Dem scum.

Thu, 11/17/2011 - 18:40 | 1889394 JR
JR's picture

And here is more of Obama's "help" in this crisis.

Obama brought Chicago-mob politics to Washington, and with him the mob’s use of ACORN and  the Community Reinvestment Act (CRA) for a grassroots activist movement to force banks into bad loans —planting the seeds of today’s  fianancial mortgage meltdown. Barack Obama for years worked with  ACORN (the Association of Community Organizations for Reform Now),  abusing the law by forcing banks to make hundreds of millions of dollars in ‘subprime’ loans to often uncreditworthy customers using intimidation tactics, public charges of racism and threats to use CRA to block business expansion.  Now he’s forcing taxpayers to pay off the bad loans.

According to Investors Business Daily: "Obama, who once  represented ACORN in a lawsuit against the state of Illinois, was hired by the group to train its community organizers and staff in methods and tactics of the late Saul Alinsky.   ACORN would stage in-your-face protests in bank lobbies, drive-through lanes and even at bank managers’ homes to get them to issue risky loans in the inner city or face charges of racism."

The Chicago Tribune described the group’s agenda as "affirmative action lending." 

Obama also helped ACORN get funding.  When he served on the board of the Woods Fund for Chicago with Weather Underground  activist William Ayers,  the Woods Fund frequently gave ACORN grants to fund its activist agenda.

A former White House staffer wrotes in the American Thinker that after ACORN took over the House Banking Committee in 1991 for two days to protest efforts to scale back CRA, Obama represented ACORN in the Buycks-Roberson v. Citibank Fed. Sav. Bank 1994 suit against redlining.  Most significant of all, ACORN was the driving force behind a 1995 regulatory revision that greatly expanded the CRA and laid the groundwork for the Fannie Mae, Freddie Mac home financial crisis.  Barack Obama was the attorney repesenting ACORN in this effort.

With this new authority, ACORN used its subsidiary, ACORN Housing, to promote subprime loans  even more aggressively.

 

Thu, 11/17/2011 - 18:49 | 1889436 Freddie
Freddie's picture

+1

Yup that is it.  Dems & Obama plus ACORN behind destroying the financial system through mortgages to anyone including illegals.   All you need to know about Obama and the Democrats is Illinois and Chicago which has been totally looted and the pension system will fail.

Now we get loads of Obama voters here with the - both parties are the same.  Another Alinsky tactic.  Name one Democrat who is like Ron Paul?

Thu, 11/17/2011 - 21:58 | 1889961 honestann
honestann's picture

Sadly, it is almost as impossible to name one other republican who is like Ron Paul.  Virtually all politicians except Ron Paul are totally corrupt.

Fri, 11/18/2011 - 00:10 | 1890261 Cathartes Aura
Cathartes Aura's picture

I hear RP is friends with Dennis Kucinich, Democrat.

Thu, 11/17/2011 - 23:45 | 1890199 spooz
spooz's picture

You listen too too much bankster propaganda.  So sad that our educational system has failed us and that so many only know how to repeat what they hear instead of learning to discern agendas.

Oh, and I think Obama sucks too.  That does NOT mean I approve of the other side.  They are one of the same corporate/bankster controlled system. Money talks. 

Thu, 11/17/2011 - 23:20 | 1890147 spooz
spooz's picture

Ritholtz has this response to the BIG LIE of ACORN and CRA causing the financial crisis, a lie which seems designed to let banksters off the hook (from Big Picture comments):

"Observation: 5 elements that make causation a challenge for many of the Big Lie arguments:

1) The Housing Boom & Bust was global, not just US based.
2) Non Bank (non regulated) mortgage underwriting exploded from 2000-07
3) Private label (non GSE) securitization market eclipsed F&F
4) Private lenders utterly collapsed lending standards on their own
5) The GOP controlled the Congress for 1994-2006 — they are not fans of banks giveawys to the poor.

Can any of the usual arguments (F&F, CRA, etc.) seriously survive a challenge of these 5 bullet points? There are obviously many more, but — if a thesis cannot get past these 5 points, I think it will have trouble demonstrating causation."

http://www.ritholtz.com/blog/2011/11/open-thread-what-is-causation/#comm...

 

Thu, 11/17/2011 - 23:40 | 1890190 spooz
spooz's picture

Obama is responsible for letting it continue.  We should have seen a Pecora commission and perp walks.  Obama FAILS because he is owned.  Only problem is, so are the other guys. So here we are between a rock and a hard place. Disenfranchised.

Thu, 11/17/2011 - 17:28 | 1889119 cfosnock
cfosnock's picture

Does anyone know if this is a big firm? It looks like it is a small firm of one person but I can not confirm that or how much capital she managed. I ask because if it is at least a mid-sized firm it might make a splash if not then if will not. I say that because her memo is way to politically laced with anti-Obama sentiment. Although she is speaking the truth I think her political finger pointing destroys her credibility, that is unless she is managing real capital. If you can't attack the message then attack the messenger has been a used in politics tool for ages and she has opened herself right up to attack. My 2 cents anyway

Thu, 11/17/2011 - 17:37 | 1889179 bill1102inf
bill1102inf's picture

LMAO gold 10,000 by 2014... muahaahahahahahahahahaahahahahaahah

 

youll be lucky if its still 1000/oz let alone 10,000/oz.  

 

Your charts are pridicting movement in the wrong direction.

 

Greece default, Italy Default, yet gold in EUR is not going anywhere and in USD is going.... DOWN???  think you need to rethink your positions

Thu, 11/17/2011 - 17:34 | 1889160 Freddie
Freddie's picture

Sad.  This lady is trying to operate an honest business and the system is totally corrupt.  Life under Obama. 

Thu, 11/17/2011 - 17:43 | 1889191 cfosnock
cfosnock's picture

Yep lets blame Obama and not the oligarchy. Its all Obama's fault, We would have free and open markets without corruption if McCain would have been elected. Lets all vote for McCain in 2012 he will save us from Obama, hum I wonder were I heard that type of a campaign promise before..

Thu, 11/17/2011 - 21:38 | 1889913 Calmyourself
Calmyourself's picture

Your deep as a mud puddle.. Obama is the face of the oligarchy right now and he is easier to spell, there does that make you feel better about the messiah..??

Fri, 11/18/2011 - 01:03 | 1890330 cfosnock
cfosnock's picture

I don't know I voted for McCain. Do you understand sarcasm? Let me reemphasize my point as nobody seems to understand it.The point I was trying to make was how can you blame one man for all these issues. If true it would make a solution real easy. What I'm saying is it does not matter who would have been elected as we do not matter and we would have been screwed no matter what, the only thing that elections decide is the type of lubricant used when they %$# us. FYI I voted for McCain because I prefer Vaseline over KY Jelly.

Fri, 11/18/2011 - 01:15 | 1890407 spooz
spooz's picture

These sheeple don't get sarcasm.  Future fascist thugs.

Thu, 11/17/2011 - 21:54 | 1889943 honestann
honestann's picture

Wait a second.  Just because Bush was almost as bad as Obama, and just because McCain might have been just as bad or worse than Obama... we should ignore the craven, criminal actions that Obama has taken?

Is this really how you think?  Forgive egregious tyrants because other wanna-be tyrants also exist?  Give us a break!

To be clear.  The oligarchy is guilty.  Bush is guilty.  Cheney is guilty.  Obama is guilty.  McCain is guilty.  Pelosi is guilty.  Reid is guilty.  The entire pack of predators in government are guilty, on both sides of the fictional isle.  Criticism of ANY of these craven beasts is just plain honest and relevant.  Stop defending one brand of predator --- trash them all.

Fri, 11/18/2011 - 00:54 | 1890357 cfosnock
cfosnock's picture

Do you understand sarcasm? Let me reemphasize my point as nobody seems to understand it.The point I was trying to make was how can you blame one man for all these issues. If true it would make a solution real easy. What I'm saying is it does not matter who would have been elected as we do not matter and we would have been screwed no matter what, the only thing that elections decide is the type of lubricant used when they %$# us.

Fri, 11/18/2011 - 17:06 | 1892482 honestann
honestann's picture

Then you shouldn't complain when people trash individuals, whether Clinton or Bush or Obama or McCain, you should support it.  IN ADDITION you should keep pointing out the [somewhat] invisible/obscure oligarchy and the more general and abstract issues.  The later must be understood, but the former must be destroyed.

Fri, 11/18/2011 - 23:44 | 1893436 cfosnock
cfosnock's picture

I complain because it hides the bigger issue. If only our solution was so simple. Look at all the people who voted for "hope & change" because Bush was the cause of all our ills, now it is Obama. The reality is at least in my humble opinion if we would stop blaming individuals and start blaming ourselves things might get better here. In other word by blaming individuals I think it allows the entire corrupt system off the hook, IE the system would work if only the person I voted for won the election.

Sun, 11/20/2011 - 00:19 | 1895209 honestann
honestann's picture

The "system"  IS  those individuals.

I agree it is very helpful to understand the issues in the abstract as well as the concrete, as well as observe who is doing what to promote and defeat each issue.  The fact is, I am only able to find 3 people in politics IN THE ENTIRE WORLD who give me the impression they are honest.  Which leaves virtually the entire system as utterly corrupt.

Perhaps you want to focus on people admitting their past support for evil doers, or for evil laws, acts, bills, statutes or regulations.  Sure, that's important... IF you've ever made those mistakes... as part of recognizing them and not repeating them.  Fortunately a great many people are starting to recognize that virtually ALL politicians and ALL central banksters and ALL executives of large corporations gained their power BECAUSE they are predators who will support the predators who already ARE and control "the system".

So yes, the entire system (meaning, EVERY predator-that-be and every member of the predator-class) must go.  They must be treated like any other viscious predator who wanders into civilization and starts harming people - they must be exterminated.

PS:  At root "the system" is authoritarianism (also called "elitism", "statism" and many other more narrow names like fascism, socialism, communism, etc).  All forms of authoritarianism must go, leaving only honesty, ethics, liberty, productivity... which together can be reasonable characterized as individualism.

Thu, 11/17/2011 - 17:40 | 1889192 Georgesblog
Georgesblog's picture

Thieves of a feather flock together. The way the United States has been parted out, the more desperate politicians and bankers get in their hunt for anything that isn't nailed down.

http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/

Thu, 11/17/2011 - 17:49 | 1889229 JohnFrodo
JohnFrodo's picture

Brilliant Marketing Move by ZH, however I doubt less than 1% of Rush listeners will understand a word on this blog.

Thu, 11/17/2011 - 18:51 | 1889449 Freddie
Freddie's picture

LOL!  John Frodo - Corzine dyck s**er.

Thu, 11/17/2011 - 17:56 | 1889260 blindman
blindman's picture

http://jessescrossroadscafe.blogspot.com/2011/11/mf-global-customers-app...
16 November 2011
MF Global: Customers Appeal an Apparent Conflict of Interest With the Bankruptcy Trustee
"It's the scandal that keeps on giving.
A party associated with The MF Global Customer Coalition has sent a letter to Judge Glenn asking him to reverse the appointment of James Giddens as Trustee for the MF Global Bankruptcy case.
Apparently Mr. Giddens law firm's largest customers and his own clients in other matters are J.P. Morgan and Price Waterhouse.

J. P. Morgan at least has enjoyed a somewhat contentious relationship with the customers' interests so far. There is strong feeling that this represents a substanial conflict of interest, and has been carrying over into some of the statements and decisions that have been made by the trustee.

It will be interesting to see if the Judge concurs. I cannot determine the merits of this, obviously. But I could understand how customers might be concerned, especially given some of the more arbitrary actions of the past few weeks."

.
Wednesday, November 16, 2011
Gerald Celente : The Banks are Loan Sharks
http://geraldcelentechannel.blogspot.com/2011/11/gerald-celente-banks-ar...
.
"Gerald Celente : The Banks are Loan Sharks ,Gerald Celente's gold . . . was robbed. That's INSANE. It's? wrong, but they don't care anymore , If this happened to a great financial expert? like Mr. Celente, then what would happen to millions of average folks who invested their pensions & life savings in the market? expect to see...."
.
.
17 November 2011
Gold Daily And Silver Weekly Charts
""Never argue with a fool, because they will only drag you down to the level of stupidity, and then beat you with their experience."
Today was December Option Expiration Metals Takedown Part Deux. As you know the actual expiration will be next Tuesday." .....

Thu, 11/17/2011 - 17:57 | 1889263 falak pema
falak pema's picture

those who live by the speculative sword die by the same.

Thu, 11/17/2011 - 18:01 | 1889277 blunderdog
blunderdog's picture

She has a really great point, but she does sound like a total nutjob.  I'd rather see her writing angry letters about Obama than burning Korans, though, so that's good.

Hope that cattle marketing consultation biz works out well for her.

Thu, 11/17/2011 - 18:12 | 1889308 Kelley
Kelley's picture

How big is BCM? Are they a blip or something more?

 

I've never heard of them, but that's not saying much. 

 

Thu, 11/17/2011 - 18:20 | 1889317 Use of Weapons
Use of Weapons's picture

Oh, for fucks sake - I hate having to hold people's hands & explain the plays.

#1 She's featured on ZH before; she represents the "unsophisticated' end of the trading market, and holds a small portfolio of localised networked individuals. i.e. She is the epitome of 'the old methodology' of trading - you knew your investors, you looked out for them, you didn't blow them off snorting coke off a whore's vagina while pretending to be Christian, and you had perhaps 15-45 real clients. It helps that she's a female, and semi-attractive, and so puts a couple of futures into the almost-exclusively-male trading zone.

#2 She's a weapon. Targeted at the 28% demographic here who are about as sophisticated as a lobotomy, and will respond to the insane mumbo-jumbo. I mentioned only last month that the small fry were going to be taken out of the game (and E-babies.. just... please. Quit while you're ahead - new internet regime coming at you soon) and Tyler is rather snarkily showing you the honourable way out. It is fine to quit the game now, since things are getting interesting. She has. and she's done it in a style that keeps her social kudos high amongst her ex-clients. WINNING.

#3 If we're going to get Biblical, then so be it - its better to get these light-weights out of the game, and honestly, it'll protect their (meagre) wealth investments. Tyler is giving a free pass to the cancer survivors group, and urging you to cry and cradle those bitch-tits. 'Cause... 'he' knows, or has an inkling, of the shit storm coming.

 

 

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

Thu, 11/17/2011 - 18:54 | 1889453 Motley Fool
Motley Fool's picture

Well said.

Thu, 11/17/2011 - 19:22 | 1889569 JR
JR's picture

Yes, it's starting to get interesting, like descending blindfolded into a pit of rattlesnakes. And, by the way, large "sophisticated" traders will be like the smaller ones, no match for the insiders who have the government regulators on their payroll. You can be big and smart, and they'll take you, unless you're in the circle, and it doesn't sound as if you are. Barnhardt put out an incredibly timely warning; to make fun of someone who's honest and doesn't want to cheat her clients is borderline stuff. Tyler put her on because he believes her --  "presented without comment, merely to confirm that the market as we know it, no longer exists (not quite expressing the motive that you have assigned him)."

No more viable endeavors should be sacrificed to give more power to the money manipulators.

A.K. Chesterton, witnessing the courtship and impending union of finance-capitalism and socialism in the bonds of an unholy matrimony, got it right in 1944:

“The high contracting parties have apparently drawn up their ante-nuptial contract; at any rate they seem to be agreed upon such measure of collectivization – sometimes politely called rationalization – as may be necessary to wipe out the small units in industry and commerce.  Larger units not amenable to discipline will be socialized outright; others will be merged in huge monopolies bureaucratically planned.  The small manufacturer will surrender his independent status to become a minor functionary in some official or semi-official industrial combine; the small shop-keeper will pull down his shutters to become a counter-hand in a sort of universal chain-store.”

Are we all to be counter-hands in Home Depot and Costco, funded by crony bankers to wipe out America’s small businessmen, using illegal methods and secret funding, in order to direct all the profits of industry to the pockets of the monopolies?

NO!

Thu, 11/17/2011 - 19:39 | 1889611 Use of Weapons
Use of Weapons's picture

I never made "fun of her". In fact, I was subtly congratulating her. Read carefully - I have nothing against localised networks, and indeed, am actually very much for small scale social engagement. If anything, I was ripping the piss out of the comments here.

 

You can be big and smart, and they'll take you, unless you're in the circle, and it doesn't sound as if you are.

There's the rub, you see. There's a level that says "Money is purely a way of keeping score" and then there's an entirely different branch. We're not hitting it off, but that's because of small cultural misunderstandings over 'shared access to individual autonomous rights'. And, being honest, having met the youth of the circle, I am fucking disappointed - all nasty innuendo and no fucking bite.

Had I the heavens’ embroidered cloths,
Enwrought with golden and silver light,
The blue and the dim and the dark cloths
Of night and light and the half light,
I would spread the cloths under your feet:
But I, being poor, have only my dreams;
I have spread my dreams under your feet;
Tread softly because you tread on my dreams.

 

The circle might want to add into that: since engaging with subject, have sustained extreme casualties. The house is a totally empty shell, and so on. Do. Not. Fuck. With. Me. Play nice, and I'll play nice. So far, quality of other subjects has been.. sub-"[par]"

Thu, 11/17/2011 - 20:44 | 1889799 JR
JR's picture

Glad to hear it. I'll try to lighten up. And thanks for the reply.

Fri, 11/18/2011 - 00:34 | 1890311 hannah
hannah's picture

use of weapons...dont knock doing blow off a dead hookers vagine til ya done it.....! this girl has tigers blood and good for her.

Thu, 11/17/2011 - 18:37 | 1889342 mr1963
mr1963's picture

Clawback? You can't even be smart enough to get the hell out anymore. The same lawyer did the same thing with the people smart enough to get out of Sentinel before it collapsed. If anything sent her over the edge, I think it was this, she probably did right by her clients and when this occured told them to take the money out of the industry so it's not at risk to the clawback...

Thu, 11/17/2011 - 18:33 | 1889369 Sri
Sri's picture

Somehow I think the world will survive a futures IB closing their doors.

Thu, 11/17/2011 - 18:44 | 1889413 lolmaster
lolmaster's picture

Introducing brokers are generally ten orders of magnitude below used car salesmen so I don't see how their rants are newworthy

Thu, 11/17/2011 - 19:15 | 1889549 Heroic Couplet
Heroic Couplet's picture

The more hedge fund managers, bankers and day traders destitute and on food stamps, the better off the United States will be. You don't want regulation? You have lobbyists in Washington, DC? It looks like you're getting Regulated with a capital letter R sideways. You're no longer in business?  Good. No one one Main St. gives a rat's butt. You're the laughing stock of the United States.

And Barack Obama's reaction to Steve Wynn's bullcrap is probably "Steve who?" So MF Global is all unemployed now, good riddance. Don't let the gate bang your asses on the way to the unemployment line, and take your complaints to Rupert Murdoch, the Republican leadership and Rush Limbaugh. You don't want regulation? You got it.

Thu, 11/17/2011 - 19:25 | 1889550 Zero Govt
Zero Govt's picture

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...

Precision round-up of the MF'ing Global scandal

Wether she is a "right wing religous nut-job" or not she's nailed it much better then left wing Godless peanut-brained loons ever could.

Ann Barnhardt has spent 6 years broking which suggests a business-like brain at the very least.

Maybe even CNBC's Rick Santelli will bin his loyalty toward the CME (seen during the crimnal May take-down of the Silver price by the CME margin fiasco) having seen many traders get absolutely fuking shafted by the deranged Jon Corzine Wall Street and Washington thieving criminal

Thu, 11/17/2011 - 19:24 | 1889584 SunBlaster
SunBlaster's picture

WOW it's especially rare to see someone to express view of current situation in such a DIRECT and SIMPLE words.

ANN HAS BALLS!

Thu, 11/17/2011 - 19:36 | 1889615 Parth
Parth's picture

Iran is opening a oil futures market. They really believe in God too.

Thu, 11/17/2011 - 19:36 | 1889616 Bastiat
Bastiat's picture

I wonder if it is possible to get within a 1/4 mile of where Corzine lives without showing your papers?  Pretty soon these criminals will have to move into walled enclaves.

Thu, 11/17/2011 - 19:41 | 1889635 jedimarkus
jedimarkus's picture

I am waiting for the Trustee to hire Goldman Sach for consulting on the bankruptcy....

Thu, 11/17/2011 - 20:35 | 1889774 CVille Investor
CVille Investor's picture

That's funny right there, I don't care who you are...

Thu, 11/17/2011 - 19:44 | 1889640 Parth
Parth's picture

The West is lost. 

Thu, 11/17/2011 - 19:47 | 1889656 Bastiat
Bastiat's picture

This MF thing really is an outrage.  I have 3 friends exposed to this crap, 2 traders and a farmer who keeps the account for selling production forward.  Glad I had the good sense to stop trading paper PMs last December--just got tired of being mugged, never imagined a situation like this.

Thu, 11/17/2011 - 19:52 | 1889669 overmedicatedun...
overmedicatedundersexed's picture

I am amazed (not really) that our few Democrat trolls pick up a small section about Obuma in her statements and fixate on it while excluding the very valid points about the whole gov and wall street klepto crats..

seems they need to somehow explain every fucking criminal act commited by Obuma and pals and equate it as just as bad with BUSH..

well it was and we here on ZH see it,the one party taudry little dictators of both ilk,,but somehow I think they are trying to defend this manchurian candidate put in place by the elite ..and that truly sucks, it seems so clear that they put party over truth and the welfare of our nation.

Thu, 11/17/2011 - 22:12 | 1889721 spooz
spooz's picture

Dunno about other ZH-ers, but I've been an independent voter for years.  I would vote for Ron Paul if he were the candidate, although I consider myself progressive.  I'm interested in integrity and don't see it in EITHER party. If we could just get campaign finance reform we might have a chance of real change.  Until then, they are all bought and paid for (except Bernie Sanders of course) and I will either hold my nose or throw away my vote.

Thu, 11/17/2011 - 19:54 | 1889676 zerosum
zerosum's picture

Ann would chop off her own head if Roger Ailes asked her to. Think carefully before taking her seriously.

Thu, 11/17/2011 - 19:55 | 1889679 Alpacanio
Alpacanio's picture

I smell a war coming... The jig is up for the NWO croud.

Thu, 11/17/2011 - 19:56 | 1889684 stiler
stiler's picture

Ann has a typical American Republican viewpoint, but not Christian. She's right about Islam being a system, like Catholicism, but wrong in her response. Believers are supposed to take persecution patiently. Believers in Moslem countries are routinely presecuted & killed and I think this is coming to America, because we are the exception to the rest of the world and that can't last forever. Yeshua said you will have persecution.

For some good accounts of what people have to endure read Voice of the Martyrs (VOM) newsletter:

www.persecution.com/

Thu, 11/17/2011 - 20:06 | 1889714 riskarb
riskarb's picture

The b*tch be crazy. That is all.

Thu, 11/17/2011 - 20:23 | 1889746 justsayin2u
justsayin2u's picture

She looks like a pretty courageous woman to me.  Says what she means.  Means what she says.  Unambiguous.  My guess is most of the angry comments here are from people that are brave behind a keyboard, good at calling names, and probably failures at what, if anything, they have tried to do in this world.  Mabe even more than the occupy-whatever folks that stand for . . whatever.

Thu, 11/17/2011 - 20:32 | 1889766 CVille Investor
CVille Investor's picture

I like your style, Ms. Barnhardt.  But I think the people are asleep and will not wake up until we hit the iceberg.  I'm thinking vegetable garden, and away from big citiies.  The Occupy crowd, who actually do have a point but little eloquence, are portent of the future.  I think it will get ugly before it gets better.

 

Tyler -- your blog hit the big time today.  Congratulations!  (although it is going to be hard to find parking around here...)

Thu, 11/17/2011 - 21:32 | 1889896 riskarb
riskarb's picture

Ann was running an IB out of her home and probably wasn't making it. A convenient and absurd excuse to bail on her 3 or 4 clients. Ann, think of all the praying and genuflecting you can do now that you're not bothered moving orders in the bean crush!

Thu, 11/17/2011 - 21:35 | 1889901 honestann
honestann's picture

While I don't agree with the religious overtones and comments, I very much appreciate her willingness to lose [a big part of] her business and her unwillingness to subject her clients to the increasingly dangerous and craven actions of the predators-that-be and predator-class.

This is what EVERY honest participant in financial markets should do.  They should ALL shut their doors, return all funds, advise their clients to convert all liquid assets to real physical wealth (gold, silver, platinum, farmland, seeds, guns, ammo, etc), and get ready for forced government-predator-gang-rape, chaos, collapse... then hopefully all out war against the predators-that-be and predator-class.

Everyone who can should exit the system in every way possible.  NOW.

Thu, 11/17/2011 - 21:36 | 1889904 G-R-U-N-T
G-R-U-N-T's picture

Hey Tyler,

FYI...Rush Limbaugh plugged "Zerohedge" today on this very article....Also said ZH was a credible blog however he was uncertain as to the validity of this piece and was in the process of checking it out.

By the way it's not the first time he has mentioned ZH.

 

...

Thu, 11/17/2011 - 21:41 | 1889922 RockyRacoon
RockyRacoon's picture

Good riddance.  One down and a few thousand more to go.

Thu, 11/17/2011 - 22:38 | 1890028 ambishop
ambishop's picture

Check out this Youtube video with VP Biden with Corzine and the CROWD is CHANTING JON IS RIGHT!

http://www.youtube.com/watch?v=xm3VMrKqJSA

 

I can understand her point very clearly about the Crony Capitalism.  Just have a look for yourself on how close the Obama administration is with Corzine

Thu, 11/17/2011 - 22:38 | 1890059 antidisestablis...
antidisestablishmentarianismishness's picture

Even a blind squirrel hits one out of the park occasionally.

Thu, 11/17/2011 - 22:41 | 1890064 rhs
rhs's picture

"Marxist Obama"? He may be a Wall Street stooge. He may be a true believer/unwitting dupe. He may be inexperienced and unable to hear anything but the booming voice of Goldman Sachs. But communist? Get a grip, Ann. Corzine is one of many corrupt, manipulative members of the global financial elite, but that global financial elite is not communist.

Thu, 11/17/2011 - 23:01 | 1890090 geekgrrl
geekgrrl's picture

"Jon Corzine STOLE the customer cash at MF Global."

This line is at the core of the message, and it's hard to argue with the point that the handling the the MF Global fiasco has decimated investor confidence, given the theft is so blantantly obvious. (especially to folks like Gerald Celente, who had skin in the game)

Maybe this announcement will have an effect and investors will pull their money from the markets en masse, but I think the appeal of the central message is a bit diluted by all the other extraneous commentary. Are we really to believe Obama is responsible for what's going on on Wall Street? It seems to me bankers are telling governments what to do, not the other way around.

Thu, 11/17/2011 - 23:01 | 1890091 kill_forliberty
kill_forliberty's picture

Who cares?  One look at her amateur webpage, her wild-eyed earnest face, her Youtube rantings, her religious supplications and admonishments, and her practice location (Colorado?? gimme a break) - she is another wanna-be opportunistic John Galt type whose influence with the real wheels is less than the archetype butterfly fluttering in China. Fruity loop alert.  I'd be watching Spain and Italy in the next few days as their costs of borrowing continue to rise above 7%. Its far more entertaining.

Thu, 11/17/2011 - 23:07 | 1890115 mbtshoe
mbtshoe's picture

was almost out of the three ply Lehman's I picked up at a fire sale a couple of years back. I'll need something with the extra comfort a discerning gentleman like myself requires soon.Christian Louboutin Heels Alexander Wang Shoes Christian Louboutin Sale Discount Christian Louboutin Shoes Womens UGG Boots
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Vote up!1
Vote down!-1
Short crude oil. The world is swiming in oil as everything else. Its elevated price is just a scam. The probability of war is zero. Uncle Sam can´t go to war against Iran because both its flanks are insecure. The left flank goes to the Straits of Hormuz and if that is closed this means crude price $300 and Stalingrad for US forces in Iraq and other US vassal states in the gulf. As for the right flank that supply line goes through Pakistan. It´s shaky enough as it is.

Thu, 11/17/2011 - 23:48 | 1890203 Sopra Tutt1
Sopra Tutt1's picture

The chick is nuts, http://www.youtube.com/user/AnnBarnhardt

Wonder how she could write such a coherent piece without invoking christianity. Probably God helped her... by opening her mind.

God bless America and all the American people, and all the American babies and all the American cars and the American trees! Ohhh, and all the American money. The US Dollars that is.

Fri, 11/18/2011 - 02:52 | 1890537 spooz
spooz's picture

Agree the chick is a religious nut who probably tunes in to Glenn Beck, but in the interest of not throwing the baby out with the bathwater, her commentary on the markets is legitimate.

Thu, 11/17/2011 - 23:57 | 1890227 Jack Kreuz
Jack Kreuz's picture

The court's order granting motion for the customer accounts transfers by the Trustee to other futures commissions merchants, punishes customers who had the most amount of excess cash in their commodities accounts by preventing them to have access to their excess cash, and rewards customers who had the bare minimum to transfer all of it. Customers whose cash was wholly used as performance bond for their futures positions will get to see an amount of cash equivalent to the minimum margin once their accounts have been transferred to another firm. In other words, customers who had the bare minimum margin will be able to transfer all the cash, as none of their cash will remain frozen. However, customers who didn't have any positions opened, or have excess cash, will have to keep waiting for their funds. It is even possible that such conservative customers might never see their money back if the creditors persuade judge Martin Glenn that MF Global didn't have customers' funds segregated, in which case the customer will become an unsecured creditor. Thus, customers who leveraged the most will be the most better off, and customers who were the most conservative stand to lose the most.

Amongst 125 futures commissions merchants, MF Global was the eighth largest by customers' funds, right between Barclays and Merrill Lynch. If customers of such a large institution were not protected, customers of smaller firms should not expect any protection at all. If customers are not going to be protected, there is no need to have that many acronyms (CFTC, SIPC, SEC) causing a strain on the pockets of those who pay taxes. After all, it seems that any futures commissions merchant can easily embezzle customers’ funds, call it an error, and no longer be liable to its customers. Furthermore, market participants should really be doubtful about the CME and the ICE's financial “safeguards,” which are promoted under the banner of “ensuring the safety and soundness of their markets,” such as their “guarantee funds” supposedly created for “the benefit and protection of both clearing members and their customers.” In a market with no integrity, losses belong to you, but profits belong to bureaucrats and embezzlers.

And I wonder, what if there are other clearing firms commingling customers' funds with their own? What if grain warehouses and metals vaults are being untruthful? The risk profile of the commodites markets has increased significantly because market participants will have to reassess the level of integrity in the US. After the MF Global debacle, it seems that such level has been lowered a notch.

Fri, 11/18/2011 - 00:14 | 1890268 truedisbeliever
truedisbeliever's picture

No wonder.  The Funding page of her site lists Harris Bank, reported to be the main custodian of customer funds for MF Global and the recipient of a subpoena from Patrick Walsh's office.

Fri, 11/18/2011 - 00:38 | 1890323 hannah
hannah's picture

she would definitally get more attention if she showed us her titties......no? gun lovin obooboo hatin stock tradin and titties...!

Fri, 11/18/2011 - 00:42 | 1890329 dehdhed
dehdhed's picture

the illusion of digital wealth is about to become apparent

 

Fri, 11/18/2011 - 00:46 | 1890344 hannah
hannah's picture

0111010001101001011101000111010001101001011001010111001100100000011101000110100101110100011101000110100101100101011100110010000001110100011010010111010001110100011010010110010101110011001000000111010001101001011101000111010001101001011001010111001100100000011101000110100101110100011101000110100101100101011100110010000001110100011010010111010001110100011010010110010101110011001000000111010001101001011101000111010001101001011001010111001100100000011101000110100101110100011101000110100101100101011100110010000001110100011010010111010001110100011010010110010101110011001000000111010001101001011101000111010001101001011001010111001100100000011101000110100101110100011101000110100101100101011100110010000001110100011010010111010001110100011010010110010101110011001000000111010001101001011101000111010001101001011001010111001100100000011101000110100101110100011101000110100101100101011100110010000001110100011010010111010001110100011010010110010101110011001000000111010001101001011101000111010001101001011001010111001100100000011101000110100101110100011101000110100101100101011100110010000001110100011010010111010001110100011010010110010101110011001000000111010001101001011101000111010001101001011001010111001100100000011101000110100101110100011101000110100101100101011100110010000001110100011010010111010001110100011010010110010101110011001000000111010001101001011101000111010001101001011001010111001100100000011101000110100101110100011101000110100101100101011100110010000001110100011010010111010001110100011010010110010101110011

Fri, 11/18/2011 - 00:59 | 1890375 holdbuysell
holdbuysell's picture

Well, with over 600 comments on this topic, there's little to add.

The least I can do is throw my post into the mix to add one more as acknowledgement in petition-style fashion that substantial reform to a broken and corrupt system is badly needed.

Fri, 11/18/2011 - 02:15 | 1890505 slvrizgold
slvrizgold's picture

What does this chick look like?  Will you marry me?  LOL

Fri, 11/18/2011 - 03:08 | 1890550 swani
swani's picture

 

I don't have a problem with her client letter. She's pissed off and she's passionate. A lot of people on the Right call Obama a 'Marxist' however misplaced a term that may be. Most people would agree that Fascist is a more appropriate term but this is all semantics. And the truth is, regardless of what she may feel about Islam or the current administration, she knows what she's talking about when it comes to MS Global and the systemic criminality in the system. What we are seeing each and everyday should make most honest people want to get off the grid. She's just doing it.     

Fri, 11/18/2011 - 03:12 | 1890553 merchantratereview
merchantratereview's picture

Makets are calm on the Frankfurt open. Perhaps everyone is out schlossing thru the forest. No need to worry with EUROBANKERS at the helm in Italy, Greece, Libya, etc.... All is well and quiet on the western front...

Fri, 11/18/2011 - 07:08 | 1890685 Optimusprime
Optimusprime's picture

First saw this on Trade With Dave (now a must-read for me).

 

I was so impressed I copied onto a Word file to peruse again and again.  When (if?) this ongoing "crisis" ever achieves sufficient resolution so that useful post-hoc summaries can be made available, this document will be one of the milestones.

 

It is not simply that what is going on that is so incredible, it is also the the difficulty process of grasping it properly and taking appropriate action.

 

Ann Barnhardt does all in this brilliant, lucid, and impassioned post.

 

Thanks Tyler.

Fri, 11/18/2011 - 15:08 | 1891937 Armchair Bear
Armchair Bear's picture

watching now - awesome!!!  burning koran bookmarked with bacon...

Sat, 11/19/2011 - 11:47 | 1893969 roosterman
roosterman's picture

I started following her blog and at first thought she was crazy. Then I checked her stuff and most was /is accurate

about Islam. The Islam apologist immediatly call her a nut but if you are a person of moral stanting at the least, or

claim Christianity as your faith one must respond to the evil of Islam. Female genital mutilatuion"bachi ball" etc. Study the Medina years vs the Mecca years of the prophet and its pretty clear. EVIL. These are times we must choose. No more middle ground I fear.

 

Fri, 11/18/2011 - 16:39 | 1892348 ralphcore
ralphcore's picture

wow great letter -

 

shame about the sign off quote though.....wacko.

Sat, 11/19/2011 - 00:06 | 1893484 rbblum
rbblum's picture

And the truth shall set (and keep) you free. God will bless one of his angels (Ann Barnhardt).

Sun, 11/20/2011 - 04:19 | 1895383 Amschel
Amschel's picture

Perfect timing.

They're trying to have a replay of '08,except 100xtimes worse.

No wonder Bill Gross went all cash 6 months ago.Perhaps they want to deflate the commodities markets,to force people out of their PM market positions,in order to perpetuate the system for a little longer,and buy some time,before they can formulate either a war or some other massive distraction  or game-changer.

Sun, 11/20/2011 - 12:54 | 1895783 hedlykarok
hedlykarok's picture

I am amazed this appeared on ZH. One look at this American Taliban nutjob's website shows she has absolutely nothing to do with this industry. Colleagues? Clients? All I see on her website is right wing religious ramblings. No product info, no analysis, no portfolio management concepts....nothing.

She combines the intellectual prowess of Sarah Palin with the social freedom ethos of Rick Santorum. In fact most of what she believes is very much like anal leakage.

God, guns and oligarchy.... crony-capitalist wet dream.

Sun, 11/20/2011 - 15:19 | 1896103 Light29ID
Light29ID's picture

Time to buy up more of the only commodities that now really matter.....Lead and Brass.

Mon, 11/21/2011 - 07:39 | 1897890 Vendetta
Vendetta's picture

I agree completely with the total lack of law enforcement and integrity in these markets, however I noticed it 8 years ago.

Tue, 11/29/2011 - 19:24 | 1927917 Ron Hera
Fri, 12/23/2011 - 18:03 | 2008368 dizzyfingers
dizzyfingers's picture

 

Heeeeeeeere's Clawback! Posted by Ann Barnhardt - December 6, AD 2011 11:07 AM MST K.D. has it all over at Market-Ticker.org . J.P. Morgan is officially arguing that it should be able to rape MF Global customers and clawback any of the funds that Corzine stole from the customers . . . because the customers are just meaningless Bourgeois trash, apparently, and J.P. Morgan is the pinnacle of existence, and all must bow to them.

Click Here to read.

THEN, read K.D.'s next post, titled "Let's Make the Clawback Risk REAL". In this piece, Denninger explains how this action is setting the precedent for the MF customer fund confiscation and rape dynamic to be played out across the board via banks and other brokerages.

http://market-ticker.org/akcs-www?post=198650

I'm going to say this ONE MORE TIME because, and I kid you not, there are still people asking me to confirm that their stock portfolios, retirement accounts and commodity accounts are safe. There are still people asking me to confirm that their silver and gold vault storage certificates are as good as physical possession (face palm!). There are still people calling and emailing me asking to open a commodity account with me. There are still people wanting to hire me or to buy my customer book.

 

Get the hell out. Get out of all paper and it's not just the commodities markets. This is going to cascade through everything. It is going to get into the equities. It is going to get into 401ks and IRAs, it is going to get into pension plans and so on and so forth. Total systemic collapse. Get out! I don’t know how I can be anymore plain about this. I say this over and over and over again and then I get scads of emails saying, well I can’t get out of my 401k. Yes, you can. Yes, you can. Take the penalty and get the hell out of there. What would you rather do? Would you rather pay the 10% penalty or would you rather have it all go up in smoke? Because that's what we're staring down the barrel of.

-Me, earlier this week. http://barnhardt.biz/

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