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Demolition Man

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

WTF MF...Global! Outright in your face theft
PostPosted: Thu Nov 17, 2011 8:48 pm Reply with quoteBack to top

When you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you--when you see corruption being rewarded and honesty becoming a self-sacrifice--you may know that your society is doomed (Atlas Shrugged)

We are now at that point where the corruption is rampant and the US gov't is now protecting the criminals against you the sheeple. There is nothing safe. MF Global with JPM has bald faced stolen clients money and the SEC , CFTC, and others are only going to cover up the crime to protect the banksters from the sheeple...you.... Read what Denninger has to say and read his reference to Barnhardt Capital Management (Both Links provided below)

Everything changed just a few short weeks ago. A firm, led by a crony of the Obama regime, stole all of the non-margined cash held by customers of his firm. Let’s not sugar-coat this or make this crime seem “complex” and “abstract” by drowning ourselves in six-dollar words and uber-technical jargon. Jon Corzine STOLE the customer cash at MF Global. Knowing Jon Corzine, and knowing the abject lawlessness and contempt for humanity of the Marxist Obama regime and its cronies, this is not really a surprise. What was a surprise was the reaction of the exchanges and regulators. Their reaction has been to take a bad situation and make it orders of magnitude worse. Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable. The risk exposure precedent that has been set is completely intolerable and has destroyed the entire industry paradigm. No informed person can continue to engage these markets, and no moral person can continue to broker or facilitate customer engagement in what is now a massive game of Russian Roulette.

I have learned over the last week that MF Global is almost certainly the mere tip of the iceberg. There is massive industry-wide exposure to European sovereign junk debt. While other firms may not be as heavily leveraged as Corzine had MFG leveraged, and it is now thought that MFG’s leverage may have been in excess of 100:1, they are still suicidally leveraged and will likely stand massive, unmeetable collateral calls in the coming days and weeks as Europe inevitably collapses. I now suspect that the reason the Chicago Mercantile Exchange did not immediately step in to backstop the MFG implosion was because they knew and know that if they backstopped MFG, they would then be expected to backstop all of the other firms in the system when the failures began to cascade – and there simply isn’t that much money in the entire system. In short, the problem is a SYSTEMIC problem, not merely isolated to one firm.



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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Wrecking crew

Joined: 24 Mar 2008
Posts: 1611
Location: Hell

Re: WTF MF...Global! Outright in your face theft
PostPosted: Fri Nov 18, 2011 1:12 am Reply with quoteBack to top

and no one will prosecute... no one has been busted over fast & furious NO ONE will be busted with any of te scandals now rampant from MF Global to congressional insider trading... day of reckoning is coming


Remember remember the fifth of November. Gunpowder, treason and plot. I see no reason why gunpowder, treason
Should ever be forgot...
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Joined: 03 Jun 2010
Posts: 716
Location: Germany

Re: WTF MF...Global! Outright in your face theft
PostPosted: Sun Nov 20, 2011 7:13 pm Reply with quoteBack to top

In the good ole days, Government would prosecute ...

One thing the Government really hates, when it comes to outright theft,

Is competition

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

– Paul Martin
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