This page has been archived and commenting is disabled.

Watch Live As A Recusing Gary Gensler Tries To Explain Why The CFTC Failed Massively In Its MF Global Oversight

Tyler Durden's picture


Nothing like watching one Goldmanite explaining why he failed to prevent another Goldmanite from (allegedly) stealing hundreds of millions in customer accounts. Linked below is the live hearing by the "Continuing Oversight of the Wall Street Reform and Consumer Protection Act" in which Schapiro and Gensler are held to account for their epic failure with MF Global oversight.


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 12/01/2011 - 12:14 | 1935071 oogs66
oogs66's picture

Exchange traded CDS bitchez :)

Thu, 12/01/2011 - 12:20 | 1935101 Richard Chesler
Richard Chesler's picture

Goldman Sachs scumbag.


Thu, 12/01/2011 - 12:23 | 1935120 redpill
redpill's picture

OT: I'd say this outdoes the "waterboarding is not torture" legal opinions from ol' Bushie even

"The government lawyers - CIA counsel Stephen Preston and Pentagon counsel Jeh Johnson - did not directly address the al-Alwaki case. But they said U.S. citizens don't have immunity when they're at war with the United States.

Johnson said only the executive branch, not the courts, are equipped to make decisions about who qualifies as an enemy."


How about that.

Thu, 12/01/2011 - 12:29 | 1935146 Don Birnam
Don Birnam's picture



Common denominator, beyond resemblance ? Vampirism upon man; extraction of the physical life in the latter, and the financial life in the former.

Thu, 12/01/2011 - 12:31 | 1935157 Pladizow
Pladizow's picture

Fucking Schmeagal crack head aids infested anal rat!

Thu, 12/01/2011 - 12:48 | 1935216 Harlequin001
Harlequin001's picture

I'm sure if I watch it long enough that one of them will answer at least one question put to them fully, but I'm bored with it now so, no such luck...

It was not unexpected.

What was unexpected was that Gensler actually looks like a cartoon maggot...

No shit.

Thu, 12/01/2011 - 15:09 | 1935775 rufusbird
rufusbird's picture

What is amazing is that he actually looked just like Clark Gable when before he started his career.  job hazzards...

Thu, 12/01/2011 - 12:51 | 1935222 Max Fischer
Max Fischer's picture



Where are the Peak Oilers?  You guys claim that declining "flow" of oil is what led society to get so leveraged, right?  So why aren't we hearing about Peak Oil with the MF collapse?

Because it's total nonsense?

Here's a perfect example for you to take your bogus abstractions and apply it to a real world, highly leveraged collapse of a financial institution. 

Max Fischer, Civis Mundi


Thu, 12/01/2011 - 12:53 | 1935236 SWCroaker
SWCroaker's picture

Max; I've (finally) concluded that you're an idiot, and thus the newest resident on my global ignore list.  Adéu.

Thu, 12/01/2011 - 12:59 | 1935278 Max Fischer
Max Fischer's picture



Sorry to disrupt your echo chamber, Sir. 


Thu, 12/01/2011 - 13:10 | 1935331 equity_momo
equity_momo's picture

I would rather hear the noise of reality and logic bouncing back at me , again and again , than live in a Dunce Chamber and have to listen to idiots spouting white noise and debating back and forth whilst entirely missing the point. ie the MSM and political elite.

Perhaps the human race needs to be put into a ZH echochamber until they wake the fk up. Consider yourself fortunate to be here , eventually you might learn something.

Thu, 12/01/2011 - 13:57 | 1935511 trav7777
trav7777's picture

no echo chamber is a good place to be.  And people here aren't waked the fuck up.  They refuse to be.  Too scary.

Thu, 12/01/2011 - 14:12 | 1935575 tmosley
tmosley's picture

Trav thinks his dream of a racially pure world is reality, lol.

Thu, 12/01/2011 - 13:42 | 1935441 Barnaby
Barnaby's picture

I would rather hear the noise of reality and logic bouncing back at me , again and again , than live in a Dunce Chamber and have to listen to idiots spouting white noise and debating back and forth whilst entirely missing the point. ie the MSM and political elite.

Thu, 12/01/2011 - 13:43 | 1935446 Piranhanoia
Piranhanoia's picture

Are you a village idiot, or freelance?

Thu, 12/01/2011 - 12:58 | 1935274 Seer
Seer's picture

For those, like Max, who just don't understand what PEAK means I'll give it one more try:

PEAK = the TOP

In the case of Peak Oil it means the TOP of production, the MOST that will ever be extracted at any particular point in time (given a rational time slice).

What CAUSES the PEAK does not invalidate that the/a PEAK occurs.  Got that?

Reminds me of the stupid arguing about what the price of oil would be.  It's not PRICE, it's AFFORDABILITY: little does it matter if oil is $25/bbl and you're unemployed (and stay that way); if oil is $200/bbl and you're employed, then it's also questionable whether that's acceptable.

Max, if you refuse to believe that this is a finite planet then perhaps you need to go out in pursuit of unicorns and Skittles and leave us "less informed" folks alone...

Thu, 12/01/2011 - 13:03 | 1935297 Max Fischer
Max Fischer's picture



You don't need to reduce the debate to the absurd.  I firmly acknowledge that the planet if finite. 

However, the argument, as purported by Peak Oilers around here, is that since the rate of flow has diminished, this has led our financial institutions to become leveraged to maintain growth.  Personally, I think this is PURE BULLSHIT. 

So, here is a perfect opportunity to apply your diminished "flow" argument to the failure of a highly leveraged financial institution.  I don't need a dictionary definition of what "peak" is. 

Max Fischer, Civis Mundi

Thu, 12/01/2011 - 13:22 | 1935382 Barnaby
Barnaby's picture

Don't start talking logic now. The Excluded Middle will get you for sure!

Thu, 12/01/2011 - 14:02 | 1935534 trav7777
trav7777's picture

Oh, gotcha.  I'll take this one

The decreased growth rate of net energy input pre-peak caused aggregate profitability to decline toward 0.  In order to make this up, the financial institutions had to use massive leverage to cover for the incredibly meager profitability of endeavors.

Like how China tries to make 1000 more factories all producing shit that earns a fraction of a cent per unit.  There's nothing for them to do to earn a higher profit, so they attempt to make the money through volume.  That is how financial leverage has worked.

Net ROI of our economy has been declining for some time now; consequently, increasing amounts of leverage are necessary to extract profit.

Leverage is EXACTLY what the word describes.  As the horse gets nearer to death, you have to whip it harder.  As the burden gets heavier, you have to use more leverage to move it.

As oil supply now declines, there are a lot of firms trapped in positions of leverage against a DECLINING credit base, where they are having to scramble for dollars to repay.  Some simply cannot.  Musical chairs is an apt analogy.

The decline in net energy means a decline in all things being "done," as power is what does doing. 

Thu, 12/01/2011 - 14:14 | 1935586 MachoMan
MachoMan's picture

There are essentially two parts to the argument: (1) that peak oil caused institutions to leverage up; and (2) that peak oil caused an already leveraged system (desperately in need of growth) to slow down and begin the default avalanche.

Max, you clearly dispute the former, but do you also dispute the latter?

(and I guess I have a hankering for feeding the trolls)

Thu, 12/01/2011 - 14:19 | 1935600 Eally Ucked
Eally Ucked's picture

For couple of years I've read your postings and they always have some massage in it, but this is forum and you cannot bllaber about something and count that somebody will understand it. Maybe you have too much propelant at the moment when you write or your brain is overwhelmed with thoughts and it's hard to put it together in coherent piece. Maybe shorter form would be useful, omitting some personal attacs, which you like, would be useful.

Fri, 12/02/2011 - 07:54 | 1937757 Archduke
Archduke's picture

I think there's a wrongful causation in there.


firstly, leverage has increased because of 3 converging factors:

1. smart risk-neutral derivatives math to better price and hedge risk.

2. faster computers and networks to do the math and bring prices to markets.

3. globalisation, ie, reduction of trade barriers and greater integration of said markets.


I would say the oil and manufacturing boom (?peak? )was fueled by

leverage.  transporting thinks by shipping is still one of the most

risky endeavours today, much like it was the originator of insurance

and joint stock ventures centuries ago.


mass-producing cheap goods in china only holds as long as there

is cheap oil, since by their nature, these good rely on volume,

and mass quantities are expensive compared to high quality

expensive goods per ton shipped.


imho there are very few peak-oil that argue that previous leverage

was caused by the coming oil shock.  what they are saying is that the

oil shock is incompatible with a highly leveraged mechanism.

I'm not sure that's true. vIn fact I'm convinced otherwise.


surely if oil supply rarifies, each shipment will cost more to

transport, and thus will no doubt carry much higher-value goods.

note that on top of the volatility of the price of oil, the risks

inherent to merchant shipping (hurricanes, shoals, drunk captains,

pirates or what have you), are pretty much constant *per voyage*

and maybe miles travelled.  this means we will have more risk,

ie we will need much more leverage, if we are to trade at all.


so if you believe in peak oil, we will now have the reverse.

increased leverage but decreasing trade tonnage and fuel use.



Thu, 12/01/2011 - 13:31 | 1935414 curbyourrisk
curbyourrisk's picture

Just because there is a finite supply...out there....  That does not mean we have hit PEAK.  It just means that at sometime in the future  ..  WE MIGHT.


There are new finds everyday.


But I ain't getting into all the horse shit arguements from both sides, not today.

Thu, 12/01/2011 - 14:03 | 1935544 trav7777
trav7777's picture

discoveries PEAKED 47 years ago, dipshit.

There are LESS and LESS new finds going forward.

Please, do YOURSELF a favor and STFU.

Thu, 12/01/2011 - 14:13 | 1935582 Max Fischer
Max Fischer's picture



False argument. 

There is more and more oil being found within those fields.  While the discovery of new fields has tapered, more oil is being found in/around them with better technology. The petroleum engineers are finding more oil than the geologists. 

Max Fischer, Civis Mundi

Thu, 12/01/2011 - 17:08 | 1936290 Ruffcut
Ruffcut's picture

How in the fuck do you know what the real oil supply is.

You are one of the biggest assholes to post on ZH, and are proud to do so.

You are as big an asshole as denigger. Go back the ticker forum and try to convince them you know anything, at all.

Trav777= dickweed supreme and loving it.

Thu, 12/01/2011 - 12:59 | 1935279 SheepDog-One
SheepDog-One's picture

Really Max? Then why is everyone so desperate to get wars started and take control of nations oil....because its SO plentiful?

Thu, 12/01/2011 - 13:16 | 1935358 Barnaby
Barnaby's picture

Every generation needs a Holy Grail. Oil happens to be a chart-topper because most people use it.

Thu, 12/01/2011 - 13:56 | 1935499 trav7777
trav7777's picture

you are in the running for the biggest idiot around here.

Even mosely-claven has STFU trying to dispute peak oil.

When 54/65 oil producing nations reached peak and entered production decline, you'd think that the reality of this would simply be undeniable.  But morons like you who are clearly a combination of stupid and arrogant (Downing Effect) continue to deny it.

This is the problem with you, Max; you VASTLY overestimate your own intelligence and FAIL to comprehend others'.

A decline in flow of oil did not force society to leverage; leverage continued because it is its own exponential growth animal.  The growth of net energy inputs permitted this edifice to remain upright.  Now that oil is declining in production, we are seeing all of the leveraged critters implode spectacularly.

Thu, 12/01/2011 - 14:10 | 1935569 Max Fischer
Max Fischer's picture



I'm not disputing that eventually "peak oil" will become reality.  Not even Yergin disputes that.  

You are, once again, subtly twisting the argument away from many of your original claims; that is, the flow of oil is the underlying cause of the financial crisis.  I'm disputing your continued claim that there is ANY connection between diminishing flow rates/"net energy imputs" and our current financial crisis. You have been trying to link the two for years, and it's PURE BULLSHIT.  Here you do it again:

Now that oil is declining in production, we are seeing all of the leveraged critters implode spectacularly.....

Total bullshit.  Your white, cone shaped hat is restricting blood flow to that air-filled cranium of yours.   

Max Fischer, Civis Mundi




Thu, 12/01/2011 - 14:16 | 1935591 tmosley
tmosley's picture

I love how you declare victory in your mind when you are a thoroughly beaten dog in reality.

We had peak whale oil, now there are no lights on the East Coast!  Eternal depression for all time!  OMFG!

This is the problem with you, Trav; you VASTLY overestimate your own intelligence and FAIL to comprehend others'.

Thu, 12/01/2011 - 12:54 | 1935234 Momauguin Joe
Momauguin Joe's picture

The Sephardic Vampire Squid.

Thu, 12/01/2011 - 13:01 | 1935289 The Big Ching-aso
The Big Ching-aso's picture



I think vampires run away from this guy.

Thu, 12/01/2011 - 13:02 | 1935291 williambanzai7
williambanzai7's picture


Thu, 12/01/2011 - 13:04 | 1935305 yabyum
yabyum's picture

FLUSH>>>>>>>and around the bowl you go! Bastardo!

Thu, 12/01/2011 - 13:10 | 1935326 Don Birnam
Don Birnam's picture

I had a sense that you would pick up on the resemblance, WB7 ! Striking and uncanny, isn't it ?

Well done !

Thu, 12/01/2011 - 13:14 | 1935350 williambanzai7
williambanzai7's picture

Once you identified it it was a piece of stale cake ;-)

Thu, 12/01/2011 - 14:18 | 1935594 The Big Ching-aso
The Big Ching-aso's picture



Speaking of resemblance.   That nose.   Is he possibly related to Henry Waxman?

Fri, 12/02/2011 - 02:33 | 1937519 StychoKiller
Thu, 12/01/2011 - 12:38 | 1935181 PaperBear
PaperBear's picture

Does anyone think that claiming someone is an enemy of the USA will not be completely arbitrary ?

The tooth fairy is an enemy of the USA.

Thu, 12/01/2011 - 12:47 | 1935205 scatterbrains
scatterbrains's picture

               *glancing into the future*


since position of physical gold and silver has been outlawed given the confirming proof that terrorists are using it in exchange for weapons, and since we have discovered documents that prove you purchased same and have yet to turn them in.  Your detention here at the federal pen will continue until such  time as you remit your gold and silver to us BITCHEZZ!


Thu, 12/01/2011 - 12:56 | 1935262 Going Loco
Going Loco's picture

I am so sad to see how low the USA is sinking, and fearful when I realise that nothing is being done to correct the decline of business morality and the rule of law. 

Thu, 12/01/2011 - 13:45 | 1935405 buckethead
buckethead's picture

I got junked in a previous thread for making a similar point. I still believe pm's (along with cash waddage {used 20s not crisp new bennies}) are a must, but TPTB are a resourceful and ruthless lot.

Go dark wherever Possible. Guns and ammo included... Terr'ist bitchez

Thu, 12/01/2011 - 13:00 | 1935285 Seer
Seer's picture

Been that way for a LONG time.  And, it's only taken some despot dictator to declare a hatred for communism for him to acquire all sort of favors from the US (while he slaughters his own people, in the name of anti-communism).

Thu, 12/01/2011 - 14:01 | 1935531 taxpayer102
taxpayer102's picture


At the Pentagon's 2011 commemoration of Martin Luther King Jr's legacy Jeh Johnson suggested Dr. King would understand today's war waged by America.

Responses to Johnson's statement, posted on DoD's website, almost 100% characterize his remarks about Dr. King as reprehensible, despicable and unconscionable.  Encouraging so many people saw through Johnson's lie to post their comments.

King Might Understand Today’s Wars, Pentagon Lawyer Say

Thu, 12/01/2011 - 14:07 | 1935556 trav7777
trav7777's picture

more diversity...give them ALL a plaque for saying stupid shit

Thu, 12/01/2011 - 15:23 | 1935597 tmosley
tmosley's picture

Trav wants a monoculture like Japan, where everyone will just shut up and defer to authority.  If only the authority was the right one, lol.

Thu, 12/01/2011 - 13:40 | 1935435 rocketroj
rocketroj's picture

Lord Valdemort lives.  The poor guy is working for Obama.

Thu, 12/01/2011 - 12:26 | 1935132 Ruffcut
Ruffcut's picture

Goldacunt, and an ugly mother fucker cocksucker, too boot.

Thu, 12/01/2011 - 12:56 | 1935263 ilion
ilion's picture

Just unbelievable how they response to questions without actually saying anything.

Thu, 12/01/2011 - 15:29 | 1935879 WVO Biker
WVO Biker's picture

FYI first they have stolen 2/3 of my MF account. The remainder was transferred to a new account at another broker. From this new account "they" again took away more funds two times. My account statement reads:


Now they seem to go on speculating with their customers' funds. They bought Italien bonds but I wanted to buy a new Ducati Panigale and a Moto Guzzi V7 Special. Where is my money?

Thu, 12/01/2011 - 12:14 | 1935072 prains
prains's picture

Now that's how you do a comb over

Thu, 12/01/2011 - 12:21 | 1935108 LedMizer
LedMizer's picture

He looks like a freakin' cadaver.

Thu, 12/01/2011 - 12:24 | 1935122 Ghordius
Ghordius's picture

give the Squid a break! Some Tentacles Are Prettier Then Others.

All Tentacles Of The Holy Squid Are Pretty And Do His Work

Thu, 12/01/2011 - 12:28 | 1935141 Whoa Dammit
Whoa Dammit's picture

He probably STILL gets beat up on the playground.

Thu, 12/01/2011 - 12:14 | 1935073 chumbawamba
chumbawamba's picture

Allegedly?  That dude looks like he just got squeezed out of an asshole.

I am Chumbawamba.

Thu, 12/01/2011 - 12:33 | 1935124 redpill
redpill's picture

Judging by the shape of the head, they used either vacuum or possibly forceps.

Thu, 12/01/2011 - 12:40 | 1935194 i-dog
i-dog's picture

When he was born, the doctor should have slapped the mother!

Thu, 12/01/2011 - 12:25 | 1935128 rosiescenario
rosiescenario's picture

.....young Debbie was in having her annual physical and at its conclusion, he doctor asks if she has anyother questions, to which she replies, "Can you get pregnant from anal intercourse?" which her physician promptly replies, "Why of course Debbie, where do you think Goldmanites originate?".....

Thu, 12/01/2011 - 14:03 | 1935539 rocketroj
rocketroj's picture

What do you expect, his handle is D. Claude Hamster

Thu, 12/01/2011 - 14:04 | 1935540 rocketroj
rocketroj's picture

Clearly he enjoys his work

Thu, 12/01/2011 - 12:14 | 1935075 PAPA ROACH
PAPA ROACH's picture

Was he on that watch screen in Men In Black, next to Oprah and Dennis Rodman?

Thu, 12/01/2011 - 12:15 | 1935078 Lazane
Lazane's picture

another pointy headed blue suit, god save your people

Thu, 12/01/2011 - 12:16 | 1935083 j0nx
j0nx's picture

Held to account?? Puhleeze. They would be holding this session from Rikers if they were being held to account.

Thu, 12/01/2011 - 12:29 | 1935145 prains
prains's picture

Pistol whippings and curb stomping would suffice

Thu, 12/01/2011 - 13:20 | 1935372 Sabibaby
Sabibaby's picture

I could make his face look like a waffle with my boots.

Thu, 12/01/2011 - 13:04 | 1935301 SheepDog-One
SheepDog-One's picture

'Held to account'....I think that means Gensler has to bring the cocaine and the kidnapped 8 year old boys to the party tonite.

Thu, 12/01/2011 - 12:19 | 1935094 vegas
vegas's picture

Hey, this wasn't part of the job description when I came here. I'm supposed to make a 6 or 7 digit cushy salary, not do shit, travel on the public dime, and watch midget porn when I want to. And by the looks of this maggot sweating, I'd say he can't wait until he gets back to his computer.

Thu, 12/01/2011 - 12:20 | 1935095 GMadScientist
GMadScientist's picture

Marvel in the Kabuki as the men who made MF Global's actions possible pretend to spank functionaries as if it weren't their fault too.


Thu, 12/01/2011 - 12:19 | 1935096 PaperBear
PaperBear's picture

Video failed to start. Failure in government ? What's new ?

Thu, 12/01/2011 - 12:19 | 1935097 Carlyle Groupie
Carlyle Groupie's picture

I have anger issues so I'm going to duck outta here.

Thu, 12/01/2011 - 12:25 | 1935127 bigdumbnugly
bigdumbnugly's picture

was that your dog i just heard yelping? 

i hear ya tho.

i bet i got chastised and fined more for the grave sin of talking on my cell phone in the car than these two crooks ever will for the blatently criminal negligence they're guilty of.

Thu, 12/01/2011 - 13:53 | 1935485 Dapper Dan
Dapper Dan's picture

Fined $150 for smoking within 25 feet of a restaurant entry door.

In one of the most polluted citys in america. Most of the pollution from chem plants, refineries and autos.

All about the safety,

Another example of the absurdity...... ok

If you take a fishing trip out to the gulf of Mexico and return you WILL BE BOARDED by the DHS, for our safety of course.

But if you fly a helicopter out 50 miles to an oil rig to drop off\pick up workers and return,  no searches, ever.

Kind of odd isn't it?

Big oil wins!

Thu, 12/01/2011 - 12:20 | 1935098 williambanzai7
williambanzai7's picture

Agriculture, Nutrition and Forestry is the Alpha and Omega of the problem.

Thu, 12/01/2011 - 12:33 | 1935163 prains
prains's picture

Beta being the ministry of leisure pants

Thu, 12/01/2011 - 13:27 | 1935398 dirtbagger
dirtbagger's picture

Some head scratching here.  Anyone know why hearings are in the AG committee?  I thought the consumer affairs is in the Treasury Department?  Purposely relgated to a backwater committee?

Thu, 12/01/2011 - 12:22 | 1935110 Lazane
Lazane's picture

Sen. Klobachar is a marxist who wouldn't have the capacity of understanding what is required to stimulate private sector economic growth. 

Thu, 12/01/2011 - 12:23 | 1935119 bania
bania's picture

that f*#king corrupt f*#king midget...

Thu, 12/01/2011 - 12:25 | 1935129 Hansel
Hansel's picture

Swap dealers = purveyors of fraud

Thu, 12/01/2011 - 12:25 | 1935130 kill switch
kill switch's picture

Why do all these guys look vitamin d deficient?? Pistole at the TSA, all of them..WTF

Thu, 12/01/2011 - 12:29 | 1935148 Seasmoke
Seasmoke's picture

being a vampire , does that to you

Thu, 12/01/2011 - 13:04 | 1935303 Seer
Seer's picture

Close, but they're Alien Vampires!  There, now That's in the open!

Thu, 12/01/2011 - 12:27 | 1935137 RobotTrader
RobotTrader's picture

MF Global was pushed over a cliff on purpose

In order to burn guys like Gerald Celente, Jim Sinclair's buddies, etc.

Small price to pay, a few guys lost a lot of money

But now everyone will think twice before taking on City Hall by trying to gun gold or oil futures, shorting stocks, etc.

Thu, 12/01/2011 - 12:36 | 1935179 The Deleuzian
The Deleuzian's picture

Too true Robo...But MF most likely had mucho toxic garbage within it as well...Bury dissenters and bury the dead bodies...Two birds...One stone... 

Thu, 12/01/2011 - 13:33 | 1935419 slaughterer
slaughterer's picture

MF served a function: to make alot of bad bets on Euro toxic debt suddenly disappear.   Perhaps some MF Global buddies offloaded a little toxic junk onto MF before it closed its doors.  Think about it.  

Thu, 12/01/2011 - 13:54 | 1935490 The Deleuzian
The Deleuzian's picture

It's been thunk about slaughterer!!!

Thu, 12/01/2011 - 12:39 | 1935187 GMadScientist
GMadScientist's picture

Awww....LULU tights bunchin' up on ya?

44.22 - 5.48 (-11%)

Thu, 12/01/2011 - 12:55 | 1935255 tmosley
tmosley's picture

And everyone will just buy physical.

And by "everyone", I mean the first 0.5% of people who transfer their holdings from paper to physical.  After that, none left, sorry, have to wait on new supply from the mines, IF the governments don't demand priority purchase.

Thu, 12/01/2011 - 13:06 | 1935312 The Deleuzian
The Deleuzian's picture

Acute observation Mosley...Thus the importance of local coin shops...The true litmus test...

Thu, 12/01/2011 - 12:58 | 1935273 sabra1
sabra1's picture

one day you'll wake up, and your practice account will be, AAAAAAAAAAAAAAAANNNNNNNNNNNNNNNDDDDDDDDDDDDDDD! IT"S GONE!!!

Thu, 12/01/2011 - 14:35 | 1935636 SilverRhino
SilverRhino's picture

But now everyone will think twice before taking on City Hall by trying to gun gold or oil futures, shorting stocks, etc.

Wrong Robo, what they showed was that the non-leveraged method with no counterparty risk is the ONLY safe trade at this point.   Stacking physical looks like a stroke of genius compared to everyone that was trading paper.  

And non paper investors may not make as much as the guy with 20-40:1 leverage in a FOREX account, but then have have earned wealth that cannot be literally devalued overnight at the whim of people I do not know.   Nothing a government, a court or a fucking bankster can do will devalue physical gold and silver to zero at this point.

Paper markets subject to literally the same actions that hit MF Global?  Equities, FOREX accounts, Commodities, Bonds.

Markets not subject to these actions?   PM's, firearms, physical commodities (like owning a farm / grainery).    If you don't hold it, you literally don't own it at this point.


Thu, 12/01/2011 - 17:34 | 1936384 FatFingered
FatFingered's picture

Robo!  I finally agree 100% with you.  This was to steal from all of the small specs trying to take delivery in the next few coming months.  The COMEX just does not have the metals.  Turd Ferguson and Bill Fleckenstein also got robbed.  And if you look at the last few COT reports the small specs are inexplicably strange.  That's because they all lost their positions.

The criminal CME was just recorded bragging about the trillion annually that go through there and that they would never let anyone lose out and then, bam!  And why won't the Fed or the Politicians, whom are spending trillions upon trillions to bailout their friends to 'stop contagion and keep confidence in the markets' set aside a puny billion bucks to save the entire futures market integrity?


This was just the next in a long line of dirty tricks to discourage anyone from taking delivery of anymore of there withering supplies of metals.




Thu, 12/01/2011 - 12:28 | 1935139 Vincent Vega
Vincent Vega's picture

Looking in to the matter, more regulation, better oversight...blah, blah, blah....  Really want to solve financial misdealings? Start with a tall tree and a length of rope.


Thu, 12/01/2011 - 12:28 | 1935142 lsbumblebee
lsbumblebee's picture

Sorry no time for oversight. Right now gotta train the goyim to believe gold naturally follows the DOW up and down.

Thu, 12/01/2011 - 12:29 | 1935144 Dr. Engali
Dr. Engali's picture

Yada Yada yada..... nobody could have seen this coming....... yada yada doing God's work ............ yada yada new systems in place

Thu, 12/01/2011 - 12:29 | 1935147 Alex Kintner
Alex Kintner's picture

Aren't they both members of the "Skull F**k and Boners" society ?

Thu, 12/01/2011 - 12:30 | 1935149 vipmoneymachine
vipmoneymachine's picture

I can't watch, I am focused on his Nose, WTF ?

Thu, 12/01/2011 - 12:30 | 1935151 rosiescenario
rosiescenario's picture

The fox no longer guards the is the hen house...



Thu, 12/01/2011 - 13:10 | 1935330 Seer
Seer's picture

The FOX [news] house?

Thu, 12/01/2011 - 12:33 | 1935158 Coldfire
Coldfire's picture

The CFTC failed to prevent the massive fraud? Try actively aided and abetted. US regulation is an international joke.

Thu, 12/01/2011 - 13:40 | 1935437 Deadpool
Deadpool's picture

In March 2009, Senator Bernie Sanders (I-VT) attempted to block his nomination to head the Commodity Futures Trading Commission. A statement from Sanders’ office said that Gensler “had worked with Sen. Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation, which led to the collapse of AIG and has resulted in the largest taxpayer bailout in US history.” He also accused Gensler of working to deregulate electronic energy trading, which led to the downfall of Enron, and supporting the Gramm-Leach-Bliley Act, which allowed American banks to become “too big to fail.”[4]

Thu, 12/01/2011 - 14:05 | 1935550 NotApplicable
NotApplicable's picture

In other words, he's a fixer for the Goldman Gang.

Thu, 12/01/2011 - 14:04 | 1935546 NotApplicable
NotApplicable's picture

Yeah, the idea that anything happening here being a failure comes from those who falsely believe what the goals truly are for those who hold power within the CFTC. Mainly that they align with their beliefs of public service (the facade of integrity).

This isn't a fail, but a massive win, as it has to be one of the largest private thefts, EVER, and it is still ongoing, yet there are no indictments, nor do we hear TPTB clamoring for any.

It just goes to show how bad things have truly gotten when activities like this are conducted so blatantly, with total disregard for having to pay any consequences.

It feels like Sep. 10th, 2001 all over again.

Thu, 12/01/2011 - 12:32 | 1935159 midgetrannyporn
midgetrannyporn's picture

Meanwhile Madoff and Raj Rat get 150 years.




Thu, 12/01/2011 - 12:32 | 1935160 Bansters-in-my-...
Bansters-in-my- feces's picture

That shine on the that head......

Looks like a good place to take a dump.


Fuck you too Schapiro.Bitch

Thu, 12/01/2011 - 12:32 | 1935161 Seasmoke
Seasmoke's picture

he looks like Blankfeinds long lost dead brother

Thu, 12/01/2011 - 12:33 | 1935164 SheepDog-One
SheepDog-One's picture

And no matter how many blatant crimes Corzine and the others commit, and no matter how incompetent the 'overseers' continue to be as it all continues right under their noses, they all continue to walk free.

Thu, 12/01/2011 - 13:34 | 1935424 Last_2_Sense
Last_2_Sense's picture

C'mon sheep dog this isn't incompetence, the regulators are complicit. 

Thu, 12/01/2011 - 12:36 | 1935178 Seasmoke
Seasmoke's picture

nothing but 2 jews discussing loopholes

Thu, 12/01/2011 - 12:56 | 1935265 tmosley
tmosley's picture

Would it be better if it was two Episcopalians? 

Thu, 12/01/2011 - 13:05 | 1935311 giddy
giddy's picture

Sorry. No Episcopalians on Wall Street. Not since Dillon Read.

Thu, 12/01/2011 - 14:19 | 1935602 tmosley
tmosley's picture

Might I introduce you to our Treasury Secretary?

Thu, 12/01/2011 - 14:24 | 1935615's picture

"I figured you for some kind of kneeler." -- Mattie Ross

Thu, 12/01/2011 - 14:35 | 1935654 tmosley
tmosley's picture

Wow, look at all the joo hate.  Trav must have brought some friends.

Thu, 12/01/2011 - 13:36 | 1935426 Deadpool
Deadpool's picture

Corzine not Jewish, United Church of Christ. don't blame his religion; blame his evil soul.

Thu, 12/01/2011 - 13:51 | 1935477 greased up deaf guy
greased up deaf guy's picture

which might explain why his firm was allowed to fail...

Thu, 12/01/2011 - 13:57 | 1935512 Seasmoke
Seasmoke's picture

never said corzine was a jew, nor did i see him at the hearing

Thu, 12/01/2011 - 14:21 | 1935605 tmosley
tmosley's picture

But you sure are trying hard to make it look like this happened purely because we have joos in charge, rather than because we have bankers and corrupt politicians in charge.

Thu, 12/01/2011 - 12:38 | 1935182 dick cheneys ghost
dick cheneys ghost's picture

The bankster run Govt. does not know how to arrest banksters............

Thu, 12/01/2011 - 12:38 | 1935185 spzpeterusz
spzpeterusz's picture

Breaking news Bob Piasani-CNBC----tells us how the EC solves their Problems---DRaggggi is his man


Thu, 12/01/2011 - 12:44 | 1935197 midgetrannyporn
midgetrannyporn's picture

In Draghi bitchez. Mario will have the bankster's pound of flesh from Italy's poor posthaste.

Thu, 12/01/2011 - 12:39 | 1935189 Dr. Engali
Dr. Engali's picture

Sir I understand this looks bad,but president Obummer was having a hard time raising campaign cash so Mr. Corzine raised it for him.

Thu, 12/01/2011 - 12:40 | 1935192 c'mon man
c'mon man's picture

I just have one question....where the fuc# is Joh Corzine?????

Thu, 12/01/2011 - 12:42 | 1935201 slvrizgold
slvrizgold's picture

It's time for the killings to begin.  Just like Madoff's son got "suicided."    Stealing your money is only a level below raping or killing your family members.   Where's Charles Bronson when you need him?

Thu, 12/01/2011 - 13:08 | 1935325 the black arrow
the black arrow's picture

Charles Bronson is thankfully issuing
CCW permits in Florida,
His signature is on mine

Thu, 12/01/2011 - 12:44 | 1935208 hangemhigh77
hangemhigh77's picture

Wherever this hearing is held the people should be outside building a gallows so when they're done with the hearing they can mete out the proper punishment.

Thu, 12/01/2011 - 12:44 | 1935209 RobotTrader
RobotTrader's picture

LULU has outperformed GG by more than 200% the last 2 years.

Even after today's slapdown.

And don't even bother comparing LULU with General Jim's TRX....

Even NFLX has outperformed that dog.


Thu, 12/01/2011 - 12:50 | 1935221 SheepDog-One
SheepDog-One's picture

Here, MomoFader insinuates he bought LuLu 3 years ago....LOL...still furious about your '$900 gold top I'm dumpin!' call? Just get over it, you fucked up, move along. Man if theres 1 thing that annoys me its a whiner.

Thu, 12/01/2011 - 13:06 | 1935313 Teamtc321
Teamtc321's picture

Robo titties, your like a kiss on a broken bone. 

Thu, 12/01/2011 - 13:45 | 1935453 fuu
fuu's picture

Sell gold, buy Lulu.

Thu, 12/01/2011 - 13:46 | 1935459 lieutenantjohnchard
lieutenantjohnchard's picture

robottrader: living the life on subs, colored juice and chips.

Thu, 12/01/2011 - 12:45 | 1935213 GNWT
GNWT's picture

Ha, I am being investigated by a Senior Trial Attorney for trading for 8 people (6 of wich were family members) at the CFTC because I did not register (there is some procedure for letting them know you don't have to register if 15 accounts or less).

The person who lost the money is a former Republican Councilman here who has politial connections.

Paranthetically, the man threatened to kill my son and extort 32,000, all fully documented to them, yet this "Senior Trial Attorney" presses on.

Looking for a blogger to document it or a lawyer who would like to expose it and have some fun with this.

The amount involved was 27,000, all documented in statements.

As Celente says, still not justice, just us.

Any one who wants info, e-mail texas93010@gmail.

Thu, 12/01/2011 - 13:08 | 1935320 NuYawkFrankie
NuYawkFrankie's picture

You might want to contact Matt Taibbi at Rolling Stone Magazine.

He's done sterling work on uncovering/documenting Wall St corruption as well as other investigative reporting

He's the one that coined the term Vampire Squid for GS - that alone should put him in the Hall of Fame!

Good luck.

Thu, 12/01/2011 - 14:40 | 1935674 SilverRhino
SilverRhino's picture

Paranthetically, the man threatened to kill my son and extort 32,000, all fully documented to them,

Three-S solution for your problem seems about right at this point.   The ONLY justice I ever expect to find at this point is what I can literally make for myself.

Thu, 12/01/2011 - 12:47 | 1935220 youngman
youngman's picture

You can bet the congressmens staffs are on the phones calling Wall Streeters for donations for next years elections as these go on.....

Thu, 12/01/2011 - 12:56 | 1935232 SheepDog-One
SheepDog-One's picture

Well I guess thats why you can never get a senator or other congresscritter on the phone, ever. No time for the peasantry. Theyre on the phone calling for donations 24/7, along with speed dials from GS for insider trading tips to keep em all happy.

Thu, 12/01/2011 - 12:49 | 1935226 markar
markar's picture

Disgusting watching these political hacks throwing softball questions and comments at these 2 vampires. Someone on the panel should suggest they resign for allowing this to happen. And by the way, where is Corzine and why hasn't he been indicted or at least dragged in to tesify under oath?

Thu, 12/01/2011 - 12:49 | 1935227 yogibear
yogibear's picture

Where there was one roach, there are many more behind the wall, Wall Street that is.

The criminals that started this mess are still in business doing another dirty gig.


Thu, 12/01/2011 - 12:50 | 1935229 midgetrannyporn
midgetrannyporn's picture

what a joke their system is.

Thu, 12/01/2011 - 12:50 | 1935230 hangemhigh77
hangemhigh77's picture

How do little pricks like this get so much power?  The people need a hit squad. Follow this guy home, yank him out of his house, cap him off and burn his mansion to the ground.  if the government isn't going to enforce the law then the lynchmobs should.

Thu, 12/01/2011 - 12:53 | 1935239 SheepDog-One
SheepDog-One's picture

Yep! Every oversight and so-called 'law enforcement' bought off and working for those who theyre supposed to be protecting us from? Then theres 1 last line left.

Thu, 12/01/2011 - 14:17 | 1935596 NotApplicable
NotApplicable's picture

How? The false-belief system known as voting, that's how. Sit back, and let the professionals run your lives they say. Consequences, anyone???

These people do not need to be murdered, only their jobs liquidated (otherwise there's always another nameless face ready to seize power). Then, they're no different than any other criminal on the street, and their ability to harm others is minimized to the personal level. With voting however, ivory towers and guns allow them to destroy from afar. Neither Rome on the Potomac, nor the version on the East River have any moral legitimacy over the lives of anyone. All they have is a powerless, captive population resigned to their fate, under the thumb of the powerful.

Violence never solves anything, institutionalized or not.

Thu, 12/01/2011 - 16:43 | 1936168 paint it red ca...
paint it red call it hell's picture

simple, they excel in executing the first 3 mandates in the corporate middle managers handbook

i) do what your told

ii) eat executive excrement as required

iii) fall on the sword as necessary


i'd rather pick shit with the chickens


Thu, 12/01/2011 - 12:53 | 1935238 user2011
user2011's picture

Crooks... Crooks... and more crooks... 

Thu, 12/01/2011 - 12:53 | 1935246 steve.stuart
steve.stuart's picture

great 2 ex jewish bankers trying to save MF global executives ..

Thu, 12/01/2011 - 12:54 | 1935248 outamyeffinway
outamyeffinway's picture

Not worth watching. What action plan can they come up with that they haven't already failed at? Fuckers.

Thu, 12/01/2011 - 12:54 | 1935249 LaughingMan
LaughingMan's picture

Notihing to see here... just doing Yahweh's work; screwing over Gentiles.

Thu, 12/01/2011 - 12:56 | 1935259 hangemhigh77
hangemhigh77's picture

I think Ron Paul needs to be the one questioning them. The idiots questioning them now are all on the take and Gensler is the one paying them, him and Cockzine, the Jew thief.  Let Ron Paul ask them questions and have an executioner standing behind him.

Thu, 12/01/2011 - 13:01 | 1935270 NuYawkFrankie
NuYawkFrankie's picture

One seriously ugly-looking, pencil-necked mofo - phew! 

As on the outside, so on the inside.

Do NOT follow this link or you will be banned from the site!