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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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Just a personal question, has anyone been transfering funds out of MF segregated accounts to another broker say on monday and does this work? I am a small trader and still liquidating positions there. G desk said they will continue to answer phones.
Fulsomeness??? Fulsomeness???
Fulsome means offensively flattering or insincere, not abundant.
Good glub what a bunch of effin morons.
ful·some
(flsm)
adj.1. Offensively flattering or insincere. See Synonyms at unctuous. 2. Offensive to the taste or sensibilities. 3. Usage Problem Copious or abundant.
Oh, I thought it was a prison.
Fullness, as in "fullness of time" of "fulsome" Put me down for when pigs fly.
Hey some of that shit is worth 50% ASOLs.
Missed a comma and an 'h'.
No more bundler status for you Jonnie. When youz had money youz had lots of WH friends. Youz supposed to hit these donor targets, not blow them all to hell. And you got Jamie too ?? You go now.
Absolutely bullshit, when does U_S_ regulators ever do anything to enforce the law and regulations ? If they had done the job that they are paid for, we won't be in the deep shit we are in now.
Why would they? They all eventually go to work for the same banks they regulate.
"Hey weve got enough room here, you can take the top bunk, Jon"----bernie madoff
The reason for the reticence is obvious.
If they utter a single statement that is false, it is a BANKRUPTCY CRIME.
Bankruptcy judges kick ass when someone lies about assets.
Insiders would do well to shut the F up and let some special master figure out what is what at this point.
Who cares? Let's make up shit about Herman!
Exactly. That's the only shit that's been plastered all over the front pages of the MSM today. Nevermind that MF Global just declared the eighth largest bankruptcy in history. Here's the list (courtesy of the WSJ):
1) Lehman Brothers Holdings, September 2008: $691 billion in assets
2) Washington Mutual, September 2008: $327.9 billion
3) WorldCom, July 2002: $103.9 billion
4) General Motors, June 2009: $91 billion
5) CIT Group, November 2009: $80.4 billion
6) Enron, 2001: $65.5 billion
7) Conseco, 2002: $61.4 billion
MF Global: $41 billion (as of Sept. 30)
8) Chrysler April, 2009: $39.3 billion
9) Thornburg Mortgage May, 2009: $36.5 billion
10) Pacific Gas & Electric Co., 2001: $36.15 billion
It's more than 41 billion.
$41b in assets managed. Probably $30-40t in deriviates and swaps though.
again i heard it was 15 million.
ISDA is denying a credit event occured with MF Global.
well played, sirrah, well played.
It's not a war. It's a police action.
It's not a credit event it's a financial hiccup.
PNAC 2001 -
Oh yeah... proper adherence to diversity quotas would require we re-direct our ridicule towards a black neo-conservative for a while. Wouldn't want for our cynicism to appear biased.
They are afraid pictures will surface of Corzine having a gerbil stuffed up his arse by Bwarney Fwank while Blankfein whacks Bwaarney in the face with a Squid tentacle, screaming the world is ours, the world is ours!
Your rant reminds me of the Bill Hicks Rush Limbaugh rant ...
http://www.youtube.com/watch?v=hZsLF336fmk
Is there a "like" button?
Where pray tell, does one find a Kosher gerbil?
Is Corzine the new Leatherface?
I find it funny how apparently everzone is surprised that they do not disclose the required information. they just dont know. like in any major financial institution, there is no consolidated bookkeeping.
.
so true....
Couple of things
If no one goes to jail at MF nothing has changed in 4 years. Fuck you Barney and the Fed
If no regulators get fired for cause including Ben at the Fed. Fuck you Holder and Barney and Obummer
If ANY of the 535 govt officers get re elected. Fuck you all here in the USA
There will probably be some state legal action. The state benefits from the investigation that will be done by the trustee of bankruptcy. They have power of discovery the state won't. It should be a multi million dollar gift to the AG's
We may learn MF was a conduit to dump bad euro soveriegns with usual suspects involved. shredding party on halloween night anybody?
Things will not begin to turn around for anyone until there is genuine fear in the black hearts of some of these money worshipers.
I know a few of these character types.
They are genuine sociopaths.
They enjoy causing pain and turmoil and are laughing their way all the way to their next victims.
Maybe the FED has massive spooz contracts in MF gloabl cleared accounts, hence not only the secrecy, but the lack of liquidity today. Funny thing, treasuries can be used as 95% margin for futures trading, so the fed can buy all these bonds for easing AND use them as collateral to buy the financially settled ES contracts. I am wearing a tinfoil hat...........or am I??
well...the were listed as part of the "select 15" for the FRBofNY. And as was pointed out it's now "the select 14." imagine for a moment these people having to actually speak to an actual customer and ask for their money! no wonder CNBC is the way it is!
I'm betting this involves MF Global acting as a democratic slush fund. Anyone.
Oh you mean like Solyndra ... I could buy that.
Which Democrat?obama campaign slush fund? I have lost track of them all.
D or R, there is no difference. They don't do anything, or investigate anything that they would find evidence of wrongdoing. They have an agreement. They've always had an agreement.
Remember when television broke destructive stories about winners instead of losers? Now they just cut the strings of the loser according to what Geppetto's wants. Pinochio always wins. Every time.
Ah, I'm certain that there's equal treatment for all accused guilty parties concerned, but at this juncture, the D's is in charge so the D's takes the shit. Just wait till Michelle Bachmann (ha ha ha, I love saying that to my CA uber-liberal buddies... they physically blanch) is Her Heighness and has a super majority.
Nothing will change.
Including the ridicule.
Usually when news like this breaks, someone ends up 6ft under.
Just sayin.
Like when news came out about that guy Picower who was actually *dictating* to Madoff what his returns were going to be that year. Picower would have one of his flunkies deliver a note to one of Madoff's flunkies which said 25% this year or whatever. He made out better off Madoff than anyone else, cleared a couple billion.
The news came out and son thereafter Picower -whoops!- had an "accident" and drowned in the family's pool. What timing!
Ladies and gentlemen, I'll be brief. The issue here is not whether we broke a few rules, or took a few liberties with our client's money - we did. :winks:
But you can't hold all of wall street responsible for the behavior of a few, sick twisted looting rich guys. For if you do, then shouldn't we blame the whole financial system? And if the whole financial system is guilty, then isn't this an indictment of our capitalist institutions in general? I put it to you, ZH - isn't this an indictment of our entire American society? Well, you can do whatever you want to us, but we're not going to sit here and listen to you badmouth the United States of America. Gentlemen!
USA...USA....USA
PMSL
.
John Belushi salutes.
Road Trip!
hey! maybe hank paulson is advising them?
now, everything fits!
You day dreamin the teleprompter agin Boy.
Back to the cotton pickin beforz I gets da whip out
judging by the pic you do seem to have a lot of enthusiasm.
Toga. Toga! Toga!!! TOGA!!!
Clearly, this calls for someone, to do something desperate and futile!!!
Just blame this on the Germans too.
You're going to cause miscommuniations with me at some point in the future.
Do you like watching midget tranny porn?
No but I like listening to him.
"So far they've been very disappointed with the cooperation in the fulsomeness [sic] of records . . . "
__then imagine what disppointment awaits when, for their own records, reuters/regulators realize the strategery and inadvertent accuracy of this statement. so far
lookitup, MFers
can we get an analyses from Tyler on the thousands of SCAM Forex-Trading brokers out there?
Many of them are operated out of Israel and having a P.O-box in England or US.
Yes, can't wait. Like Max Keiser sez, we have to start hanging some banksters!
Maybe those OWS hippies can go down to MF Global and protest the looting. Oh it was a Obama/Democrat shop like 99% of Wall Street.
Once again, the Federal Reserve is on top of their shit. Cut them as a primary dealer after they filed for bankruptcy.
Who are they protecting I wonder....?
Well at least Corzine wasn't holding any Netflix.
Borzine was naif at GS, incompetent as Gov of NJ and now a dufuss at Mann. He blew three times and that is outtahere!!
So you fit him with a golden parashute and pat him on the back and say thanks but you have become an embarassment to the Big Boys club. Mums the Word, stay low and we will see you at Christmas in the Hamptons.
Nothing changes
till is does - Fear the people who have nothing to lose
there is a "we do this all the time" feel to this.
Thermidorian Reaction against banksters and neocons needed... MF may focus Occupy and there loose objection to usury serfdom. When the FED cuts a primary dealer the others better watch their backs... It is election time and we all know that
"Humpty Dumpty sat on a wall,
Humpty Dumpty had a great fall.
All the king's horses and all the king's men
Couldn't put Humpty together again"
disclosure short Vampire squid
had to look that one up. "Revolt against the executions" during the French Revolution. "They started to enjoy it" was the refrain of all the beheadings. I do agree when the Fed cuts a Primary Dealer...they're sending a message. "Straight to the pits" as they say.
"MF Global’s leverage ratio was 80:1"
http://www.forbes.com/sites/afontevecchia/2011/10/31/mf-global-the-fall-...
Nothing has been learned in the last 3 years, nothing.
That is all
gs_
Great link, thank you.
80:1 leverage. Just how can this be true? There needs to be 100s of bankers and their associated regulators in jail. I will be very surprised if they are.
The folks in charge by their gross negligence have set us up for a French Revolution type guillotine party.
sschu
The link to the Forbes article I dropped has been updated @ 8:19pm
New headline - "Client Cash Reportedly Missing At MF Global; Debacle May Underline Case For Volcker Rule"
headline speaks for itself...
And the article on leverage is here: http://www.forbes.com/sites/robertlenzner/2011/10/31/corzine-had-mf-glob...
gs_
Every day, every single day there is something going on that puts another crack in our planet. I am so comfortable not playing this insane broken casino. And it amazes me that so many do NOT own gold or silver. I cannot even imagine a good nights sleep without the knowledge that we have protected ourselves against this madness.
Dollars, what a waste of good paper. And right, Not one of these New Squids will ever see the inside of a jail. That is the New America!
Personally, I'm long guns and ammo before I'm long gold and silver.
I was thinking it was a good thing Fast Money was at ground level. It could be argued however...
Anyone that is hiding information from the govt. even when their company has filed for bankrupcty has got to be hiding something spectacular. Since Corzine and company where making crazy bets with EU debt, how crazy would it have been that he could have doubled down and/or took out derivatives on that debt. We will soon see.
isda will nullify. Problem solved. It was a voluntary filing.
Is this too big to fuck?
Redacted Bitchez!!
I used to be on Corzine but it made me feel fuzzy so they put me back on Zantac
MF Global has a boatload of two-year Greek bonds on the books at par with anticipated ROI of 78% annual. The regulators are getting their undies in a bunch because they can't locate the offsetting hedges in two minutes' time. It is all very complicated you see, much like the AIG CDS structure. Corzine will remain on payroll for an extended time to help sort things out and provide an "orderly default".
"If you hang around the barber shop long enough, sooner or later you're gonna get a haircut." - AA saying.
well he is a former Governor so he knows the score.
Here we go: http://dealbook.nytimes.com/2011/10/31/regulators-investigating-mf-global/
Regulators Investigating MF Global
By BEN PROTESS, MICHAEL J. DE LA MERCED and SUSANNE CRAIG
Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter. The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm.
MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal. Now, the investigation threatens to tarnish the reputation of Mr. Corzine, the former New Jersey Governor and Goldman Sachs chief who oversaw MF Global’s demise, making it the first American victim of Europe’s debt crisis. What began as nearly $1 billion missing had dropped to less than $700 million by late Monday.
It is unclear where the money went, and some money is expected to trickle in over the coming days as the firm sorts through the bankruptcy process, the people said. But regulators are examining whether MF Global diverted some customer money to support its own trades as the firm teetered on the brink of collapse. If that was the case, it could violate a fundamental tenet of Wall Street regulation: Customers’ money must be kept separate from company money. Such a finding would move the discussion from sloppy internal controls at MF Global to something more troubling.
While the investigation is in its early days, it raises the specter that regulators could sanction the firm or the employees responsible. MF Global and Mr. Corzine have not been accused of any wrongdoing.
Is this really different from BAC moving the derivatives book form the holdco to the sub?
Commingling of customer funds with the bd's prop trades is a major violation. Jon Corzine could serve time if this is the case.
They took a billion dollars of customer cash to bet for the house. That's how desperate they were. This may not have been the biggest bankruptcy on Wall street but it's going to be the most interesting story...
Make Corzine take the Series 66 test again!
"no viable alternative was available in the limited time leading up to the regulators deadline"
the money quote. Sudden major fail, Corzine is all smiles, makes big bucks that they announce as the only announcement, everyone else is scared as hell and quiet as mice, and the odor is enough to stun Billy that owns the Honey Pot septic service.
I smell derivatives melting in the morning.
I gonna say this once.
With this, and the price action today, I predict that SHTF soon.
I am not sure I can define soon at this point.
corzine should be pulled behind a truck through the streets of jersey towns with a rope attached to his cock.
This story is becoming very obvious what has happened.....and if you cant figure it out, youre simply not thinking.
why don't we start with some simple testimony first?
I was speaking with an agent on one of my properties for sale today and she shared with me the following:
short sale in progress already approved and ready to close only waiting on the appraisal. HAFA approved for $3000 disbursement to seller. Chase sends them a letter telling them that they are approved for an additional $20,000 to short sale the property. The agent calls the number on the letter with Chase and everything is verified. So possibly in select markets Chase is offering $23,000 to short sale your home. Wow buy Gold and silver cause they must be printing to make this deal happenCould it be that they do not want leaks that would enable GS JPM to front run whatever is left of their positins?
Uhhh guys, they do commodities. Hope you got the gold in possession.
MF Doom
http://tiny.cc/4niv0
Bitchez
the piano and flute under the rap, back
on back beat. real neat sweet.
Was the money paid to cnbc for certain "services rendered" paid to them in a brown paper bag?
comment: it has long been known that the squid species does
engage in live, unprepared, meal, raw and active cannibalism.
what is new is having one squid serve another squid to a
third squid. perhaps not new but previously unobserved?
a fine day it was. "you will smell land where there is no land." h.m.
.
http://jessescrossroadscafe.blogspot.com/2011/10/reprise-causes-of-finan...
"..The elite are attempting to rewrite history, and promote a field of servile stooges as candidates in the next election for their selfish benefits. And sadly for the nation, for what I believe will prove to be a tearing of the social fabric.
“People of privilege will always risk their complete destruction rather than surrender any material part of their advantage."
John Kenneth Galbraith" ...
.
"...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..."
If MF segregated and protected their clients funds instead of using those funds as gambling money, they might not be bankrupt today.
So when will the likes of Corswine be forced to disgorge personal wealth up to and including the gold plated beard trimmer, in an amout equal to the theft commited?
If now now, when?
"You shall know the truth and the truth shall set you free".
Corzine's second slow-motion...scratch that, high speed...car crash. It takes someone really special to effect such grand collapses repeatedly.
Financial Stability Ball - is it a party or a new exercise fad?
MF Global got FINSTABed.
Resolution Authority.
Rut-roh. Ten bucks says it's document shredding time at MF.
very disappointed with the cooperation in the fulsomeness of records and data from MF
DUH! How else can the "Bankstas" keep the ponzi scheme going...... Banks own the regulators. Get over it people.
I get short when the Feds use words like " fulsomeness "
Is it finally time to short ES?
China PMI below expectations>>>
OK.
And how do I get onto that "Oversight Council"?
Fuck the Jews and their lies. I've had enough of their bullshit.
Israel can disappear off the face of the Earth for all I care.
Some kid in Utah will get 5 years for stealing a slurpee at the local 7 Eleven because he needs to be "taught a lesson".
These crooks come politically well connected, so you know the drill: some junior company ass-licker will get 5 years and that will be it. Corzine, et al will walk because he is doing God's work here on earth. If only we were as smart to run a futures company into the ground.
How fucking stupid do you have to be to have all that 10yr Italian shit on your books? WTF, a third grader could have done a better job than these asshats.
Modern Business Theory 101 American Style - I want to puke.
Italian & Greek holdings?
http://www.huffingtonpost.com/2011/10/31/couple-jailed-daughter-ta_n_1067510.html?icid=maing-grid7%7Cmain5%7Cdl3%7Csec1_lnk3%7C108859
everywhere
.
but their share
which is everything
"Fire-up the paper shredders boys & girls, it's gonna be a long night!" Helocopter Ben might have the printing press, but big bankers have paper shredders! While US regulators surf porn all day, bankers rob joe sixpack. Sad really.
"The American Dream!" "You gotta be asleep to believe it!" (George Carlin)
To expand ;
I get short when Feds use words like " fulsomeness " because when they use words like that, that means they already have a case.
Who was it the Rose Law firm down in Arkansas used - they seemed to make a lot of stuff go away, maybe JC can give them a call.
MF Global Bankruptcy
Got 2/3rds of that right. It'll be Global Bankruptcy soon enough.
That's me. 2/3 right. Problem is that the 1/3 wrong always seems to bite off a 2/3 chunck of my ass.
Let's see. Agent-thugs of the predators-that-be can molest everyone without a search warrant at airports... can molest everyone and search their vehicles at random checkpoints on roads... can break into any home whenever they want without search warrants, search the property and shoot anyone they wish without consequences...
BUT
They can't enter buildings where OBVIOUS crimes are in progress... because they are "fictitious entities" (corporations) or operated by fellow predators?
Typical.
greek and italian debt seems like a good decision when you are floating around the Med sipping cocktails w/ euro 1% crowd
Somebody needs to make a (very long) Comedy Film of all the ZeroHedge research into WS crime ... call it "Trading Traces" .
Please. With Eric PlaceHolder at the helm? Unless you are white, male and accused of a hate crime towards a brown skin then trust me, you aint going to jail while that clown sits at the head of DOJ. We allow it so...
This is sooooo Corzine ,even his administration was non-transparent .....he tried to monitize the nj turnkpike behind the curtan .......