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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

MF Global Files for Bankruptcy
PostPosted: Mon Oct 31, 2011 2:24 pm Reply with quoteBack to top

Its official. Chapter 11. No side deals announced (apparently Interactive Traders - the rumored buyer over the weekend - has walked away).

Quote:
Unique insights, passion for what we do.
That’s MF Global. And it’s how we keep
clients on top of the world markets.


Hmmm ... sounds pretty good to me. What could have possibly gone wrong ... I mean with Europe "fixed" and all ...

On a side note, does anyone know what the "MF" actually stands for? Ya winkles

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: MF Global Files for Bankruptcy
PostPosted: Mon Oct 31, 2011 2:39 pm Reply with quoteBack to top

JPM and DB - aka 'the smart money' - are the largest unsecured creditors.

The boys in Chicago have their panties all in a wad over the "disruption" this is causing.

You really gotta wonder where the contagion on this might lead us to. One thing I know with absolute certainly: If the government steps in to bail ANYONE in this clusterf*ck out, OWS will go postal.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: MF Global Files for Bankruptcy
PostPosted: Mon Oct 31, 2011 5:14 pm Reply with quoteBack to top

BREAKING NEWS: S&P downgrades MF Global to "D" ... 5 hours after they file for chapter 11 ...
Of couse, in August they were rating MF Globals issuances "investment grade", but nobody's perfect ... and hey, the fees were AWESOME! Nasty

Way to provide timely, actionable information guys! You're really in a league of your own.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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achtung
Nitroglycerin


Joined: 03 Jun 2010
Posts: 716
Location: Germany

Re: MF Global Files for Bankruptcy
PostPosted: Tue Nov 01, 2011 12:09 am Reply with quoteBack to top

Can You smell a PONZI???



MF Global Under Investigation for Missing Money

Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.

The revelation of the missing money scuttled an 11th hour deal for MF Global to sell a major part of itself to a rival brokerage firm. MF Global, the powerhouse commodities brokerage run by Jon S. Corzine, had staked its survival on completing the deal.

Now, the investigation threatens to tarnish the reputation of Mr. Corzine, the former New Jersey Governor and Goldman Sachs chief who oversaw MF Global’s demise, making it the first American victim of Europe’s debt crisis.

_________________
“Debt and deficits are not inventions of ideology. They are facts of arithmetic.”

– Paul Martin
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: MF Global Files for Bankruptcy
PostPosted: Tue Nov 01, 2011 2:38 am Reply with quoteBack to top

"Budda bing, budda boom! That's the way we roll in Jersey ... Ponzi? -- fuhgeddaboudit! I know people ..."

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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dreamer
Demolition Man


Joined: 09 Aug 2007
Posts: 2101
Location: Northern California

Re: MF Global Files for Bankruptcy
PostPosted: Tue Nov 01, 2011 4:51 pm Reply with quoteBack to top

Corzine for treasury secretary...put him where his talents will really shine.

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There isn't anything so bad that the Government can't make worse...

The 4-functions of government today are the same as a criminal enterprise: Lie, Cheat, Steal, and Kill...
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: MF Global Files for Bankruptcy
PostPosted: Tue Nov 01, 2011 9:27 pm Reply with quoteBack to top

Bigger Than Solyndra: Over Half a Billion in Customer Funds Disappear Under Obama’s Top Wall Street Finance Man

http://www.shtfplan.com/headli.....n_11012011

excerpt (but the whole thing is worth the read if you have time):

Quote:
Our political, monetary and financial systems are totally corrupt, and in the case of MF Global, like Solyndra, the President of the United States and his regulatory agencies were complicit in the scam in one capacity or another.

It should be quite obvious to anyone paying attention – and we guarantee you it’s obvious to customers of MF Global – that bankers, politicians and the elite, who live by their own set of rules which amount to nothing short of complete lawlessness, couldn’t care less what happens to the 99%.

Our system is coming unglued because of precisely these reckless actions in the upper echelons of our government, financial institutions and regulatory agencies. If they are willing to wipe out GM bond holders, Solyndra investors, and MF Global customers, what do you think they’ll do to your 401k’s, savings accounts, pension funds, and purchasing power?

This is financial and socioeconomic terrorism, plain and simple, and all of the evidence suggests it is state-sponsored.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: MF Global Files for Bankruptcy
PostPosted: Tue Nov 01, 2011 11:36 pm Reply with quoteBack to top

Securities lawyer on the MF Global fiasco (of course he has an "agenda", but we're used to people talking their book on CNBC)

http://video.cnbc.com/gallery/?video=3000054972

"I wouldn't be surprized if you see lawsuits by the end of the week"

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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achtung
Nitroglycerin


Joined: 03 Jun 2010
Posts: 716
Location: Germany

Re: MF Global Files for Bankruptcy
PostPosted: Wed Nov 02, 2011 12:15 am Reply with quoteBack to top

Nothing to see here ... Move along ... All is Well ... All is Well !!!

Can't believe the Judge in the BK case is allowing MF to draw on funds to keep the biz running. JPM must be crazy to go along with this.

In the good ole days the SIPC would be selling off the divisions immediately, in order to keep things "right".

Looks like we are still in the Too big (sleazy) to Fail, mode.

_________________
“Debt and deficits are not inventions of ideology. They are facts of arithmetic.”

– Paul Martin
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: MF Global Files for Bankruptcy
PostPosted: Wed Nov 02, 2011 11:30 am Reply with quoteBack to top

Corzine is a Bilderberger. They don't make mistakes and they don't go to jail. He'll come out of this smelling like a rose and running the Treasury.

http://home.alphalink.com.au/~.....erger.html

CNBC loves nothing move than watching a CEO or one of these financial gods fall from grace. Heck, watching an elected Democrat fall from grace is practically a reason for firewooks on that netwook. And here, in Corzine, they have all 3 in one person. But have you noticed how NO ONE - not one anchor or guest - will bash Corzine? Most people are saying things like "I know the man, and I know he would not be involved in something like this -- there must be information we don't know yet".

What a f*ckin load of c**p.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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