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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 - 17:09 | 2599968 lizzy36
lizzy36's picture

Public Trust...LMAO.

Mon, 07/09/2012 - 17:14 | 2599986 Rainman
Rainman's picture

yes, funny,.... public trust was suicided long ago

Mon, 07/09/2012 - 17:12 | 2599977 XitSam
XitSam's picture

This is what happens when you don't cooperate. Corzine was smart enough to cooperate.

Mon, 07/09/2012 - 17:14 | 2599984 Xibalba
Xibalba's picture

If only it was Mr. Dimon....

Mon, 07/09/2012 - 17:14 | 2599985 CharliePrince
CharliePrince's picture

he couldnt stand all the success and acolades.......

Mon, 07/09/2012 - 17:56 | 2600117 knukles
knukles's picture

Hey, the Cedar Rapids Chamber of Commerce or some such shit gave him an award.
Guess that's enough reason to emabarass someone to death.

 

I get Dibs on his Coke and Hookers

Mon, 07/09/2012 - 19:47 | 2600477 FeralSerf
FeralSerf's picture

Across the river in Souix Falls.  South Dakota has lower minimum age laws.   Nice and tight I'm told.

Mon, 07/09/2012 - 17:14 | 2599987 Trying to Understand
Trying to Understand's picture

Sometimes it takes 'time' for shit to roll down the hill, but none the less, roll it does.  Perhaps this observation comes into play: http://www.nowpublic.com/tech-biz/does-pfgbest-have-ties-illinois-govs-corruption-scandal

 

Mon, 07/09/2012 - 17:15 | 2599988 cherry picker
cherry picker's picture

Is there any good news out there?

It would be nice to hear something positive for a change, all this stuff is enough to drive a person to drink.

Mon, 07/09/2012 - 17:57 | 2600126 knukles
knukles's picture

Yeah.
I was one under after two holes today.

Mon, 07/09/2012 - 18:53 | 2600301 iDealMeat
iDealMeat's picture

"I was one under after two holes today."

Golf?  or the Hookers?  ;-)

 

 

Mon, 07/09/2012 - 18:56 | 2600311 knukles
knukles's picture

Golf, silly!
Gotta wait for the next month to get the coke and hookers SNAP card re-credited.
Wonder what they were saying about that same line at Bawney's wedding.
PS  Who threw the bouquet?

Mon, 07/09/2012 - 19:12 | 2600340 Ms. Erable
Ms. Erable's picture

The one that threw the bouquet was the frst one to toss the salad.

Mon, 07/09/2012 - 17:59 | 2600136 Crack-up Boom
Crack-up Boom's picture

Bullish for beer.  There's your good news.

Mon, 07/09/2012 - 18:24 | 2600231 The Gooch
The Gooch's picture

Shut up and raise that glass! This is the good news (!) unless you're a muppet or a failed "suicideatologist"™® i.e. "Ponzifier"™® or "PonziFIRE"™®.

Q: How many dominoes are there in a game of Monopoly?

A: How many Puerto-Ricans are on the board of the SQUID?

If a domino falls in Iowa...

Cheers...

Mon, 07/09/2012 - 18:41 | 2600280 Lucky Guesst
Lucky Guesst's picture

Turn on your tv... plenty of great news on MSM.

We come here for the truth.

Mon, 07/09/2012 - 17:16 | 2599993 PaperBear
PaperBear's picture

How about transferring the clients to another FCM ?

Mon, 07/09/2012 - 17:19 | 2600002 Downtoolong
Downtoolong's picture

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

Now all he has to do is write The True Story of PFGBEST's Leadership From The Inside Out. Think we'll ever see that published? I doubt it.

Mon, 07/09/2012 - 17:20 | 2600008 Lost Wages
Lost Wages's picture

Oh my. An irregularity! I hope no one loses any money!

Mon, 07/09/2012 - 17:21 | 2600011 Godisanhftbot
Godisanhftbot's picture

 curious, cant find this anywhere else but here.

 

 I need at least one corroberating post before slitting my wrist.  ;----)

Mon, 07/09/2012 - 17:32 | 2600061 Colonel Walter ...
Colonel Walter E Kurtz's picture

Let's wait and see if Tyler once again is frontrunning everyone else.

 

Mon, 07/09/2012 - 18:18 | 2600215 cougar_w
cougar_w's picture

MarketWatch has it now.

But hold off on the seppuku, you might get lucky and turn up 50 cents on the dollar.

Mon, 07/09/2012 - 21:30 | 2600762 Winston Smith 2009
Winston Smith 2009's picture

They may have it, but I don't see it on their front page.  Something as hugely significant as a second misappropriation of customer funds that should signal to anyone with half a brain or more that no brokerage is safe must be buried by the pandering mainstream financial press. Maybe they'll headline it Friday after market close.

Mon, 07/09/2012 - 17:23 | 2600019 midgetrannyporn
midgetrannyporn's picture

Shocking, I can't believe it. There must be some mistake. /sarc

Mon, 07/09/2012 - 17:23 | 2600021 dwdollar
dwdollar's picture

Someone short ag commodities? Those droughts are a bitch.

Mon, 07/09/2012 - 17:24 | 2600024 Sudden Debt
Sudden Debt's picture

YOU CAN SELL BUT YOU CAN'T HIDE!!
All your saving belong to us now bitchez!

Mon, 07/09/2012 - 17:26 | 2600029 Seasmoke
Seasmoke's picture

those numbers you watch and trade daily......you dont own them.........thanks for playing !!!!

Mon, 07/09/2012 - 17:27 | 2600037 Seasmoke
Seasmoke's picture

you have just been Corzined by Wasendorf

Mon, 07/09/2012 - 17:28 | 2600042 Godisanhftbot
Godisanhftbot's picture

 You can't be too rich, thin, or cynical.

Mon, 07/09/2012 - 21:34 | 2600770 Winston Smith 2009
Winston Smith 2009's picture

God, you are so correct.  The lights are on and the cockroaches are everywhere.  There's never, ever just one.

Let there be light.

Then prison...

...but I'm justifiably too cynical to believe that prison part.

Mon, 07/09/2012 - 17:28 | 2600043 Bam_Man
Bam_Man's picture

But Mr. Wasendorf looks like such a nice man.

Mon, 07/09/2012 - 18:20 | 2600044 battlestargalactica
battlestargalactica's picture

"In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months, or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. there is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in - or more precisely not in - the country's business and banks. This inventory - it should be called the bezzle. It also varies in size with the business cycle."

-Extracts from "The Great Crash: 1929", John Kenneth Galbraith, First Published 1955, Page 152 to 153

 

"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change."
Charles Darwin

1929 Redux. History may not f$cking repeat itself, but it sure does f#cking rhyme...

Mon, 07/09/2012 - 18:21 | 2600220 NotApplicable
NotApplicable's picture

Excellent post. Interestingly enough, It fits in perfectly with Gary North's article on finding one's calling, where he discusses how Rothbard not only survived, but prospered in spite of the whole of the academic world being set against him.

Better yet, Murray was known as the "Happy Warrior." Not only could he see the beauty of humanity in its full coherence, he wrote well enough that he passed that vision on to me.

http://lewrockwell.com/north/north1164.html

Mon, 07/09/2012 - 18:24 | 2600232 battlestargalactica
battlestargalactica's picture

Cheers. Buckle up. Me thinks this is gonna be a bumpy ride.

Mon, 07/09/2012 - 18:41 | 2600259 1Inthebeginning
1Inthebeginning's picture

Just one improvement is success.

Mon, 07/09/2012 - 17:28 | 2600045 TheHamburglar
TheHamburglar's picture

For those of you looking for another source before panicking, looks like reuters UK is now reporting this: http://uk.reuters.com/article/2012/07/09/broker-pfg-best-idUKL2E8I9DWC20120709

Mon, 07/09/2012 - 17:41 | 2600086 Ineverslice
Ineverslice's picture

This was just a small ponzi.  

Mon, 07/09/2012 - 19:43 | 2600371 killedbyshortvol
killedbyshortvol's picture

Another source - the National Futures Association (SRO) website case docs (it looks as though depositors are in trouble):

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3357

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3357

 

Mon, 07/09/2012 - 17:30 | 2600052 q99x2
q99x2's picture

the owner's suicide attempt

 

Jamie Dimon should learn from his mistake's.

 

Keiser's gonna have a field day with this one.

Mon, 07/09/2012 - 17:30 | 2600058 yogibear
yogibear's picture

Where's Jon Corzine? "I Don't know what happened to the money!"

Mon, 07/09/2012 - 17:34 | 2600059 Haole
Haole's picture

Suicide "attempt"?

Mon, 07/09/2012 - 17:36 | 2600072 Henry Hub
Henry Hub's picture

Assisted suicide is legal in Oregon, Washington and Montana. If they move Mr. Russell R. Wasendorf, Sr to one of these states, I'm sure someone will gladly assist this scumbag in meeting his end.

Mon, 07/09/2012 - 20:20 | 2600584 smiler03
smiler03's picture

Surely prison is better, but the chances are.............. ZI(r)P

Mon, 07/09/2012 - 17:38 | 2600077 cougar_w
cougar_w's picture

This is how the real rascals get ahead; The average shmuck money manager might go crazy or retire in shame or kill himself over a massive loss to customers, but the likes of a Lloyd Blankfein would never contemplate suicide or quiting, not even if his actions directly destroyed the lives of half of humanity.

It would never not for an instant cross his mind. Not a single neuron lodged in the most forgotten corner of his brain stem would respond to the least notion of caring.

Normal people die. The really evil fucks seem to just go on and on, like mindless locusts devouring all life and goodness as they pass over the world.

I was a while back writing a short story on the topic of running these alphas to ground and unwinding their black souls all the way to Cain. Diamond was going to do it (because she can, oh yes) and Fortran was helping but holding her back at the same time, go slowly sister go slow. I couldn't get through it though, it was too dark a tale. Maybe I'll pick it up again. It might make me feel a little better to finish it. The story was set around Christmas, it was snowing and the city was white and pure and there was to be a grand party for Christmas Eve. But then there was a horrific mass murder and the soul of the world rolled over in sadness and disgust and said Let's clean this up shall we. That's not something you want to hear from the destroyer of the world.

 

Mon, 07/09/2012 - 18:09 | 2600187 Crack-up Boom
Crack-up Boom's picture

If "[n]ot a single neuron lodged in the most forgotten corner of his brain stem would respond to the least notion of caring" isn't a fluke, you should write it. 

Mon, 07/09/2012 - 17:38 | 2600078 Lokking4AnEdge
Lokking4AnEdge's picture

S__T!!!

My account is there.....

What the hell s going on in this world

Mon, 07/09/2012 - 18:06 | 2600171 cougar_w
cougar_w's picture

Not to be alarmist, but while you may have an account there you perhaps no longer have any funds.

Just a wild guess. Best of luck, as they say.

Mon, 07/09/2012 - 18:37 | 2600266 Mentaliusanything
Mentaliusanything's picture

Your account? Who's account? What account are you talking about ? Our account or yours? We have no record of your account!

We are having to account for the accounts we though we had and on no account was any account found to be accounted.

We will keep you informed of any changes we find as we aCunt.

 

Mon, 07/09/2012 - 18:47 | 2600295 Lucky Guesst
Lucky Guesst's picture

all your account are belong to us

Mon, 07/09/2012 - 17:38 | 2600079 Bennie Noakes
Bennie Noakes's picture

Whenever Richard Cory went down town,
We people on the pavement looked at him:
He was a gentleman from sole to crown,
Clean favored, and imperially slim.

And he was always quietly arrayed,
And he was always human when he talked;
But still he fluttered pulses when he said,
"Good-morning," and he glittered when he walked.

And he was rich – yes, richer than a king –
And admirably schooled in every grace:
In fine, we thought that he was everything
To make us wish that we were in his place.

So on we worked, and waited for the light,
And went without the meat, and cursed the bread;
And Richard Cory, one calm summer night,
Went home and put a bullet through his head.

Mon, 07/09/2012 - 17:47 | 2600103 Ineverslice
Ineverslice's picture

Brilliant.

Act Two, Scene Four:  The Unglueing

Mon, 07/09/2012 - 19:08 | 2600331 Henry Hub
Henry Hub's picture

Credit to Edwin Arlington Robinson. Fixed it for you

Mon, 07/09/2012 - 17:40 | 2600085 dwdollar
dwdollar's picture

Suicide attempt means he doesn't have enough money to cover his "important" clients who have the ability to destroy him financially or otherwise.

Mon, 07/09/2012 - 17:44 | 2600093 Clint Liquor
Clint Liquor's picture

Suicide "attempt"?

He doesn't look like the kind of man who would have the balls to stick a 12 Ga in his mouth. He probably just took a bunch of Viagra and didn't call the doctor when the erection lasted more than 4 hours.

 

Mon, 07/09/2012 - 18:08 | 2600181 cougar_w
cougar_w's picture

This carries the ring of truth.

Mon, 07/09/2012 - 18:21 | 2600224 Bam_Man
Bam_Man's picture

Reminds me of one of Gary Shandling's better lines: "If I have an erection lasting more than four hours, my doctor is the last person I'm gonna call."

Mon, 07/09/2012 - 19:10 | 2600336 ironsky
ironsky's picture

You've got the opening. The rest of the novel should be easy.

Mon, 07/09/2012 - 17:46 | 2600102 buzzsaw99
buzzsaw99's picture

If they are segregated then everything is fine. :snark:

Mon, 07/09/2012 - 17:52 | 2600118 realitybiter
realitybiter's picture

I would be quite willing to "fix" the failed suicide attempt for a very small fee.  I'd offer it for free if you through in JC, just for grins...

sarcasm, of course.

 

Holder is a pathetic piece of cask bung.  Had he done his job, even poorly, with Corzine, I can nearly guarantee that this fellow would never even thought about a theft.

Start the prosecutions and the looting will stop.  

Mon, 07/09/2012 - 18:08 | 2600183 ziggy59
ziggy59's picture

Prosecute them like the Chinese do to their bankers caught in corruption cases...

The crap will stop in a week.

Mon, 07/09/2012 - 18:43 | 2600285 Mentaliusanything
Mentaliusanything's picture

Don't you know they charge the family for the Bullet! Bring it on and fast

Mon, 07/09/2012 - 17:54 | 2600120 Meesohaawnee
Meesohaawnee's picture

im sure this will be bullish for the E-minis. Come on,, this has already been "priced in" .. bullish! everything is better than expected

Mon, 07/09/2012 - 17:58 | 2600132 Watts_D_Matter
Watts_D_Matter's picture

Funny how the righteous write these White Papers..as a smoke screen...Sort of like the car with the AAA sticker on it....Sort of a warning that says the person sucks at driving....or for PFG, managing money!  Check out the link below...from the SFO Magazine...

http://www.sfomag.com/News/Trading_News-PFGBEST_White_Paper_Responds_to_...

White papers from Wall Street are actually.... White "Lies" Paper...

I say sharpen pitch forks....gather rope....and toss in a few shotguns....We are going Banker Hunting!

Glad I liquated my Futures account after the Corzining of MF Global....

And lastly...FUCK YOU CORZINE!!

 

 

 

Mon, 07/09/2012 - 18:03 | 2600157 thomas pain
thomas pain's picture

this is what happens when you short corn futures

Mon, 07/09/2012 - 18:06 | 2600170 booboo
booboo's picture

These buck tooth shit kickers are so far up the Chicago Machines ass it's not funny, if not for this they would have been run out of town a long............nevermind, not they wouldn't have.

Mon, 07/09/2012 - 18:06 | 2600173 ziggy59
ziggy59's picture

Suicide attempt?.. Sheeit. All he would have to do is walk out into the streets where clients and customers are...

Mission accomplished!

Mon, 07/09/2012 - 21:38 | 2600779 Winston Smith 2009
Winston Smith 2009's picture

Perhaps that was what he was trying to avoid with a DIY effort?

Mon, 07/09/2012 - 18:07 | 2600178 pan
pan's picture

House of cards bitchez!  Get out while you can!

Mon, 07/09/2012 - 18:09 | 2600186 mark7
mark7's picture

I'd bet there are now more than a few VIP call girls and cocaine dealers who are really happy with some of the PFGBEST money...

Mon, 07/09/2012 - 18:47 | 2600291 surfer433
surfer433's picture

Putting America to work.

 

Mon, 07/09/2012 - 18:13 | 2600199 strangeglove
strangeglove's picture

In Further news the ETrade baby was given 15 to life for rehypothicating in his diaper.... Please stand by for Cell mat AMozillos reply

Mon, 07/09/2012 - 18:24 | 2600233 cougar_w
cougar_w's picture

We will have to buy our surplus corn back from starving Africans.

/no-sarc

Mon, 07/09/2012 - 19:18 | 2600355 monad
monad's picture

long water

Mon, 07/09/2012 - 18:31 | 2600253 lizzy36
lizzy36's picture

NO. Food and energy prices are not what the bernank looks at when goal seeking inflation.

Also since the US produces an excess of 1000 calories per person (conservatively) and it is estimated that 20% of all food stuff is thrown out.....perhaps this is a small blessing in disguise.

Mon, 07/09/2012 - 18:20 | 2600222 Lokking4AnEdge
Lokking4AnEdge's picture

I just checked-you can open a new account with them but they will not release funds to existing account!

I had an account there for 12 years...and now this....what a shame!

Mon, 07/09/2012 - 18:48 | 2600244 10044
10044's picture

I wonder if Celente had moved his MFglobal money there?!!

Mon, 07/09/2012 - 18:29 | 2600246 BeetleBailey
BeetleBailey's picture

WAS with PFG.....but after Doofus/Frankfurter, left their sorry asses because of their FAILURE to disclose and other internal crap.

Glad I did. Karma ...sometimes......is a motherfuckin bitch.

Mon, 07/09/2012 - 18:29 | 2600248 thataintnothin
thataintnothin's picture

its time to start shooting these banksters and criminals

Mon, 07/09/2012 - 18:32 | 2600257 Meesohaawnee
Meesohaawnee's picture

but but but....... Obama said in his campaign that he was gonna clean up the corruption on Wall Street. this cant be! I thought he was suppose to save this country..

Mon, 07/09/2012 - 18:53 | 2600303 surfer433
surfer433's picture

All of that was just Hope and Choom.

 

Mon, 07/09/2012 - 18:42 | 2600276 Dingleberry
Dingleberry's picture

"400 large?.....is that all?"

 

-Sir Bernard Madoff

 

(I know he's not knighted, but the way he stole, I figure the London thieves will throw him some regal props one day)

Mon, 07/09/2012 - 18:40 | 2600277 q99x2
q99x2's picture

Norway ended oil strike. They've taken up reindeer hunting.

Mon, 07/09/2012 - 18:41 | 2600278 walküre
walküre's picture

suicide "attempt" .. the fucker probably jumped out of the first floor and bruised his knees.

Mon, 07/09/2012 - 18:47 | 2600284 Racer
Racer's picture

nah, probably said he was going to jump as high as he could and would kill himself in the fall from that height if  the other banksters stopped holding his hands

Mon, 07/09/2012 - 18:41 | 2600279 Racer
Racer's picture

"reportedly attempted to commit suicide this morning outside the corporate headquarters"?

 

Oh please.... he didn't attempt anything resembling suicide if that is what happened!

Mon, 07/09/2012 - 18:55 | 2600307 Bastiat
Bastiat's picture

Farmers generally need to finance a portion of their planting.  If they do, the banks make them hedge or sell forward.  So the accounts in MF Global and PFG are not just spec accounts.  Crops will not get planted as a result of this, just as happened with MFG.  Now we have a crop killing heatwave drought in the midwest . . . next year could see some real shortages. 

Mon, 07/09/2012 - 19:02 | 2600326 walküre
walküre's picture

My buddy has a 1200 sow operation. Ships 400 pigs a week. Future grain prices are rising. Guess what pigs get fed. By the way, there's gold in their shit. Literally.

Mon, 07/09/2012 - 18:58 | 2600314 yabyum
yabyum's picture

So this all begs the question......................who is next?

Mon, 07/09/2012 - 19:24 | 2600376 Monedas
Monedas's picture

So this begs the question.............how'd he didn't almost do it ?   Found in his car sounds like a self inflicted gunshot wound ?  What's with leaving out the juicy details .... the modesty posse strikes again !  Give me the gore and guts .... I can not only take it .... I enjoy it !            Monedas     1929       I'm one of those the glass is half empty guys !

Mon, 07/09/2012 - 20:27 | 2600605 smiler03
smiler03's picture

Maybe it was a GM Volt?

Mon, 07/09/2012 - 18:59 | 2600320 Hannibal
Hannibal's picture

My thoughts and prayers for Mr Wasendorf, may he find the inner strenght to turn his life back in balance and harmony.

Mon, 07/09/2012 - 19:02 | 2600325 jonjon831983
jonjon831983's picture

Posted this link yesterday methinks.

"Suicide" seems to be the way out.  If only more CEOs would fall on their swords.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9376436/Stressed-Bank-of-England-official-stabbed-self-to-death.html

Interestly enough in this successful "suicide" by a Bank of England IT Head back in May:

"Mr Dymond is believed to have been heavily involved in the transfer of responsibility and power for bank regulation from the Financial Services Authority to the Bank of England in the weeks leading up to his death in his role managing IT services."

Mon, 07/09/2012 - 20:53 | 2600673 smiler03
smiler03's picture

This one stinks, maybe even more than the "suicide" of Dr. David Kelly in 2003. http://en.wikipedia.org/wiki/David_Kelly_(weapons_expert) 

Mon, 07/09/2012 - 21:45 | 2600792 jonjon831983
jonjon831983's picture

Hm interesting.

Dr David's seems much cleaner than stab wounds to arms and chest.

 

Chris Dymond has LinkedIn page, I think it was taken down.  Didn't bother opening a profile to try viewing.

Mon, 07/09/2012 - 19:17 | 2600333 killedbyshortvol
killedbyshortvol's picture

Nothing on Bloomberg or CNBC.  Case docs from NFA website (does not look good for depositors):

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3356

http://www.nfa.futures.org/basicnet/CaseDocument.aspx?seqnum=3357

 

 

Mon, 07/09/2012 - 19:11 | 2600338 meatball
meatball's picture

Wake me up when JPM, BAC go poof.

Mon, 07/09/2012 - 19:17 | 2600349 monad
monad's picture

I am so glad now that Hank didn't friend me.

Mon, 07/09/2012 - 19:18 | 2600352 Monedas
Monedas's picture

Vacuum pack your rice 'n' beans .... nothing lives without oxygen and or other gases !        Monedas      1929       Inventor of the "Thunder Road" portable farting kiosk and unisex public urinal !

Mon, 07/09/2012 - 20:58 | 2600680 smiler03
smiler03's picture

A bit off topic but "Tardigrades" can survive in the vacuum and extreme cold of space, absolute zero, 151 °C (304 °F), a decade without water and huge doses of radiation. Who needs oxygen? I don't think they infest rice or beans though ;O)

http://en.wikipedia.org/wiki/Tardigrade

Mon, 07/09/2012 - 19:37 | 2600440 BlackSunshine
BlackSunshine's picture

A suicide attempt?

TRY HARDER.

Mon, 07/09/2012 - 20:36 | 2600628 Vuke
Vuke's picture

Thank goodness my gold and silver there is safe

http://www.pfgpreciousmetals.com/gsap.aspx

Mon, 07/09/2012 - 21:16 | 2600717 Winston Smith 2009
Winston Smith 2009's picture

"And just as the public trust was storming back into the capital markets."

Funny.

Mon, 07/09/2012 - 23:04 | 2601000 hedgehog9999
hedgehog9999's picture

Margin calls bitchez!!  probably triggered by JPM at a convenients time.....

 

Tue, 07/10/2012 - 00:22 | 2601139 SheepleRUs
SheepleRUs's picture

Is this the real live version of the movie Margin Call??

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