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

Tyler Durden's picture




 

The day after MF Global filed, we calculated that contrary to widely accepted media expectations that the client theft at MF Global was limited to "only" $600 million, the true client loss (and thus, MF Global executive felony) was in fact up to $1.5 billion. Sure enough, three weeks in the Trustee has come to see things in a comparable light. From Reuters: "The trustee liquidating MF Global Holdings Ltd'sbroker-dealer unit said on Monday that the apparent "shortfall" of customer funds may be larger than the futures brokerage had reported prior to its bankruptcy. "The trustee believes that even if he recovers everything that is at U.S. depositories, the apparent shortfall in what MF Global management should have segregated at U.S. depositories may be as much as $1.2 billion or more," the trustee, James Giddens, said in a statement. He added that the amount could change. Giddens also said he expects in early December to transfer 60 percent of what is in segregated customer accounts for U.S. futures positions, pending court approval. He said the transfer would require $1.3 billion to $1.6 billion to implement, exhausting much of the assets under the trustee's control. MF Global was run by former Goldman Sachs & Co chief and New Jersey governor Jon Corzine before its Chapter 11 filing on Oct. 31. The filing came after the New York-based company revealed that it made a $6.3 billion bet on European sovereign debt. Corzine resigned on Nov. 4." In other news, major Chicago-based exchanges are fine (no seriously: they got some very sweet preferential terms in the account transfer... to the detriment of former MF Global accounts). And it goes without saying that Corzine has not even been questioned yet.

 

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Mon, 11/21/2011 - 12:30 | 1898814 GeneMarchbanks
GeneMarchbanks's picture

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.

http://www.economicpolicyjournal.com/2011/11/soros-funding-paul-volcker-...

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

jcaz:

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

LOLOLOL!!!!!!!

Wait..

LOLOLOL!!!!!!!!!!!!!!!!!!

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

FUCK CORZINE!!!

WHY ISN'T HE IN JAIL???

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?

Mon, 11/21/2011 - 13:32 | 1899169 gatorengineer
gatorengineer's picture

democrats

Mon, 11/21/2011 - 14:04 | 1899290 Freddie
Freddie's picture

Why isn't Democrat and Obama friend - John Corzine not in jail?  Did the FBI move in to shred any evidence like Solyndra?

Mon, 11/21/2011 - 21:57 | 1901005 Buck Johnson
Buck Johnson's picture

I knew the 1.5 billion from the start must be the number.  They tried to obfuscate and change it to make it look like a "accident", but you can't accidently move 1.2 to 1.5 or more billion dollars that are in client accounts and mix it up in your's.  It takes a person giving the okay to move that amount of clients money (essentially wiping out all their clients and stealing their money).  If Corzine doesn't get prison time for this, we have no judicial system.  Corzine refuses to talk and hasn't been seen, because he knows and everybody else knows that there is no good reason to move 1.2 to 1.5 billion dollars (essentially all his clients money) to his accounts and then woops it's gone.  All the reasons to move them are bad and they have to do with him stealing the money.

Mon, 11/21/2011 - 12:30 | 1898820 transaccountin
transaccountin's picture

must be why the euro just rockted; all the money went into /6e

Mon, 11/21/2011 - 12:31 | 1898826 DormRoom
DormRoom's picture

Hey Hey.

Hey Ho.

From Iraq to Palestine.  Leveraging your position using client funds is a crime.

 

Hey Hey

Hey Ho.

Mon, 11/21/2011 - 12:35 | 1898867 GeneMarchbanks
GeneMarchbanks's picture

'Leveraging your position using client funds is a crime.'

Interesting. Now... has anyone in the department of justice or the obama administration been made aware of this?

 

Mon, 11/21/2011 - 12:40 | 1898903 Mike2756
Mike2756's picture

We have a department of justice?

Mon, 11/21/2011 - 12:42 | 1898917 LawsofPhysics
LawsofPhysics's picture

That is the third department Rick Perry wanted to eliminate.

Mon, 11/21/2011 - 12:45 | 1898935 I am a Man I am...
I am a Man I am Forty's picture

Well they sure as hell don't do anything, that's for sure.

Mon, 11/21/2011 - 12:55 | 1898998 gmrpeabody
gmrpeabody's picture

Nonsense..., they cover and clean for these thieves, just as planned.

Mon, 11/21/2011 - 13:05 | 1899058 I am a Man I am...
I am a Man I am Forty's picture

I stand corrected.

Mon, 11/21/2011 - 14:34 | 1899402 holmes
holmes's picture

DOJ also distributes guns to drug gangs just for the hell of it.

Mon, 11/21/2011 - 13:11 | 1899090 MeetTozter
MeetTozter's picture

Oh, they coordinate the enforcement of local parks ordinances very effectively

Mon, 11/21/2011 - 13:05 | 1899054 realitybiter
realitybiter's picture

Anarchy WOULD be more just.

Our current DOJ has no interest in pursuing their mandate, so eliminating it would actually create more justice.

 

Don't think that is what Perry thinks, not sure he does think (about anything)....but even a dolt Texan is right sometimes...

W and LBJ excepted...

Mon, 11/21/2011 - 12:46 | 1898941 Little John
Little John's picture

Where?

Mon, 11/21/2011 - 12:49 | 1898960 scatterbrains
scatterbrains's picture

no it's dept  of  Just-us as I read it somewhere.

Mon, 11/21/2011 - 12:55 | 1899005 NotApplicable
NotApplicable's picture

You spelled it wrong. It's Justus.

Mon, 11/21/2011 - 13:10 | 1899079 Crispy
Crispy's picture

Yup, they are chilling with the dept of energy...doing what? Who the fuck knows.

Mon, 11/21/2011 - 14:52 | 1899438 ToNYC
ToNYC's picture

Former unapologetic Richard dick Cheney has the tools to get to bottom of it within the 24: enhanced techniques appropriate to key National Security issues. Corzine is bin Laden's 4th Plane into WTC 4, Ten Years After....

Mon, 11/21/2011 - 12:53 | 1898983 CatoTheElder
CatoTheElder's picture

The Obama DOJ is too busy smuggling guns to Mexico, busting small-time retailers in the recreational pharmaceutical industry, shutting down medical marijuana outlets, and scamming low-IQ Muslims into thinking that they, too, can be world-class jihadis.

AG Holder can't be bothered when a major source of Obama money rips off hundreds of millions from his clients.

Mon, 11/21/2011 - 13:06 | 1899060 realitybiter
realitybiter's picture

Billion-two pretty much funds the next campaign!!

Mon, 11/21/2011 - 12:31 | 1898827 Antifederalist
Antifederalist's picture

Now there is a shocker.  

Mon, 11/21/2011 - 12:31 | 1898829 tmosley
tmosley's picture

I wonder how long the next doubling will take?

Mon, 11/21/2011 - 12:49 | 1898956 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Not long.  Astute question

Mon, 11/21/2011 - 12:31 | 1898830 Robot Traders Mom
Robot Traders Mom's picture

Wondering who the pudwacks buying JEF are? Retail.

Mon, 11/21/2011 - 12:54 | 1898993 GeneMarchbanks
GeneMarchbanks's picture

Probably BLK & the iTalian sovereign 'wealth' fund.

Mon, 11/21/2011 - 12:32 | 1898834 Desert Irish
Desert Irish's picture

So we have now gone from "to big to fail" to "to big to jail" fuckers....

Mon, 11/21/2011 - 12:32 | 1898835 mayhem_korner
mayhem_korner's picture

 

 

What's a few hundred million between friends, Mortimer?

Mon, 11/21/2011 - 13:00 | 1899034 TruthInSunshine
TruthInSunshine's picture

Ben Mortimer Duke Bernank:  

Turn those machines back on!

Mon, 11/21/2011 - 12:32 | 1898837 prains
prains's picture

I call your double and raise it double again good man!!

Mon, 11/21/2011 - 12:32 | 1898838 buzzsaw99
buzzsaw99's picture

Too bad Madoff wasn't a partner at GS or he'd be a free man right now.

Mon, 11/21/2011 - 12:50 | 1898964 rufusbird
rufusbird's picture

He should have spent more time raising campaign funds!

Mon, 11/21/2011 - 13:24 | 1899138 earleflorida
earleflorida's picture

he'd never have been caught, if not for the very fact he screwed over his own people

Mon, 11/21/2011 - 12:32 | 1898840 buzlightening
buzlightening's picture

All ends with an extended banking holiday. Physically banks won't shut their doors as in the depression but electronically you'll be denied access.  The late great depression II. It's here!

Mon, 11/21/2011 - 12:33 | 1898844 c'mon man
c'mon man's picture

...or more. <kinda jumped at me reading this>

Mon, 11/21/2011 - 12:46 | 1898943 NotApplicable
NotApplicable's picture

My guess is more.

Otherwise why even bother with such a blatant theft? Well, other than the whole take-down the CME storyline.

Mon, 11/21/2011 - 12:33 | 1898851 pepperspray
pepperspray's picture

Buy your turkeys now!!

Mon, 11/21/2011 - 12:33 | 1898852 Dr. Gonzo
Dr. Gonzo's picture

to paraphrase: 'We lost so much money on our bad trades that we stopped keeping track of the money we were stealing from our customers.' 

Mon, 11/21/2011 - 12:34 | 1898853 Conrad Murray
Conrad Murray's picture

Markets are rigged. Governments are rigged. It's a gang in charge, and you aren't in it. Numbers are all you have. 99:1. Hang them all.

Mon, 11/21/2011 - 13:10 | 1899080 Careless Whisper
Careless Whisper's picture

I guess you don't agree with Forbes Magazine. They said Alex Jones and Gerald Celente are crazy conspiracy guys talking about the wall street-to-washington crime syndicate.

http://www.forbes.com/sites/kenrapoza/2011/11/17/talk-show-host-alex-jon...

 

Mon, 11/21/2011 - 12:34 | 1898855 rambler6421
rambler6421's picture

Return of the Great Depression Bitchez!

 

Libertarian86.blogspot.com

Mon, 11/21/2011 - 12:34 | 1898857 williambanzai7
williambanzai7's picture

ROAD HAZARD

Mon, 11/21/2011 - 12:37 | 1898881 GeneMarchbanks
GeneMarchbanks's picture

Gold...  Billy you're amazing.

Mon, 11/21/2011 - 12:42 | 1898915 williambanzai7
williambanzai7's picture

I made this Saturday just knowing that more shit had to be around the bend ;-)

Mon, 11/21/2011 - 12:52 | 1898979 TruthInSunshine
TruthInSunshine's picture

WB7, you need to paste a six pack of Pabst Blue Ribbon on the dash of that big rig Corzine is piloting...or some Mad Dog 20/20 (preferably grape flavored).

Mon, 11/21/2011 - 12:53 | 1898985 Careless Whisper
Careless Whisper's picture

I made this Saturday just knowing that more shit had to be around the bend ;-)

http://www.eppingsepticservice.com/images/family-truck.jpg

The sad thing is, those people at Epping Septic Service prolly do an honest days work, as for Mister Corzine.....

Mon, 11/21/2011 - 13:07 | 1899067 williambanzai7
williambanzai7's picture

It does appear to be a honey bucket.

Mon, 11/21/2011 - 13:59 | 1899270 Miss Expectations
Miss Expectations's picture

Great head shot of Corizine!  Too late to put Turd and Gerald's faces in the smashed up cars?

Mon, 11/21/2011 - 12:43 | 1898924 Caviar Emptor
Caviar Emptor's picture

You got talent, bro

Mon, 11/21/2011 - 12:48 | 1898954 Everybodys All ...
Everybodys All American's picture

Best ever ... I almost sent my drink through my nose laughing.

Mon, 11/21/2011 - 12:56 | 1898976 DoChenRollingBearing
DoChenRollingBearing's picture

EXCELLENT!

Biggest POS on the PlanetTM.

Mon, 11/21/2011 - 12:35 | 1898862 Big Corked Boots
Big Corked Boots's picture

Has anyone even seen Corzine? Is he already ensconced in a fortified compound in Uruguay, or what?

'cause, if he shows his face in Hunterdon County, he'll be torn to shreds on the spot.

Mon, 11/21/2011 - 12:38 | 1898890 SwingForce
SwingForce's picture

Yeah, where is Squid Viscious?

Mon, 11/21/2011 - 13:00 | 1899035 fuu
fuu's picture

<golf clap>

Mon, 11/21/2011 - 13:03 | 1899050 TruthInSunshine
TruthInSunshine's picture

Latest rumor is that Corzine is holed up at some fleabag motel down in the southwest called The Alamo Inn, and that he's stuffed towels under the door leading to the hallway, hasn't bathed in weeks, and his fingernails have grown out so long that they're beginning to curl.

Management has been trying to get him to answer his room phone because his bill is way overdue, but he won't answer.

Mon, 11/21/2011 - 13:31 | 1899165 earleflorida
earleflorida's picture

they use the 'arkansas governor's  mansion' as a safe-house,... just ask the clinton's?

Mon, 11/21/2011 - 12:35 | 1898868 Dr. Engali
Dr. Engali's picture

So where is old Johnny boy these days? Holding a fund raiser for Obummer?

Mon, 11/21/2011 - 12:36 | 1898871 LarryDavis
LarryDavis's picture

If Dick Fuld could avoid incarceration then sadly so could Jon Corzine. Stealing 1.5 billion should be a capital offense at least life in jail no parole. Do you know how many people's lives you ruin by losing that kind of paper?

Mon, 11/21/2011 - 12:44 | 1898929 LarryDavis
LarryDavis's picture

Making bad bets........why is sports gambling illegal in America but 33:1 leverage on not even junk bonds totally legit? I'm taking the Raiders over S&P or the credit markets anyday. At the very least, you know why you won or lost the fucking bet. The asymmetry of information and deceit levels in finance makes even possibly religion let alone sports look like bastions of ethics. Finance needs a molestation scandal. They are out there believe me. Call girls/Pataya need to speak up so we can really get this going from all angles.

Mon, 11/21/2011 - 12:50 | 1898965 NotApplicable
NotApplicable's picture

Do you know how many people's lives you enrich by finding that kind of paper?

It's a capital offense alright, it's called the 'Snatch the loot and run.' play.

Mon, 11/21/2011 - 12:36 | 1898877 Crispy
Crispy's picture

Why isnt that fuel truck in flames WB7?

 

 

Mon, 11/21/2011 - 12:56 | 1899007 Hulk
Hulk's picture

Thats for next week...

Mon, 11/21/2011 - 13:19 | 1899109 Zero Debt
Zero Debt's picture

All oil and nat gas positions were closed out before the crash

Mon, 11/21/2011 - 12:37 | 1898878 youngman
youngman's picture

And not one person charged with anything....Where´s JOHNNY?......

Mon, 11/21/2011 - 12:37 | 1898882 EL INDIO
EL INDIO's picture

Corzine: Aaaand it’s gone.

Clients: What do you mean it’s gone ?!

Clients: We had $1.2 billion

Corzine: Not any more, Poof… it’s gone.

Mon, 11/21/2011 - 13:32 | 1899168 FeralSerf
FeralSerf's picture

There are precedents.  Where are the billions that Madoff stole?  Why has no one found it?  Why do they seem to not look anymore?

Mon, 11/21/2011 - 12:37 | 1898888 buzlightening
buzlightening's picture

gang banged over & over & over by the gov goons in bed with western BANKSTERING.  Lets just throw martha stewart in jail and call it even! LOL

Mon, 11/21/2011 - 12:38 | 1898891 dexter_morgan
dexter_morgan's picture

Where in the fuck IS Corzine?

Mon, 11/21/2011 - 12:38 | 1898892 JW n FL
JW n FL's picture

 

 

Web Seminar

Commodities Webcast

Author: Max Bowie

Inside Market Data | 21 Nov 2011 | 12:01 |

Category: Market Data Management

Tags: Intel | Commodities | Webcast | Platts | Inside market data webcast

 

The commodities markets and their derivatives trade the raw materials that underlie the economy and financial markets. However, as economic uncertainty continues to affect other asset classes, commodities are attracting new participants as a safe haven from the volatility of those broader and more accessible markets. But with a broad range of commodity types, how similar or different are the datasets, tools and technologies required by participants in these markets, what are the market-specific challenges, and how common will these requirements become among firms traditionally used to trading financial securities?

• What has been the demand for commodities data and increased automation around trading and back-office functions over the past 12 months?
• How is the continuing economic uncertainty and volatility in other asset classes affecting demand for commodities as an investment vehicle and how do you see this changing in future?
• What are the most important datasets, tools and technologies that can provide an advantage for anyone involved in commodities trading?
• How do data consumer requirements differ-from producers and those involved in supply and shipping of physical commodities, to industrial consumers, traders, brokers and commodities-focused investment managers?
• Will cross-asset and high-frequency trading strategies drive interest in this data and distribution technologies?
• How will market evolution and regulatory initiatives affect demand for commodities data in future?

Speakers:
Mehmet Yanilmaz, Partner, MYRA TRADING
Mustafa Maqbool, Manager - Trading Data, INFINIUM CAPITAL MANAGEMENT
Renee Krall, Director, Market Data, PLATTS
Moderator: Max Bowie, Editor, INSIDE MARKET DATA

CLICK HERE to listen to the archived webcast

http://www.waterstechnology.com/inside-market-data/web-seminar/2126523/commodities-webcast

 

 

Mon, 11/21/2011 - 12:41 | 1898908 JW n FL
JW n FL's picture

 

 

The Top 0.1% Of The Nation Earn Half Of All Capital Gains

By Robert Lenzner | Forbes – 10 hrs ago

 

Capital gains are the key ingredient of income disparity in the US-- and the force behind the winner takes all mantra of our economic system. If you want  even out earning power in the U.S, you have to raise the 15% capital gains tax.

Income and wealth disparities  become even more  absurd  if we look at the top 0.1% of the nation's earners-- rather than the more common 1%. The top 0.1%--  about 315,000 individuals out of 315 million--  are making about half of all capital gains on the sale of shares or property after 1 year; and these capital gains make up 60% of the income made by the Forbes 400.

It's crystal clear that the Bush  tax reduction on capital gains and dividend income in 2003 was the cutting edge policy that has created the immense increase in  net worth of corporate executives, Wall St. professionals  and other entrepreneurs.

http://news.yahoo.com/top-0-1-nation-earn-half-capital-gains-172647859.html

 

 

Mon, 11/21/2011 - 13:06 | 1899052 Lester
Lester's picture

Lenzner is an idiot. 

The only people holding anything long enough to qualify for capital gains treatment are hard-headed oldtimers who think their principal is secure and they worry about losing principal to pay the tax bill. 

The average "investment" holding period in this era of algorythm driven automated trades is measured in nano-seconds. Anyone with brains is not "investing" anything, much less holding it long enough to have it swindled-away long before the holding period for ltcg is met.

Maybe there are only 300,000 tax returns filed in a given year, which contain a transaction qualifying for ltcg rates, but it sure ain't the top .1% of income and bonus earners that are filing those returns...

Middle-class folks who inherited property are more likely to qualify, and a ltcg of substantial amount for them is likley pretty rare.

 

The pukes that're robbing America blind know that volatility and swiftness is the order of the day.  Only one sure thing since 2008, and that's that if you hold any monetary instrument, much less a traditional "investment" longer than it takes to send it somewhere else; you are likely to get burned and lose all.

Forbes (magazine & the family) has been an embarassment of materialism and misdirection for decades...

Mon, 11/21/2011 - 13:40 | 1899204 JW n FL
JW n FL's picture

 

 

Managing Risk in High-Frequency Trading

Speed is a commodity, so when everyone is fast, how do you control risk but still capitalize on the fleeting opportunities for profitable trade that form the basis of high-frequency strategies?

Tags: High Frequency Trading, Risk, Hedge Funds, By Yuriy Shterk @advancedtrading

November 17, 2011  

  

In a post-Flash Crash world, high-frequency trading has a new place in the spotlight. With the proliferation of automated trading systems, order execution can happen faster and in far greater frequency than ever before. There is great opportunity here but, at the same time, the risk of quickly wiping out positions and accounts is significantly increased.

Faulty algorithms, defective implementation, and unexpected market conditions can all cause automated trading system malfunctions. Since software defects are inevitable and unexpected market conditions should be expected, protective risk controls are essential.

http://www.advancedtrading.com/algorithms/231903297?cid=nl_at_daily

Mon, 11/21/2011 - 13:42 | 1899208 JW n FL
JW n FL's picture

 

 

The 9 Most Notorious Insider Trading Cases of 2011 Of the 57 insider trading cases brought by the SEC this year, Advanced Trading highlights nine standouts, like the case of Raj Rajaratnam, in a rogues gallery of accused and convicted inside traders. By Justin Grant November 17, 2011   http://www.advancedtrading.com/slideshows/regulations/231903257?cid=nl_at_daily
Mon, 11/21/2011 - 13:46 | 1899222 JW n FL
JW n FL's picture

 

 

The FED didnt make the top 9?

JP Morgan didnt make the top 9?

and GETCO out does both above for frequency of violation(s)!

BUT!

we dont want the truth, we want to re-enforce what you believe.. that helps the Lie become stronger, broader and more palatable to a MUCH! larger audience!

Truth? YOU CANT HANDLE THE TRUTH!

4 da LULZ!!!

Mon, 11/21/2011 - 13:54 | 1899243 Burgess Shale
Burgess Shale's picture

Did you enjoy your New York trip?

Mon, 11/21/2011 - 14:42 | 1899428 JW n FL
JW n FL's picture

 

 

New York in the Fall is almost tolerable.. But I have not visited the City in the better part of a decade.. other than to fly thru to Canada (during the Holidays the Western Route is Booked so going the Eastern Route is all that is available).

But if what you are trying to say is I am a supporter of Occupy Wall Street..

Yes, I am.

I support the end of the FED in any form.

So my question to you would be.. do you enjoy being an ignorant sheep?

Do you enjoy paying 20% more in Taxes than people who earn Millions and Billions more than you do?

Do you enjoy following that feeling in your gut? instead of having to sit down with a calculator and figure out the numerical facts.. did you know you were ignorant and lazy?

Do you enjoy not offering anything of substance to the World?

Did you know that it is people like you that make me second guess my own kindness and desire to help ignorant sheep?

It seems to me that being less the ignorant of this Country could in fact make us a better Community.

But I do feel special, that you would stop praying for the end of the world long enough to respond to little ole' me.

 

Mon, 11/21/2011 - 12:38 | 1898894 gimli
gimli's picture

What's another 600 million among friends?

 

Mon, 11/21/2011 - 12:39 | 1898898 Miss Expectations
Miss Expectations's picture

How is it that Kamikaze Korizine didn't perish in the crash?

Mon, 11/21/2011 - 12:55 | 1899003 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 Miss

+ 1 to ANYONE who disses Jon Corzine, Biggest POS on the PlanetTM.

Mon, 11/21/2011 - 12:40 | 1898904 yogibear
yogibear's picture

Turbo Timmy was a tax cheater and we next we can have a felon as a treasury secretary, how fitting!

Maybe all the rest of the Market makers can start raiding clients accounts. We have one big faudfest.

Mon, 11/21/2011 - 12:40 | 1898907 LawsofPhysics
LawsofPhysics's picture

Anyone really surprised?  The moral hazard was unleashed long ago, and no one has bothered to step up and re-assert the rule of law.  No one has gone to jail and paper's fire burns faster and faster.  Got physical?  You better.  

Mon, 11/21/2011 - 12:42 | 1898913 fourchan
fourchan's picture

mf global the dirty sanchez company.

Mon, 11/21/2011 - 12:42 | 1898914 bill1102inf
bill1102inf's picture

Do you gold bugs see what is going on, look at TODAYS charts, GOld, ES, etc.  That is going to be 2011-2012's macro chart with gold ending up $500/oz and then we are going to issue new currency

Mon, 11/21/2011 - 12:59 | 1899024 dexter_morgan
dexter_morgan's picture

lol - good one

Mon, 11/21/2011 - 12:42 | 1898919 johnu78
johnu78's picture

Gerald Celente was saying his MF account was suspended when the company made it's bankruptcy announcement.

 

-John
http://www.johnu78.com

Mon, 11/21/2011 - 12:43 | 1898921 Dingleberry
Dingleberry's picture

We all knew shit like this was coming, but damn.  These fuckers just won't stop stealing, the regualotrs won't enforce even sacrosanct regs, and prosecuters won't send obvious criminal fucks to jail. And we don't even have to discuss the media or politicians not doing anything. This shit is surreal. And beyond disgusting. 

Mon, 11/21/2011 - 12:54 | 1898991 ReallySparky
ReallySparky's picture

And you took the words right out of my mouth. 

Mon, 11/21/2011 - 13:08 | 1899070 Abitdodgie
Abitdodgie's picture

Yet the compulsive gamblers, sorry stock market pros still carry on playing the market.

Mon, 11/21/2011 - 12:43 | 1898925 lizzy36
lizzy36's picture

How much MONEY did Corzine bundle for OBAMA 2012?

 

Mon, 11/21/2011 - 13:04 | 1899051 linrom
linrom's picture

LOL. Did MF realy make a bet on Euro debt?

Mon, 11/21/2011 - 12:43 | 1898927 c'mon man
c&#039;mon man's picture

No Santelli sightings in a while....they must have him duct tapped in a closet somewhere waiting for this to blow over....would not want him talking about those brokers walking up to him with tears in their eyes...

Mon, 11/21/2011 - 12:53 | 1898982 NotApplicable
NotApplicable's picture

Or safely back-stage with hookers and blow.

Mon, 11/21/2011 - 12:44 | 1898928 dwdollar
dwdollar's picture

Oh boy... surprise... surprise...

Mon, 11/21/2011 - 12:44 | 1898930 UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

I didn't read article.

I just post for sake of it.

I am typical 99% American.

Lazy Stupid Hand-Out Retard. 

Mon, 11/21/2011 - 12:57 | 1899018 Alex Kintner
Alex Kintner's picture

Gingrich wants to take a bath with you. Watch his feet.

Mon, 11/21/2011 - 12:45 | 1898936 Lester
Lester's picture

I keep hearing the refrain from Dean Martin's  "Ain't That A Kick In The Head" when I read these MF-Global stories....

 

 

 

Mon, 11/21/2011 - 12:45 | 1898937 Caviar Emptor
Caviar Emptor's picture

Corzine checking the couch at his mountain retreat

Oh, THAT $1.2 billion!! Haha. Silly me :-) What a putz...

Mon, 11/21/2011 - 12:47 | 1898946 Caviar Emptor
Caviar Emptor's picture

Looks like we might have a 3% day 

Mon, 11/21/2011 - 12:49 | 1898957 topshelfstuff
topshelfstuff's picture

don't be surprised to see a Bail-Out using Taxpayer Money

remember how Paulson, followed by Geithner, supported by the Bernank, kept hammering the table at Congress for New, Broad POWERS, and they wanted it quickly with no Oversight. That alsone should make the Warning Lights Flash. These Powers included Bailing Out Hedge Funds or ANY non-Bank Financial.

These things are Planned in advance. I saved some stuff if anyone cares to see it. But you can just research it and add it all together. Same Players, the MF Global "Bet" on Europe .... Why hasn't the entity who has the Other Side of the "Bet" been brought out ? Would it be too obvious ? Mortgage Scam 2.0

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