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Old 11-19-2011, 09:43 AM   #1
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Snidely MF Global: Was it a hit?

Gerald Celente wasn't the only big time investor to get burned on the MF Global deal. Lawrence Lepard, a high net worth individual, theorizes that MF Global must have been a deliberate effort to undermine the commodity futures trading complex:
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Imagine you are Ben Bernanke, or on the Board of Governors of the Federal Reserve. The time frame is July and August of 2011 and the price of gold is on a tear. Commodities inflation has been persistent and is breaking out everywhere. Your prediction that inflation “is contained” and is a “temporary phenomena” are beginning to look absurd. What do you do?

Simple. Hint that QE3, the primary drive of inflation, is coming and then fail to deliver at the September FOMC meeting. That takes care of the price of gold and the gold stocks. Ah, but those pesky commodities speculators keep making money and trading against what you want the markets to do. So what is to be done there? Hey Jon Corzine, how about you tank the largest broker for the small commodities punters in the world, and we let them twist in the wind? That will serve them right. Teach them to bet against the government approved scenario.

Think it did not happen? Well think again. All of the pieces fit. It sure is convenient that all those commodities speculators are now out of the box. Also, who will want to speculate on commodities in the future given customer funds are no longer protected. Furthermore, commodities speculators are not a very “All American” group. From the authorities point of view they can say: screw them, who will feel sympathy? Hell, James Bullard, Fed Governor, in an interview on CNBC yesterday said the MF Global collapse proves that the system works. Yes it does Jim, for you. Personally, I have $90,000 at MF Global and I would like to have my honestly earned money returned. Unfortunately, the odds of that happening any time soon seem slim. In part because when MF Global entered bankruptcy the judge appointed a Trustee whose law firm has done substantial work for JP Morgan, a deeply interested party. We will probably never find out what happened here. But for those of us whose eyes are open the results speak for themselves.

This whole mess stinks to high heaven. I am with Gerald Celente, if the largest commodity broker in America can go bankrupt and nothing is done, then where can you put your money and expect it to be safe? I, for one, do not accept that Jon Corzine is stupid enough to lever up MF Global 40:1 and use the proceeds and customer money to bet on European sovereign debt. This was a hit, pure and simple. That is why there is no resolution to the problem, and it is just another example of the deeply corrupt US political/financial axis. It may take money away from a bunch of commodities speculators, and it may cool down the perceived inflation, but it is just another hole in the dike which is The US Financial System. A dike whose life can probably now be measured in months, not years.
Original source: http://www.ronpaulforums.com/showthr...l.-My-thoughts.
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Old 11-19-2011, 10:01 AM   #2
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Is it a hit?

I do not believe it was a set up. Corzine was just greedy, plain and simple. Since he gets a significant cut of any profits, he [wrongly] bet that Europe would never let anything negative happen to all the banks holding sovereign debt. He got third degree burns on Euro periphery bonds when the Greek Haircut was negotiated and he had to do some quick moves to cover margin. He got caught with his hand in the cookie jar, and mommy slammed the lid down on his fingers. Now, we'll see what regulators do about it. I think it is high time for someone like Corzine to spend a lot of time in the gray bar hotel, contemplating thirty years to life and suffering daily recreational prison rape.

But that's just my opinion.
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Old 11-19-2011, 12:15 PM   #3
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I read Jim Willie's column yesterday (at 24hgold.com (note the "h" in there) and other places too, including his own goldenjackass.com). Jim Willie is perhaps the world's most growlingest bear. He suggests that MF Global might have been taken down so that their master JP Morgan could feast...

I of course would not know.

MF Global going down (and taking a breath-taking $600,000,000 of clients' money) is a BAD SIGN that things not only have gone horribly wrong, but that the storm is likely to get WORSE.
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Old 11-19-2011, 12:30 PM   #4
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Agreed. Things are going to get much worse. Just watch as the end game is played out across Euroland, with Italy being the latest country top be taken over by the banksters minions. Will they get away with it? Maybe for a while, at leas until the bleary eyed walmartians come out of their credit card induced stupor and realize they are now slaves to those to whom have title to their debts.

One need only to look as far as the lobby that successfully convinced CONgress that student loaned should not be discharged in bankruptcy. Really? What a crock of shit. So let me get this straight; Joe Student takes out a hundred grand to get a degree in lizard husbandry, finishes school with honors and, naturally, cannot find work. Now, Joe is screwed because he has to work at Pizza Hut making minimum wage tossing dough to pay his loans [for ever] and live in mommies basement.

This is playing out all across the country folks, and it 'ain't going away without a revolution.
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Old 12-05-2011, 03:39 PM   #5
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Video recorded right after Corzine became CEO of MFG.
The body language is very suspicious. Look at the eyes. Constantly directed downwards. Typical sign of lying.
Why did a former Goldman CEO have to join a second tier broker?
This stinks.
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Old 12-05-2011, 04:20 PM   #6
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I agree Swiss. Corzine is a shifty eyed monney grubber of the highest order. These inbred fuckers are rife at the top of the financial food chain, and there isn't an insecticide powerful enough to get rid of them short of revolution. This 'tard will never see the inside of a jail cell. Soem low level lackey will be scapegoated quietly, and will be rewarded with a nice fat job after two or three years in some white collar country club playing raquetball and learning the fine art of cake decorating.

Excuse me, I need to go throw up now.

It is nearly impossible for me to not go off on a thousand word rant about how I feel. I am beyond furious. I am beyond having any feeling for these bacteria whatsoever.
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Old 12-05-2011, 09:33 PM   #7
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A sniper was once asked, "what do you feel when you shoot a terrorist". He answered "recoil".

I'd better disclaim that as "only kidding"....
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Old 12-07-2011, 06:27 AM   #8
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Another refrain on this song:
Quote :
...
As we began discussing the MF Global collapse, Jim articulated his belief in a financial slight-of hand originating from “notice to deliver” requests for gold and silver submitted through MF before the collapse, which had the potential to cause a Comex delivery default. “Comex was ready to default on gold and silver in November, and rather than honor the notices for delivery, JP Morgan stole the funds in the accounts that were calling for delivery…notices for delivery were replaced by stolen accounts.” The evidence of this according to Jim is that, “JPM increased the amount of silver in their registered vaults by precisely the amount that was suppose to be delivered…JPM effectively averted both a Comex default and a European Sovereign Debt implosion.”
...
More (including link to .MP3 audio interview): http://bullmarketthinking.com/exclus...ts-are-stolen/
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Old 12-07-2011, 06:50 AM   #9
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Silver Doctors have been highlighting the stolen silver story for a while now. Their latest:
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...
Once again, suddenly NO MENTION OF THE CME OF THE MISSING 1.4 MILLION OUNCES OF REGISTERED SILVER!

As a strangely coincidental supply turned up in JPMorgan vaults almost simultaneously as the MFGlobal clients phyzz went missing, until the CME provides an update of what happened to this stolen inventory, The Doc will continue to provide the last available info on this from the CME ...
http://silverdoctors.blogspot.com/20...e-1262011.html

This issue was first mentioned on pmbug here: http://www.pmbug.com/forum/f3/comex-silver-games-202/
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Old 12-07-2011, 07:37 AM   #10
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It won't be long before these guys become targets. People will allow only just so much before they completely snap. Even sheep can become violent if prodded once too many times.
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Old 12-07-2011, 07:49 AM   #11
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Originally Posted by ancona View Post:
It won't be long before these guys become targets. People will allow only just so much before they completely snap. Even sheep can become violent if prodded once too many times.
I think the people are still a few years away from really understanding what's going on.

Much like governments, people react after a crisis, not ahead of it.
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Old 12-07-2011, 08:00 AM   #12
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Wouldn´t surprise me if the JPM story is true
I don´t think that the silver story was the main motivation to let MFG fail. It was probably just an opportunity to steal the silver.
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Old 12-13-2011, 04:30 PM   #13
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Quote :
An auditor with CME Group was told that former MF Global chief Jon Corzine knew about loans backed by customer segregated accounts that were made to a European affiliate of the firm, a CME executive said on Tuesday.
CME Executive Chairman Terrence Duffy said his company has provided this information to the Justice Department and the Commodity Futures Trading Commission.
Duffy, testifying to the Senate Agriculture Committee, said a CME auditor participated in a phone call during which an MF Global employee indicated that Corzine knew of the lending, which was likely made in the last couple of days prior to MF Global's Oct. 31 bankruptcy.
The loan was for roughly $175 million, Duffy said.
http://www.chicagotribune.com/busine...,4497935.story
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Old 12-13-2011, 04:42 PM   #14
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In other news, Terrence Duffy found dead in a chartered plane accident...
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Old 12-13-2011, 04:59 PM   #15
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It´s the typical prisoner's dilemma:
It´s either you or him or both.
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Old 12-13-2011, 05:18 PM   #16
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Seems like the SEC played their role, too.
Martin Armstrong, founder and former head of Princeton Economics International Ltd.
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Corzine, I know from (an) inside source at the SEC, there were going to be rules to prevent them from doing exactly what they are doing.
... “Corzine went down (to the SEC), met with Mary Schapiro, she personally revoked it. That’s information I have from inside the SEC.
So the whole thing is a joke. When I speak to people on the (Capitol) Hill, they even say the SEC is bought and paid for. If they (Congress) ask them (the SEC) for documentation, they resist. Just like the Fed resisted opening the books to Ron Paul.
http://kingworldnews.com/kingworldne...al_System.html
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Old 12-13-2011, 06:28 PM   #17
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Hey!! Don't be a hater!!

Remember, he's the "Honorable John Corzine" and that means something [apparently......to someone.....I guess]
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Old 12-13-2011, 08:21 PM   #18
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Slightly O/T but not much.

I read a few days ago that instead of some $2 - $3 trillion, that MF Global´s total number might be much higher... Up to $7 trillion.

ZH had an article yesterday about the whole shadow banking system (concepts like Dark Pools and others I vaguely understand at best) having an impressive $30 trillion on the hook / missing / whatever.

And then the inimitable Ann Barnhardt (bless her pink AR) was just interviewed somewhere (sorry I have no references or links , maybe Max Keiser?), she said it would take $100 trillion to just BEGIN to fix Europe...

It´s like every few days the Grand Total Theft quadruples. If ANY of this is even remotely true, uhm, uhm, uhm, uh, uh, uh...

Looks like another article for my blog. How quaint it now feels that just 2 weeks or so ago it looked like Proton Bank (Greece) and MF Global stole only some $3 trillion between them. You know, the Gold Old Days when a lousy trillion or two was imaginable...

Thanks, DCFusor for bring this edition´s Smilie:

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Old 12-14-2011, 05:52 AM   #19
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None of that money "fixes" anything - just repairs the derivative credit bubble so it doesn't completely implode.

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Old 12-14-2011, 06:15 AM   #20
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ZH (quoting another source) weighs in on the conspiracy theory:
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... Which bring us to a rather disturbing theory proposed by Walter Burien of CAFR1.com who has floated the rather the chilling idea, and what some may call an outright conspiracy theory, that by scuttling MF, Corzine effectively helped some shell company (or companies) which were controlled by a "cabal" of his closest confidants (we will let readers come up with their own theories who the former CEO of Goldman Sachs may have been close with) to make the offsetting profit that resulted from the accelerated and massive losses borne by MF's stakeholders in the vicious liquidation. As Burien says: "A government and media cover up would just focus on MFG's loss. A true and open investigation would be focused on "who" took the other side of the coin; the profit." And now that we know that Corzine allegedly lied to the Senate, just how much deeper does his transgression go, and did his really hand over the company on a silver platter to some anonymous "Hold Co" by taking on massive risks he knew were going to blow up in his face, albeit knowing the "other" side of the trade would compensate him for it? After all, Corzine's legacy may have been forever tarnished, but if there was one thing the man knew after all those mostly successful years at Goldman, it was risk. So did he really blow up MF on a idiotic risk miscalculation bet within two years of joining, purely by mistake, or is there something more?
...
More: http://www.zerohedge.com/news/was-co...spiracy-theory
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