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Futures Brokerage PFG Best Freezes Accounts Following Discovery Of Accounting Irregularity
Update 3: Russ Wasendorf Sr., the founder and CEO of PFGBest, reportedly attempted to commit suicide this morning outside the corporate headquarters in rural Cedar Falls, company officials confirmed Monday afternoon.
Update 2: PFGBest had $400MM in customer segregated funds at the end of April. Is JPMorgan about to "discover" another $400 million in Q2 "profits"?
Update: PFGBest Plans 'Several Hundred' Layoffs, Spokeswoman Tells Dow Jones - Dow Jones. Sounds like a good idea in the facec of liquidation
Just out from futures broker PFG Best to clients, where the owner's suicide attempt apparently has led to a whole new MF Global spin off.
Monday, July 9, 2012
Due to a recent emergency involving Russell R. Wasendorf, Sr., a suicide attempt, some accounting irregularities are being investigated regarding company accounts. PFGBEST is wholly owned by Mr. Wasendorf. Therefore, the NFA and other officials have put all funds on hold, and PFGBEST is in liquidation-only status with our clearing FCM. What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds. We will update you as any new procedures are stipulated and with any further information as it becomes available.
... And just as the public trust was storming back into the capital markets.
From Reuters:
Small U.S. futures brokerage PFGBest told customers on Monday that its funds had been put "on hold" as it investigates accounting irregularities following an apparent suicide attempt by the firm's owner.
The Cedar Falls, Iowa-based broker, which had about $400 million in customer segregated funds at the end of April, said it was in "liquidation-only" status with its futures commission merchant (FCM), meaning that "no customers are able to trade except to liquidate accounts," according to the notice.
It said the National Futures Association (NFA) and other officials had put all its funds on hold.
PFGBest officials were not immediately available to comment. One PFGBest broker verified the letter. A second source familiar with the company said owner Russell R. Wasendorf, Sr., had attempted to commit suicide at the firm's Iowa compound.
From WCF Courier:
Prominent Cedar Falls businessman hospitalized after suicide attempt
Russ Wasendorf Sr., the founder and CEO of PFGBest, reportedly attempted to commit suicide this morning outside the corporate headquarters in rural Cedar Falls, company officials confirmed Monday afternoon.
Wasendorf was taken to Sartori Memorial Hospital this morning, then later was airlifted to University of Iowa Hospitals and Clinics, where he was in critical condition.
Emergency crews were called to the headquarters shortly after 8 a.m. after employees found a man in a car near the headquarters building, located near the Beaver Hills Country Club.
The National Futures Association, the self-regulating organization of the United States futures industry, has placed PFGBest on a “liquidation only” status due to Wasendorf’s condition. The company is wholly owned by Wasendorf.
The company stated that all funds have been put on hold, meaning customers will only be able to sell off their interests, until future notice.
According to company officials, accounting irregularities are being investigated.
Wasendorf, the founder of PFGBest, an international brokerage firm, moved the corporate offices of the company from Chicago to rural Cedar Falls in 2009. He had started the company in Chicago in 1990.
Wasendorf is a Cedar Falls native who started his business in his hometown.
Meet Russell R. Wasendorf, Sr.
PFGBEST's Leadership
Russell R. Wasendorf, Sr.
Chairman and Chief Executive Officer of PFGBEST
PFGBEST, the brand that evolved from Peregrine Financial Group, Inc., was incorporated in 1990 and has grown to become one of the largest U.S. non-clearing futures brokerage firms.
PFGBEST has a presence in the world’s major financial centers, plus a network of more than 700 branches, introducing brokers, foreign introducing brokers and Commodity Trading Advisors (CTAs) serving customers in 80 countries. The company is an industry leader in technology innovations to benefit online traders and investors. It has multiple proprietary online trading platforms that have been spun off of the original BESTDirect Online Trading system, which was one of the very first to deliver customer orders directly into the Globex trading engine of the Chicago Mercantile Exchange, in 1998.
Throughout the 1980s, and 1990s, Russell R. Wasendorf, Sr. invested in technological capabilities to create the BESTDirect Online Trading platform, well before other brokerage firms were engaged in this science.
Today, the BESTDirect Online Trading platform continues to be known for its efficiency and reliability, making futures and forex markets more transparent and more easily accessible for all participants. PFGBEST has grown to be a liquidity provider that is completely unbiased and diversified to accommodate trading strategies across a variety of asset classes, including futures, forex, options, securities and precious metals.
PFGBEST has a leading position in online futures, forex and options; retail brokerage; forex services for individual and institutional clients; managed accounts; demand-inspired new technologies and investor education.
Russell also founded SFO – Stocks, Futures and Options, the Official Advocate for Personal Investors – in 2001. The magazine became one of the most widely-distributed monthly publication specializing in these investments, and today it is completely digital.
He is a noted writer and educator, having written or co-written six books about futures and trading. These include: Commodity Trading: The Essential Primer; All About Futures From The Inside Out; All About Commodities From The Inside Out; All About Options From The Inside Out; All About Managed Futures From The Inside Out; and The Complete Guide To Single Stock Futures.
In 2007, Russell founded W&A Publishing, a firm that has brought numerous authors to market and developed a reputation as “the trader’s tutor”. In 2009, he purchased the assets of another well-regarded investment publisher, Trader’s Press, and moved the business to Cedar Falls, Iowa. The two were merged under the Wasendorf & Associates, Inc. brand in 2010.
Russell is widely recognized as an expert and industry voice in many venues, advocating on behalf of efficiencies for individual investors. He serves on the FCM Advisory Committee of the National Futures Association (NFA).
He is one of the original partners in a real estate development company, Avrig 35, headquartered in Bucharest, Romania. Avrig 35 has built some of the most significant commercial buildings in East Europe during the past decade.
He sits on the Board of the Peregrine Fund along with notables including Patricia Disney, Julie Wrigley, Lee Bass, Henry Paulson, Jr. and Paxton Offield. The Peregrine Fund is a non-political, science-based organization in Boise, Idaho, which works worldwide to conserve wild populations of birds of prey. He also sits on the President Committee of both the University of Iowa and the University of Northern Iowa.
Russell began his career as director of public affairs for the American Soybean Association and is a photographer and cinematographer. After that, he worked with Commodities Magazine from 1976 to 1980 and was Director of the Commodities Educational Institute, an affiliated entity. In 1980, he started Wasendorf & Associates, and he founded the Center for Futures Education. Wasendorf & Associates created an Introducing Brokerage arm – Wasendorf & Son Company – in 1986. Peregrine Financial Group, Inc. was born in 1990 to better serve trading customers.
Russell’s philanthropic endeavors are channeled through Peregrine Charities, a private family foundation that he founded in 2004, with a charitable focus on research and cures for rare childhood diseases and help for the families facing these illnesses.
He received two honors in 2010: the Patriotic Employer Award, for support of the U.S. National Guard and Reserve and employees who are serving or have served in the military; and, the Treating Capital Award from the Cedar Valley Alliance and the Cedar Falls Chamber of commerce for providing regional opportunities in technology employment and commitment to green practices and sustainability efforts.
* * *
And while Senior obviously had some problems, as confirmed by his Finra record, his son appears to have had some close encounters with the regulators as well.
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Whither thou goest, Alaron Trading?
I hope Gerald Celente does not have an account with them, or you know what, screw him, I don't give a shit anymore.
Don't panic!
I am certain JPM got their money before the news broke. Jamie Dimon will be fine. His career is safe.
Now, get back to the salt mines!
Do we have any idea how much money is tied up in PFG right now?
Fuckin JPM strikes again
So happy everything's still OK today.
I knew there was a Squid connection in here somewhere.
I just looked on the New York Times website and found no reference to this story.
Stan now more than ever you need to understand the importance of saving money
And it's gone...
http://www.youtube.com/watch?v=4TlPo0yCSa4
More proof the banks learned the necessary lessons since 2008.
Just when "vaporized" was starting to get old.....
I'm a little fuzzy on the chicken/egg details of this story. Is it because of the suicide attempt that enforcement actions were taken on PFG? If so, is that the level of opacity that governs intervention, where it is only when someone attempts suicide or people's money vaporizes that it is finally decided that enforcement action must be taken on a firm?
Just in case anyone is interested, you can pick up a copy of Russell R. Wasendorf's book "All About Futures: From the Inside Out" for .01. Somehow a very ironic title.
Maybe it wasn't a suicide but an disgruntled buyer of the book that felt he/she overpaid?
http://www.barnesandnoble.com/w/all-about-futures-thomas-a-mccafferty/1000066700?ean=9781557382962
or, it was the beneficiary of that $220M....killed him because he was going to go public with the details..?
Also, looks like Wasendorf was one step ahead of the FCM and put himself into liquidation only status.
And he came soooo close to becoming a Good Banker this morning.
Why couldn't Corzine have at least had the decency to attempt to commit suicide? This guy actually has some integrity. Corzine- not so much...
It's more likely he's a guy who knows what happens when someone is run over by a combine harvester, and tried to take a better way out.
Combine Harvester ~ LOL...
~~~
Yeah dude, here's your BALE OUT, I have it right here...
now that's damn funny!
Try the National Futures Association (SRO) website for case docs (it looks as though depositors are in trouble):
http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3356
http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3357
"Further, NFA learned that, in contrast to purported bank confirmations submitted to NFA that sought to confirm U.S. Bank account balances as of February 2010 and March 2011, that reported balances of approximately $207 million and $218 million, respectively, PFG's actual balances at U.S. Bank at those times was less than $10 million for each one of the months."
29 months...
I'm noticing a pattern among these crooks. They seem to be attempting to commit suicide or atleast pretending to kill oneself after looting money. Here is another one: http://www.dailymail.co.uk/news/article-2171100/Aubrey-Lee-Price-Did-disgraced-money-manager-kill--secretly-run-swindled-millions.html?ito=feeds-newsxml
Advise to bankster looters. Buy a better rope, real bullets and potent poison. Don't chicken out. Go for it till the end.
Wrong King...they're attempting suicide AFTER looting and AFTER getting caught. Most of the looters and counterfeiters are still jet setting around the globe in 20-50 million dollar yachts.
NONE!
/hahahahahahahahahahahahaha/
As Gomer Pyle said often:
"Surprise, Surprise, Surprise!"
Or Perhaps you would perfer the Jim Varney version.
"Hey Vern, You remember that Futures Account I held for you..."
[PFGBEST] has approximately $500 million in customer assets in segregated futures and forex accounts.
http://www.pfgbest.com/about/index.asp
lol
Yeah, we'll see about that.
Thanks.
"Segregated" ... there's that word again. Pretty sure we need a new ZH definition of "Segregated" funds.
Any takers?
Vaporized?
Winner! That was easy.
Did I win? <pleaseletitbeapony>
You win.
5 baby unicorns and a pot of gold for you sir.
Segregated (noun. English, etymology, from Latin sacred as in everybody wants to get their fucking hands on it)
1.) As in put aside separate from the others so is easily identifiable as to be property of a Muppet and therefore risks no penalty from theft thereof.
2.) Eminently steal-able.
3.) Bait Account
4.) Fictional safety factor oft associated with fraudulent business practices
5.) As in asking to get fucked over
6.) Cronholed, or Corzined as in "You have been Cornholed."
7.) To never be seen again as in "Your money has been segregated from your possession." "Out of reach, including and especially you."
8.) Toxic
9.) Unregulated
10) promised by thieves
synonym: Allocated, safe, don't worry, be happy, gotcha covered, collateralized, marked to market, insured, third party, no conflict of interest.
Segregated - to do as we please until caught.
Liberated.
Any good definition would only end up in the Urban Dictionary .
Segnegated....
...but this is off their website -
"PFGBEST has a slogan: “The BEST thing about our technology is our people.” The customer service and customer relations team makes every effort to serve you with promptness and courtesy to earn their reputation as experts in customer care in the futures trading industry."
Anyone else going to take delivery on their SpongeBob silver coin set from PFGBEST?
http://www.spongebobcoins.com/
Holy Bejezuz...
Can always tell a serious business by it's product line.
HELLZ YA!!!
pwned!
The SEC will get right on this...I'm not worried.......
Nice find. $260 for 4 troy oz and a pirate chest.
"The 2nd time you get kicked by a mule, you don't learn anything."
On mules we find two legs behind
And two we find before;
We stand behind before we find
What the two behind be for.
When we're behind the two behind,
We find what these be for;
So stand before the two behind,
And behind the two before.
*Clap*
Instaclassic GoinF!
ori
The paper pushers are going to eventually burn the house down. Hold your gold and silver tight.
Buy Silver, Save in Silver. Protect your Wealth.
At what degree do Gold and Silver start to vaporize? I need to know if they would be safe when the house is burning?
Buy a house boat
So much sleaze so quickly... I am going to have to update my "Criminality" article...
Physical PMs and enough CA$H for 3 - 6 months living expenses, depending on how paranoid you are.
Paranoid? Yes, they ARE out to get us!
Running out of fingers to plug the dam..
Buy long term storage food now. It's available and relatively cheap. Silver and gold are nice, but first buy your rice.
Buy more gold than silver. And remember the ammo and PORN.
analog porn. Just in case they pull the plug on the net.......
solar thermal generator plus:
http://www.zeromotorcycles.com/de/
50 lbs of rice is like $15 at Costco. 25 lbs of beans is like $14 at Costco. 25 lb bag of salt... $4... four-dollars.
I bought salt, beans, rice, toilet paper, paper towels, vinegar, baking soda (+ water it's toothpaste) water... and a bunch of canned shit in bulk last weekend for like $300... 10oz of silver for 1 year of food ain't bad.
Cheap-ass insurance if y'ask me.
Too bad shortly after I crashed my vehicle into a honey pot, I mean canal... losing all of my preparations.
It's a good idea to freeze rice, grains, etc. for a while.
Weavil larvae is present in a lot of it and freezing for a while is believed to kill them.
Gross but true.
fact the us government has been buying japanese rice nice.
freezing of fukishima mox plutonium covered rice has 0 effect on the million year half cancer inducing life
The stuff that has a long half life isn't what is deadly. It's the stuff with a short half life that is the problem, and said problem is short lived indeed.
Also, you aren't going to get any plutonium covered rice, and even if you did, plutonium passes right through you and is surprisingly non-toxic since it isn't absorbed. It is only a real problem when breathed in, as it is very difficult to eliminate that way.
Iodine is probably the most toxic thing you are likely to encounter, and it is long gone by the time it is shipped here, moved to the stores, and frozen for a week in your freezer.
Don't compare your Fukushima problems with Japan's Fukushima problems. You don't have any, they have them all.
"...plutonium passes right through you and is surprisingly non-toxic since it isn't absorbed."
Plutonium is the deadliest man-made element ever developed. Tons of it were spread across the globe in the jetstream. A small microparticle in the lung will begin the mutation process.
Not to mention the aerosolized uranium, and all the other radionuclides spread in the global wind. Not to begin mentioning the tons of radioactive water flowing into the Pacific Ocean by the hour. Trillions of lethal doses have been spread around the planet.
Hundreds of thousands of children have died already. Billions of deaths to come.
Personally, I hope you're right. If you're wrong, I hope you go slow.
Hundreds of thousands? Of CHILDREN!?
Christ, I never thought I would see the "think of the children" appeal to emotion brought up here.
A. yes, plutonium is highly dangerous, and deadly if inhaled, as I mentioned.
B. NO, "tons" of it were not spread into the atmosphere, you creep. I would be very surprised if more than ten grams made it out of the building, much less into the atmosphere.
C. Plutonium is VERY VERY DENSE. It ain't gonna float on the breeze like a unicorn fart. It falls out right away, like lead shot. Same goes for uranium.
The only real danger is from other radioactive decay elements, period. And of them, the only one that has a chance of reaching the US through the air in significant amounts is iodine, and that stuff decays fast.
Stop being little bitches. If something is going to happen, it's going to happen in Japan LONG before it happens here. The whole main island could be contaminated so bad that no-one could live there for a hundred years and there would still be no danger in the US. Radiation just doesn't work like that.
Also, fuck you in the ass with broken glass for wishing a slow death on someone. What the fuck is wrong with you?
Ann Coulter?
It is surprising but true. Look it up. Plutonium is almost non-toxic by mouth. It takes time to cause toxicity, and the only way you will be exposed for a long time is either by living in Japan or breathing in particles of the stuff.
Well more rice for you I guess.
"salt, beans, rice, toilet paper, paper towels, vinegar, baking soda, water and a bunch of canned shit"
Where's this party then?
You'll have to wait til he's finished fermenting the beans, rice and toilet paper and distilling the result.
Pack grains in five gal. buckets, lined with mylar bags, put a decent sized piece of dry ice on top of the grains, let it "melt", the carbon dioxide will force oxygen out and kill any would be bugs (no need to freeze the grain), seal bag and put lid on bucket. Store in a cool, dry place for best shelf life. Don't forget your oatmeal, it's really a great long term storage food and can be bought in bulk.
O2 absorbers and gamma lids.
The carbon dioxide displaces all the O2, so there is no need to spend the money. Gamma lids are nice after you open the mylar bags. I pack my stuff in smaller mylar bags (about five bags into each five gal bucket). I have found the 1 gal. size to be more usable when rotating.
-and whiskey.
They'd use their thumbs, but those are up their asses.
Just remember, DCRB: only the paranoid survive.
Ag melts at 962C.
Au at 1064C
I know this because all my PMs melted in a fire. They were not recoverable.
Or they sank in a boating accident. Whatever, fuck you.
So very sorry to hear of your loss. We believe you. - Internal Revenue Service.
You can go look for it. It's at the bottom of lake Navajo. You'll know it's mine because it'll be on fire.
Can I book it as a loss?
oh surely, quote whatever basis you like. 50k an ounce? you got robbed, but we believe you. :)
(you did say you know Shalom Ben, right?)
(and you are a Grove regular, right?)
I've got a couple hundred ounces of silver and a few guns on the bottom of Crater Lake. I need to stop taking my PMs and guns boating with me.
i heard that in a matt stone or trey parker voice or whatever fuck you.
Talkin' about stuff lost underwater, didju guys know that John Denver's head was never found in Monterey Bay?
Seriously.
JPM...???
wtf?
silver fillings?
"Sunshine on my shoulders..."
Rocky Mountain high, Pacific Ocean Low... Always test switchng to your reserve tank before actually needing to do so in an actual emergency...
Gold will boil at 5173 F
Silver will boil at 3924 F
Prior to that, you'll just have to scrape it off your foundation and re-refine it to clean it up a bit.
The house is being burned down because it was the nature of the system.
Plus there's less evidence, making it double-plus good.
is Phil Flynn(ing) ?
Bingo. There's your Alaron connection. When they sucked it, the accounts went to PFGBest. Apparently so did Flynn.
He just heard that David Stockman said "REPUBLICANS BANKRUPTED AMERICA" and Bruce Babbit said " WE MADE IT ALL UP" in reference to cutting taxes creates jobs... and then he knew the entire Republican Economic Theory was a dismal 30 year failure...
He went to the '2nd Amendment Cabinet', and took out the big palooka, named The Gipper,
and pulled the trigger, sending a horiffic blast up his asshole... his last words were
"We did the same to the American People. I am so sorry. I take personal responsiblity..."
You're not only caught up in a red team versus blue team paradigm that doesn't mean jack5hit any more. You can't even identify the team members. Babbit was on the blue team not the red team you hate so much. My god, you don't even hate smart.
http://www.youtube.com/watch?v=YMR2zhaEyGo
He just heard that David Stockman said "REPUBLICANS BANKRUPTED AMERICA" and Bruce Babbit said " WE MADE IT ALL UP" in reference to cutting taxes creates jobs... and then he knew the entire Republican Economic Theory was a dismal 30 year failure...
He went to the '2nd Amendment Cabinet', and took out the big palooka, named The Gipper,
and pulled the trigger, sending a horiffic blast up his asshole... his last words were
"We did the same to the American People. I am so sorry. I take personal responsiblity..."
MFing Global, LIEebor, JP Morgue, now this. Is Bix Weir right?
With no trust left, is it time to reset banking? It really is all about pyment system and exchange of value for us individuals. Can't we just make up a new store of value and exchange it through Facebook, LinkedIn, Google, and PayPal? Authentication systems already in place make that actually safer than credit cards or the TBTF banks.
Take a page from the many countries doing trade direct now, and not through the US$ anymore. It isn't as difficult nor as complicated as the banking cabal would like us to believe.
Oh yeah, another infamous GS hook too. Russell on the charitable board with Hank Paulson, natch.
its really about payment system for individuals?
/hahahahahahahahahahahahahahahahahahahaha/
/lololololololololololololololol/
What this town needs is a BETTER class of criminal! And I mean to give it to them.
As Mises noted, the thing about "making up a new store of value" is that all valuations are subjective, based upon past valuations, so it's impossible to create something new with any value as it has no past to guide the present decision.
All natural forms of money had value long before their exchange value was recognized as an intermediate good that could easily be traded for other goods.
The only kind of value that can be created by a "new money" is the value of coercion inherent in legal tender laws, where you accept the paper as payment, or go to jail.
Fortunately there's a system that isn't under control of any wannabe-CORZINE bastards, or Ctrl-P Economists.
Bitcoin - because all this crap is just the beginning of the end for FRNs and fancy paper currencies...
http://www.weusecoins.com/
No account minimums, exorbitant fees, flawed regulators, capital controls, bank 'snitching' reports.
PFG getting Corzined, eh? Surely this is bullish AND will never....ever...happen again.
Sounds like a few folks won’t be sad about this development..
“NOT NOT DO BUSINESS WITH PFGBEST.
THIS COMPANY IS MANAGED BY CROOKS AND LIARS
THEY TOOK MY COMPANY FOR $63,000
WHEN I CONFRONTED MY REP FROM THAT COMPANY JIM KELLY HIS EXCUSE WAS
TWO YEARS HAVE GONE BY AND THEY HAVE NOT REFUNDED(FIXED THE $63,000 ERROR)
CROOKS TO WATCH OUT FOR.
Russ Wasendorf Sr.
Russ Wasendorf Jr.
Jim Kelly BUSINESS REP.”
http://www.100forexbrokers.com/reviews-ratings/pfgbest
And Madoff is alone in his Cell thinking... WHY JUST ME
And where the hell were the regulators that were supposed to prevent this sort of shit? Doesn't look like you have to scratch deep in this company to find the rot.
The scamsters continue on. We are infested with them.
http://ericsprott.blogspot.ca/
True. And nothing will change until they start being put in jail for their crimes.
But . . . when you have a US AG who makes his fortune keeping Wall Street criminals out of jail . . .
-30-
BINGO....
Jon Corzine was seen dressed in white coveralls loading several large bags into a panel truck parked at the rear loading dock of PFG... You don't think... !!!??
Naaaaaaaaaaaaaaaaa
Also, As Reggie said to Lauren, "There is never just one roach!"
How true, how true...
FUBAR. Sorry folks.
SNAFU
"...is not authorized to release any funds."
I wonder how often that chilling refrain will be repeated over the next couple of years?
. . . because they really don't know if they have any funds to release?
-30-
yours was an allocated or an unallocated account, please sir?
You may have better leverage if you keep the futures position you have.
"Mr. SEC Auditor, these are not the segregated accounts you are looking for."
"Look, hardcore pornography!"
Just another snowflake in the avalanche of that trust deficit. Wake me when the guillotine is rolled out and put to use.
i wonder if he tried to stab himself a bunch of times like that dude in the UK found stabbed to death by "suicide" ... lol figure that one out. Maybe "Suicide" is the actual name of the banksters hit man squad. "Another banker dead by suicide" ..
He was later found with self inflicting wounds in the back. it was ruled a suicide.
hahaha
I wonder if this guy is Jewish?
I wonder if people really think that collectivism is predictive?
nah he's a fucktard christian or is it catholic, and possibly a mid-western hick that just got lucky? you really are a POS israhole.
Jooze usually don't attempt suicide. They see nothing morally wrong with stealing from Gentiles. Remember Corzine and Madoff's response? Do you think Jamie or Lloyd would try suicide if their gig is ever over?
I get the feeling someone was standing for delivery on the Comex.
When will they learn?
I would never trust failed-suicider with my money.
Nothing on the pfg website.
I had a cup of PFG Best this morning at breakfast. No wait, that was MFGlobal...no it was Seattle's Best, or maybe JFG. I'm confused.
Who would invest their money with an institution called PFG Best, or drink JFG coffee for that matter.
Some of the MFG accounts were transferred to PFG Best when MF collapsed. Out of the frying pan, into the fire.
So, I wonder if Dimon gave him the "your customer money or your life" call?
(after he'd spent the money)
I should have never had that second cup of PFG Best this morning...ironically, it caused some bowel movement "irregularities" so painful I wanted to kill myself...In the end, all that was left was a big pile of shit.
The writing is on the wall. All funds that one has in the "system" are at high risk of confiscation due to systemic failure and lawlessness.
Great point.
This is the result of allowing the criminals to have impunity, en mass.
The only ones who have a realistic chance of being jailed are the ones like Madoff, who stole from his fellow ruling elites. TPTB don't care what you do to the sub-species; steal them blind because they are no one of any importance anyway.
-30-
The only ones who have a realistic chance of being jailed are the ones like Madoff, who turned himself in then copped a plea. He is spending the rest of his life in Club Fed, tucked away from his fellow elites as much as possible.
Convert your "funds" to food, supplies and PMs, store them at your home and rest easy knowing that they are safe in YOUR safe. Buy the appropriate tools to defend your physical wealth and life preservation investments.
Was $4,500 on May 10, and is now $5,200, a 16% increase in two months.
Get fit.
Yesterday I did a bike/hike that nearly killed my teenage son.
I'm knocking on the door of 60
I can bug out without gasoline.
Funny, they've frozen withdrawals but they'll still let you open an account.
All Ponzis end that way.
Deposits still welcome LOL
it's sad there are people that stupid
stand for delivery
or die trying ...
ha, ha when the cockroaches start attempting suicide, you know the time is near. Be prepared.
attempting? try a hot tub and a hair dryer....
JPM needed some dough and got out the *he won't be missed list.*
Nice, I guess that the future is surging on this.
Thats not a suicide attempt, thats a golden parachute malfunction.
Take that honest face to the bridge.
Cockroach theory about to play out BIGTIME baby!!!!!
It's a good thing CNBC has so much credibility:
Two Firms Flourish in Frenzied MF Global Aftermath"Executives contacted by Reuters said ending up with some additional clients from MF Global's demise was bittersweet.
Iowa-based futures brokerage PFGBEST, a smaller independent broker about one-quarter the size of RJO, had issued a press release shortly before the first transfer arguing against "allowing regulators and exchanges to force [customers] to any particular futures commission merchant."
PFGBEST was ultimately given some accounts in a second transfer. But of the 700 accounts with some $200 million in cash that it received, less than 40 percent have remained with the broker, said Russell Wasendorf, chief operating officer.
"I think some firms were trying to look at it as a land grab," he said. "Our major concern was to give customers their money." And if the customers realized during the process that his firm provided them good service, "that was the only real benefit that we saw out of this.""
http://www.cnbc.com/id/46278071/Two_Firms_Flourish_in_Frenzied_MF_Global...
I guess "flourish" is as hard to define as "swap".