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Old 07-10-2012, 08:29 AM   #1
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MF Global 2.0 - PFGBest

http://www.silverdoctors.com/mf-glob...roker-pfgbest/

"MF Global 2.0 has hit tonight, as independent broker PFGBest’s customer accounts have been frozen in the wake of founder Russell Wasendorf Sr.’s suicide attempt earlier Monday.
Early reports indicate $220 million in segregated client funds are already missing (as much as $391 million by our calculations), and that rather than $225 million as reported by PFG’s Chairman only days ago, PFG may only have $5 million in their US Bank account!"

"PFG’s FX CUSTODIAN IS NONE OTHER THAN JP MORGAN!"

"So $220 million of segregated client funds are missing from PFG’s account with US Bank. Based on the percentages missing from its US Bank account , another $171 million in segregated client funds are likely missing from the rest of PFG client’s funds, bringing the total segregated client fund theft potentially to $391.1 million!"

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Old 07-10-2012, 08:37 AM   #2
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At least he did the right thing and tried to fall on his own sword, unlike that coward Corzine this man at least appears to have some remorse.
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Old 07-10-2012, 08:48 AM   #3
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this is beyond ridiculous, the whole foundations of the markets no longer have any credibility & integrity, money being outright stolen from customers accounts yet nobody gets een charged, let alone prosecuted, nobody even mentions that in the news, interst rates are being manipulated both officially (CBs), and by supposedly "free market" participants (LIBOR), yet Au & Ag are still going nowhere...

when they will all learn...
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Old 07-10-2012, 08:51 AM   #4
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Originally Posted by bushi View Post:
this is beyond ridiculous, the whole foundations of the markets no longer have any credibility & integrity, money being outright stolen from customers accounts yet nobody gets een charged, let alone prosecuted, nobody even mentions that in the news, interst rates are being manipulated both officially (CBs), and by supposedly "free market" participants (LIBOR), yet Au & Ag are still going nowhere...

when they will all learn...
"The market can stay irrational longer than you can stay solvent"
-J.M. Keynes
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Old 07-10-2012, 09:26 AM   #5
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Originally Posted by benjamen View Post:
"The market can stay irrational longer than you can stay solvent"
-J.M. Keynes
...clearly, they are being irrational long enough in my view , I am hoping to stay solvent through all that farce, though, hope it will all work OK for me financially.
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Old 07-10-2012, 09:51 AM   #6
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IMO.. It's a raid on allocated gold accounts.

At the same time, the size of PFGBEST was less than 1/10 th of MFGlobal so the impact on the market should be less severe. Jefferies has been liquidating positions for over a day now and they say it's almost done.
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Old 07-10-2012, 10:16 AM   #7
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What I want to know is who knew what, and when did they know it. 220 million dollars don't just "disappear". These ass clowns knew for a long time that something was wrong because half of their total book was lost.
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Old 07-10-2012, 10:31 AM   #8
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"segregated client funds"

Yeah. Right.

It's so much easier to steal money when it's all digital ones and zeros.
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Old 07-10-2012, 10:44 AM   #9
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I think it is always easy to steal money from the bank you own. The real trouble is, that numerous watchdogs that should be right up their throats (regulators, prosecutors, etc.), are apparently reluctant to do the job they are being paid for, i.e. rip these fuckers apart and bring them to justice.
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Old 07-10-2012, 04:58 PM   #10
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I couldn't find any updates on this douchebag, maybe we'll get lucky and he will finish the job, so we won't suffer having to pay for a trial and the costs associated with his subsequent incarceration. In addition, I suspect that this is merely the tip of a very big iceberg and is reflective of activities at most of these operations. For some, the lure of lavish lifestyles and expensive toys overpowers your ethics, morals and common sense. Just look at Alan Stanford, who to this day does not take personal responsibility for his actions and claims his arrest, trial and incarceration are a part of some grand plan to frame him and destroy him.

These people are sociapaths who no longer have a conscience. Fuck 'em and feed 'em fish heads I say. A quick death is too good for them.
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Old 07-10-2012, 10:51 PM   #11
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LIBOR and this in one week. BIG MONEY adding up fast! I wrote this after LIBOR but before this latest one:

http://tinyurl.com/clafwu6

Maybe I should have waited...

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Also at my blog is our BIG WEEK in Peru, $70,000 in sales in just one week, for us the best week ever!

http://tinyurl.com/6s6zhyl

I'm a lucky guy...
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Old 07-11-2012, 02:31 AM   #12
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He's hospitalized in a coma last I read.

Edit: Grats on a big week, DoChen!
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Last edited by KMS; 07-11-2012 at 02:32 AM. Reason: To grats DoChen
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Old 07-12-2012, 05:02 PM   #13
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MUST WATCH:

Coin dealer talks about how JPM is involved in the PFG case. PFG was a large metals player, especially in otc (over the counter = non-exchange traded) derivatives. Guess who did the clearing for them?

... JPM.

And now here comes the kicker: The long pm positions of the PFG investors were liquidated in wednesday, just right at the bottom (arround 9:10 into the video). Who was on the other side of the trade? JPM...


Last edited by swissaustrian; 07-12-2012 at 05:12 PM.
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Old 07-12-2012, 10:21 PM   #14
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Excerpt from a video interview on Bberg today. Note it won't play if you have adblock enabled.
http://www.bloomberg.com/video/mcnam...Tl8GegK0A.html
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Old 07-13-2012, 08:18 AM   #15
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From twitter:
Quote :
Mark Tucker @MarkTu 10 Jul
@JamesGRickards I also moved to #PFGBest from #MFGlobal, I also already had an account there. Now been hit three times. Triple whammy?

--------------------------------------------------------------------------------

Lauren Lyster @LaurenLyster 10 Jul
Just talked to #PFGBest cstmr in Egypt-had $ w/the futures broker to put it somewhere "safe" outside Egypt! Will fill you in on the show tom

--------------------------------------------------------------------------------

Simon Mikhailovich @S_Mikhailovich 10 Jul
@moiracathleen @JamesGRickards @MohamedHawary U r describing a new systemic risk. Its no longer about what u own but how u hold it as well.

--------------------------------------------------------------------------------

Ann Barnhardt @AnnBarnhardt 09 Jul
PFGBest is the old Alaron. Big ag futures firm out of Iowa. Owner has attempted suicide. Customer funds locked down, accounts on liq only.

--------------------------------------------------------------------------------

moiracathleen @moiracathleen 10 Jul
@JamesGRickards I see a pattern. I'm not Sherlock Holmes, but I see JPM and segregated funds "evaporating." PFG Customer-- @MohamedHawary
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Old 07-13-2012, 08:07 PM   #16
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This kind of infuriates the Cme. What the fuck are the CFTC doing anyway?!?!?

How is this shit even possible?!?!? Where are the regulators on this one? AREN'T THEY SUPPOSED TO CHECK THESE TRANSACTINOS OUT FIRST?
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