Panic Behind The MF Scenes As Company Refuses To Disclose Information To Regulators Even In Death
As in life, so in death. Reuters reports that "U.S. regulators are unhappy with the failure of MF Global Holdings Ltd to provide them with the required data and records, a source close to one regulator told Reuters on Monday. "So far they've been very disappointed with the cooperation in the fulsomeness of records and data from MF," the source said, noting regulators have been working with the firm since late last week. "They were supposed to be able to show us their books and they're supposed to be able to tell us what's what and where their customer funds are and how they've been segregated and protected and to date we don't have the information that we should have," the individual told Reuters." Seriously, as Erin Burnett would say, you are already bankrupt. Just how much worse is it if you even in death you still are hiding secrets? And at this point it should be obvious to everyone: whatever MF is hiding is not something that will hurt it or much less its stakeholders for which the management team obviously never cared one iota. After all the company is already dead. Whatever is on its books has huge impacts to those either behind the corporate veil, read Mr. Corzine, who may or may not have regulatory issues arising from 10(b)-5 "concerns", or more probably, to other banks and Primary Dealers. And with even one simple affidavit still to be filed in Bankruptcy Court, the panic behind the scene is palpable.
From Reuters:
MF Global, which filed for bankruptcy protection on Monday, is the biggest U.S. casualty of Europe's debt crisis, and the seventh-largest bankruptcy by assets in U.S. history.
Regulators had expressed "grave concerns" about the viability of MF Global, which filed for bankruptcy only after "no viable alternative was available in the limited time leading up to the regulators' deadline," the company's chief operating officer, Bradley Abelow, said in a court filing.
U.S. regulators held a series of calls on Monday related to MF Global.
The Financial Stability Oversight Council, which is headed by the Treasury Department, received "a series of oral reports" from the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Federal Reserve, according to one Treasury Department official.
No other details of the calls were provided.
So: just what secrets is the corpse of MF about to reveal? We, for one, can't wait.
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game over
.....BITCHEZ!
must.....stay out.....of.....
BUTT POUNDING PRISON!
Does 'MF Global' stand for Worldwide Mother Fuckers?
I am shocked, shocked that any former politician from New Jersey could be involved in any corruption whatsoever!
\sarc :)
this is all fcking BS man -- or whatever the symbol was for Bear Stearns
They will try to shred their way out of this.
Regulators and/or FBI need to swoop in and put the seal tape on stuff
banksters are destroying democracy and our way of life, i issue the following call to action: we need to immediately reinstate glass-stegall, implement volcker rule and torture any banksters who refuse to spill the beans. we need to use rico to go after criminal organizations such as goldman sachs, morgan stanley, ubs deutchbank fannie freddie etc.
financial crimes are the most under handed of all crimes and affect the public in far more ways than other types of crimes. time to take a stand
What about the three CORRUPT branches of Government?
All this stuff is giving me a boner. Does that mean I'm easily excitable or just horny?
short?
Part of the problem with Glass-Stegall was that it was itself a compromise that eventually allowed it to be simply dropped. We need to have it back sure, but on steroids. But to go beyond that we need law that says the only contracts that are enforceble are those that exchange a service or good for legal tender in full. Period. And I hate it because it essentially is what the fascist rightwingers want, but it has become abundantly clear that where money and credit are concerned greed wins every single time. The only to live without parasites and this horrifying unequal distribution of wealth is to end fiat and credit, one in the same by the way. I will say that none of you will like the tax structure in that world, but we will all be happier in some ways. I for one plan to grow a bit of pot ans stop worrying about everything so much.
FIat and credit are one and the same, now there's a thought to ruminate on as I settle in for the night. Good luck with your plan, though I think in the long run cognitive behavioral coping strategies tend to yield better results than substance based coping strategies.
What he said. Count me in.
Right. Like Holder swooped in on Solyndra. This is a top-to-bottom 2-Party Kleptocracy. Last night a severe dream-nightmare woke me bolt upright. I was driving down a road in one of the states where the TSA Gestapo is now randomly pulling over motorists for pat-downs and etc. Up ahead I saw a bunch of these ZOG thugs doing up a woman and peeling panels off of her car. A quick twitch of the steering wheel and sharp acceleration, and I got 4 or 5 of them before their Highway Patrol cover got me. This is how it will begin, like that guy in Tunisia who set off the Arab Spring....not those clowns in Zucker-whatever Park waving signs around.
Seeking Alpha just posted "Regulators are investigatingwhether MF Global (MF) diverted as much as $700M from segregated customer accounts to support its trades as the company teetered, according to sources. A major no-no, it's possible this is what nixed a desperate effort by MF to sell itself to Interactive Brokers"
A definite major no-no that should be leading to some jail time.
"...should be leading to some jail time"
What part of fascist oligarchy don't you understand?
The Fa or this Shist?
beside's, amerika's still on the hunt fer al kidey in granma's underpants savvy? an' we don't have TIME to look "Backward" into some rich man's komplicated bidnizz! We need to look Downward....into all those geriatric hidey holes an' all the hippy holes an' all them food-stampers faraway eyes...
What???
Re-post when you're sober.
Psssst, I think it's Jon.
s/he's sober. so are the food-stampers with the 10,000 yard stare. well, some of them.
+good stuff+
You know why they are keeping their mouths shut, a good portion of it is laundered money. Dirty to the core. Mafia, drug lords take your best shot! The Grim Reaper is here for Halloween.
"...a good portion of it is laundered money."
Well, of course it was, right along with the other 21 Primary Stealers of the Fed.
SPOT ON Vampy.
People really need to get a real lesson in what is UP!
Ejumakation
ORI
You know why they are keeping their mouths shut, a good portion of it is laundered money. Dirty to the core. Mafia, drug lords take your best shot! The Grim Reaper is here for Halloween.
//////////////////////////////////////////////////////////////////////////
Maybe, maybe. But one should not forget that US citizens are duplicitous at heart.
They might as well be reproached with very little and are using that stage to appear as victims. Victimology is high among US citizens. Bankers might use that platform to appear as victims of the odious monster state that prevents everyone including banks from doing honest and sane US style business.
Or they might have stuff to be reproached with but not that big and by pushing for high expectation,( US citizens love propaganda, marketing, hype), they might get away with what they have done because well, US citizens expected so much more, and petty sins have to be forgiven. They are caring Christians.
Never underestimate US citizen duplicity.
WSJ is saying the same thing:
"But as the due-diligence process intensified, Interactive Brokers executives became concerned about MF Global's capital levels, according to people familiar with the matter. The worries centered on the amount of customer funds held on deposit by MF Global, with Interactive Brokers identifying what it felt were substantial discrepancies, people familiar with the matter said.
The difference was roughly $900 million, these people said, though one person added that the figure was a "moving target."
"They still don't have it figured out" this person said."
http://online.wsj.com/article/SB10001424052970204528204577009473406903312.html?mod=WSJ_hp_mostpop_read
Looks like tax payers will be on the hook to bail out Corzine's mess through SIPC.
But CNBC says the bear might be all done. Buy stocks!!
http://www.businessweek.com/news/2011-10-31/mf-global-exposes-prop-tradi...
MF Global Exposes Prop-Trading Risk That Volcker Wants to Curb
But CNBC says the bear might be all done. Buy stocks!!
http://www.cnbc.com/id/45109344
The Dodd-Frank lame bill the democrats pushed on us all and the one that left derivatives unchecked promised this kind of tax payer bailout would never ever happen again. Key up the I told you Obama and co were full of themselves.
full of themselves? you razor dipped in acid tongued insulter you.
when obama is called a monster, john wayne gacy is insulted.
Woulda thought that all them years on Wall Street woulda made an honest man outa him.
Jon. There's a difference between honest and just plain dumb, fella....
"Nucky" Thompson would be so disgusted of Corzine!
Corzine robbed the citizens of NJ with the Sweetheart deals he made with the various state workers unions, including the CWA, where his girlfriend, Carla Katz, was the head.
Mother Fuckers Globa. Fixed.
Bet the Pigmen are hitting the blue sapphire hard tonight. BOOO !
Yes because a pound of flesh above the heart will be required of them tomorrow and these Shylocks must prepare with blue sapphire of Bombay, as long as it is koscher though. lol
What's not fucking koscher is how they lost client money!
I see 3 monkeys with eyes , ears and mouth coverd waring yamakas when i read this post
I don't like Yamahas, i prefer Harley Davidsons lol
What's a yamaka? Is that like a Henway?
Figure out how much time it takes to load a charter plane with gold and fly to the nearest non-extradition country. That's how long it will be before the records are handed over. I predict there will be a lot of interesting ZH posts in the next few days. Keep the servers in shape.
Servers bitchez!
Probably another Madoff and the govt. regulators have looked the other way all these years. I have not doubt that serious crimes were committed. I also have no doubt that no one will go to jail for them either. It will be... "oh, well", just like Enron and so on. They protect the stop and screw the people who they have lied to for years.
I hope angry german and daneskold are right.
Keep your mouth shut in bankruptcy court. Dont certify nothing.
And also consolidated books are not actually as common as they should be.
can always hope - nothing wrong with hopping except when you bet money on hope ...
:-)
...or change. And don't forget, Corzine is a died in the wool serious o'blahama funder, bundler, supporter and all around jock strap. Hows comes it always happens to thems whose are the connected ones?
Hmmmmmmmmmmmmm...
Hey!!!...its not just the big guys...Mickey Mouse donated too!!!
FEC should taken out back just like the SEC.
are you representing us or MF Global?
Naked Silver short positions? They wouldn't be the first.
It's Getting Plain Silly: MF Global Hikes Silver Margin To 175% Of CME, Or Over 10% Of Contract
http://www.zerohedge.com/article/its-getting-plain-silly-mf-global-hikes-silver-margin-175-cme-or-over-10-contract
Some how they are link. We need a good autopsy... I'm tired of hearing about the Madofs bullshit.
Need something new to chew on.
s AS. it's what they count on-- faster. faster --for without a past, sabotaging cause&effect, what the fuck's justice
always Looking Forward. onward. and upyours
no past behind their presenttense-- panem et circenses. though they keep the bread, substituting they kk, prostitutes and naked anything instead. except truth --time's awastin such an onslaught of crime committed quicker'n you can keep count
piling-up. so of course don't look behind you, gene. they're Gaining. Everything
Damn, lots of reds... I guess I'm the only one loving all the bad news and hopes of another Oct. 3rd meltdown? Or maybe others are still interested in old news? I just want to get back into oil at 75, and profit from my S&P shorts....
I think all this is funny because the only people to get upset are the people who pay taxes and are part of the system , as by now every ZH member must have opted out of the system , so do as I do sit back and laugh at the poor suckers who are still in the system and paying taxes as they will be the bag holders on this one , happy days.
I must've missed the box that you check off to "opt out" of paying taxes while having a legit job.
Weren't there 11 indictments from Enron. Didn't the head guy go and die in jail (Ken Lay)? I hope that MF Global ends the same way.
I'm a bit confused about this. Doesn't this usually work in the order of "First disappear evidence, then blow up"? Bit like the "First pillage, then burn"-rule? They're doing it all wrong.
i would agree in normal times, but these are not normal times .... too many balls in the air .... the chief cant be in all places at once ... lets hope this doesnt stop the music - we are not tired yet ....
Oh, so NOW the regulators are concerned about records and violations? FUCK OFF MOTHERFUCKERS!! Hey, after we've let the motherfucking barn burn down, the horses burned alive, shot the farmer and raped his daughter, sown salt over the property, now let's try to find the farm records and farmer's will...
Man, I CANNOT wait to get called for jury duty for any fucking crime. The perp will walk, no matter what.
I CANNOT wait to get called for jury duty for any fucking crime. The perp will walk, no matter what.
If I paid any attention to jury summons, I'd try the same trick, but these days, if you don't come to the right decision as a juror, the judge'll probably lock you up for contempt.
Or release the jurors names to the public.
Yes, it happened in Fla. The judge needs some judgement.
"judge'll"..WTF? That is not a contraction.
Judge? Jury? You've got to be kidding me. It' ssuch a huge, rigged game. Sickening too.
Huge, rigged adn SICK.
Watch this;
http://aadivaahan.wordpress.com/2011/10/28/what-does-one-say/
I was left speechless.
ORI
Double Post
I can see the news story now..."former Goldman Sachs head and billionaire governor of New Jersey started his prison sentence today. His cellmate, Bubba, told the governor he was looking forward to getting to know his new bitch and that he heard that GS alums had a thing for cigars..."
Insight from the movie Officespace.
http://www.youtube.com/watch?v=xPcql4FuCK0
And yet no one will go to jail...
Isn't that the truth of it all.
no, the bastards, in the end, will go straight to RAIL...as in tar & feathers, rode out of town on or tied to...
THAT's how much damage they've done.
In 5 years time you will not be able to find anyone willing to cop to being worth more than $10,000
They were supposed to [snip] and they're supposed to be able
as my deceased mother used to say:
"sounds like somebody has a terrible case of the "supposed to's"
I personally think that MF global should do whatever they want. Isn't that capitalism American style? Their illegal...cough... I mean trade secrets have to be protected.
and Corzine needs a bonus too.
Corzine.
Porcine....
He needs his personal assets seized before he hauls ass.
thats what usually happens in....LOCK DOWN!
<chorus>
Corzine.
Porcine.
He needs his personal assets seized before he hauls ass.
thats what usually happens in....LOCK DOWN!
<chorus>
For some reason I read that as lyrics.
You posted some time ago about a possible "event". It was unsettling to consider the possibilities of what I believed was implied.
I'm curious - did not come to pass, yet to come, or...?
Seconding Lebowski's remarks. CPL had some bone-chilling comments. Give us an update buddy!
It's 7PM, do you know where your Corzine is right now?
Probably suicided.
Don't worry, if his assets get siezed they'll probably treat him as harshly as Madoffs mrs. She was 'only' allowed to keep $2.5m.
Sorry but Porcine meat (pork) isn't koscher and jews don't eat swine but they sure act like swine when it comes to fucking people over of their life savings.
it's all right there in the Torah.
God commanded them to rape, pillage, loot, and commit genocide. He sayeth'd to them go down into Caanan and slaughter the fuck out of the people there and taketh their land and lendeth to the gentiles at interest
Angry at God Trav?
What God wants, God gets; God help us all.
If 10% is good for God, 9% is great!
No Cain, no gain.
Pork is out, Usury is a different matter. Pick a law?
Well it's more of a guideline really as Jack Sparrow would say.
http://www.youtube.com/watch?v=-w3A7FABb3o
Wow, how much of that spills over to other firms?
All of it, homie.
I would hope the rest keep better books than these guys, might be enough to create doubt for a quick run.
Ah... it's all hedged...
Chances are they are stalling for time to give their lenders a chance to do damage control before the Bankruptcy reveals that their Lenders are Citigroup, JP Morgan Chase and Bank of America who are already in enough shit (Can You say Shakey Ground) as it is!
This is such a scary Halloween story!