Gary Gensler Explains How CFTC Allowed PFG To Steal $200 MM In Client Funds 8 Months After MF Global

Tyler Durden's picture




 

 

Former Goldman appartchik Gary Gensler is about to take the stage (again) and explain why the CFTC should exist at all after allowing not only MF Global but a few weeks ago, Peregrine Financial, to steal hundreds of millions in client money without any regulatory supervision at all. All we can say here is: Free Corzine!

Witnesses

Panel 1

The Honorable Gary Gensler, Chairman, U.S. Commodity Futures Trading Commission, Washington, D.C.

Panel 2

Mr. Daniel J. Roth, President and Chief Executive Officer, National Futures Association, Chicago, Illinois

Mr. Terrence Duffy, Executive Chairman and President, CME Group, Inc., Chicago, Illinois

The Honorable Walter L. Lukken, President and Chief Executive Officer, Futures Industry Association, Washington, D.C.

Mr. John Heck, Senior Vice President, The Scoular Company, Omaha, Nebraska; on behalf of the National Grain and Feed Association

The Honorable Charles F. Conner, President and Chief Executive Officer, National Council of Farmer Cooperatives, Washington, D.C.

Mr. Paul McElroy, Chief Financial Officer, JEA, Jacksonville, Florida; on behalf of the American Public Power Association

 

Live webcast after the jump below (also link):

 

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Wed, 07/25/2012 - 10:16 | 2649061 Pladizow
Pladizow's picture

Fuck Schmiegel!

Wed, 07/25/2012 - 10:25 | 2649128 BaBaBouy
BaBaBouy's picture

Makes Ben Shalom a Very Very PROUD man ...

Wed, 07/25/2012 - 10:34 | 2649155 BaBaBouy
BaBaBouy's picture

Hey Fucknuts, Ask Him About the Years-Old SILVER Manip Investigation???

Uuh... "We have an ongoing Investigation --- on the ongoing Silver Manip Investigation..."

Wed, 07/25/2012 - 10:52 | 2649299 iDealMeat
Wed, 07/25/2012 - 11:19 | 2649426 Troll Magnet
Troll Magnet's picture

Jews in charge!

Wed, 07/25/2012 - 13:12 | 2649573 TruthInSunshine
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From:       The desk of The Hon. Jon S. Corzine

To:           My Friends & Fellow Citizens

 

Dear Friends,

 

As I sit on my yacht in the Hamptons on this glum afternoon, it is with a heavy heart that I co-witness the litany of scandals, crimes and injustices perpetrated against average Americans, who like I, have "played by the rules" for their entire life, yet are being bled dry by those who have not only "not played by the rules," but have used their political and regulatory connections to "game the system" and receive special and preferential treatment from both government agencies and departments such the CFTC & Treasury, and private?/public? quasi-public?/or-not? entities such as the New York Branch of the Federal Reserve Bank.

We must demand and expect nothing less than full and complete justice to see that those who have wounded the economy and nation so deeply, and have rigged the game, breaking markets in the process, are prosecuted and punished in such a way that these crimes and this reprehensible conduct ends and is never repeated again.

If trust is not re-established in the very core institutions that our economy depends on, and if average people like you and I lose faith in the process that has made us such a great nation, we will surely continue to lose far greater ground than thus far in our quest for justice and fairness.

It's time to end the insider games, kleptocratic scheming, and the cronyism that is severely damaging our shared values and interests. As ordinary Americans, we need to demand justice now.

 

Sincerely,

 

The Hon. Jon S. Corzine

 

Former United States Senator (D-NJ), Former Governor of New Jersey, Former CEO of Goldman Sachs, Former CEO of MF Global (a former Primary Dealer), and prominent Obama Bundler

 

Wed, 07/25/2012 - 11:54 | 2649576 jeff montanye
jeff montanye's picture

troll magnet, you bring up an interesting if incendiary point.  the utter shock of madoff's victims seemed to indicate a certain expectation of tribal solidarity.  

not to say that the independence of critics like naomi klein  http://www.naomiklein.org/main and glenn greenwald http://www.salon.com/writer/glenn_greenwald/ are not telling as to how crude a characterization "jews" really is.  

as luck would have it, greenwald's comment today is on how our elite's respect for tom friedman is the perfect example of the u.s.a.'s decline.

Wed, 07/25/2012 - 13:03 | 2649676 The Big Ching-aso
The Big Ching-aso's picture

 

 

Another dog & phony baloney show.

 

Wed, 07/25/2012 - 16:15 | 2650609 4horse
4horse's picture

American exceptionalism . . .

odd you should be citing exceptions in what is in fact a known ethnic network: coopted or coerced you here perhaps merely currying favor preemptively a favorite and, many would insist, wisely, not to mention inevitably, so as to be allowed to maybe suckup what's left of their nickels'n''dimes lickspittle

 

yet, insult to injury eg. this man is still in prison doing time http://helpvinmc.com/Home_Page.html gg here insisting on it for the mere insult of being a corrupt fucking midget perhaps not even montaigne himself would risk printing or be permitted anything about said ethnocracy, wherein so much as crossing anyone within can and does seem to result in rumors of to say the least exclusion including word one about even this most visibly abject little snakehead

 

But you know buts cooption or coercion, Power is always indeed in need of contributors collaborators just such interconnectednessessity in light of which is one left to guess hedging-yer-bets that perhaps only you alone know best what equanimity there is to maintain

 

v the oncoming dark: http://www.theoccidentalobserver.net/articles/MacDonald-Solzhenitsyn-200-Years-Together-18.html 

Thu, 07/26/2012 - 01:14 | 2652102 Bringin It
Bringin It's picture

 

Blame all the Jews!!  Blame all the Jews!!  My hairs on fire!!  Blame all the Jews!!

Who said all Jews are in charge??

It's croney capitalism.  An ethnic mafia is manifestly visible in and around all levers of power with the possible exception of the military.  To say othrewise is to ignore reality.  Certain seats can only be held by mafia cadre, ie. Treasury and the Fed.  Ignoring reality can be dangerous to one's health as many are about to discover.  Connections are buried.  Why for example, does the central bank policy, aka guns and iPads, facilitate PNAC/Zionist War wet dreams?  A competent central bank operating honestly, under it's mandate would not have blown the housing bubble.

Look at Gary Gensler <gnaaahhh!!>  Ok, sorry don't look at Gary Gensler.  Look at the example Gary Gensler, and what a great job he's doing for his bosses at the expense of the America people.  Can you believe they used to explain the predominance by claiming merit?  What merit is there about the current CFTC and they way it is run?

Of course most Italians are not in the Cosa Nostra and most Irish are not in the IRA.  No one thinks all Russians are implicated if one admits to the existence of a Russian Mafia do they?

Just more f'd up semantics to keep the curtain in front of the little man tweaking the widgets a little longer.

Wed, 07/25/2012 - 11:13 | 2649409 bigdumbnugly
bigdumbnugly's picture

agree.   these wusses tiptoe all around it with their oh-so-reverant and limp-wristed questioning.

what?  do they think Gensler is Mighty Mouse or something?   he's gonna fly out of that chair and bop em one if he gets a real question?

the whole tone of this thing sucks.

find a pair of balls somewhere in public service, set both those balls in one of those chairs and get down to it.  sheesh.

Wed, 07/25/2012 - 11:24 | 2649450 bigdumbnugly
bigdumbnugly's picture

and no, for the record, i don't mean janet reno, janet napolitano, or hillary.

Wed, 07/25/2012 - 11:24 | 2649451 Jay Gould Esq.
Jay Gould Esq.'s picture

And why is the Honorable Gary Gensler still in a position of regulatory authority, after these two clear breaches of duty ?

As an aside, the Honorable Gensler actually bears a curious resemblance to a certain F.W. Murnau character...

http://robsmovievault.files.wordpress.com/1922/03/nosferatu11.jpg

Wed, 07/25/2012 - 11:45 | 2649541 bigdumbnugly
bigdumbnugly's picture

wouldn't you know, it took a woman to ask him the tough questions in a real direct way.

congrats mrs. schmidt.

dam gensler trying to use this as a fundraiser 

Wed, 07/25/2012 - 13:59 | 2650051 sgt_doom
sgt_doom's picture

Two public personages I've met in the past:  Henry Kissinger and Gary Gensler, and they both lie their asses off at every opportunity.

'Nuff said. . .

Wed, 07/25/2012 - 10:44 | 2649255 vmromk
vmromk's picture

Just look at the asshole, he has the look of a weasel.

Wed, 07/25/2012 - 11:34 | 2649505 banksterhater
banksterhater's picture

fumigate the weasels!

Wed, 07/25/2012 - 12:13 | 2649673 dirtbagger
dirtbagger's picture

If you turn off the sound and watch his mouth it looks like the pa-pa-om-mow-mow scene in Water's Pink Flamingos flick.

Wed, 07/25/2012 - 10:16 | 2649070 LULZBank
LULZBank's picture

Ewww... Thats even better than tranny porn!

Wed, 07/25/2012 - 10:32 | 2649166 Satan
Satan's picture

No. The only thing better than tranny porn is midget tranny porn.

Wed, 07/25/2012 - 10:27 | 2649133 Temporalist
Temporalist's picture

The proper spelling is Smeagol.  If you want to modify maybe make it closer to something like:

Smegmal

At least it's closer to the truth

Wed, 07/25/2012 - 11:43 | 2649537 DollarMenu
DollarMenu's picture

And, while we are on spelling,

let's not forget the 'rat' in apparatchik.

He sure makes a good rat.

Wed, 07/25/2012 - 10:33 | 2649171 noses
noses's picture

Smeagol? What is he doing there? Any Rings worth stealing being cast today?

Wed, 07/25/2012 - 10:19 | 2649083 Debtless
Debtless's picture

Gensler should be hung, he's a dirty fucking cancer on the working class Amerika.

Wed, 07/25/2012 - 10:37 | 2649163 Peter Pan
Peter Pan's picture

Hanging should be a last resort if all manner of torture has been exhausted.

Wed, 07/25/2012 - 10:44 | 2649257 EscapeKey
EscapeKey's picture

But he's sorry.

Very, very sorry.

And that makes it all good again.

Wed, 07/25/2012 - 13:01 | 2649869 Atlantis Consigliore
Atlantis Consigliore's picture

play it; for the crooks. http://youtu.be/BGLR25EJtfE

Wed, 07/25/2012 - 10:19 | 2649086 Rattling Bones
Rattling Bones's picture

Is this being aired on Comedy Central?

Wed, 07/25/2012 - 10:22 | 2649090 JustObserving
JustObserving's picture

Four years and counting to investigate silver manipulation  by the CFTC. More regulatory capture in a corrupt system.

Wed, 07/25/2012 - 10:23 | 2649110 MsCreant
MsCreant's picture

They are doing it for your own good. If the price of Gold and Silver got out of control, everyone would run, not walk, to turn their clown bux in for some. That would rip apart the financial system, restoring it to something less easy to manipulate or debase. You wouldn't want that, would you?

Go to sleep, go to sleep...

Wed, 07/25/2012 - 10:45 | 2649264 SilverIsKing
SilverIsKing's picture

ZZZzzzzz.....

Wed, 07/25/2012 - 11:31 | 2649476 PrDtR
PrDtR's picture

Laughing my A_S_S OFF!  Clown Bux for US Dollars.. Priceless!

Wed, 07/25/2012 - 10:33 | 2649178 DosZap
DosZap's picture

Four years and counting to investigate silver manipulation  by the CFTC. More regulatory capture in a corrupt system.

You can forget this, and move on.

JPM was given the a/ok from the POTUS to do whatever it takes to manipulate the PM markets.Just like they have been.

Thu, 07/26/2012 - 01:04 | 2652116 Bringin It
Bringin It's picture

POTUS don't ok shit.

But I agree otherwise.  CFTC like DOJ, like the SEC ain't gonna investigate jack.

Wed, 07/25/2012 - 11:11 | 2649402 GMadScientist
GMadScientist's picture

Just let me get a few more kilo bars at these prices before you do what you must.

Wed, 07/25/2012 - 10:20 | 2649092 ghengis86
ghengis86's picture

It wouldn't surprise me if the Hon. John Corzine were to make a surprize appearance on the panel to question Gensler.

Wed, 07/25/2012 - 10:20 | 2649095 marz929
marz929's picture

WHERE IS JON CORZINE?

Wed, 07/25/2012 - 10:38 | 2649213 Temporalist
Temporalist's picture

Who is Brooksley Born?

Wed, 07/25/2012 - 10:22 | 2649097 Lost Wages
Lost Wages's picture

Where is Gensler? All I see is a greasy little weasel reading off a sheet of paper.

Wed, 07/25/2012 - 12:00 | 2649604 krispkritter
krispkritter's picture

Reminds me of that old Foghorn Leghorn short, Weasel While You Work.

"What you want is a chicken, R-A-T, chicken!"

Wed, 07/25/2012 - 10:22 | 2649103 Fish Gone Bad
Fish Gone Bad's picture

When an empire collapses, the treasure is sacked.

Wed, 07/25/2012 - 10:23 | 2649112 lizzy36
lizzy36's picture

Twenty years!

Twenty years PFG faked bank statements.

Like Madoff, until CEO confessed CFTC was none the wiser.

Everything is just self-interested noise until regulators are fired and Gensler resign's (should be fired for cause).

 

Wed, 07/25/2012 - 10:26 | 2649132 Joe Davola
Joe Davola's picture

Sometimes you can miss alot by not lookin'

Wed, 07/25/2012 - 10:41 | 2649239 Ignatius J Reilly
Ignatius J Reilly's picture

up arrow once and rollin on the floor.

 

now that's funny.

Wed, 07/25/2012 - 10:56 | 2649318 lizzy36
lizzy36's picture

Still laughing.....great comment ;)

Wed, 07/25/2012 - 11:07 | 2649382 Ignatius J Reilly
Ignatius J Reilly's picture

"we've tried nuthin and we're all out of ideas."

-Ned Flander's father

Wed, 07/25/2012 - 11:45 | 2649542 JR
JR's picture

“We run heedlessly into the abyss after putting something in front of us to stop us from seeing it.”  --Blaise Pascal, Pensées

Wed, 07/25/2012 - 10:23 | 2649115 jjsilver
jjsilver's picture

sayanim

Wed, 07/25/2012 - 10:24 | 2649116 ThunderingTurd
ThunderingTurd's picture

My pretty...

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