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Is 'Inept' CFTC "The Get-Away Driver" For PFG?

Tyler Durden's picture


"I expect to lose money because of the complete incompetence of the Federal regulators" is how Factor LLC's Peter Brandt describes the farce that has rapidly become bankrutpcy for PFG Best to Bloomberg TV today. As we noted earlier, the recent and clearly total ineptitude of the CFTC in identifying (and acting upon) falsehoods is incredible - and twice within one year on a massive scale. In a little over two minutes, Brandt questions the entire CFTC regulatory structure of FCMs and summarizes his views when he reflects on the MFGlobal situation with "the CFTC as the get-away driver of the robbery". What they do in the case of PFG is unclear but we (like Brandt) "have no trust and no faith that the CFTC is capable of handling this mess".


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Wed, 07/11/2012 - 01:01 | 2604965 mharry
mharry's picture

He expects to lose who's money? His own or his clients? I don't have the patience to watch the video.

Wed, 07/11/2012 - 01:10 | 2604974 Pinto Currency
Pinto Currency's picture


Are physical gold and silver being taken to meet delivery obligations by bullion banks by first collapsing institutions such as MF Global and then taking the physical metal assets from allocated customer holdings?

Note wording below to the effect of forfeiting 28% and receiving 72% of the "value" and not of the metal, which may be 100% gone.



" The trustee overseeing the liquidation of the failed brokerage has proposed dumping all remaining customer assets - gold, silver, cash, options, futures and commodities—into a single pool that would pay customers only 72% of the value of their holdings. In other words, while traders already may have paid the full price for delivery of specific bars of gold or silver—and hold “warehouse receipts” to prove it—they’ll have to forfeit 28% of the value...

...At stake is an unspecified, but apparently large, volume of gold and silver bars slated for delivery to traders through accounts at MF Global, which filed for bankruptcy on Oct. 31. Adding insult to the injury: Of the 28% haircut, attorney and liquidation trustee James Giddens has frozen all asset classes, meaning that traders have sat helplessly as silver prices have dropped 31% since late August, and gold has fallen 16%. To boot, the traders are still being assessed fees for storage of the commodities…"


And now PFG Best:

Wed, 07/11/2012 - 01:20 | 2604994 holdbuysell
holdbuysell's picture

Capital Account video on this ( where a customer of PFG, a legitimate physical metals dealer who must hedge his holdings, lost (has frozen) six figures.

Wed, 07/11/2012 - 01:33 | 2605015 James_Cole
Wed, 07/11/2012 - 01:52 | 2605044 I think I need ...
I think I need to buy a gun's picture

did diane sawyer cover this story yet? I guess most watch the kardeshians anyway right?

Wed, 07/11/2012 - 02:38 | 2605057 strannick
strannick's picture

I disagree with "I have no trust and no faith that the CFTC is capable of handling this mess". Filibustering a proper investigation and ensuring that customer accounts make their way into the hands of banks like JP Morgan is exactly how the CFTC handles these events. In the CFTC hearings on MFGlobal, CFTC Commisioner Jill Sommers told the Hearing that it was no mystery where the customer accounts money went and the CFTC was in control. Months later the customers accounts still are disappeared.

Gary Gensler is supposed to be the 'smartest guy in the room''. So if the question is whether the CFTC's ineptitude is the result of corruption or stupidity, stupidity isnt the choice. CFTC Commisioner Jill Sommers voted against having public hearing on precious metals limits. The CFTC has enabled banks to pillage commodity markets and now brokerage accounts. The CFTC is finally getting the spotlight on its benign sublte corruption and the scorn it deserves.

Perhaps the CFTC consoles itself with the notion that it is saving us from ourselves, and that the too-big-to-fail banks are a necessary evil. I bet the lobbyists coughed up a few incentives to help the 5 Commisioners come to that conclusion. The CFTC is a repugnant despicable agency that serves as a front for Commercial Banks, and its Commisioners should be fired or in jail.

Wed, 07/11/2012 - 04:23 | 2605148 AldousHuxley
AldousHuxley's picture

Phil Gramm spearheded  Gramm-Leach-Bliley Act of 1999 to repeal Glass-Steagall

Gramm was one of five co-sponsors of Commodity Futures Modernization Act of 2000, which kept derivatives transactions, including those involving credit default swaps, free of government regulation. AKA "Enron Loophole"


Phil was Chairman of the Senate Committee on Banking, Housing and Urban Affairs

Now Chairman of UBS Investment Banking


His wife Wendy was CFTC Chairman


an Administrative Law Judge at the CFTC (Commodity Futures Trading Commission), George Painter, revealed in his retirement letter that a colleague of his, Judge Bruce Levine, has never awarded a case in favor of a plaintiff in 20 years on the bench. He traces this back to a deal Levine made with Wendy Gramm

Wed, 07/11/2012 - 06:28 | 2605216 GetZeeGold
GetZeeGold's picture



Is 'Inept' CFTC "The Get-Away Driver"


Oh hell no.....they aren't that dedicated. They just probably validated their parking.


Wed, 07/11/2012 - 08:43 | 2605459 mr1963
mr1963's picture

I would see your point except reports have the guy giving the CFTC false bank statements, how hard is it to check a balance at a bank these days? Passed two audits and numerous inquiries. If you're going to audit something, you have to confirm the balance.

As for the government nosing in on derivatives transactions themselves, who knows if any of them would understand them anyway.

Wed, 07/11/2012 - 05:47 | 2605188 maxcody
maxcody's picture

Hire FBI CPAS's to replace 95% of the worthless lawyers working for this group of inept appointee's.


Wed, 07/11/2012 - 10:01 | 2605755 Kaiser Sousa
Kaiser Sousa's picture

"The CFTC is a repugnant despicable agency that serves as a front for Commercial Banks, and its Commisioners should be fired or in jail.."

U left out Shot.....there its fixed now....

Wed, 07/11/2012 - 02:32 | 2605086 1000pips
1000pips's picture

There is more money 'missing=STOLEN' than $200M.  The fact that bank statements and SEC filings were falsified quarter after quarter makes this case no less than complete aggrevated robbery, probably more like $500,000,000.  

As Zero Hedge has continually reported for the last 5+ years is ALL of these funds are criminal organizations, banks, government agencies, and of course the MSM.  And this will not stop any of the other firms who are in league with this mafia, the only recourse is a complete revolution and destruction of these thief's homes, families and corportions.  

Look at TaxMasters-$191M of fraud, never helped any client's, ran National television ad's for years, and the CEO-Cox, is getting away with just a corporate chapter 7?  

He, along with the THOUSANDS of other 'crooks in nice suits' should be swinging from lamp posts in Dallas-along with their families!  Until this type of correction occurs, there is no real penalty for these criminals.  It's time to get back to the old West style of justice-our modern justice system has failed...

Remeber Ceau?escu?  It really does work!

Wed, 07/11/2012 - 05:40 | 2605183 Bringin It
Bringin It's picture

You must be just joshing about wanting to hang their families too.

Wed, 07/11/2012 - 06:48 | 2605235 Bicycle Repairman
Bicycle Repairman's picture

Sippenhaftung?  It's come to that?

Wed, 07/11/2012 - 07:13 | 2605268 Rusticus
Rusticus's picture

Why would he be joshing ? It's the fucking gene pool that needs to be exterminated.

Wed, 07/11/2012 - 08:41 | 2605450 NeedtoSecede
NeedtoSecede's picture

I said it yesterday in another post about corruption and cronyism.  And even though he is just the lastest in a long line of hacks and criminals, the first "test subject" for the rope and the lamp post you speak of should be none other than Eric Holder.


Wed, 07/11/2012 - 07:29 | 2605294 Davalicious
Davalicious's picture

Perhaps it is time to dump the regulators and instead offer a percentage of monies recovered from fraud to anyone who uncovers it. That can be whistle blowers inside the organisation, or teams of people who do this for hire.

You have auctions of the right to investgate a given company every year, or more often, with companies bidding how little of any recovered money they will take from Uncle Sam's share. Then force institutions to allow access to the winning bidder(s).

Wed, 07/11/2012 - 01:02 | 2604967 holdbuysell
holdbuysell's picture

we (like Brandt) "have no trust and no faith that the CFTC is capable of handling this mess".


Wed, 07/11/2012 - 01:12 | 2604981 r00t61
r00t61's picture

Trickle-up awakening is better than trickle-down econ.

Wed, 07/11/2012 - 01:07 | 2604971 SHEEPFUKKER

There is a difference between "inept" and just flat out criminal.  The CFTC has clearly demonstrated that they are not regulating anything.  Mr. Gensler, the people are coming for you. 

Wed, 07/11/2012 - 02:03 | 2605021 Manthong
Manthong's picture

Yes.. if the regulators (all) were doing their job and working for the citizens of the United States instead of the banks, not only would MFG and PFGBest never have happened, but there would be no TBTF US banks and a greater than $700 trillion derivatives doomsday would not be threatening the world.

The problem goes back at least to Greenspan and Drexel.



and that goes

Wed, 07/11/2012 - 01:09 | 2604972 Eireann go Brach
Eireann go Brach's picture

I triple dog dare someone to take a bat to Genslers head and beat him good looking! Good lord he is an ugly fucker!

Wed, 07/11/2012 - 01:46 | 2605030 Manthong
Manthong's picture

That is disrespecting our national pastime..

May I suggest a machete instead?

Wed, 07/11/2012 - 06:57 | 2605243 StormShadow
StormShadow's picture

It's not his fault. With Golem for a father the poor boy never had a chance

Wed, 07/11/2012 - 01:13 | 2604975 newengland
newengland's picture

The CFTC head who is an ex-Goldman Sachs man ought to be charged as an accessory after the fact.

This latest theft from client accounts comes after the MFGlobal crime, headed by another ex-Goldman Sachs man, politically connected and protected.

The law is plain on this issue of accessory after the fact.  Use it.

Wed, 07/11/2012 - 01:32 | 2605013 Miles Kendig
Miles Kendig's picture

The law is plain on this issue of accessory after the fact.  Use it.


What planet do you live on?  These folks reside beyond the law.  Suck it up, sucker and stop pretending that there is a rule of law that applies to this shit soup sandwich otherwise known as markets and those that operate and regulate them.

Wed, 07/11/2012 - 01:40 | 2605018 newengland
newengland's picture

Rant if you like, newbie. Bwaaaaaaaah!

You are so very tedious 20th Century. Ever heard of the BIS? The times they are a changing, cynic.

Wed, 07/11/2012 - 02:33 | 2605068 Miles Kendig
Miles Kendig's picture

Three years, here, with this avi, you few week newbie troll.

Fuck off gerbervore.  btw, are you Harry Wagner in drag looking to plus your bonus?

BIS = The bull in need of proving itself to the grown ups

Wed, 07/11/2012 - 05:56 | 2605197 Bringin It
Bringin It's picture

Miles? newbee?  Too Funny.

Hey Miles, check out what these locals get up to while trying to make it rain.

And tell that guy that - Yes the BIS works for all of us.  /snarc


Take it easy.

Wed, 07/11/2012 - 08:21 | 2605384 GetZeeGold
GetZeeGold's picture



Yes the BIS works for all of us.


In that case....please have them get me a Pepsi.


Wed, 07/11/2012 - 10:17 | 2605818 Miles Kendig
Miles Kendig's picture

Give 'em a bonus .. for ingenuity.

Good to see ya!

Wed, 07/11/2012 - 01:12 | 2604976 Silvergood
Silvergood's picture

Every element of the financial system is corrupt.

We live in a sick world.


Wed, 07/11/2012 - 01:17 | 2604991 newengland
newengland's picture

Stop whining. Do something to fix it instead of hoard your pittance.

Wed, 07/11/2012 - 03:04 | 2605112 fockewulf190
fockewulf190's picture


Wed, 07/11/2012 - 06:11 | 2605203 tocointhephrase
tocointhephrase's picture


Wed, 07/11/2012 - 06:16 | 2605207 Ricky Bobby
Ricky Bobby's picture

newfuckwit, hoarding has a long historical tradition. It is the duty of the peasant class to hoard when their leaders are so blinded by greed and hubris. 

From the Seven Samurai: "What do you think of peasants? You think they're saints? Hah! They're foxy beasts! They say, "We've got no rice, we've no wheat. We've got nothing!" But they have! They have everything! Dig under the floors! Or search the barns! You'll find plenty! Beans, salt, rice, sake! Look in the valleys, they've got hidden warehouses! They pose as saints but are full of lies! If they smell a battle, they hunt the defeated! They're nothing but stingy, greedy, blubbering, foxy, and mean! God damn it all! But then . . . who made them such beasts? You did! You samurai did it! You burn their villages! Destroy their farms! Steal their food! Force them to labour! Take their women! And kill them if they resist! So what should peasants do?"

Mon, 07/16/2012 - 11:18 | 2605242 Bicycle Repairman
Bicycle Repairman's picture

+1 for the "Seven Samurai" reference.

"What a dung pit.  I'd hate to die there."

Wed, 07/11/2012 - 08:49 | 2605474 NeedtoSecede
NeedtoSecede's picture

This is why I love ZeroHedge!  A commenter with the handle Ricky Bobby can come in off the top rope with the "Atomic Elbow" and smack us all down with a quote from the days of the Samurai.  Your momma would be proud Ricky Bobby!

Rock on ZH!

Wed, 07/11/2012 - 08:52 | 2605487 tmosley
tmosley's picture

The Lucifer Effect.  Poorly designed systems which allow some to exert violence upon others without recompense leads to good people turning evil, both the oppressors and the oppressed.

Wed, 07/11/2012 - 14:59 | 2607125 Panafrican Funk...
Panafrican Funktron Robot's picture

The fix is to get out of paper assets.  He stated a problem and proposed the solution, which I'm sure he's acting on as well, both in getting out of paper assets himself, and strongly suggesting that others do the same.  

Wed, 07/11/2012 - 01:09 | 2604977 AgShaman
AgShaman's picture


Wed, 07/11/2012 - 01:11 | 2604980 Akrunner907
Akrunner907's picture

I'll have faith in the system when John Corzine is indicted, tried and convicted.

Wed, 07/11/2012 - 01:23 | 2605001 rehypothecator
rehypothecator's picture

And punished.  Hanged would be nice, but perhaps just a few decades of prison (with no possibility of parole).  

Wed, 07/11/2012 - 06:59 | 2605246 GetZeeGold
GetZeeGold's picture



He's been exiled to France.....he is being punished.


What more were you looking for?



Wed, 07/11/2012 - 02:30 | 2605084 Miles Kendig
Miles Kendig's picture

Con Jorzine indicted and actually serve more than a year at club fed summer camp?

Ya, sure.

Wed, 07/11/2012 - 02:48 | 2605098 CompassionateFascist
CompassionateFascist's picture

Cool. Maybe Ann Barnhardt can join him in the same cell, @ Poor Corzine.  

Wed, 07/11/2012 - 07:02 | 2605249 GetZeeGold
GetZeeGold's picture



Forget prosecuting Corzine. I'd be good with locking him in a jail cell for one hour with Barnhardt.


The horror.......the horror.


Wed, 07/11/2012 - 01:19 | 2604986 Temporalist
Temporalist's picture

Seriously if they wanted to do something they would give Brooksley Born a commission to jail anyone she wanted and fix this shit. And William K. Black.

Wed, 07/11/2012 - 03:03 | 2605111 verum quod lies
verum quod lies's picture

Yeah sure, just as with the economy we are one more borrowed trillion away from economic utopia, we are one bureaucrat away from regulatory utopia. The solution to too many regulators (e.g., the SEC, CFTC, OTC, etc., etcetera) is one “good” one? No the solution to too much pretend regulation isn’t to add one more pretend regulation or regulator (even one you have faith in), the solution is to make the industry honest or burn it down. The system is rotten (firms and regulators) and incremental “change” won’t do it anymore; it’s time to wipe the slate clean. Also, you’re preferred regulators are not of the correct “tribe”, while Gensler, Geitner, Bernanke, et al. are; how do you get around that filter? Ad homonym attack in one, two, three …


Wed, 07/11/2012 - 01:18 | 2604992 Dr. Engali
Dr. Engali's picture

Bullshit. You should expect to lose money because you were too fucking lazy to do due diligence and you relied on inept regulators to do what you should have done in the first place. Do your homework you lazy fuck!

Wed, 07/11/2012 - 01:21 | 2604997 newengland
newengland's picture

Dr. Engali,

My sentiments exactly. The silly bint screwed up, and whines, but did little then and nothing now to fix the problem.

Wed, 07/11/2012 - 01:25 | 2605002 Dr. Engali
Dr. Engali's picture

Man this pisses me off. These dumb asses will call for more regulation when it's their fucking money. For cripes sakes take some controll and learn something or get out. I just want to kick these crybabies in the face.

Wed, 07/11/2012 - 01:27 | 2605006 newengland
newengland's picture

Wah, wah, wah, babies, aren't they. It's everyone else's fault, but theirs. Caveat emptor.

Wed, 07/11/2012 - 10:06 | 2605777 JimBowie1958
JimBowie1958's picture

How in the hell are every day Joe Sixpacks supposed to do 'due diligence' when the public docs are lies and the regulators who are supposed to vet them are liars on the criminals pay rolls?

I am totally out of the markets and into government bonds for the time being. I can only work on the assumption that the private banks of the Federal Reserve have no interest in destroying their own credit and issued notes FRNs/Dollars/whatever.

But when everyone in the system that is supposed to make sure the weights and balances are checked and fair are in fact working for the crooks, how the absolute Mother Fucking Christ in Hell does ANYONE do 'due dilligence'?

Honestly, I am just askng a question, no ideological axe to grind for this patriotic veteran here.

There is little to no basis, IMO, for confidence in our financial system. The inmates are running the prison.

Wed, 07/11/2012 - 01:21 | 2604996 NidStyles
NidStyles's picture

I'm beginning to suspect that this is merely Act 2 of the drama, and all of this is merely a show to convince the public that the Government needs to control the economy directly. 

Wed, 07/11/2012 - 01:56 | 2605047 Dr. Engali
Dr. Engali's picture

That is my stance. I'm beginning to think the Tylers are aiding the central planners in that respect.

Wed, 07/11/2012 - 01:26 | 2605003 newengland
newengland's picture

What's your point? Some screw loose loser threatens the regulator, but that's no reason for the regulator to be above the law as understood and lived by reasonable people.

Wed, 07/11/2012 - 01:27 | 2605007 Miles Kendig
Miles Kendig's picture

Corrupted markets, the only winning trade is not to trade

Wed, 07/11/2012 - 05:54 | 2605195 Moe Howard
Moe Howard's picture

You can't lose at monopoly if you don't play.

We learned this as children when my older sister was always the "banker" and somehow always had the cash to win.

After a couple of dozen games, we realized you can't beat the banker.

She never won again, because we never played again.

Wed, 07/11/2012 - 06:06 | 2605200 Bringin It
Bringin It's picture

Hey Moe - Next time you see Shep, do me a favor and smack that stupid bastard up the side of his head.


Wed, 07/11/2012 - 09:06 | 2605532 Moe Howard
Moe Howard's picture

Consider it done, brother.


Wed, 07/11/2012 - 10:05 | 2605767 Miles Kendig
Miles Kendig's picture

After a couple of dozen games, we realized you can't beat the banker.

- Moe Howard

Yes Indeed.

The dice is loaded

The deck is stacked

The game itself

Will hold you back

- Thievery Corporation


Wed, 07/11/2012 - 01:50 | 2605016 Dr. Engali
Dr. Engali's picture

I have a question for you Tyler. All of a sudden it seems like you are on the side of more regulation with your ridiculing the CFTC. Could you explain where the majority of the Tylers stand? My thoughts are this is is an example of why regulations are bullshit, and they are using this for more central planning. Maybe you can share your thoughts.

Wed, 07/11/2012 - 02:03 | 2605054 disabledvet
disabledvet's picture

Can't speak for the Tylers' Durden but I sure know mine if you're interested. "This goes right to the heart of the exchange itself." In other words forget the CFTC...let's talk the CME itself. It sure appears to be nothing more than a front company for organized crime right now! And they trade silver futures backed by TONS of silver no less! To me the honor an integrity of the exchange itself is no esoteric matter. There are billions in paper contracts being exchanged every year all based on the simple fact that "the number on the computer screen actually exists." SCARY to think it's all fiction! does JP Morgan Chase have first dibs on the actual commodities should the value of the exchange itself be called into question? I say yes...not that they're interested per se. more than likely they would have the bulk of the contracts...and with it the physical commodities themselves... simply moved to Kansas City or Minneapolis rather than be tainted by a complex that right now seems completely beyond repair. In short "we really need these things to work right now"...and instead we get Atlas Shrugged. Isn't the reputation of the City of Chicago itself looking beyond repair as a consequence? I wouldn't give these people any money. Oh, and they do trade Treasuries btw! TRILLIONS of dollars worth! That's not an enemy i would want to make!

Wed, 07/11/2012 - 02:58 | 2605105 Casual_Observer
Casual_Observer's picture

Mother of fucking g-d, more regulation isn't needed just enforce the fucking regulations and hold people accountable.

And, re-institute the regulations our great-grandparents enacted before the current kleptocracy had them gutted or stricken from the books.

Glass-Stegall etc.

Wed, 07/11/2012 - 07:54 | 2605315 BeetleBailey
BeetleBailey's picture

Until the fucking politicians are asked the tough fucking questions - and we rid the god damned system of campaign contributions all together, this shit is going to go on and on and fucking on.

ANYONE who believes a word out of a politicians' mouth is an idiot. They get tossed more softball question than ever.

I'm speaking about town hall meetings. Open forums. Jesus H...we have you tube...instant video. We know the main stream god damned media ain't going run shit - the lousy fucks.

I watched "Inside Job" -and thought "where's the fucking outrage????!!! (in the committee members asking the questions)

"Where were the follow up questions?????" "Why weren't any of those douchebags hauled off to jail?"


My prediction is this:

There will come a time - soon - when bankers are sought and targeted for kidnapping/executions and mass destruction of their mansions and property. The public is slowly catching on (I was at my credit union yesterday; they said business is better than ever; people are fed the fuck up with banks).

The Lame Stream Cuntasaurus Media can't hold this back much longer. People are sick and tired of their lousy asses too.

Wed, 07/11/2012 - 04:35 | 2605156 terryfuckwit
terryfuckwit's picture

Do you know a sport without rules that is worth watching. I know the best sports have few rules but very strictly enforced."UFC".. "State of Origin" you could not tell the ref was their. So make fraud a hanging offence and watch the game improve dramatically...

Wed, 07/11/2012 - 08:06 | 2605339 Dr. Engali
Dr. Engali's picture

I don't disagree a bit. The UFC is one of the few sporting events I like to watch, and it's very few rules is a contributing factor. My point is the central planners will use this to impose more rules and regulations when it really requires only two. 1) punish fraud 2) allow the bad businesses to go bankrupt. That will take care of everything.

And you'll have to excuse me. I had some wine last night when I wrote the first post, and this whole thing is really getting under my skin.

Wed, 07/11/2012 - 10:13 | 2605798 JimBowie1958
JimBowie1958's picture

Yes, the practice of proposing more regulations rather than enforcing existing regulations seems to be a successful deflection from doing anything that will ever actually fix a damned thing.

It might actually be more productive to REDUCE the regulations to a level that the average person with a four year degree could understand and then enforce those regs with no mercy to the fraudulent.

Wed, 07/11/2012 - 01:48 | 2605027 jack stephan
jack stephan's picture

Corrupted markets, the only winning trade is not to trade

truer words............

Sit on what you got like Iwo Jima, come and get me you puppies, this circus will fall right into your hands, if not well, so what. You just rent this life like a 12 pack, who knows, not me.

But a few years may slap that fucking dumb ass smile of alot of rosy fucking cheeks. Four fucking wheels and a seat bitchexxx.

Take care out there amerigentinians.

Wed, 07/11/2012 - 01:47 | 2605033 Zgangsta
Zgangsta's picture

I wonder if there's any rhyme or reason as to what text gets bolded, underlined, or the dreaded bold-underline.

Wed, 07/11/2012 - 01:49 | 2605038 jack stephan
jack stephan's picture


Wed, 07/11/2012 - 02:07 | 2605059 hedgehog9999
hedgehog9999's picture

One view here is that the owners of those $200M are probably just as crooked in other ways, that's how they got $200M, however I will guess the bulk of the vaporized money belongs to hardworking upper midlle class and middle class people who were trading and investing to get ahead with accounts of perhaps less than $250,000 to $500,000......gotten through hard work and savings.....

In either case robbery is robbery and Senior managers of that company should go to jail for at least 20 years each for participating in this..... one guy (the failed suicider) cannot do it all.

Unfortunately this is probably not going to happen under the corrupt regime we live in.

And the Senior CFTC  people should be fired and charged as well and do some time for being accesories to this crime, no excuses!!! but again under Obummer, I doubt anything will happen....Corzine and his senior cadre of executives are out there roaming some beaches and the company of Madoff' s family and close executives in his robbery.

Justice needs to happen on this issue given recent history; we'll see how the TPTB will handle this one.......ball is on their court.

Wed, 07/11/2012 - 07:13 | 2605265 StormShadow
StormShadow's picture

Can someone please tell me by what means the man attempted to commit suicide and failed? My morbid curiosity is getting the better of me. In my experience most who attempt and fail didn't want to die, but to be found and helped. Anyone who really wants to go does it properly.

Wed, 07/11/2012 - 02:17 | 2605070 zilverreiger
zilverreiger's picture

Gensler will just claim the CFTC is undermanned and underfunded, like hes been doing lately.

Wed, 07/11/2012 - 07:08 | 2605254 GetZeeGold
GetZeeGold's picture



It totally sucks cause they don't even get the fancy parties in Vegas.

Wed, 07/11/2012 - 02:17 | 2605071 q99x2
q99x2's picture

Arrest the CFTC employees involved.

Wed, 07/11/2012 - 02:43 | 2605094 ArsoN
ArsoN's picture



it's clear no one did anything.   

Wed, 07/11/2012 - 07:15 | 2605272 GetZeeGold
GetZeeGold's picture



Why get involved....yuck. They try to avoid conflict at all costs.


Wed, 07/11/2012 - 08:57 | 2605498 tmosley
tmosley's picture

I think you are kidding, but just in case:  they clearly were.  They collaborated with them to accept false bank statements, which is the absolute most basic thing that you do in an audit--get the balances FROM THE BANK.  No-one is stupid enough to fail to do that and call it an audit.

Wed, 07/11/2012 - 02:35 | 2605087 world_debt_slave
world_debt_slave's picture

Succinctly put, from Madooff, Corzine and PFG, the bureaucracy is setup to protect itself not the citizens.

We are creeping closerr to the total collapse of any semblance of trust with those we have not elected to give trust to.

Wed, 07/11/2012 - 07:16 | 2605277 GetZeeGold
GetZeeGold's picture



Come on now. They did get Madoff.....after he basically arrested himself.


Wed, 07/11/2012 - 02:40 | 2605093 ArsoN
ArsoN's picture

The best point made in the interview comes at 1:30 in.  Who runs an "audit" without reaching out to third parties/banks to confirm balances (or positions etc)?  

This is EXACTLY the way Madoff got away with it for so long (as per:  Simply put, in both cases, the regulators didn't even bother checking the most BASIC matters.   

All it takes is a phone call...

Wed, 07/11/2012 - 02:44 | 2605095 fockewulf190
fockewulf190's picture

I'm sure the CFTC is just a day or two away from announcing the results of its investigation regarding the alleged manipulation of the silver markets. /sarc

Wed, 07/11/2012 - 07:32 | 2605300 JPMorgan
JPMorgan's picture

A few have put their faith in Bart Chilton but I personally believe he is leading them down the garden path.


Wed, 07/11/2012 - 02:53 | 2605099 Casual_Observer
Casual_Observer's picture

I smell payola.

I don't buy this shell P.O. Box story where the PFGBest guy had the authorities inquire about PFGBest's bank balances to his P.O. Box.

How that could actually happen where the oversight people would have such a protocol for verification that PFGBest could feed them an address like that just doesn't pass my B.S. detector and it shouldn't pass any one else's unless someone on the inside was complicit.

Wed, 07/11/2012 - 07:18 | 2605281 StormShadow
StormShadow's picture

A-fuckin'-men Sir! There is no way in hell CFTC was using USPS to verify things with the bank. That's so 1980s, like something out of Gordon Gekko's playbook.

Wed, 07/11/2012 - 03:12 | 2605118 cranky-old-geezer
cranky-old-geezer's picture



All the comments calling for prosecutions, hanging bankers from lamp posts, etc.

4 years since the '08 collapse, trillions of dollars printed and handed over to Wall Street, not one single banker prosecuted, then Madoff, not one single person prosecuted, then the MERS fiasco comes out, not one single person prosecuted, then MFG, nobody prosecuted, now PFG, nobody prosecuted.

When are you people gonna wise up and stop participating in their criminal racket?

After all this evidence of open ended corruption and criminalty, if you keep participating in their racket, you deserve to lose everything you have.

Wed, 07/11/2012 - 06:23 | 2605212 Turbostang500
Turbostang500's picture

I completely agree.

We need to get back to the time of a six shooter doing justice. Revolution is really the only way they will feel like they are not getting away with it anymore. They need a reason to be looking over their shoulder.

Wed, 07/11/2012 - 08:14 | 2605362 Red Pill
Red Pill's picture

Totally agree. It's people's own greed that feeds these financial terrorists who know the odds are massively in their favour to keep taking chances.

Good risk / reward for them. I've said it before and will say it again: poeple get the leaders they deserve.

Wed, 07/11/2012 - 03:20 | 2605120 vincent
vincent's picture
The Title of her latest missive: I Have Info For Anyone Who Wants to Sue the NFA Posted by Ann Barnhardt - July 10, AD 2012 4:59 PM MST

Worth the read.

Wed, 07/11/2012 - 03:55 | 2605132 pcrs
pcrs's picture

The regulators are a government monopoly. They maintain this monopoly with threats of violence against competitors. What do you expect from an industry that demands a monpoly? Not good service I hope. The perpetrators of these thefts usually have very good connections with the justice monopoly. Madov was a bit of an odd one in this respect.

Wed, 07/11/2012 - 05:51 | 2605191 Moe Howard
Moe Howard's picture

The key difference between Bernie Madoff and the rest of these crooks is Madoff robbed other Jews. That's why he is in prison. No need to look deeper.

Wed, 07/11/2012 - 04:04 | 2605139 marriedgeordie
marriedgeordie's picture

Everyone or almost everyone working for CFTC and other regulatory agencies wants to work for one of the companies they are regulating, as the money is clearly much more attractive. Further, these guys and gals are managed by people who USED to work for the companies they are regulating. In my opinion, this creates perfect incentives for NOT doing your job, for if you actually start doing your job, you will (a) have your boss on your ass, as one of his/her buddies still working in the "industry" (remind me what it is they manufacture) gives your boss a call and ask him/her, for old friendship's sake, to put pressure on you; and/or (b) lose your chance to work in the "industry". So, what the fuck do you expect them regulators to do - their job? LMAO

Wed, 07/11/2012 - 04:05 | 2605140 jballz
jballz's picture


So... Gary Gensler has an NFA record of course. I filed a complaint against him this evening. I am reuqesting you all do the same, and please make this viral. I would like to see at least 10,000 complaints filed to the NFA for them to DO THEIR FUCKING JOBS AND GO AFTER THE THIEVES DESTROYING OUR INDUSTRY.

My complaint. Gensler's NFA number if you need it. 0218596

Link to NFA Complaint page-

Oh, also Corzine has an NFA reg number also. I am not particularly concerned with Gensler, but no reason these assholes should not be hearing from ALL of us ALL the time.

Thanks, spread the word.




Wed, 07/11/2012 - 04:27 | 2605152 Inthemix96
Inthemix96's picture

Not enough people are awake or even want to know folks.

I tell people about these two fucking thieving firms and you know what?  Folk look at me like I'm a fucking idiot.

Far too much apathy regarding high finance friends.  People either don't care, or don't want to.

Wed, 07/11/2012 - 06:16 | 2605206 Bringin It
Bringin It's picture

Your accurate post calls for this -

The price good men pay for indifference to public affairs is to be ruled by evil men.


Wed, 07/11/2012 - 06:47 | 2605233 Inthemix96
Inthemix96's picture

You want to see real justice bringin it?

Put me in a room with junior.  Justice you will get.

And I will do it for the good of all, for free.

Wed, 07/11/2012 - 09:06 | 2605536 marriedgeordie
marriedgeordie's picture

well, that's hardly news to the people. finance=theft, who cares what the name of the latest thief is.

Wed, 07/11/2012 - 09:36 | 2605645 Inthemix96
Inthemix96's picture


If you really are a married geordie, and you still live there or there abouts, whats the odds?

It seems you and I have a common theme on these boards, I am also a married geordie, and still here mate.


Wed, 07/11/2012 - 04:46 | 2605162 cpt crash
cpt crash's picture

What's the matter with the regulators and politicians that they won't start kicking some ass; Even the Bankster criminals are trying to kill themselves...OBVIOUSLY they want to be punished.


Wed, 07/11/2012 - 05:50 | 2605189 Sandmann
Sandmann's picture

The United States does appear to have institutions worthy of Putin's Russia.

Wed, 07/11/2012 - 10:22 | 2605847 JimBowie1958
JimBowie1958's picture

Why do you slander Putin like that?

Wed, 07/11/2012 - 06:24 | 2605213 Sequitur
Sequitur's picture

Silence. The CFTC is doing one heckuva job.

- John Corzine

Wed, 07/11/2012 - 06:25 | 2605214 BlackholeDivestment
BlackholeDivestment's picture

''Congressional HeaRINGS''???!!!! ARE YOU TRYING TO LOOK DUPED? No my friend, you hire someone like me to take care of business by slaughtering everyone, from the members of every government to the banksters. There is no need for trial at this point and we all have the power of NDAA to legally act upon in defense. Sadly, because I'm a Christian and this is the end time, I can't take your fiat currency or do anything for free, I must stand fast, divested and wait for the appointed time to tear the flesh from the hosts of contempt, 'til then, may the Suicide Vampire Squid of the Great Wal Mart of China and all it's laborers and traders, that shall be sealed in the black hole, then finally find the false peace they seek. LMAO 

...Letting the air out of their tires, and Fight Club chowder. Lol.

Wed, 07/11/2012 - 06:46 | 2605232 LeisureSmith
LeisureSmith's picture

Does anyone know what happened to platinum today? Spiking up and down about 40 bux twice.

Wed, 07/11/2012 - 07:17 | 2605278 Miss Expectations
Miss Expectations's picture

One more spike and it's "government action."

Wed, 07/11/2012 - 06:49 | 2605234 Benjamin Glutton
Benjamin Glutton's picture

Another GW Bush crony goes all criminally bankrupt. hilarious.

Wed, 07/11/2012 - 07:40 | 2605312 GetZeeGold
GetZeeGold's picture



It was Bush? Wow....that guy does everything!


Wed, 07/11/2012 - 07:50 | 2605320 bdc63
bdc63's picture

Do we ever reach a point were we start blaming this on the greed and fraud that IS the banking system, and stop blaming it immediately on the "regulators"? 

Wed, 07/11/2012 - 08:00 | 2605331 mberry8870
mberry8870's picture

They will do fine with the OTC market I am sure.


Wed, 07/11/2012 - 08:16 | 2605369 Downtoolong
Downtoolong's picture

the get-away driver of the robbery.

Which might have worked had the CFTC not also been blind.



Wed, 07/11/2012 - 08:27 | 2605402 Everybodys All ...
Everybodys All American's picture

at this point what other conclusion could you make... The CFTC has to be part of the criminal enterprise. No one could go through an audit and hide 200 million for two years or more unless it really didn't have to be hid from the auditors. There is a pattern of deceit that is definately in play and it qute frankly looks like the segregated account structure simply does not exist or matter. That in itself is extremely troubling. If segregation does not matter then yur money is essentially their money.

Face it if Corzine did not get prosecuted why would anyone else think they would get prosecuted for the same thing.

Wed, 07/11/2012 - 09:19 | 2605581 karzai_luver
karzai_luver's picture

it's clear to all but the "true believers" that decades of getting the regulator out of the way and especially off the backs of the honest hard-working private sector has resulted in complete and utter success of the U.S. financial system.

when the best regulator is the one who regulates the least(the overwhelming sentiment of this site) , well junior...................

You screamed and creamed for it bitchez, enjoy as your dreams come true.


good luck.



Wed, 07/11/2012 - 09:39 | 2605662 Atlantis Consigliore
Atlantis Consigliore's picture


Customers go for Dachau fire to Auschwitz frying pan;

MFG'g ing sack of crooks to PFG'g bunch of crooks

Customers! Dont Get on that Plane!  ITS A COOKBOOK

Wed, 07/11/2012 - 09:41 | 2605670 Bansters-in-my-...
Bansters-in-my- feces's picture

The U.S.A Goverment allows and rewards these actions.

So who is really at fault?

Do NOT follow this link or you will be banned from the site!