Portugal Is Latest Country To Go "MF Global", Raid Pensions Funds To Delay Fiscal Death

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Sat, 12/03/2011 - 13:26 | 1941601 GeneMarchbanks
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MF has gone Global!


Corzine, the largest pile of steaming hot walrus shit to emerge from the US since Ken Lay.

Sat, 12/03/2011 - 13:27 | 1941607 Careless Whisper
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The Careless Whisper Saturday Update Because Drudge Is Sleeping


Grandma Bloodied At TSA Strip Search; Pants Down At JFK Airport


Headline Of The Day: "Jobless Rate Best In 2 1/2 Years"


NEWS VIDEO; 2 Swat Teams Handcuff Everyone Until They Show I.D.; Raid 3 Delray Beach FL Homes; No Drugs Found


Panty Party For Third Grade Girls, Hosted By Public School Teacher


Alabama Arrests 2nd Foreign Auto Exec; Not Enough Papers


Missouri To Mercedes-Benz; Move Your Factory Here, We Respect Hard Work & Beer


VIDEO; Women, Christians, Throw Newt Under The Bus


PHOTO OF THE DAY; Is America Ready For A Ginger In Congress? Joseph P. Kennedy #3 Considers


Drug Cartel Posts Public Message, Says Gov Controls Rivals


Coca-Cola Denies Involvement In China Poisoning Death


South Beach Hotel Owner Arrested; Displayed Art, No Permit


Michele Bachman; Gay Men Can Get Married As Long As Its To A Woman; Husband Marcus Agrees



Sat, 12/03/2011 - 13:32 | 1941622 CH1
CH1's picture

Yeah, Drudge has been sleeping a lot lately.

Ah well, it was good while it lasted. :(

Sat, 12/03/2011 - 13:36 | 1941629 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

A man's gotta drink! 

I mean eat! 

I mean sleep.  A man's gotta sleep.

Sat, 12/03/2011 - 14:21 | 1941714 Manthong
Manthong's picture

Good thing the treasury already looted our social security system.. nothing left to steal.

Unless they can synthisize a swap and borrow against the reserves that SS Administration has.. just think about that one for a moment.

Oh.. and has Geithner paid FERS back for the $ .25 Trillion he appropriated from them before the debt increase?

And those funds were credited to employees accounts through deficit spending and corresponding borrowed money (treasuries).

So the treasury created a loan based on funds that came from a loan.


Sat, 12/03/2011 - 14:45 | 1941782 valley chick
valley chick's picture

Good question about FERS.  I saw it coming thanks to a friend and chose to withdrawl in full...pay my taxes (would have to anyhow) pay the penalty (dollar devaluing anyhow) and at least have something left.

Got physical?

Sat, 12/03/2011 - 15:55 | 1942047 Manthong
Manthong's picture

Next one to go will probably be whatever is left in the postal pensions.

God only knows how they are going to handle that black hole except that they will have to be involved somehow.

Most folks don't even know they were turned into a GSE  few years back, but that really doesn't matter because they(we) are on the hook one way or the other.

Sure don't want to see the entire postal service going postal.

Sat, 12/03/2011 - 22:08 | 1942794 UP Forester
UP Forester's picture

Wait til vets' beneficiaries actually figure this out, starting a couple years ago:


Trust us, the money's in the bank, check's in the mail, we're totally solvent!  Just like MF Global!


Sun, 12/04/2011 - 10:16 | 1943652 Bendromeda Strain
Bendromeda Strain's picture

Good question about FERS.  I saw it coming thanks to a friend and chose to withdrawl in full...pay my taxes (would have to anyhow) pay the penalty (dollar devaluing anyhow) and at least have something left.

That was an option. I chose to "gamble" on a TSP loan, paid it (myself) back, and opened another loan. I have to admit, when you think about instability and timing, it would be easier just to do what you did and take the tax hit, but so far "milking the cow" has worked according to plan.

Got physical?

The only retirement insurance to feel good about.

Sat, 12/03/2011 - 19:56 | 1942572 Normalcy Bias
Normalcy Bias's picture

Don't forget, Democrats have been working themselves into a lather for years thinking of ways to nationalize individual retirement accounts.

Sat, 12/03/2011 - 17:06 | 1942214 sessinpo
sessinpo's picture

sleep eat sex shit in no particular order

Sat, 12/03/2011 - 13:37 | 1941633 Mr Lennon Hendrix
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Thank you CW.  It has been too quite on the news front for a day.

Sat, 12/03/2011 - 13:42 | 1941640 Carlyle Groupie
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Grandma Bloodied At TSA Strip Search; Pants Down At JFK Airport
......TSA spokeswoman Lisa Farbstein

A nice jewish girl protecting her host country.

Sat, 12/03/2011 - 13:51 | 1941664 Careless Whisper
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You would think that Jews and Blacks would be strong Constitutionalists, just based on history lessons.

Sat, 12/03/2011 - 13:59 | 1941678 Uncle Remus
Uncle Remus's picture

Now that is funny.

Sat, 12/03/2011 - 15:04 | 1941870 PulauHantu29
PulauHantu29's picture

Let me ask Goldman and Sachs about that....

Sat, 12/03/2011 - 16:20 | 1942116 MobBarley
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The old testament refers to the Jewish God as 'The Lord of Hosts'

THe Host with the most.

Oi LaVey

Sat, 12/03/2011 - 18:54 | 1942439 Hedge Fund of One
Hedge Fund of One's picture

... after the strip search of a fellow jewish girl.

Sat, 12/03/2011 - 19:30 | 1942519 Carlyle Groupie
Carlyle Groupie's picture

So what are you saying, it's a scam so the jews have another method to fleece US taxpayers?

Now all the jews will get 'brutalized', 'abused', 'holocausted' by TSA and their sons will sue for distress because their moms beanie was tossed?

It's another nice day for the slaves.

Sat, 12/03/2011 - 15:04 | 1941827 sabra1
sabra1's picture

hey TSA fools! betcha all have cancer working in those open microwave ovens! hope y'all have great medicade! you're gonna need it, suckers! to all nurses and doctors, if you've got a TSA agent that's bedridden, strip 'em down, and leave 'em! extra bonus if you shove objects up their butts!!!!!

Sun, 12/04/2011 - 05:30 | 1943443 DutchR
DutchR's picture

Combat dressed swat teams with automatic weapons?

USA,  such a fine country you've become........

Sat, 12/03/2011 - 13:27 | 1941608 Which is worse ...
Which is worse - bankers or terrorists's picture

Europe is no longer a going concern. Sell off the good assets, convert the debt into equity....

Sat, 12/03/2011 - 14:35 | 1941745 sunnydays
sunnydays's picture

Coming to the U.S. soon.  They stole the taxpayers money by taxes through bailouts.  That was not enough.  Then they got the Federal Pensions, that will not be enough.  Soon without warning everyone's money in their IRAs - and accounts will be taken..... but that will not be enough...... what will be after that..


The countries won't stop until they have every last penny from everyone.

Sat, 12/03/2011 - 16:51 | 1942179 CatoTheElder
CatoTheElder's picture

It really is unfair to compare Ken Lay to Jon Corzine.

Sure, Lay's Enron made some really, really bad investment and trading decisions, grossly overpaid their executives, and used phony accounting to cover up their failures. But even Enron didn't brazenly steal money out of its customers accounts. Lay, Skilling and Fastow were really mundane financial fraudsters, albeit their scam was on a massive scale.

Jon Corzine has well and truly blazed new frontiers in financial fraud.

Like Ann Barnhardt says, Jon Corzine is not a stupid person. He didn't wake up one morning and think to himself, "I'm going to steal a billion dollars from customer accounts." Instead, he engineered the theft such that his political connections would allow him to get away with it.

Similarly, it's unfair to use steaming hot walrus shit to describe Corzine. You're confusing crap with crapitalism (ie, CRony cAPITALISM.)

Sat, 12/03/2011 - 18:58 | 1942448 max2205
max2205's picture

Timmaugh did it so now he's pushing it. Pensioners will die off through govt policies anyway and govts know they'll never have to pay 50% of liabilities. Perfect forecasting right?

Sat, 12/03/2011 - 19:06 | 1942472 Akrunner907
Akrunner907's picture

The US has been raiding Social Security for years........and all that is left behind is special treasury receipts.  All the receipients will have to stand in line to collect from the treasury.

Sat, 12/03/2011 - 20:06 | 1942558 Normalcy Bias
Normalcy Bias's picture

I dunno. I think both Mssrs. Soetoro and Madoff make Corzine look like a piker.

Sat, 12/03/2011 - 13:26 | 1941603 monopoly
monopoly's picture

And it begins.

Sat, 12/03/2011 - 13:42 | 1941639 Long-John-Silver
Sat, 12/03/2011 - 13:51 | 1941663 nmewn
nmewn's picture

But but but...they praaahhhmised!!! Its gubmint digitized paper! In in in a gubmint maintained digitized account!!!

When ya ain't got nuthin, ya got nuthin to lose kid.

Sat, 12/03/2011 - 14:13 | 1941699 Kayman
Kayman's picture

It is a very dangerous situation when people have nothing left to lose.

Sat, 12/03/2011 - 14:25 | 1941722 nmewn
nmewn's picture

Not to worry...our best & brightest are workin on it ;-)

Sat, 12/03/2011 - 15:03 | 1941858 cossack55
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I thought Bobby "bomb em all" McNamara was dead.

Sat, 12/03/2011 - 20:20 | 1942618 Abitdodgie
Abitdodgie's picture

"It is a very dangerous situation when people have nothing left to lose". Are you joking people have lost everything and still dont have the balls to do anything .America amounts to fat fucks that will take it up the ass forever, and if somone did make a stand they would be by themselves because all the spineless would come up withan excuse as why not to join. 

Sat, 12/03/2011 - 13:53 | 1941667 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

But maybe, just maybe, you've been delivered.

Sat, 12/03/2011 - 13:54 | 1941669 Sudden Debt
Sudden Debt's picture

It actually stops right there. I've got my pension which comes in 30 years from. Ow already coverd ( i think) but for those who rely on a state pension of 800 euro a month it's already bad and if that one crumbles, god help us all!
What can they do? The retired i mean.
Over here retirerd people are allowed to go back to work to make a extra income, but who the fuck wants to go back into the workforce at age 70?
And what will they do? Clean toilets?

Sat, 12/03/2011 - 14:18 | 1941711 Kayman
Kayman's picture

Just talked to a government employee on Thursday. He's retiring next year at age 57, will be collecting his government pension, and is going to work for... the government under contract.

What the fuck ?  Does anyone that collects a government paycheck understand the taxes, borrowing, and printing this takes ?  No wonder everything is going to hell.

Print, Benny, print, let's get this fire going !

Sat, 12/03/2011 - 15:03 | 1941866 cossack55
cossack55's picture

In a word, no.

Sat, 12/03/2011 - 16:16 | 1942104 KK Tipton
KK Tipton's picture

They got *theirs* and that's *all* that actually matters to them.
Like rats....for real.

Never mind where or who the "money" came from.
These kinds of people would sell out anyone to save themselves.
Zero integrity.


Sat, 12/03/2011 - 19:16 | 1942483 r00t61
r00t61's picture

I met a million and one people like this when I was in DoD Civil Service.  In fact, under Secretary Rumsfeld's tenure, this practice was encouraged, because, due to some accounting shenanigans, it was considered "cheaper" to hire contractors than it was to hire actual government workers.  We called it "the purge."  Once Secretary Gates came in, he canceled most of Rumsfeld's intitiatives, including this one, and so the government had to spend even more money re-hiring/re-training government workers that had been reassigned ("reprogrammed") to other commands during the "purge."

Most of my fellow government workers were pretty astute, and they generally seemed to understand the iron triangle of printing, taxes, and borrowing, but they had mortgages to pay, and kids to put through school, and they weren't about to screw all that up just because the government was going broke before their very eyes.

Sat, 12/03/2011 - 22:17 | 1942813 UP Forester
UP Forester's picture

I had the "pleasure" of working some Forest Circus "contracts" back in '07.  At the Baldwin field office of the Huron-Manistee N.F., where they hadn't had a timber sale in over three years and most of the forest was falling down, and they were clearing areas to protect the Blue Karner Butterfly (endangered), I heard this from downstairs, as four of the ten "workers" were talking:

"Well, it's the first of the month.  Our welfare checks must be in."


Man, was I pissed that these useless fucks could sit around, circle jerk, and have Uncle Sugar farm out the work they should have been doing to one of the few "contractors" in the state that could actually plow through the twenty-something pages of forms to "qualify" to do the USFS's job for "cheaper" than they could.

Sun, 12/04/2011 - 03:31 | 1943390 mjk0259
mjk0259's picture

Not unique to government. I know people in private sector that do this. Course, not  for long as almost no one young has a pension in private sector US anymore.

Sat, 12/03/2011 - 14:48 | 1941796 Raging Debate
Raging Debate's picture

It will go back to older times where the parents shack up with the kids. The kids work and the parents help tend the home, contribute a few hundred toward the food and energy bill and watch the Grandkids.

Those unfortunates without family will be in awful poorly run State facilities. Ageing folks don't live long with medical rationing, poor nutrition and being cold due to choosing between expensive medicine and energy.

Sat, 12/03/2011 - 17:29 | 1942276 americanspirit
americanspirit's picture

I'm 70 and I'll clean toilets. Then go to work at my second job as a short-order cook. Watch what you eat! And speaking of eating - check out what real men eat


Sat, 12/03/2011 - 19:18 | 1942489 r00t61
r00t61's picture

Hope he flosses to get those feathers out of his teeth.

Sat, 12/03/2011 - 13:31 | 1941604 collon88
collon88's picture

But a big difference between Europe and the US is that US citizens have several hundred million firearms and Europeans (sans the Swiss of course) have none.  I expect "blood in the streets" and martial law before it's all over.  I hope I'm wrong.  

Sat, 12/03/2011 - 13:59 | 1941676 Sudden Debt
Sudden Debt's picture

It's true in the cities as there's a big control over there but at the country side, you would notice that ever roadsign has bullet holes.
Hunting rifles are big business in europe and even if open gun trade is illegal, i know a few place where you can buy guns and get them by mail.
There are also a hughe amount of antique weapons. Which are totally unaccounted for.
Second: look at the bosnian war. Anybody with a little bit of technical skills cn make a working gun. You can even make a pipe gun in 10 minutes and cartouches can be bought everywhere.

Sat, 12/03/2011 - 14:44 | 1941780 johny2
johny2's picture

people can take a lot of hardship before they will actually rebel. Europeans and Americans are not even close to being hungry enough to rebel. The revoluton will start somewhere like India or China...and it won't be pretty.

Sat, 12/03/2011 - 15:04 | 1941869 cossack55
cossack55's picture

You have heard about SB 1867 passing 97-3, yes?

Sat, 12/03/2011 - 20:28 | 1942632 Abitdodgie
Abitdodgie's picture

The only thing Americans do with there firearms is polish them.

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