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Futures Brokerage PFG Best Freezes Accounts Following Discovery Of Accounting Irregularity

Tyler Durden's picture


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.

Russell R. Wasendorf, Sr.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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Mon, 07/09/2012 - 16:55 | 2599918 Seize Mars
Seize Mars's picture

Whither thou goest, Alaron Trading?

Mon, 07/09/2012 - 16:58 | 2599930 Unprepared
Unprepared's picture

I hope Gerald Celente does not have an account with them, or you know what, screw him, I don't give a shit anymore.

Mon, 07/09/2012 - 17:21 | 2599989 hedgeless_horseman
hedgeless_horseman's picture



Until further notice, PFGBEST is not authorized to release any funds.

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!

Mon, 07/09/2012 - 17:21 | 2600013 tmosley
tmosley's picture

Do we have any idea how much money is tied up in PFG right now?

Mon, 07/09/2012 - 17:23 | 2600018 Rahm
Rahm's picture

Fuckin JPM strikes again

Mon, 07/09/2012 - 17:35 | 2600071 knukles
knukles's picture

So happy everything's still OK today.

Mon, 07/09/2012 - 17:42 | 2600092 iDealMeat
iDealMeat's picture

I knew there was a Squid connection in here somewhere.


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.



Mon, 07/09/2012 - 18:26 | 2600236 CIABS
CIABS's picture

I just looked on the New York Times website and found no reference to this story.

Mon, 07/09/2012 - 18:38 | 2600265 Temporalist
Temporalist's picture

Stan now more than ever you need to understand the importance of saving money

And it's gone...

Mon, 07/09/2012 - 18:41 | 2600281 Aziz
Aziz's picture

More proof the banks learned the necessary lessons since 2008.

Mon, 07/09/2012 - 19:01 | 2600322 The Watchman
The Watchman's picture

Just when "vaporized" was starting to get old.....

Mon, 07/09/2012 - 19:18 | 2600354 sunaJ
sunaJ's picture

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? 

Mon, 07/09/2012 - 18:38 | 2600268 NumberNone
NumberNone's picture

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?


Mon, 07/09/2012 - 21:30 | 2600759 LostAtSea
LostAtSea's picture

or, it was the beneficiary of that $220M....killed him because he was going to go public with the details..?


Mon, 07/09/2012 - 18:43 | 2600272 NumberNone
NumberNone's picture

Also, looks like Wasendorf was one step ahead of the FCM and put himself into liquidation only status. 

Mon, 07/09/2012 - 18:54 | 2600306 Ms. Erable
Ms. Erable's picture

And he came soooo close to becoming a Good Banker this morning.

Mon, 07/09/2012 - 18:39 | 2600275 HoofHearted
HoofHearted's picture

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...

Mon, 07/09/2012 - 19:02 | 2600324 Whoa Dammit
Whoa Dammit's picture

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.

Mon, 07/09/2012 - 19:42 | 2600456 francis_sawyer
francis_sawyer's picture

Combine Harvester ~ LOL...


Yeah dude, here's your BALE OUT, I have it right here...

Mon, 07/09/2012 - 21:25 | 2600750 WillyGroper
WillyGroper's picture

now that's damn funny!

Mon, 07/09/2012 - 19:30 | 2600410 killedbyshortvol
killedbyshortvol's picture

Try the National Futures Association (SRO) website for case docs (it looks as though depositors are in trouble):



Mon, 07/09/2012 - 20:59 | 2600687 fuu
fuu's picture

"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...

Mon, 07/09/2012 - 19:24 | 2600370 King_of_simpletons
King_of_simpletons's picture

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:


Advise to bankster looters. Buy a better rope, real bullets and potent poison. Don't chicken out. Go for it till the end.

Tue, 07/10/2012 - 00:42 | 2601163 Antifaschistische
Antifaschistische's picture

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.

Mon, 07/09/2012 - 17:36 | 2600074 LeBalance
LeBalance's picture



Mon, 07/09/2012 - 17:57 | 2600127 AGuy
AGuy's picture

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..."


Mon, 07/09/2012 - 17:44 | 2600097 Ninja Report
Ninja Report's picture

[PFGBEST] has approximately $500 million in customer assets in segregated futures and forex accounts.

Mon, 07/09/2012 - 17:50 | 2600112 hedgeless_horseman
hedgeless_horseman's picture





Mon, 07/09/2012 - 19:27 | 2600395 Missiondweller
Missiondweller's picture

Yeah, we'll see about that.

Mon, 07/09/2012 - 17:59 | 2600138 tmosley
tmosley's picture


Mon, 07/09/2012 - 18:01 | 2600148 tekhneek
tekhneek's picture

"Segregated" ... there's that word again. Pretty sure we need a new ZH definition of "Segregated" funds.

Any takers?

Mon, 07/09/2012 - 18:08 | 2600185 fuu
fuu's picture


Mon, 07/09/2012 - 18:10 | 2600193 cougar_w
cougar_w's picture

Winner! That was easy.

Mon, 07/09/2012 - 20:10 | 2600555 fuu
fuu's picture

Did I win? <pleaseletitbeapony>

Mon, 07/09/2012 - 23:01 | 2600991 tekhneek
tekhneek's picture

You win.

5 baby unicorns and a pot of gold for you sir.

Mon, 07/09/2012 - 18:47 | 2600290 knukles
knukles's picture

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.

Mon, 07/09/2012 - 18:50 | 2600298 BandGap
BandGap's picture

Segregated - to do as we please until caught.

Mon, 07/09/2012 - 18:56 | 2600309 Itch
Itch's picture


Mon, 07/09/2012 - 19:24 | 2600383 Bill D. Cat
Bill D. Cat's picture

Any good definition would only end up in the Urban Dictionary .

Mon, 07/09/2012 - 20:57 | 2600678 Benjamin Glutton
Benjamin Glutton's picture


Mon, 07/09/2012 - 18:33 | 2600258 stocktivity
stocktivity's picture

...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."

Mon, 07/09/2012 - 17:18 | 2599995 BC6
BC6's picture

Anyone else going to take delivery on their SpongeBob silver coin set from PFGBEST?

Mon, 07/09/2012 - 17:39 | 2600081 knukles
knukles's picture

Holy Bejezuz...

Can always tell a serious business by it's product line.

Mon, 07/09/2012 - 17:39 | 2600082 ITrustMyGut
ITrustMyGut's picture



Mon, 07/09/2012 - 18:39 | 2600274 Son of Loki
Son of Loki's picture

The SEC will get right on this...I'm not worried.......

Mon, 07/09/2012 - 19:36 | 2600435 fuu
fuu's picture

Nice find. $260 for 4 troy oz and a pirate chest.

Mon, 07/09/2012 - 17:19 | 2600005 Gringo Viejo
Gringo Viejo's picture

"The 2nd time you get kicked by a mule, you don't learn anything."


Mon, 07/09/2012 - 19:17 | 2600350 GoinFawr
GoinFawr's picture

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.

Tue, 07/10/2012 - 01:22 | 2601202 Oh regional Indian
Oh regional Indian's picture


Instaclassic GoinF!


Mon, 07/09/2012 - 16:59 | 2599936 Silver Bug
Silver Bug's picture

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.

Mon, 07/09/2012 - 17:02 | 2599947 Unprepared
Unprepared's picture

At what degree do Gold and Silver start to vaporize? I need to know if they would be safe when the house is burning?

Mon, 07/09/2012 - 17:09 | 2599969 Temporalist
Temporalist's picture

Buy a house boat

Mon, 07/09/2012 - 17:13 | 2599983 DoChenRollingBearing
DoChenRollingBearing's picture

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!

Mon, 07/09/2012 - 17:26 | 2600030 mr_T
mr_T's picture

Running out of fingers to plug the dam..

Mon, 07/09/2012 - 17:43 | 2600094 FEDbuster
FEDbuster's picture

Buy long term storage food now.  It's available and relatively cheap.  Silver and gold are nice, but first buy your rice.

Mon, 07/09/2012 - 18:00 | 2600140 LowProfile
LowProfile's picture

Buy more gold than silver.  And remember the ammo and PORN.

Mon, 07/09/2012 - 18:22 | 2600227 Tijuana Donkey Show
Tijuana Donkey Show's picture

analog porn. Just in case they pull the plug on the net.......

Mon, 07/09/2012 - 19:21 | 2600369 GoinFawr
GoinFawr's picture

 solar thermal generator plus:

Mon, 07/09/2012 - 18:09 | 2600174 tekhneek
tekhneek's picture

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.

Mon, 07/09/2012 - 18:23 | 2600228 chunga
chunga's picture

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.

Mon, 07/09/2012 - 18:28 | 2600243 tony wilson
tony wilson's picture

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

Mon, 07/09/2012 - 19:09 | 2600334 tmosley
tmosley's picture

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.

Mon, 07/09/2012 - 19:43 | 2600442 Not Too Important
Not Too Important's picture

"...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.

Mon, 07/09/2012 - 21:22 | 2600737 tmosley
tmosley's picture

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?

Mon, 07/09/2012 - 20:13 | 2600564 fuu
fuu's picture

Ann Coulter?

Mon, 07/09/2012 - 21:14 | 2600713 tmosley
tmosley's picture

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.

Mon, 07/09/2012 - 22:03 | 2600841 fuu
fuu's picture

Well more rice for you I guess.

Mon, 07/09/2012 - 18:59 | 2600318 Itch
Itch's picture

"salt, beans, rice, toilet paper, paper towels, vinegar, baking soda, water and a bunch of canned shit"

Where's this party then?

Mon, 07/09/2012 - 19:30 | 2600412 FeralSerf
FeralSerf's picture

You'll have to wait til he's finished fermenting the beans, rice and toilet paper and distilling the result.

Mon, 07/09/2012 - 19:15 | 2600345 FEDbuster
FEDbuster's picture

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.

Mon, 07/09/2012 - 20:15 | 2600566 fuu
fuu's picture

O2 absorbers and gamma lids.

Mon, 07/09/2012 - 23:10 | 2601016 FEDbuster
FEDbuster's picture

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.

Mon, 07/09/2012 - 18:45 | 2600289 zanez
zanez's picture

-and whiskey.

Mon, 07/09/2012 - 18:04 | 2600163 tmosley
tmosley's picture

They'd use their thumbs, but those are up their asses.

Mon, 07/09/2012 - 18:59 | 2600319 Ms. Erable
Ms. Erable's picture

Just remember, DCRB: only the paranoid survive.

Mon, 07/09/2012 - 17:13 | 2599980 TraitorsHang
TraitorsHang's picture

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.

Mon, 07/09/2012 - 17:20 | 2600009 LeBalance
LeBalance's picture

So very sorry to hear of your loss.  We believe you. - Internal Revenue Service.

Mon, 07/09/2012 - 17:23 | 2600022 TraitorsHang
TraitorsHang's picture

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?

Mon, 07/09/2012 - 17:39 | 2600080 LeBalance
LeBalance's picture

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?)

Mon, 07/09/2012 - 18:17 | 2600212 Overfed
Overfed's picture

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.

Mon, 07/09/2012 - 17:25 | 2600026 runlevel
runlevel's picture

i heard that in a matt stone or trey parker  voice or  whatever fuck you.

Mon, 07/09/2012 - 17:46 | 2600091 knukles
knukles's picture

Talkin' about stuff lost underwater, didju guys know that John Denver's head was never found in Monterey Bay?

Mon, 07/09/2012 - 18:00 | 2600143 gmrpeabody
gmrpeabody's picture


Mon, 07/09/2012 - 18:20 | 2600221 fuu
fuu's picture


Mon, 07/09/2012 - 18:30 | 2600251 Tijuana Donkey Show
Tijuana Donkey Show's picture

silver fillings?

Mon, 07/09/2012 - 18:38 | 2600267 stocktivity
stocktivity's picture

"Sunshine on my shoulders..."

Mon, 07/09/2012 - 19:18 | 2600356 Hulk
Hulk's picture

Rocky Mountain high, Pacific Ocean Low... Always test switchng to your reserve tank before actually needing to do so in an actual emergency...

Tue, 07/10/2012 - 00:46 | 2601168 Antifaschistische
Antifaschistische's picture

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.

Mon, 07/09/2012 - 17:11 | 2599976 PaperBear
PaperBear's picture

The house is being burned down because it was the nature of the system.

Mon, 07/09/2012 - 18:00 | 2600145 NotApplicable
NotApplicable's picture

Plus there's less evidence, making it double-plus good.

Mon, 07/09/2012 - 18:02 | 2600153 whatsinaname
whatsinaname's picture

is Phil Flynn(ing) ?

Mon, 07/09/2012 - 19:14 | 2600343 Seize Mars
Seize Mars's picture

Bingo. There's your Alaron connection. When they sucked it, the accounts went to PFGBest. Apparently so did Flynn.

Mon, 07/09/2012 - 18:02 | 2600154 Republi-Ken
Republi-Ken's picture

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..."

Mon, 07/09/2012 - 18:18 | 2600214 Fred Hayek
Fred Hayek's picture

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.

Mon, 07/09/2012 - 18:07 | 2600177 Republi-Ken
Republi-Ken's picture

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..."

Mon, 07/09/2012 - 16:55 | 2599919 So Sue Me
So Sue Me's picture

MFing Global, LIEebor, JP Morgue, now this.  Is Bix Weir right?

Mon, 07/09/2012 - 17:15 | 2599975 CClarity
CClarity's picture

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.

Mon, 07/09/2012 - 17:22 | 2600017 LeBalance
LeBalance's picture

its really about payment system for individuals?



What this town needs is a BETTER class of criminal!  And I mean to give it to them.


Mon, 07/09/2012 - 17:26 | 2600035 NotApplicable
NotApplicable's picture

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.

Mon, 07/09/2012 - 20:51 | 2600669 TraderTimm
TraderTimm's picture

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...

No account minimums, exorbitant fees, flawed regulators, capital controls, bank 'snitching' reports.


Mon, 07/09/2012 - 16:56 | 2599920 Fidel Sarcastro
Fidel Sarcastro's picture

PFG getting Corzined, eh?  Surely this is bullish AND will never....ever...happen again.

Mon, 07/09/2012 - 17:12 | 2599979 Manthong
Manthong's picture

Sounds like a few folks won’t be sad about this development..







Russ Wasendorf Sr.
Russ Wasendorf Jr.

Mon, 07/09/2012 - 18:23 | 2600229 Mentaliusanything
Mentaliusanything's picture

And Madoff is alone in his Cell thinking... WHY JUST ME

Mon, 07/09/2012 - 18:48 | 2600296 NumberNone
NumberNone's picture

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. 

Mon, 07/09/2012 - 16:56 | 2599921 Silver Bug
Silver Bug's picture

The scamsters continue on. We are infested with them.

Mon, 07/09/2012 - 17:05 | 2599954 MarsInScorpio
MarsInScorpio's picture

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 . . .


Mon, 07/09/2012 - 18:02 | 2600151 gmrpeabody
gmrpeabody's picture


Mon, 07/09/2012 - 17:17 | 2600000 Rasna
Rasna's picture

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... !!!??


Mon, 07/09/2012 - 17:19 | 2600004 Rasna
Rasna's picture

Also, As Reggie said to Lauren, "There is never just one roach!"

How true, how true...

Mon, 07/09/2012 - 16:56 | 2599923 partimer1
partimer1's picture

FUBAR. Sorry folks.

Mon, 07/09/2012 - 17:50 | 2600113 viahj
viahj's picture


Mon, 07/09/2012 - 16:57 | 2599924 Tinky
Tinky's picture

" not authorized to release any funds."

I wonder how often that chilling refrain will be repeated over the next couple of years?

Mon, 07/09/2012 - 17:06 | 2599958 MarsInScorpio
MarsInScorpio's picture

. . . because they really don't know if they have any funds to release?


Mon, 07/09/2012 - 17:10 | 2599971 LeBalance
LeBalance's picture

yours was an allocated or an unallocated account, please sir?

Mon, 07/09/2012 - 17:37 | 2600076 Oracle of Kypseli
Oracle of Kypseli's picture

You may have better leverage if you keep the futures position you have.

Mon, 07/09/2012 - 18:59 | 2600317 LeBalance
LeBalance's picture

"Mr. SEC Auditor, these are not the segregated accounts you are looking for."


Mon, 07/09/2012 - 19:11 | 2600337 tmosley
tmosley's picture

"Look, hardcore pornography!"

Mon, 07/09/2012 - 16:57 | 2599926 LawsofPhysics
LawsofPhysics's picture

Just another snowflake in the avalanche of that trust deficit.  Wake me when the guillotine is rolled out and put to use.

Mon, 07/09/2012 - 16:57 | 2599927 runlevel
runlevel's picture

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" ..

Mon, 07/09/2012 - 17:02 | 2599949 camaro68ss
camaro68ss's picture

He was later found with self inflicting wounds in the back. it was ruled a suicide.


Mon, 07/09/2012 - 16:58 | 2599928 israhole
israhole's picture

I wonder if this guy is Jewish?

Mon, 07/09/2012 - 16:59 | 2599935 tmosley
tmosley's picture

I wonder if people really think that collectivism is predictive?

Mon, 07/09/2012 - 17:20 | 2600007 vast-dom
vast-dom's picture

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.

Mon, 07/09/2012 - 19:41 | 2600452 FeralSerf
FeralSerf's picture

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?

Mon, 07/09/2012 - 16:58 | 2599929 tmosley
tmosley's picture

I get the feeling someone was standing for delivery on the Comex.

When will they learn?

Mon, 07/09/2012 - 17:10 | 2599970 Unprepared
Unprepared's picture

I would never trust failed-suicider with my money.

Mon, 07/09/2012 - 16:59 | 2599932 Godisanhftbot
Godisanhftbot's picture

 Nothing on the pfg website.

Mon, 07/09/2012 - 16:59 | 2599933 stock trout
stock trout's picture

I had a cup of PFG Best this morning at breakfast. No wait, that was 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.

Mon, 07/09/2012 - 17:08 | 2599965 Vegamma
Vegamma's picture

Some of the MFG accounts were transferred to PFG Best when MF collapsed. Out of the frying pan, into the fire.

Mon, 07/09/2012 - 17:30 | 2600050 NotApplicable
NotApplicable's picture

So, I wonder if Dimon gave him the "your customer money or your life" call?

(after he'd spent the money)

Mon, 07/09/2012 - 17:58 | 2600134 chdwlch1
chdwlch1's picture

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.

Mon, 07/09/2012 - 17:00 | 2599937 john_connor
john_connor's picture

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.

Mon, 07/09/2012 - 17:10 | 2599972 MarsInScorpio
MarsInScorpio's picture

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.


Mon, 07/09/2012 - 19:38 | 2600445 azusgm
azusgm's picture

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.

Mon, 07/09/2012 - 17:13 | 2599981 FEDbuster
FEDbuster's picture

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.

Mon, 07/09/2012 - 17:45 | 2600046 hedgeless_horseman
hedgeless_horseman's picture



Realize that everything is likely to cost more next year, if you can get it, so better to buy it now.

Was $4,500 on May 10, and is now $5,200, a 16% increase in two months.

Mon, 07/09/2012 - 19:29 | 2600409 logicalman
logicalman's picture

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.


Mon, 07/09/2012 - 17:01 | 2599941 israhole
israhole's picture

Funny, they've frozen withdrawals but they'll still let you open an account.

Mon, 07/09/2012 - 18:15 | 2600207 cougar_w
cougar_w's picture

All Ponzis end that way.

Mon, 07/09/2012 - 18:36 | 2600262 Lucky Guesst
Lucky Guesst's picture

Deposits still welcome LOL

it's sad there are people that stupid

Mon, 07/09/2012 - 17:01 | 2599942 mt paul
mt paul's picture

stand for delivery

or die trying ...

Mon, 07/09/2012 - 17:02 | 2599946 world_debt_slave
world_debt_slave's picture

ha, ha when the cockroaches start attempting suicide, you know the time is near. Be prepared.

Mon, 07/09/2012 - 17:12 | 2599978 LeBalance
LeBalance's picture

attempting?  try a hot tub and a hair dryer....

JPM needed some dough and got out the *he won't be missed list.*

Mon, 07/09/2012 - 17:05 | 2599955 YesWeKahn
YesWeKahn's picture

Nice, I guess that the future is surging on this.

Mon, 07/09/2012 - 17:05 | 2599956 monad
monad's picture

Thats not a suicide attempt, thats a golden parachute malfunction.

Mon, 07/09/2012 - 17:07 | 2599961 q99x2
q99x2's picture

Take that honest face to the bridge.

Mon, 07/09/2012 - 17:08 | 2599963 Stuart
Stuart's picture

Cockroach theory about to play out BIGTIME baby!!!!!

Mon, 07/09/2012 - 17:08 | 2599966 Temporalist
Temporalist's picture

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.""

Mon, 07/09/2012 - 18:27 | 2600240 Fred Hayek
Fred Hayek's picture

I guess "flourish" is as hard to define as "swap".

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