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    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

MF Global Trustee Says Commingling Shortfall May Be Double Previous Estimate, Could Reach "$1.2 Billion Or More"

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Mon, 11/21/2011 - 12:30 | 1898814 GeneMarchbanks
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Mother Fuckers going Global!!!!!!!!

Mon, 11/21/2011 - 12:30 | 1898819 Mike2756
Mike2756's picture

What a confidence builder!

Mon, 11/21/2011 - 12:35 | 1898861 CharlieSDT
CharlieSDT's picture

Yes, definitely bullish news.

Mon, 11/21/2011 - 12:38 | 1898879 BaBaBouy
BaBaBouy's picture

Co-Mingle This, MFG'ers ...

Mon, 11/21/2011 - 12:39 | 1898899 BaBaBouy
BaBaBouy's picture

A-Bamma Is gonna appoint Korzine As his chief Financial Advisor ...

Mon, 11/21/2011 - 12:42 | 1898918 youngman
youngman's picture

Obama needs someone who knows how to STEAL other peoples money...it would be a good fit I think

Mon, 11/21/2011 - 12:46 | 1898940 DoChenRollingBearing
DoChenRollingBearing's picture

Obama also needs someone who is really good at stealing votes.

Mon, 11/21/2011 - 12:48 | 1898952 Careless Whisper
Careless Whisper's picture

This is really really gonna piss Celente off.

Mon, 11/21/2011 - 13:56 | 1899253 Rip Dad Off Dad
Rip Dad Off Dad's picture

Imagine how pissed he'll be when he receives a 1099 that shows a gain.

Mon, 11/21/2011 - 16:19 | 1899865 Jena
Jena's picture

I thought he had that one (vote stealing) figured out.  It's the Chicago way...

Mon, 11/21/2011 - 13:17 | 1899104 ltsgt1
ltsgt1's picture

Obama is missing in action again and again. When are we going hold him responsible for voting present again and again? The only thing he is good at doing is traveling on taxpayer's dime, pointing finger at others and playing golf.

Mon, 11/21/2011 - 12:37 | 1898883 WonderDawg
WonderDawg's picture

That money is gone forever. MF clients are fucked and Corzine is walking free.

Mon, 11/21/2011 - 12:50 | 1898967 MacGruber
MacGruber's picture

If those pursuing MF Global had any balls they would seek to clawback any missing deposits from the employees themselves, then throw a good 200 or so in BF prison. If there was more personal, direct liability to those that do this white collar bullsh*t fewer people would do it. Decisions are a lot different when it's your own ass on the line. Just another reason to dissolve corporate personhood.

Mon, 11/21/2011 - 13:01 | 1899039 MachoMan
MachoMan's picture

Rest assured that many individuals will be added to the defendants' list...  Just need to wait on a little discovery to figure out all the names.

Mon, 11/21/2011 - 13:20 | 1899106 MacGruber
MacGruber's picture

I hope you're right... History tells me they will pin it on a handful of people and the rest walk free (perhaps on the deck of their victim paid yacht). Meanwhile, the people that lost their money (the victims) will spend years in the courtroom vying for scraps.

Our justice system is fine tuned for exacting maximum punishment for petty crimes, but totally impotent for crimes of real consequence. Being a manager it doesn't take much time to figure out who is at fault if something goes wrong in a business. I don't know why it's always nearly impossible for those in justice to make the same determinations.

Mon, 11/21/2011 - 14:53 | 1899468 mr1963
mr1963's picture

Lawyers will get paid though. Why do you think they want the clawbacks, they're afraid what's there won't cover their fees.

Mon, 11/21/2011 - 17:30 | 1900128 MachoMan
MachoMan's picture

The clawbacks are either through bankruptcy statute or via a court's equitable powers...  "lawyers" don't want anything per se, it's clients that want things and lawyers are a necessary middle man to get what the clients want.

But back to the point, you all have to differentiate between criminal and civil actions...  as far as criminal matters go, I wouldn't plan on there being many convictions...  however, as far as civil matters go, I would plan on there being plenty of plaintiff judgments...  the trick is how much...  but, my guess is plenty.

Mon, 11/21/2011 - 13:52 | 1899238 11b40
11b40's picture

Funny you should bring it up. 

Rep. Deutch Unveils OCCUPIED Constitutional Amendment
Bans Corporate Money in Elections and Declares Corporations Are Not People

$1.5 billion.  Think about that.

If we tallied up all the $ that all the prisoners currently sitting in American jails actually stole, do you think it would come to $1,500,000,000.00?

Mon, 11/21/2011 - 12:58 | 1899023 Abitdodgie
Abitdodgie's picture

If I had lost my money I would make it my pet project to find Corzone and shoot him ,after all it is now leagle to kill American citizens , Obammer does it all the time.

Mon, 11/21/2011 - 14:49 | 1899453 Pitchman
Mon, 11/21/2011 - 12:59 | 1899026 chet
chet's picture

Hopefully some of the clients are connected/rich enough to get some justice.  If it's just normal shmoes, then yes, they are fucked and there will be no consequences.

Mon, 11/21/2011 - 15:17 | 1899597 Reform1776
Reform1776's picture

Yes, that's called "letting the market decide" who gets their money back.

Mon, 11/21/2011 - 13:01 | 1899029 The Big Ching-aso
The Big Ching-aso's picture



Fuck this.     I'm withdrawing all my funds and heading for the local casino.    The odds there are better.

Mon, 11/21/2011 - 13:03 | 1899047 Careless Whisper
Careless Whisper's picture

The $1.2 Billion is 17% of customer assets.  But the headline says $1.2 Billion or more, so I guess it's basically a complete scam.

Mon, 11/21/2011 - 13:44 | 1899159 cranky-old-geezer
cranky-old-geezer's picture



That money is gone forever. MF clients are fucked and Corzine is walking free.

Money probably ended up in some CIA black-ops budget.  Overthrowing foreign governments gets expensive.

Explains why Corzine won't be prosecuted.  They don't want him on a witness stand under oath. No way.

On another note, silver decoupled from EURUSD today.

Mon, 11/21/2011 - 13:56 | 1899252 hampsterwheel
hampsterwheel's picture

"Money probably ended up in some CIA black-ops budget.  Overthrowing foreign governments gets expensive."

Nah... the American military protecting the opium fields in Afghanistan is where the CIA is getting their play money - this money most likely was funneled to Obama's slush fund.

Any pretense that we live in a free republic (Repulic = rule of law) should now be plain for even the most die hard nascar fans - the only question is so what is anyone going to do about it -? Nothing - when Casear overthrew the centuries old Roman senate - he still kept the senate around so as to give the sheep enough cover to live in denial - that is what people need - at least a modest amount of lies they believe so they can live in denial. Some will still be in denial even when their funds are all gone, their dollar is worthless and they are being herded into a FEMA camp - just like the some of the Jews headed into Auschwitz actually believed the sign above the gate "Work will make you free" ....nothing changes...

Mon, 11/21/2011 - 13:38 | 1899195 SheepHerder
SheepHerder's picture

The media is already setting up the public to get Corzine off.  http://money.cnn.com/2011/11/21/news/companies/mf_global_missing_money/  I like that..."missing."  I'll have to remember that next time I go to the mall.  "I didn't steal from your store.  I'm sure the merchandise is went "missing" between me looking at it and walking out the store."

Mon, 11/21/2011 - 14:12 | 1899314 The Big Ching-aso
The Big Ching-aso's picture



Yeah, "Shortfall" my ass.    The only "shortfall" that should be involved here is someone taking an involuntary dive out a skyscraper window.

Mon, 11/21/2011 - 12:46 | 1898942 TruthInSunshine
TruthInSunshine's picture

Where is Corzine?

Why isn't he being detained and interviewed as part of a criminal investigation?

Why hasn't he been cuffed?



Where is Corzine, Where is Corzine

I don't know, I don't know

He's an Obama Bundler, He's an Obama Bundler

Don't you know, Don't you know

Mon, 11/21/2011 - 12:57 | 1899012 Loose Caboose
Loose Caboose's picture

Wish we could go back in time.  The old west. Poster of Corzine at the post office - this man wanted dead or alive - reward.  We need some bounty hunters to rid this world of scum.  Get the hangin' tree ready.  The walls of the post office would be papered solid, three layers deep with all the posters of all the scum who need to be dispatched from this world.  Dissssssgusting.

Mon, 11/21/2011 - 12:58 | 1899020 NotApplicable
NotApplicable's picture

Hell, Soros probably hired him to help fix the upcoming state bankruptcies. Volker's gonna need somebody with first-hand experience.


Mon, 11/21/2011 - 13:06 | 1899056 Fake Jim Quinn
Fake Jim Quinn's picture

Same reason he was not cuffed after his accident in NJ. For people unfamiliar with this, Corzine as Governor had his staff drive his SUV at 90 mph on the Garden State Parkway. He caused an accident AND he was not wearing a seat belt, an unlawful act in NJ

Corzine received no fine for either

Is it any surprise this arrogant and reckless man would tank an entire company?

Mon, 11/21/2011 - 13:18 | 1899107 earleflorida
earleflorida's picture

yeah, while joe biden's secret service drivers have kill pedestrians and created mucho accidents on official [?] business in the twilight hours,... and leave seen to let locals clean-up - nice

Mon, 11/21/2011 - 13:22 | 1899122 Manthong
Manthong's picture

If I were Frere Jon, I'd be worrying about dorme'ing with the fishies soon. 

Mon, 11/21/2011 - 13:24 | 1899137 The Big Ching-aso
The Big Ching-aso's picture


That would involve enforcing the law and imprisoning those that break it.    If that happens who's gonna run the fucking country?

Mon, 11/21/2011 - 12:36 | 1898863 BaBaBouy
BaBaBouy's picture


Mon, 11/21/2011 - 12:36 | 1898864 scatterbrains
scatterbrains's picture

Calm down people. The rest of the broker/dealers/banks/credit unions only hold very short term AAA sovereigns.. which are good as gold.. er  well good as what ever bitches !

Mon, 11/21/2011 - 12:42 | 1898922 jcaz
jcaz's picture

Yep, good rule of thumb-  triple the initial number of any disaster, that's pretty much always the real number at the end.....

Mon, 11/21/2011 - 12:47 | 1898948 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Good observation, that does seem to be the pattern.

Mon, 11/21/2011 - 17:44 | 1900196 TruthInSunshine
TruthInSunshine's picture


Yep, good rule of thumb-  triple the initial number of any disaster, that's pretty much always the real number at the end.....


I think you're being too conservative on the spread.

The Iraq War was to cost American Taxpayers 5 billion, in total, when it was pre-announced.

I think it will end up costing in excess of 3 trillion, at least by the latest tabulations (direct monetary costs, not including hidden, off balance sheet costs, cover-ups, sludge account costs, or the human costs).


I'm too tired to do the simple calculation on the spread between 5 billion and 3 trillion right now, but that's pretty impressive.

Mon, 11/21/2011 - 12:45 | 1898933 Stoploss
Stoploss's picture




Mon, 11/21/2011 - 12:50 | 1898970 Turd Ferguson
Turd Ferguson's picture



Mon, 11/21/2011 - 12:54 | 1898992 john39
john39's picture

above the law.   he was just doing "god's" work afterall...  soon the sheople will understand what that really means.

Mon, 11/21/2011 - 13:02 | 1899042 realitybiter
realitybiter's picture

This is just one more step along the path to the total failure of all markets.


Corzine wil likely never see court, either through obfuscation, "convenicide" ( he was so despondent over the losses to innocent victims), or some nonsense.


Of course, he won't mind the plastic surgery as he is so fugly already, that his new look and ID, basking in the South Pacific will suit him just fine.


Yup.  This administration is the most transparent ever.






Mon, 11/21/2011 - 13:23 | 1899134 SWRichmond
SWRichmond's picture

hmmmmm....let's put two and two together, shall we?

Corzine is the consummate insider

Corzine takes over a medium sized firm with a large presence in commodities

Commodities are the canary in the coal mine for inflation

Rumors of commodity price suppression abound

Corzine's firm explodes, and more than a $Billion is now found to be missing, money literally stolen from customer seg accounts

Rumors that MFG is not alone also abound

JPM and HSBC hold short positions amounting to hundreds of millions of ounces of silver

The trustee locks up the accounts

Corzine remains at large

Mon, 11/21/2011 - 13:41 | 1899152 TruthInSunshine
TruthInSunshine's picture

Corzine was last spotted sharing a Bud Light with Jerry Sandusky at The Trail of Tears Truck Stop in College Station, Pennsylvania.

Mon, 11/21/2011 - 13:38 | 1899194 ghostfaceinvestah
ghostfaceinvestah's picture

Too many people were buying PM futures and asking for physical delivery.  They had to take it down.

Mon, 11/21/2011 - 14:08 | 1899306 JungleJim
JungleJim's picture

And, a big "bundler" for the CSN too .....

Mon, 11/21/2011 - 14:06 | 1899300 Greater Fool
Greater Fool's picture

DoJ is not some bunch of popgun rural DA's. They take the time to build a case, and when they bring one they hardly ever lose.

The key for criminal charges will be whether Corzine should have been aware that the segregated accounts were being raided. Given that he lobbied CFTC for a liberalization of the "assets" such accounts could be used to purchase, I'd say they are very likely to be able to build a good case.

If Corzine is not pleading this thing out within six months, I will be shocked. The real question is whether there will be jail time involved; I'll be extremely disappointed if there isn't.

Another interesting question is how the Corzine indictment will factor in the general election.

Mon, 11/21/2011 - 12:55 | 1899006 MolotovCockhead
MolotovCockhead's picture

" Mother Fucking " by Banksters going Global! What do you call the offsprings of such incest?

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