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Someone Is Going To Jail For This: MF Global Caught Stealing Hundreds Of Millions From Customers?
Say you are the head back office guy at MF Global, it is the close of trading on Thursday, the firm has already completely drawn down on its revolver, and all the resulting cash in addition to all the firm's cash at your disposal in affiliated bank accounts, up to and including petty cash, has been used to satisfy margin demands due to declining collateral value, yet the collateral calls just won't stop, and impatient voices on the other side of the phone line demand you transfer even more cash over immediately or else risk default proceedings commenced against you within minutes. What do you do? Do you go ahead and tell your superior that the firm is broke even though the co-opted media is trumpeting every 5 minutes that "MF Global is fine", knowing full well you will be immediately fired for being the bearer of bad news, or do you assume that courtesy of your uber-boss being the former head of the Vampire Squid, and thanks to infinite moral hazard which after Lehman made sure nobody would ever fail ever again, that there is simply no way that you will be left without some miraculous rescue, if only you can last one more day, and as a result proceed to "commingle" some client funds with the firm's cash. It turns out that at MF Global you do the latter... over and over... until you have literally stolen hundreds of millions from the firm's client accounts in hopes that the miracle rescue will come on Friday... then over the weekend... and then you realize no miracle is coming, partly because your actions have been exposed, partly because miracles only exist in fairy tales. The next thing you know, your firm is bankrupt and hundreds of clients are about to learn that all their money is gone. Poof. This is not a fictional tale. This is precisely what very likely happened at MF Global in the past 72 hours. And someone has to go to jail. That someone, if indeed this criminal act is proven to have taken place, should be none other than Jon Corzine himself.
The sad truth of just how low Wall Street has fallen comes to us courtesy of the New York Times:
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.
As for the details:
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.
And just like in the Lehman collapse where tens if not hundreds of international prime brokerage hedge fund clients, due to no fault of their own, found themselves insolvent after their cash ended up being caught at the London Lehman office (the details of how that money was illegally transferred from London to the US is a different topic entirely) and never to be seen again except to satisfy general unsecured claims, so thousands of MF clients are about to realize that money they thought they had, even if completely unencumbered with other assets, read pure cash, read money not at risk, is now gone forever, and they will have to wait years until the bankruptcy process determines if the claim deserves priority status to the unsecured bondholders. Best case: assume a 70% haircut on the money, if it is every to be seen again at all.
So who can be sued? Who can be blamed for this malicious and purposeful criminal act? Why everyone from the back office clerk presented in the thought experiment above, all the way up to the man at the very top, Jon himself, who, like in every other act of Wall Street impropriety will plead stupidity and deny he ever knew of this crime. Unfortunately, our criminal regulators, who will be just as complicit in clearing him of all wrongdoing, will aid and abet this latest destruction of faith in US capitalism.
What happens next? Why customers at all other brokerages, all other exchanges, afraid that their money will suffer the same fate as MF, even if they transact with perfect solvent clearers and agents, will proceed to pull their money, as they know they have nobody to trust but their own prudent and forward looking actions. Which in turn will start the kind of liquidity drain that killed not only Lehman, but froze money markets, and with that brought the complete capital markets to a standstill, only to be thawed after the Fed pledged multiples of the US GDP to rescue Wall Street in October of 2008.
And that, dear reader, is called unintended consequences, and how the bankruptcy of a small exchange can avalanche into a crippling Ice Nine of what is left of capital markets all over again, courtesy of crony capitalism, rampant criminality and a regulator and enforcement body that is more fascinated with midget porn than any regulating or enforcing of the very firms it hopes to get an assistant general counsel job from in a few short years.
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All of whom are ex-Goldman employees.
This is testimoney to the fact that you cannot regulate fraud and no matter the degree of regulation, wall street will not change.
Without fraud and war, America has NO business model!
TCTJ = Too Connected To Jail
www.pmbug.com
Don Corzine (proper pronunciation in Italian: Cor-zeen-eh, similar to Don Barzini in The Godfather) has the FED regulators in his pocket like so many nickels and dimes.
US/WALL STREET/FED/CIA/PENTAGON IS THE MOB - DOING GOD'S WORK...
we have an obligation to bail out diligent working banksters from MF global, so we can arrest criminals who produce nothing of value such as the occupy wall street protesters and put them in jail for the rest of their lives.
OMG WHY AM I TYPING THIS OUT LOUD?! 6MILLIONDOLLARBONUS IS DOING HIS VOODOO MIND CONTROL ON ME HELPSES!! x[
Baseball bat ----> corzine's kneecaps Warren G style regulators
that's a 6 mr. durden.
At least he didn't defile the mens rooms along the New Jersey turnpike like the other governator ("I-am-a-gay-americn"-McGreevey) did. Why did Thain need a golden bathroom at Merrill Lynch?
I can't believe no one's re-posted this, so(2nd time/TD approved)
"...aaand it's gone"
+1 aaaaand it's gone is ALWAYS funny.
I've been on an (admittedly) annoying off topic sequence (3 straight posts now) today/tonight, but I wouldn't be doing it if it weren't noteworthy 411 and regarding things I thought you'd all find highly interesting, if not downright incredible.
And so...here....we....go:
From tonight's New York Times (essentially, the New York Branch of the Federal Reserve Bank disregarded higher ups and refused to insist on haircuts for counterparties to insolvent entities such as AIG and others, putting taxpayers on the hook for far more than should have been the case [assuming the bailouts were legal, ethical - given conflicts of interest -, or prudent, in the first place]).
What the New York Fed could have gotten for 10 cents on the dollar, they refused, and insisted on using tax dollars to pay full face (inflated wildly) value for toxic sludge to ensure their VIP friends such as Goldman and JPM got fully paid on their CDS bets with the likes of AIG.
Sweet deal for banksters. No shame. No ethics. No limits in the ways and manner in which they shaft the taxpayers and grease the cronyistic, nepotistic, kleptocratic revolving door between the New York Fed and the Chosen Wall Street Investment 'Firms' doing such a great national service for the economy.
And who was the head of the New York Fed when this all took place? Why none other than Timmmmay Geithner, of course, of course.
Report Says New York Fed Didn’t Cut Deals on A.I.G.
New York Times 37 minutes ago
The report, by the Government Accountability Office, says that New York Fed officials have offered inconsistent explanations for their decision to pay other financial companies the full amounts they were owed by A.I.G., and that some of the explanations were contradicted by other evidence.
The report also asserts that the decision to pay the full amounts, rather than seeking concessions as the government later did in other cases, disregarded the expectations of senior Fed officials in Washington and the expressed willingness of some of the companies to accept smaller payments.
In one case, when a company offered to accept a smaller amount of money, officials at the New York Fed responded that they had decided to pay the full amount of the debt, the report said.
Report Says New York Fed Didn’t Cut Deals on A.I.G.
I'm ready to start stretching necks.
Trav questioned why I posted what I did above twice now, which is a fair question.
My response was as follows:
Someone is going to jail for this
Yeah, it'll be the accountants assistant copyboy.
Yep, record bonuses commence in 3...2...
No one saw it coming, no one.
I thought goldman had a brown guy service.
Hello I need another brown guy. Bit of trouble here.
I too have reposted things of relevance I thought to get more audience than the previous thread had eyeballs on it.
OT
The Jews monetary system really sucks and their financial product innovations they peddle to us are sucky as well.
It has nothing to do with Jews being Jews. It has to do with the really sucky product.
I'm looking forward to a Constitutional Currency once again.
pertinant and catchy tune
We want the Money, Corzowksi. Bunny says you're good for it. Where's the money Corzowksi? Where's the money Corzowksi? Where's the fucking money shithead!!!!!
http://www.youtube.com/watch?v=r9twTtXkQNA&noredirect=1
Ha-ha jokes on US.
Some games are played in 5d. The joke of the devil was indeed on the American people. Let's make sure it doesn't become hillarity. I actually like all peoples of this world and to magnify large global losses carved into flesh is not a game that should be played.
WHAT, WHAT, WHAT, WHY, WHY, WHY was I screaming about Jon Corzine earlier today???!!!
He is the dirtiest POS on planet Earth!
This should be pretty good.
I bet there are a number of liberal notables that have been Maddof'd by Corzine.
They must safely remove the client from their money.
Those barriers must be strong and irrevocable.
>> I bet there are a number of liberal notables
Brilliant, make this a liberal/conservative issue. There's a recipe for more of the same.
It is, where the objectivity of the press is concerned.
Were Corzine an "evil Republican" instead of a press-coddled Democrat, this assiduously downplayed "non-story" would have already erupted at full volume, blasting 24 hours a day on news networks everywhere, and his name would've been dragged through the mud several times over by now.
Instead we get "let's be cautious, not jump to conclusions". Tell that to Herman Cain, whose staff was last seen waiting for Godot^H^H^H^H^H treatment in kind from these zealous caution-mongers.
Economic hit man? Who was he really working for?
I'm just wondering if JC Flowers is the next domino to fall?
I'm sure everything is just fine over at Corzine's.
I can find only one redeeming quality in Jon. He generously spent 100 million dollars of his own ill gotten gains, er, I mean money, to get elected to the Senate where he could "help" himsel, er I mean help the country. Waddaguy!Those seasoned in politics may uncomfortably tell you, politics IS the exit strategy for far too many criminals.
Unfortunately, this is usually realized late after the fact.
MF Global was one big private bailout, the end. Im wondering if It was set up to fail every step of the way...
YOU FORGOT THE ENERGY COMPANIES AND BIG PHARMA.
"At Goldman, we recognize that the capitalist system as we know it is circling the drain – but there’s plenty of money to be made on the way down." - HB
MF Global reminds me of "Goldman Sachs Global Rage Fund*" - HB tm*
a classic.
Corleone or Cocaine ?
So your saying he"s Italian.....
I think Obama will throw him under the bus. Eggs must be broken to make an omlette and members of the ruling class understand that periodically, a few of them must be sacrificed to achieve their the blessing of peace and prosperity for the class as a whole. Corzine will get an easy sentence and much of his fortune will remain intact. But he will likely go down.
This will be a cheap ond easy way to deflect popular anger from a bloated, all-powerful government to "Wall Street," who are obviously responsible for the failure of Obama's noble progressive vision. And it will shore up the radical base without alienating independents because Corzine probably does deserve jail time. It will also give Eric Holder something to do besides defending shipping automatic weapons to drug cartels. Corzine should be looking at the correlation of forces against him--he has no friends among Republicans or conservatives and he will be looking like a pretty juicy sacrificial lamb for the administration. He should be striving to find some tapes of Obama, Pelosi and Reid with dead children and putting them in a very secure place.
And when you say "throw him under the bus" you mean "give him a couple hundred million for his official retirement", right?
"Without fraud and war, America has NO business model!"
There's still porn and doughnuts!
Bitches and blow, bitchez
Or, Bananas and blow:
http://youtu.be/6Gd87JmkAkE
Perhaps you should franchise a combination of the both?!?!
Could give new meaning to "Time to make the doughnuts".
How 'bout "Time to make the blow-nutz!"?
DOn't forget we have the tattoo industry now also......
Finally, somebody who sees the big picture...
pish tosh. Fraud is punishable under the Constitution. "Regulating" fraud is the status quo and breeds the corruption you pretend to want eliminate.
America's business model is voluntary trade for mutual benefit. Fight to end the regulations and trade with people and companies who've earned your trust.
You can regulate fraud real successfully using the simple Chinese method. Guilty parties are shot in the back of the head and the bill for the cost of the bullet is sent to the family ofthe executed. We should use golden bullets on these guys and gals!
Pladizow- and "you cannot [effectively and directly] regulate fraud"...
Arguably true, and clearly true that you canot effectively regulate insider trading.
But both can be indirectly regulated with effectiveness acceptible to serve real fairness, aka justice, that has nearly always been absent.
Namely, there are ways to set limits on income/profits that can be easily monitored and exposed.
How? Locate 20 of the brightest persons, by demonstrated background accomplishments in any scientific disciplines. Define the general problem or undesired situation and let them, individually and in groups of their own choosing, come up with workable solutions.
Publish their solutions/suggestions publicly and their views on each of the solutions/suggestions exactly as they are offerred, without editing by outsiders. After a period of public debate, let Congress decide how to procede, with any plans for actual implemenation being first reopened to public comment by the 20 individuals before proceding.
That's how we got into this mess. Fooled ourselves into thinking the mental elite had better masterbatory habits than the rest of us so we gave them ivory towers to make their proclamations from. Then we bowed to their prowess, looked at each other and said "Yea, I'll go with that" not even realizing we were relying on other fools.
You have got to be kidding me.
Or wannabes.
Dude...I've never junked you.
Ha, nice. No offense intended, unless of course, you're a regulator hoping to be a GS employee.
GS, not a chance. No blue blood in my ancestry.
"Blue blood"? WTF are you talking? The days when WASPS ran the Street are long gone. Try: Khazar blood. As in Corzine. And 80% of the rest. And that's precisely why and how Finance Capitalism replaced Free Market Capitalism.
Yup, there's lots of Jews in finance, no doubt about it. But Corzine is Dutch and Christian, you anti-Semitic piece of shit.
agree, no need to single out ethnic proclivities in choices of employment. It's like saying the Greeks have a lock on the diners, or the Koreans have a monopoly on drycleaning, or Indians have cornered the Dunkin Donuts. Sure, there are high numbers of those folks in those areas, but it has to do with networks and families. Basically, if all the people in your family are in finance or 'professional' careers, then which path are you more likely to take, becoming a plumber or an accountant?
Actually, he's a Sephardic Jew who pretends to Christianity. Corzine's true "religion": paper money and its derivatives.
OK, we all get it. You are an idiot.
Nah, the WASPs still run the world, they just like other "conspiracies" to place the spotlight on other ethnicities. They are getting sloppy though, letting continental ideas (i.e. collectivist) gain footholds in anglophone societies. tsk, tsk, the Queen would not be pleased.
I thought WASP's were roughly $400b in funds? Bigger revenue than entire nation sure but in charge?
Corzine is a goy, dude
no jewish blood? no GS or FED career for you.
But why is the Squid letting one of their own go under?
The Squid isn't letting it happen, the Squid is making it happen. Sometimes it is necessary, when the hounds are getting too close, to drag a red herring across your trail to throw them off the scent. The Squid has a sacrificial pool for just such an occasion; a lottery was held, and Corzine drew the short straw.
And in the ensuing panic, even the wall street law firms scramble like little ants to replace money in client escrow accounts. Everyone answers to the squid.
This is exactly what I'm thinking. What't the plan here? It's not exactly like this is the only ponzi going on. It's a small part in a bigger scam and I am so sick and tired of the games. This is a primary FUCKING dealer and you know damned well Ben and company are part of this. When is this shit going to end.
Soon.
You would think that considering the shortest distance between two points is a straight line. Yet, what we see play out before our very eyes is actually a septic swirl.
It can take turds a surprising amount of time to reach the event horizon.
Particularly for the floaters. Some always seem to escape the drain.
Now they don't have access to the Fed window? Great job by the Fed as usual and I can't wait to hear CNBS talk about how they didn't know anything and they are creditors...............That might be a great place to sue for the other 70%. A little failure to report facts - Tyler - what do you say we get a court order for their emails? They would be great to read - they are careless with simple reporting and you can bet they were putting some lipstick on that pig!
Absolutely, lloyd and timmeh are colluding to make sure corzino is under the bus. My hope is corzino will start outing some squid borne acolytes.
Last week, tim admonished an interviewer about the lack of bankster perp walks, saying there were definitely more to come and raj didn't count.
This will take the glare of the shiney beast for the sheeple to 'lookie here' and the squid will slither under the door to safety.
So they think.
If the slightest thing occurs that requires 'some government/taxpayed intervention' all bets are off.
This is yet another reason barry 0 has kept OWS at the end of a foggy 10 foot pole.
"This will take the glare of the shiney beast for the sheeple to 'lookie here' and the squid will slither under the door to safety."
As will the congresses, presidents, fed, and administrative agencies whose lust for power and the government they have created over the past 110 years who are the heart of all the current problems.
"This will take the glare of the shiney beast for the sheeple to 'lookie here' and the squid will slither under the door to safety."
As will the congresses, presidents, fed, and administrative agencies whose lust for power and the government they have created over the past 110 years who are the heart of all the current problems.
Damn, you people think much more deviously than I do.
I needs to start catching up.
I wouldn't even go there. Just more heads I win, tails you lose, moral hazard, tragedy of the commons, business as usual, bullshit.
I obviously can't place odds on whether this is likely true or not, but the sad fact of the matter is that there's no doubt in my mind that Goldman engages in schemes this dirty and even far worse, using a wide variety of tactics and a network of the bought-and-paid for politicians and regulators that it controls.
So, your claims are entirely feasible given deep capture and the state of the nation - which is highly nepotistic, kleptocratic, corrupt, and now has an extraordinary level of revolving door-ism between politicians, regulators and the one industry, above all others, which is both counter-productive and in charge of our national policies: the financial parasite industry (an industry of shape shifters and wealth shifters, not wealth creators).
All of whom are ex-Goldman employees doing God's work.
There fixed it for you /s
There's no need for the sarc tag ... they are doing God's work ... for the Vatican! (Lloyd knew exactly what he was talking about).
Chairman of Goldman Sachs International = Peter Sutherland: Jesuit, Director-General of WTO, former chairman of BP, steering committee member of Bilderberg Group, chairman of Trilateral Commission, former director of RBS (until UK govt takeover), Consultor of the Extraordinary Section of the Administration of the Patrimony of the Apostolic See (a financial adviser to the Vatican),....
Former partner-in-charge of global finance and head of investment banking services = Geoffrey T. Boisi: Knight of Malta, financial advisor to the Pope, former vice-chairman of JPMorgan Chase, former CEO of JPMorgan (and engineered merger with Knight of Malta David Rockefeller's Chase), honored by John Paul II as a Steward of St. Peter,....
Lord Blankenfiend is just a front-man hofjuden.
Good work i-dog.
Their plans will flounder. Not many people know the vatican is the head of the beast. But the few who do and have already commited to stopping them are more than enough.
With help from the Elohim the cleptocratic cult of the vatican and it's slave euroglobal state will be forever destroyed.
And where exactly has this "help from the Elohim" been the last 2,000 years while this "head of the beast" has steadily grown larger and more powerful?
It hasn't come in 2,000 years, and it's going to come now?
Dream on.
nice one i-dog. About time Mr Sutherland was fingered.
Hahahhhh i-dog. Nailed it.
But this is often too much conspiracy for most.
I'd like to read what you read.
ORI
So Roberto Calvi hanging from Blackfriars Bridge didn't redeem the Holy See? Damn. And he was saying he was doing God's work too
Mercy!
Gee, if some rich folks lost a bunch of their money with MF, other rich folks may be inclined to start taking their cash out of their brokerage accounts at the other big banks/funds. I'm sure that all those organizations will have all the money needed to fulfill all those redemtions. No sweat, I'm sure MF is an exception. Back to Monday Night Football.
/sarc
Most of the regulators want to work for Goldman
busness as usual, with with typical results.
Or future Goldman employees.
So no one's going to jail, well no one that "should be" going to jail.
They might get a scapegoat or three.
But not the ones that committed the crimes.
It would appear that yes, Goldman Sachs does indeed run the world.
All kinds of research of who MF Global was at link. They advised the G20 and invested the Chinese government's money. They were ranked as number one on many trading exchanges.
http://sherriequestioningall.blogspot.com/2011/11/mf-global-stole-hundre...
One thoughtful start would be adopting the 28th Amendment which does nothing more than re-iterate all the Founding Fathers' writing that Corporations are not people, and thus no right of speech but what their corporate charter specifies.
http://www.freespeechforpeople.org
A second would be PURGE all forner employees of the Gold men Sackers from any role whatever in any Federal, State, or Local government including the role of dog catcher.
A democRAT? Surely it's all false accusations.
It's Bush's fault!
well, he must be a closet republican since everyone that is smart, connected, and not a creationist?, knows a democrat wouldn't be capable of this. We all know republicans are clearly capable, but not a democrat. Most fail to see that all the walking rectum douche bags we elect, regardless of party, are out for themselves. Some just do a better job of acting and saying the right shit so the sheeple will feel good about getting raped by them, doesn't matter if they do it or if it makes sense.
"whitey don't lie" penisouraus. throw on the kleig-lights and the Republican's cryin' truth like it's goin' out of style.
MF Global? France? ...OUNCES!
The news this morning is that MF global has been suspended as 1 of the 22 primary dealers in Treasury securities by The NY Fed. CME group has limited them to "liquidation only", this is a death sentence.
Are they another Lehman Brothers? How big and what type of counterparty risk do they have? Who do they have it with? Should they fail, what sort of "ring fence" is or can be set up around them. Lots of questions and I guess we will find out the answers in due (short?) time.
Across the pond, it looks like Portugal and Spain have been leapfrogged by the speculators spotlight and Italy has now come into the crosshairs. Their yields on sovereign debt paper have jumped to new highs and thus new lows on their bonds (their stock market is down 3.5%). Italian CDS rates have blown out but we all know this is a mugs game because as we have seen, the 50% haircut in Greek bonds is not a "default event". The "cashier's window" is permanently closed so why even enter this casino? Italy is multiple times the size of Greece and truly a blasting cap for the the nuclear banking system. Why? Because the French banks have such huge exposure there! I don't believe we even need to see Italy get as far down fantasy lane as Greece before the French banking system and thus the ENTIRE Western banking system begins to cascade.
As in WWI, France is the "maginot line" that if crossed is the end. The French banks, (sovereign French paper) CANNOT become the primary target of speculators. Once the speculative sights are set on Paris "too big to save" will become the operative words. In reality it is now only a matter of time! ...And market reactions to MF Golbal and Italy? Dollar up...Gold down. Again, how can no one see "it" and do the math and logic? Actually I am sure they are, Mother Nature is being masked by "unofficial, official trading". The math and logic? Where it all ends? All you need to do is follow the dominoes. Logically the "last domino" is where the Ponzi scheme all began, The United States.
The cascading collapse will occur very rapidly and terminate in a global financial holiday. Today's computerization will make the "end" happen overnite.
Of course the Dollar is now (as always) catching bids in "safe haven fashion". How stupid!
The U.S. is now at 100% debt to GDP (with on books obligations), Lord knows what it is when all obligations are included, 6, 7, 8, to one or more? The U.S. is in no way a safe haven, Gold and Gold alone is.
Gold IS money and IS/WILL BE liquid when the roof comes down.
Gold will be the "last man standing" and will attract so much demand that sellers will evaporate afraid that they are selling something real for something that is worth nothing. The move so far from $250 to the current level is absolutely NOTHING compared to where it will be when untold $ Trillions upon $ Trillions flee paper into REAL SAFETY!
We are truly cursed and blessed at the same time, we must live through what is mathematically coming. We will suffer the consequences yet be able to be witness to what surely will be remembered in history books as we remember the Roman Empire today.
Fortunes will be lost and gained. These fortunes depend entirely upon how you are positioned into the "holiday".
Yes, you can try to trade and gain Dollars in the short run, or you can be fully invested in precious metal investments and come out "the other end" of the holiday with maximum OUNCES! Ounces will be what are counted, not Dollars, Euros, Yen or Pounds.
Ounces will be liquid,... acres, barrels, bushels etc. will be less liquid. No matter what occurs "from here to there", DO NOT get scared out of your positions, THIS is exactly what "they" are trying to do. DO NOT TRADE! Maximum "ounces" in hand and in the ground are what will matter!
Be smart and do not let volatility make you re enter the casino, you have already been to and paid at the cashiers window...DON'T go back inside!
www.lemetropolecafe.com
here's a possible solution:
http://www.youtube.com/watch?v=2TPQ0DEVaEk&feature=player_detailpage
@ DavidPeter
DO NOT get scared out of your positions
bwahahaha. Dewd we're in the fight club here. You don't have to worry about any of us getting scared out of our gold. First of all it's paid for. It's owned outright. It's kept in a safe place... and it's not for sale! You are thinking about those pussy hedge fund managers from Westport or something. They might get scared out of their gold paper positions, but they're assholes. Who cares. They sell, price drops, we buy more.
Mr. Whisper:
You are Careless... Dewd!
Say whatever ... but make sure you spell the name right!
DavidPierre
L'orgueil est le consolateur des faibles.
It's these damn iPads doing autocorrection. It changed Pierre to Peter automagically.
Get a life where you make more than one decision but accomplish nothig but ride a slide rule that dynamically points to a new value. Is that all there is? Fort Knox is guarded even if the gold bricks are fake. and a State secret. Trust them like you knew you could.
the vatican will bail-out italy,... and help spain, period -
it's just that you or i, and everyone else will never know -
jmo
Yes, no doubt. ERRATA: Germans didn't cross the Maginot Line, they came around the northern flank; and in 1940, not 1914.
WWI
WWII
WWIII
They all just blend together on a long enough timeline.
yes, probably a couple thousand years from now the period 1400 to 20?? will be known as the European "warring states" period, like in China 2 thousand years ago before it was unified by conquest. All those wars will be lumped together.
WII
...because it's all just a big game to the banksters who gleefully lend to all sides in any conflict.
I don't think the Maginot Line was in WW1. It was around for WW2 and it wasn't even used. Germans just went around it... Rofl?
Oops, go Wikipedia! Yes, it was used... Germans bypassed most of it via neutral Belgium and still attacked soft parts, rest of line surrendered.
I guess like certain agreements neutrality can be overrun by motivation.
Excellent summary of the macro situation.
I've started viewing silver spot price chart as a barometer of currency printing. It went up to 35 last few days on expectations of EFSF success which would translate to ECB printing. Now that expectation is dashed, Fed is holding the line too, and silver is heading back down.
Over the next few days if this EU situation really does blossom into cascading collapse, which it would if ECB and Fed hold the line and people flee into dollars, I expect silver to drop down to high 20s.
John C. probably snorted up all that money. Him and his Goldman kronies got noses like vacuum cleaners. The drugs, hoes, and offshore money laundering. Kiss your ass goodbye.
Planet Earth's biggest POS better be getting on his Gulfstream pretty quick...
Walter Houston said it best when the gold dust went back to the mountain.
This is really no big deal, all you have to do is hit that big red Staples Button " That was Easy" and print several Hundred Quadrillion dollars and everything is good to go bitchez! Come on I could solve this shit in hours, well maybe....if I could print $100,000 bills
What up with Helicopter Ben. Is that guy still hee?!
"Customers’ money must be kept separate from company money."
Very true and it is the third rail a brokerage firm never touches or even goes close to.
But Corzine has a Goldman Sachs & I am a Big Democrat get out of jail free card. Most Democrats and Goldman employees have them.
kinda like what BAC did with their depositor accounts?
"Customers must be kept separate from money ... especially their own."
How dare you, sir. How dare you utter such detestable facts. Why, that's like saying, "miracles only exist in fairy tales", or "oil is a finite resource", or "exponential growth can't go on forever". Only terrorists say such things. It's heresy, hate speech, crimes against humanity. Report to the nearest re-educaction camp at once.
The Gates of Money Heaven have been thrown upen! Strong, like Bull.
Corzine may be offered up as a sacrifice for the benefit of the greater good of other GS and big democrats. It's not personal Jon. It's just business.
so corzine's not going to be the treasury sec? bummer...
well why would this disqualify him?
good point
^--- LOL you two!
Funny shit, alas, absolute truth. =)
he's pad up on his taxes, isn't he?
Someone in the banking industry with a Goldman Sachs pedigree is going to jail? Exactly which fantasy land are you living in anyway? Obama and or Holder and or Schapirro will absolve them of any wrongdoing.
Someone go to jail over stealing hundreds of millions? Ha ha. That's funny.
Billions maybe then it's a slap on the wrist.
The story is getting som eplay on the NY Post tonight and they ARE talking about the (possible) missing $700 million client's funds. This is why Interactive Brokers ran away from any deal.
http://www.nypost.com/p/news/business/political_suicide_qCVtUTzdyDpn6Ndsb070zM
Glass-Stiegel anyone?
Glas Stiegl? Yess, plees!!
http://www.stiegl.at
http://en.wikipedia.org/wiki/File:Stiegl-bier.jpg
I just called the MF night desk at 9:18 CET (2:18 Chicago time) and they can no longer take orders to liquidate positions. Yesterday they took liquidating positions orders but no new positions. As a customer you are now stuck with positions you do not want. Maybe the money is gone anyway. New for me.
Corzine liked fame and now has a shipload more of it. Too bad he blew up the schoolyard better than bin Laden could have dreamed. I'm out after 28 years of believing in Chicage rules. This is bigger than both of us.
collaping market...ES down 22 http://hedge.ly/tqUEog
collaping market...ES down 22 http://hedge.ly/tqUEog
Regulate This:
"When plunder becomes a way of life for a group of men living in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it." ~ Frederic Bastiat
Also see: Obama's Problem With Solyndra: It's A Warm Up For SunPower
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When it comes to financial terrorism, waged against the people, the President has abdicated his Constitutional Oath and that is an act of Treason.
See: HOUSING: To Solve The Problem You Have To Force Very Large Banks To Recognize Loses
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All Americans should consider the following
"The bane of humanity is we learn nothing from the horrors of past atrocities and history repeats itself. Our/Your passive acceptance of one transgression always makes way for another. This and the belief that injustice, visited on our neighbor, will not one day come knocking at our door is the banality of evil..." - Inflection Point
See: RAPE OF THE REPUBLIC
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THE FED’S DEBT SLAVERY ECONOMIC MODEL is the genesis of funding for the elite money power. Such power concentrated in the hands of so few is the most pernicious corrupting force, for which all others follow.
See: END THE FED: THE FIRST STEP IN RESTORING OUR CONSTITUTIONAL REPUBLIC
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The people are only starting to understand the perils that confront us and the pace at which our liberty's are being trampled is quickening. Our only non violent recourse is civil disobedience; REAL DEMOCRACY IN ACTION.
To save the republic we love; The Rule Of Law Must Apply To All Americans! John F. Kennedy understood the potential cost when one group dominates the whole, when he said;
"Those who make peaceful revolution impossible, make violent revolution inevitable."
THE RULE OF LAW MUST APPLY TO ALL AMERICANS!
Wow. Giant sucking sound as people panic coming up?
If you hand your money over to a company like MF Global (and about 100 others on Wall Street and in Europe) you deserve to lose them. I hope this serves as a deterrent and that some of the 1 percenters remove their cash from the system and buy silver. Wishful thinking I know but I like sci-fi. God, I wish I had cold beer.
I think Corsine and all his Goldman buddies snorted up all that money. Between the high priced hoes, expensive drug habit and lavish lifestyle, 100M didn't last too long at all - and that's not counting all the money they have stashed away offshore somewhere.
It's all safe and sound in Israel. Along with the gold that used to be in Ft. Knox.
I'm curious. Why would you store gold in the "most likely to be nuked" country in the world?
Well, If it is stored there when they get nuked, what do you think the price of the remaining gold will be?
Sure, victim blaming. Typical calous libertanian. That's like saying women in short skirts and low cut blouses deserve to be raped. No one deserves to be robbed, no matter how ignorant or careless they may be.
Maybe so, but how is handing your cash over to MF Global or Goldman Sachs any different than giving it to a drug smuggler for a 50% cut of profits? MF Global was a criminal syndicate and so are most of Wall Street banks and derivatives brokers. It doesn't take a genius to figure that out after all that's happened. Giving money to criminals for use in their operations, and taking a cut of the profits, is generally a felony I believe.
I just couldn't resist taking a jab at such a highly rated fallacy. Just world fallacy that is. And it was meant to be a humorous jab. In the end it may turn out that all the other philosophies are even worse than Libertarianism. http://www.youtube.com/watch?v=lgESZW3dPcM
Drug schmugglers, I think the people who gave money to Bernie Madoff would be a more fair comparison. Guilty of nothing more than simple greed and gullibility, but now we're splitting hairs. The line between innocence and ignorance is little more than coincidence. People don't know what they don't know. Some day something you don't know might bite you in the ass too, but I wouldn't call it just deserts. Experience is a harsh instructor, it gives the test first and the lesson afterward.
Life is unfair, don't fool yourself to believe otherwise. The investors who got robbed don't deserve their losses any more than Jon Corzine deserves a 12 million dollar severance.
Congratulations on being one of the few who "get it". Good luck riding the volatility for the next decade or two. But never forget that winning the birth lottery is the #1 determinant of economic success. None of us would be where we are right now if it weren't for factors beyond our control.
You've got a point. I know a lot of people who lost all their savings because they gave their money to dubious bankers who went bust along with their high-yield funds. I gave them my money too but I figured out what was going on in time and removed it in the nick of time. A couple more weeks of blissful ignorance and I would be broke. The difference between me and them was probably nothing more than paranoia. They didn't believe this could be happening but I did. These are good people and I would have hoped they learned their lesson but many don't seem to have. They don't see the system for what it is and they are not interested in taking it down. They don't even try to understand what is going on. Now they again enable the system that stripped them of their hard earned savings - but they are still good people. It's pretty depressing.
Don't worry! SEC is on the job!
MUAHAHAHAH!
youre so funny, bob....
like the SEC will do ANYTHING!
trick or treat!..............BITCHEZ!