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PFG Is Now MFG(lobal) Part 2 As $220 Million In Segregated Client Money Has Just Vaporized
UPDATE 2: Have no fear though since as recently as January 2012, the CFTC did not find any "material breaches of customer funds protection requirements" at FCMs (firms like PFGBest)
UPDATE 1: Account-holders may not be so surprised to find who is the custodian for the PFGBest FX accounts: none other than huge MFGlobal fans, JPMorgan!
Remember when the entire segregated account fiasco was supposedly fixed in the aftermath of the November 2011 MF Global bankruptcy, and where regulators: the CFTC, the SEC, the CME, and anyone you asked, swore up and down this would never happen again? Turns out that 7 months later, the spirit of MFG has struck again, only this time with one letter switched: it is now known as PFG, as we suggested first 3 hours ago when we broke the story. From the just filed affidavit by Lauren Brinati who is working with the National Futures Association, which in turn has just filed notice prohibiting PFGBest from operating further, and freezing all of its accounts:
- On or about June 29, 2012 PFG reported to NFA that it had approximately $400 million in segregated funds, of which more than $225 million were purportedly on deposit at U.S. Bank
- On or about July 9, 2012, NFA received information indicating that PFG's Chairman may have falsified bank records
- On July 9, 2012, NFA made inquiry with US Bank and learned that rather than the $225 million that PFG had reported as being on deposit at US Bank just days earlier, PFG had only approximately $5 million on deposit at U.S. Bank.
Translation: another $220 million segregated account pillage has just taken place, in the vein of none other than Jon Corzine and MF Global.
The money has now officially vaporized.
It is truly wonderful of the NFA to finally get involved, after PFG's clients have lost about 98% of their cash held with the firm.
In other potential news, a rather prominent New York bank, recently closely associated with marine wildlife, may have just cut its Q2 losses by up to $220 million.
And now for a moment of sarcasm, courtesy of Jack Pearson.
PFGBEST’s goal during MF Global’s demise was to get MF Global customers their money back. fb.me/1tPLObJyL
— PFGBEST (@PFGBEST) February 6, 2012
Full NFA filing:
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"My point is that the government regulators are corrupt, and the industry self-regulators are the corruptors who have been given the keys to the hen house. He sees the first part but ignores the second because it conflicts with his desired solution of putting private industry in charge of itself."
You have never been good at reading my mind and even worse at predicting what I will say next.
You're point (apparently) is, government regulators are corrupt. You're solution is, more government regulators...hardly worth a further comment on the disconnect...but I will ;-)
You see government (public workers) as some sort of panacea, almost divine and incorruptable on the one hand yet some how always fallible when a wad of cash is flashed in front of their face.
The truth is, they are just people and are eminently corruptible...so it follows that we don't need more of them...we need less.
"The truth is, they are just people and are eminently corruptible...so it follows that we don't need more of them...we need less"
Just another nmewn Reasoning implosion:
Firstly, rules/regulations aren't people; they are words on paper with the ostensible purpose of creating a level playing field, and exposing fraud. Secondly, and more importantly, just because every human is subject to temptation, it doesn't necessarily follow that they all succumb to it to an unconscionable degree.
Eg. Bill Black.
You lot are effing loopy "Libertarians for the Further Deregulation of the Banks"
Governments need to be regulated, not markets.
With the Fed bridging the gap between the financial sector and the government, it acts as a fourth branch of the government, one which is not subject to checks and balances.
If you want to return freedom to the banking sector, you have to start by ending the Fed. Nothing else will do. If you want to keep the Fed, then you must regulate the banking sector as you would any government bureaucracy. Stop pretending they are market actors, and accept that they are government employees. Pay them accordingly. If this destroys American finance--great! Nothing of value lost. But with the Fed's zombiebux keeping them "alive", you can't really kill the individual banks, much less the sector.
"Firstly, rules/regulations aren't people; they are words on paper with the ostensible purpose of creating a level playing field, and exposing fraud."
If they go unheeded or unenforced by people, they are just words. There is nothing mystical or all powerful about mans regulations or laws. If this is not so, they would never be changed or amended.
"Secondly, and more importantly, just because every human is subject to temptation, it doesn't necessarily follow that they all succumb to it to an unconscionable degree."
Of course not.
But when you build a system up where one actor is not held to the same standard as the next actor you have built up corruption & cronyism, not lessened it.
When Jon Corzine does the same perp walk as Bernie Madoff...when lawmakers personal wealth is held in blind trusts for their entire tenure as "public servants" as they pass laws on the rest of us...when those same lawmakers can agree (and stop lying) that what they have passed down on us is a tax, not a penalty...when EBT card holders use the same discretion in their buying habits as someone paying with their own earnings....then and only then, will I start to believe this system has a shot at redemption.
How many examples of greed & corruption will it take for you to see my point?...probably more than I will ever be able to give you...which tells me something as well.
Rand you make absolutely no sense. You can put all the regulations in place that you want. If somebody is determined to commit fraud then there is absolutely nothing you can do to stop it. A criminal will find a way. The only thing that heavy regulation does is make it more difficult for an average Joe to understand what they are investing in, and allows a crook to cover their tracks.
You do know that fraud is a crime, and we don't need regulatory agencies in order to enforce it, right?
Finance is probably the most regulated industry in the world. But the regulators are captured. One would think that people would eventually learn this lesson, but I guess not.
Except the National Futures Association is not a government agency. Here's some fun reading. You probably won't see the irony. http://www.nfa.futures.org/nfa-about-nfa/who-we-are/making-self-regulati...
Save us daddy.gov...lol.
Save us Jamie Dimon.
Save us Timmy Geithner.
Save us Lord [Lloyd] Blankfein.
Which one? The banker or the boss of Obama's entire cabinet?
Don't you see that the regulators are CAPTURED? But YOU WANT TO GIVE THEM MORE POWER!
What is WRONG with you?
Actually you are both right. Nobody is going to save us. It is not in their interest.
The way this is setup a private company has no reason to self regulate. The moral hazard cup runneth over.
And the government stooges (actually call it monetary purgatory) are there for a good reason. They ARE doing their jobs.
Their jobs are to protect the racket until their "god" gives them the call to come on in.
The whole system must be razed to the ground, and let a scary but organic system form in it's place.
pods
Save us, Juan Epstein.
um "gentlemen."
Bank = Jamie = PFGBest = Court = SEC = GOV => Tools of Control.
there is no "capture."
there is no regulation.
tools are tools are tools.
in the hands of one puppetmaster.
I wasn't aware that the NFA had ultimate authority over the SEC, the CFTC, the FBI, and the rest of the alphabet soup. Simply amazing! I guess they also hold infinite sway over every DA in America too! It's so crazy, it's almost like you are just making shit up!
So you rightfully admit finally that delegating public functions to industry self-regulators is a bad idea. Thank you.
When has ANY industry self regulatory body ever taken precedence over ANY of the bodies I mentioned?
Stop yammering on about how this was caused by self regulation, and start talking about how bad a job your "friends" in government are doing, and start FIRING those who won't do their fucking jobs!
Of course, if we didn't have the Fed, we wouldn't have to do any of that. With the Fed there, the entire banking industry is a branch of the government (complete with limitless funding for failure and removal of profit motive and all other aspects of the free market), so I don't know what you are bitching about.
But who cares? We will get more regulation, and the failures will continue. Then we will get more regulations, and the failures will continue further. And so on and so forth until the whole things caves in on itself.
Ummm, they cut em off when possible fraud was uncovered...what would government regulators have done different?
My point is that you need real regulators, not industry controlled ones (whether wearing a government hat or a private hat). The self-regulators "cut em off" after he tried to kill himself and apparently after the damage was done. The self-regulators failed, and so did the government that is owned and operated by them. I openly admit that our current government is horribly broken. You claim the answer is private regulation, and here is a concrete example where it failed miserably and predictably. The fox is always going to eat the hen.
How are you going to reform the government agencies that let EVERYTHING slip by?
Remember, of the two sets of regulators here, it was the private ones that tripped first, even if it was unacceptably late.
"You claim the answer is private regulation, and here is a concrete example where it failed miserably and predictably."
I claimed nothing of the kind.
I said...a private co-op found evidence of possible fraud and froze the bad actor out of acting anymore in the market...it appears to me its now in a run-off situation where any "clients" left standing will draw out their money leaving it dead as a functioning enterprise.
Whats the problem?...did you have money there? ;-)
"Ummm, they cut em off when possible fraud was uncovered...what would government regulators have done different?"
Ummmmm, you mean like what would be done by Bill Black? Ummmmm I dunno: 1,000 plus convictions again? That has a nice ring to it, no?
I realize that doesn't fit into you and your ilk's putative 'Rothbardian Axioms' nmewn, but as I am so very fond of reminding you: facts are stubborn things.
Are you seriously trying to make the case that instead of prosecution for fraud I condone graft & corruption?
In "our current regulatory enviroment" you would say (if you were candid) we must keep the ponzi going for the "poor" lest the house of cards collapse on them...even as you call out the MIC for abuse.
If you can't see both sides of the coin (war & welfare for profit and power) you will forever be a blind fool banging your head into only one of the plantations pillars.
Oh I see both sides of your circular reasoning, don't you worry. It starts and ends with same 'known false' that all civil servants are inherently corrupted; and that's when you're not simply equivocating things like 'more regulation' with 'more regulators'. Or attempting to obfuscate the argument outright like you are right now...
In answer to your question:
Without a doubt, YES; you will be on the side of fraud, graft and corruption for as long as you continue to fight for less diligent civil oversight of the organisations that are actively and deliberately destroying the planet (and your republic) for their own personal gain, at everyone else's expense.
As far as the aside of MIC vs. Gramma's catfood supply: considering that gramma paid into both over all the years of her productive labour, there's absolutely no contest in my mind which is the real welfare queen and should be the first to go under the bus... and I like my priorities thanks, especially when I put them up against yours.
LTER - you forgot sarcasm flag?
Have the vote to unionize your shop yet Eat Rand? No, didn't think so shut the hell up nobody buys your schtick around here..
I'm still waiting for Bloomberg to break this story hahaha ....
why, what's in it for Bloomberg or any scumbag media outlet? They are already paid to report what they are supposed to report.
American media is the most influential and least recognized arm of the American government.
+10,000--- MEDIA is the problem here Gentleman, if the light of public disclosure was cast upon the vermin we may have a chance but in the dark they are overrunning us..
Santelli is hot on the train of MFG -- I can't wait til he starts talking about this one. Traders aren't all that dumb, as a rule. They have both hands in their pockets at this point. The ole dog Rick now has another fraudulent bone to gnaw on.
Somehow, I think this is not going to work in Corzine's favor.
Holder? Holder? Holder?
cricket, cricket, cricket.....
Shapiro will definitely refer this one to Holder...then he'll press charges on Arizona's govenor...lol.
+1
LMFAO!!!!!
Thanks for the great chuckle :-)
With that idiot, its not out of the realm of possiblity at all.
Now the moonbats are trying to make the case that the investigation of F&F (and its deaths of hundreds, foreign and domestic) is an attempt to "hold Holder down" in his investigation of "voter intimidation".
No, really...its raaaycism...lol!!!
Holder is THE GUY who let Black Panthers walk away from an iron clad voter intimidation case in Philly back in 2008 prompting a lifer in the DOJ to quit in disgust, who has prosecuted white supremacists and all manner of discrimination and intimidation...regardless of skin color.
Its really getting surreal up there now with regard to "law".
Holder will execute another cleaning lady and the problem will be solved...
In my best Mr. T, "I pitty the fool who still has their "money" in banks or brokerage accounts!". Buy and hold physical, or you don't have shit.
Good One!
Anyone remember a Ms. Barnhart telling us the very same thing last November?
DaddyO
Barnhardt is freaky... read her page and sounds like some sorta religious fanatic tagging her message along with this anti-Corzining futures market message.
Amen brother, she is now calling for a US military junta. Guess what, she is right. Yes, she is a Christian fanatic, so what?
Armed citizens are a junta. The fact that American propaganda has sujectively tarnished the term "junta" doesn't mean it is negative.
America is run by the oligarchs. To disable their power and influence you need the a junta. Plain and simple.
Wonder who's gonna pay for this clusterf*ck ? Oh yeah-- you and me.
I don't know why Wassenhurfdurf thought he needed to commit suicide. Nobody expects him to know what happened. This is clearly the fault of a mailroom clerk, or website admin. Isn't that how it always goes?
He's not big enough and didn't donate enough to politicians to not know what happened.
True, he is not Corslime (as we call him in Jersey) he may go to jail.
A good many things go around in the dark besides Santa Claus.
Herbert Hoover
Is this loss tax deductible?
Campaign donations to the right investigating committee members make that a moot point, actually
Campaign donations to the right investigating committee members make that a moot point, actually
When money = debt not backed by collateral, what choice is there but vaporization? Segregation of funds is a myth. The whole financial system is a sham.
MARINE WILDLIFE!!
The $220MM would be just so little plankton to it.
Again, what's the big deal when you can just print up a few billion?
When asked to comment on the PFGBest developments, Mr. Corzine had this to say:
"$220 mil? That's all!??!? That's not grand thef..., er banking, that's a rounding error. Fucking piker."
LOL
Yeah, that whole Dodd Frank think is working out great.
Corzine rule even better.
Good thing everyones tax dollars fund those "johnny on the spot" regulators, otherwise where would confidence be.....oh wait.
Mf global, London whale, LieBor, PFG Best.
Bailing out the old financial system really working well.Moral hazard be damned.
"National Futures Association (NFA) is the industrywide, self-regulatory organization for the U.S. futures industry.... NFA is an independent regulatory organization with no ties to any specific marketplace. We operate at no cost to the taxpayer. We are financed exclusively from membership dues and from assessment fees paid by the users of the futures markets." http://www.nfa.futures.org/nfa-about-nfa/index.HTML. Gotta love self-regulation.
Right, so the existance of an additional industry regulator means that all the government regulators are off the hook.
Your lack of coherent thought is disturbing.
There can never be enough agencies for Rand.
If you read above LTER describes them as "public servants" ha, back to 1950's nomenclature when it serves the overlords.
If the NFA does absolutely nothing, it would be just as effective as the SEC, and with zero cost to the taxpayers. Why create another regulatory commission employing thousands of government bureaucrats who will just sit around watching porn?
"Why create another regulatory commission employing thousands of government bureaucrats who will just sit around watching porn?"
Cuz the private sector is doin just fine...lol...its the public sector that needs more work!!!
Who's up for a Shapiro Live Cam? ;-)
Be more action on the Shapiro channel than any of the DOJ channels.
The yearly budget of the SEC is $1.2billion. So MFG may have stolen $1.2billion one year, but the SEC steals the same amount from the taxpayers every year. In our system, the cops actually seem to be better robbers than the robbers.
Right... we wonder why we are so broke. Its because almost everybody at every level is stealing as much as they can get away with.
As my grandma would say... this world is going to hell in a hand basket!!!
You know, with all the ads targeting individuals with years of back taxes lately, I wonder what the revenues must really be like.
No money to fund regulators/nor the MFs, PFGs..TBTFs..?
Empty cupboards in the house with no shame!!
Face it. Anyone with paper assets is just another probable victim of "corzining".
Definition: the magical trick of sheeple assets disappearing into thin air and re-emerging miraculously in bankster bonuses.
Anyone with a 'bank account' is just 1s and 0s on a computer
Read the fine print you don't even own the money in your bank account, it is the banks money until you decide to withdraw it.
Wow. I have personal experience with this operation, not on the futures side, but on the equity side. In short, I took my money out after about 4 months of dealing with these clowns (on the equity side) in late 2011. I don't know how related the equity and futures operations are, but the equity side had the brand name PFGBestDirect, so I'm assuming at some point, the entities are managed by some common executive, I could be wrong however.
The futures side runs the World Cup Trading Championship (and so did the equity operation, until they cancelled it), which at first glance appeared really interesting....however my experience with the equity side really soured the whole experience and then the MF Global thing hit the fan, and I told them that I would never invest with a futures trading operation as a result of MF Global. They seemed to either not care, or understand my position at the time.
Interesting that I avoided that potential land mine. If I hear that Fidelity has lost all my money, consider yourself warned. I will go to Boston and collect, mafia style.
Don't go hunting Fidelity in Boston, they moved operations to Rhode Island a few years ago.
Rhode Island has always been the home of the New England mafia. It seems fitting
If you still have money in Fidelity, you deserve to lose it. What would you think of someone who "interestingly avoided one land mine" and didn't turn around and leave the minefield? The second mule kick teaches nothing.
Probably some of that good ol' left-over MF Global $ Dimon couldn't get his hands on... until now.
220 million in 1s and 0s
or
7.5 million oz of silver buried in the backyard?
Choose wisely sheep.
Accordning to the net, PFG had a precious metals division? Question is - did they have physical holdings for clients? Now that JPM may have possession of this - they could game the metals even more.
FARMERS-
Spread the word....get your money out now.
another hit job.....someone is systematically knocking off these companies but i would like to know how...what trade went so bad that it led to this? what does dimon know and when did he know it?
I think 'sublimate' is the more appropriate term. The once solid money bypasses the 'liquid' state and is transformed into a 'gas' which is often colorless and odorless and according to someguy named Boyle ( maybe it was Corzine) can be indistinguishable from any other gas occupying the same bank er volume.
As in " I gave Jon Corzine $50,000 to hold for me but he said it 'sublimated' over in London and is indistinguishable from the money that sublimated with IG9"
They will steal from you as much as they can. Bet on it.
"Follow the vapor"
There are some who should be getting very nervous right now.... Isolated one time incidences are not so isolated and one time any more....
....everyone in Chicago.
And New York. And Dallas. And Atlanta. And Pittsburgh. And Boston. And Los Angeles. And St. Louis. And Cincinnati. And Nashville. And anywhere else Amerikkkans and other peoples' monies may happen to commingle.
Moral of story: You can't trust Amerikkkans with money.
So I wonder if he paid off the right people so he gets the same warm welcome during the congressional hearings. Since he hasn't held public office he they will have to have something besides "honorable" in front of his name. Maybe something like amiable or generous.
all futures firms and banks are connected webed together by desgin , their all in the same boat. the question is who's the next to show their wearing no close?
So the poor bastard was long $400 million of calls on a triple leveraged VIX Etf going into the Greek election....cut him some slack.
Oh wait.....
Poor guys that have to actually walk into a branch to steal money leave with a couple grand and go to prison after being plastered all over the news and hunted down with all resources available....
Well of course. I mean the guys robbing banks are dangerous sometimes armed criminals. These guys here like Corzine wouldn't hurt a fly. Why with an honorable guy like Jon I'm sure there must be some misunderstanding.
I'm sure common thugs would prefer just to point an click on their pc to steal. Why use a gun if you don't have to. Running and guns are beneath guys like corzine.
...but not Eric Holder?
"Poor guys that have to actually walk into a branch to steal money leave with a couple grand and go to prison after being plastered all over the news and hunted down with all resources available...."
Like this poor sod:
http://www.moronail.net/img/12898_nobody-move
?
...it's a bankster reality show to spot who'll be the best and biggest crook of all.
buy physical gold and silver!
Apparently he's better at corzining than suicide.
Wow. Just wow. Forget trying to grow your money, folks...you'll be lucky to just hang on to what you have.
If you can't touch it, you don't own it.
Hey, Corzine the cancerous asshat did it and walks free with Holder telling him, "your're good, bro"... so WHY NOT?!?! I only hope that the loudmouth Celente got hammered again... :-)
I'll bet PFG's new clients are pissed - their website advertises "Trade Risk-Free for 30 Days".
The 'CEO defense' in 3..2..1..
Does anyone recall the story that appeared here at ZH shortly after the MFG collapse about the woman who closed her mid-west brokerage because she had no confidence in the system and could not gaurantee her clients the safekeeping of their assets? Guess she's about to to be vindicated big time. http://www.zerohedge.com/news/entire-system-has-been-utterly-destroyed-mf-global-collapse-presenting-first-mf-global-casualty
"The money has now officially vaporized."
i.e. "The money will be officially recondensed at a JPMC branch near you"
This is all being done on purpose to dismantle the system and destroy any trust that may be left. That's why there is nobody held accountable either. It's all being done to make a mockery of the current system and replace it with the next phase in the new world order.
Exactly! This is the financial fast and furious. The government wants the sheeple to believe the only safe thing to do with their money is to give it to the politicians.
It will be interestng to see what type of bankruptcy is filed.
Yep. Your 401k and IRA are not safe. Turn them over to the watchful eye of the U.S. government and we will give you a small distribution. When you die we will keep the rest .You can trust uncle Sam.
However, the true government remains the banks, for they own the nation states. That makes sense too though, for it will make stealing our money even easier. Brilliant!
No doubt - the Faceberg IPO deliberate debacle being anoter perfect example.
Geez...what will it take to get the limp dicks supposedly in charge of law and order to take some fuckin action?
or the limp dicks who they supposedly represent. You know, US.
babble, banter, burble, chit-chat, diatribe. Elephant Talk.
You are not your fuckin' khakis.
How to lose your money the fastest?
1) Place funds into a national bucket-shop futures trading firm
2) Bet against the U.S. consumer and shopping mall REITS
3) Invest in South American silver mining companies
4) Bet against the U.S. Dollar and Treasuries
My bet is No. 3 is the fastest way to lose a buck.
5) Hold cash in a bank account.
Robotard can't tell that 25% is less than 50%.
lol
6) marry a tramping bitch with a coke problem.
and of course, no one will go to jail for these felonies......
Chi trib:'we're dooooomed!!!! (they are fucked)
Tom Polansek and David Sheppard
Mon Jul 9 2012 6:06 PM
Independent futures broker PFGBest said it had effectively frozen customer accounts on Monday after a suicide attempt by the company's founder set off an investigation into possible "accounting irregularities."
In a dramatic turn that may trigger a new round of anxiety over the stability of the brokerage industry less than a year after the collapse of much larger MF Global, the Cedar Falls, Iowa-based firm told customers that they would be limited to liquidating open positions until further notice.
The disclosure came hours after owner Russell R. Wasendorf Sr, a 40-year veteran of commodity markets, was found in his car near the company's new headquarters, having apparently attempted to commit suicide. He is in critical condition at the University of Iowa Hospitals, according to local news reports.
PFGBest, which brokered trades in U.S. commodity and foreign exchange futures and options, told clients that the National Futures Association (NFA) and other officials had put its funds on hold, and that it was in "liquidation-only" status with its futures commission merchant (FCM), which clears its trades.
"What this means is no customers are able to trade except to liquidate positions. Until further notice, PFGBEST is not authorized to release any funds," the note said.
PFGBest officials were not immediately available to comment. Messages and emails to NFA were not returned.
With about $400 million in segregated customer accounts, less than a tenth the amount MF Global had when it filed for bankruptcy, the fallout will likely be less severe. But news of more financial troubles in the brokerage sector still threatens to further erode confidence.
There was no indication that segregated funds had been breached, as is suspected with MF Global.
"WE'RE DOOMED"
One broker at the firm said that Wasendorf's son, Russ Wasendorf Jr, briefed employees about the events earlier in the day, saying that a suicide note had been found alluding to some kind of financial troubles with the company. The younger Wasendorf "sounded like he was in another world."
"Everybody here is obviously in shock," said the broker, adding that some employees had begun packing up shortly after the announcements.
"Pretty much everybody around here said we're doomed."
One former employee of the firm said he had grown concerned that Wasendorf didn't do more to distance the company from a massive $194 million forex-trading Ponzi scheme run by Trevor Cook in Minnesota, who admitted defrauding more than 700 investors. Cook is serving 25 years in prison.
In February PFGBest, which had acted as Cook's broker, was fined $700,000 by the NFA for failing to notice the scheme. The company was subsequently sued for $48 million by the receiver rounding up the assets from Cook's scheme.
FROM BASEMENT TO COMPOUND
PFGBest is far smaller than the big investment banks that dominate the brokerage business, but was among a dozen or so well-known independent firms that tended to cater to local traders, farmers or smaller market players.
Russell R. Wasendorf Sr started as a commodities trader in the basement of his Cedar Falls home in 1972, offering seminars and educational programs to other traders. In 1990 he launched Peregrine Financial Group, which would become PFGBest, and was an early promoter of electronic trading systems.
He expanded the business in the late 1980s after making a windfall profit for himself and customers by advising them to short the financial futures market 10 days before the "Black Monday" stock market crash of 1987, the firm's website says.
The firm grew significantly over the past decade, opening offices in Canada and Shanghai, and buying smaller rival Alaron in 2009. It also moved its headquarters from Chicago back to Wasendorf's hometown of Cedar Falls.
"It's obviously a lot cheaper to hire someone in Iowa than it is in Chicago," said the former employee. (Reporting by Jonathan Leff, Robert Gibbons, David Sheppard, Tom Polansek and PJ Huffstutter in Chicago; Editing by Phil Berlowitz)
boy and to think, he was going to off himself for a measly $220 million......i dont even start dreaming of my next theft until i am over a BILLION
Until you pussies show some real demonstrable anger, like a brick through a window, a molotov cocktail, a demo at the AG's office, this will continue. The 1% know that the 99% rather come on ZH and blather than get their heads cracked. I'm old and can't get it on anymore, maybe some of you peeps are angry enough to do something.
"Until you pussies show some real demonstrable anger, like a brick through a window, a molotov cocktail, a demo at the AG's office, this will continue."
Do your own work, big mouth.
... he says, blathering on ZH and making excuses for doing nothing.
Oh, I see the agent provocateurs are visiting ZH tonight. Nice try!
...they're here every night and every day with their sweettalkin' ways...
"...Every night and every morn
Some to misery are born.
Every morn and every night,
Some are born to sweet delight.
Some are born to sweet delight,
Some are born to endless night..." William Blake
Wasn't I just watching something about banks being a giant fuck you machine?
I'm waiting til Paul Harvey broadcasts "The Rest of the Story" tommorrow.
Here's Paul's segment
http://www.hawaii-nation.org/paulharvey.html
Welcome to paradise.
Aloha!
It will be fun to see how fast DOJ, CFTC, and NFA jump on this issue and how many criminal indictments are brought in comparison to MFG and John Corzine.
It will depend on who's money was vaporized, afterall Russ Wasendorf Sr. is no Corzine. They will hang him out to dry if anyone important has lost money. However I think a lack of budget/intelligence/ability at CFTC will be offered as an excuse for not investigating, and they will Impose a small fine to help bolster the pornslushfunding shortfalls. It will be the small fish that are fry'n in the vapor's....ahem..cough.. Celente..cough...Farmers..aghemm!
Routine, happens all the time...nothing to see here..move along!
Cc.
So, now you can't trust the rat bastards in IA for goodness sake. What is this world coming to...
More regulation/more government/more paper...we don't need. What the country needs are some heads on pikes and impoverished descendants - lots of them...we need families cursing their progenitors...something biblical...like all of our religious extremists keep preaching about.
And then - we can play the "trace the campaign contributions game"...if there are any - any at all quid pro quos - the receiving politician gets it in the neck too. Now that would be change we can believe in.
We need Glass-Steagall v2.0.
Glass-Steagall v1.0 worked. The fucking pigmen dismantled it because it worked.
But to get v2.0 implemented, we need to get the money out of politics. OK, OK, no need to laugh so hard ...
Money was in politics when Glass-Steagall was passed.
Now you need to get the corrupt out of power - not just money out of politics - and for that you need one of these (click here). We should dub the era of history marked by the rolling heads as "the final margin call"
Why is this happening to futures brokerages vs. stock brokerages? Is there something fundamentally different about the two?
I believe it is legal to steal from futures brokerages. The brokerages sold the government that instead of charging crazy commissions, they should just be able to take the unused money in the customer accounts and buy short term, safe investments. Obviously safe investments turned into putting it all on 13 black at the local casino.
under cftc vs finra and sec regulations. But I would expect more of this and not less. Rehypothecation works in all bd firms essentially the same way.
How many do you think are rehypothecating US Treasuries? If enough leverage was applied and enough Treasuries were desired as "high quality collateral" that could explain some portion of price rises, drops in yield, for UST despite them being fairly garbage compared to actually saving, consuming near-term needs or holding commodities for years - things which have intrinsic value but which are not rehypothecated endlessly for collateral.
"Why is this happening to futures brokerages vs. stock brokerages? Is there something fundamentally different about the two?"
Yes, they have seen the future and are absconding with the money or killing themselves, this should tell you something.
Stockers see skittle shitting unicorns, candy coated rainbows, and live in little marshmallow houses and eat Hopium shrooms every night between Snow Whites thighs.
Next question
I am invested heavily in eating Hopium shrooms every night between Betty Whites thighs. My return on investment is shrinking. Would now be a good time for me to switch to eating Hopium shrooms between Snow Whites thighs?
P.S. I am diversified because the other half of my portfolio is invested in skittle-shitting unicorns.
We need a Federal Commodities Reserve to print commodities.
PFG = Pigmen Fucking Gloating
Bankster posses? Whatever happened to the rule of law? I thought "plausible deniability" was guaranteed by the U.S. Constitution.
Wow, I wish I could say I'm shocked. Now though where this money shows up in the counter trade is very important. My guess is the bank will be reporting Friday and the qtr will be much better now all of a sudden. We shall see.
Three days ago I went to a US Bank to cash a $300 check. The teller asked if I had an account at US Bank. I said no. Because I didnt have an account she said the cost to cash the check was five dollars. I was in a hurry so I said whatever and cashed the check. Later on I remember wondering if something was wrong at US Bank. Five bucks to cash a $300 check? US Bank = bunch of pig fucking cocksuckers.
With a Glock, it's just point, and click. How hard is that?
Maybe it was a cry for help?
30 billion Euro Quatloos have been funded to save Spain! This should spark a rally. Never mind that 100 billion Euros can't save Spain, details, details.
Is Gary Gensler going to write a check from the CFTC "fraud fund" for the victims?
There is no future.
Forget the future. There is NO recent past the future to rely on.
Not to speak about, what to rely on: http://grandfather-economic-report.com/education-c.htm
Time, like reality, is an illusion.
European Welfare Superstate
Once it migrates like cancer, USA will go with it. Central Planners can begin a universal transformation reform policy under new international laws. Just the messenger, don’t shoot me! ;>)
This is your last call to stop the obvious interworking’s. Good Luck
"Is Gary Gensler going to write a check from the CFTC "fraud fund" for the victims?"
Yes, PFGBEST gave the client money to the Committee to Re-elect President Obama, CFTC refunds the money to the clients and the tax payers are given the tab, this is how the regulators are able to contribute to the campaign.
Next question.
Holy crap, JP Morgan really should be broken up and left for the hyenas. How many scandals can they get wrapped up in?