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Old 11-21-2011, 02:56 PM   #1
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MF Global

I just read that the fallout from MF Global may be as much as 1.22 Billion dollars. Are you fucking kidding me?!?!?

Exactly how is it that John Corzine is not in a cell somewhere being deposed by the AG?? Can anyone here explain to me exactly which part of illegally co-mingling CASH ACCOUNTS and treasuries with corporate gambling money does not constitute a felony? We're not just talking a single crime here people....we're talking conspiracy, theft with intent, fraudulent conveyance, and if it was done electronically, wire fraud. That is on top of the primary crime of grand theft and theft by deception, yet not one swinging dick is behind bars. In fact the only bars they are behind border the financial district and Wall street, and all of them serve a mean whiskey sour.

I am constantly amazed that this kleptocratic corporatocracy is able to get away with this shit and no one goes to jail, yet some kid on his way to school blows a joint and ends up with a three to five stretch because it's his second pot bust.

I don't get it, I truly don't.

Our once proud Republic has been slowly subsumed by the corporations we permitted to grow in to out-sized monsters. Our deluded Supreme Court gave them personhood and that was all she wrote. Now, we're slaves; every single person. We can never even own the land we occupy. We are merely renters, enslaved by the communities which force us to pay annual homage to them for the privilege of occupying that which we bought and paid for already. Fail to pay the vig and you will be thrown off the land. Should the "community" find a better use for your land, they will offer a sum of money and displace you through eminent domain.

The Brotherhood of Darkness has descended upon our nation and they are intent on owning it all, and that includes us. I weep for for my daughter, because I can see what it is that she faces.
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Old 11-21-2011, 04:42 PM   #2
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Corzine is The Biggest POS on the Planet.

But, he is a big cog in Team Obama and Team D. Will he get indicted? Will he go to trial? Two big ifs there. I am sure that Eric Holder will find a way to do anything VERY SLOWLY (look at "Fast and Furious"). If by chance he is convicted and sent to jail, Obama can pardon him in early November 2012.

Steal a sandwich from 7-11 or smoke the wrong herb in the wrong place gets you in jail easily enough. Steal a billion? Well, let's see!
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Old 11-21-2011, 04:56 PM   #3
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I just bought another rifle and 500 more rounds of 7.62. Just giving .02 to this conversation. And, I agree with you Ancona. It's hard to stomach all the B.S. anymore.

I remember years ago I was with my father riding west on I-275, having just turned off of I-75 out of Cincinnati, headed home to the 'burbs. It was summer time and it had been real dry again. The 'Greater Area' landfill run by a company called Rumpke was literally a mountain in the distance on the horizon and it had a small fire broken out on it. Just then the radio happened to be talking about the smoke from it causing some problems for local traffic. My dad turns to me a little and says, "I'm sorry, Paul." I asked him why he was sorry. He said, "For all the problems my generation will be leaving your generation to fix."

Fix indeed...
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Old 11-21-2011, 05:10 PM   #4
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Originally Posted by KMS View Post:
I just bought another rifle and 500 more rounds of 7.62. Just giving .02 to this conversation. And, I agree with you Ancona. It's hard to stomach all the B.S. anymore.

I remember years ago I was with my father riding west on I-275, having just turned off of I-75 out of Cincinnati, headed home to the 'burbs. It was summer time and it had been real dry again. The 'Greater Area' landfill run by a company called Rumpke was literally a mountain in the distance on the horizon and it had a small fire broken out on it. Just then the radio happened to be talking about the smoke from it causing some problems for local traffic. My dad turns to me a little and says, "I'm sorry, Paul." I asked him why he was sorry. He said, "For all the problems my generation will be leaving your generation to fix."

Fix indeed...
]
I know the area well, having grown up in Madeira.
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Old 11-21-2011, 07:55 PM   #5
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Originally Posted by DoChenRollingBearing View Post:
Corzine is The Biggest POS on the Planet.

But, he is a big cog in Team Obama and Team D. Will he get indicted? Will he go to trial? Two big ifs there. I am sure that Eric Holder will find a way to do anything VERY SLOWLY (look at "Fast and Furious"). If by chance he is convicted and sent to jail, Obama can pardon him in early November 2012.
He is certainly a POS, but he is nothing compared to the evil that is George Soros and those like him who's names we will never know.


Originally Posted by DoChenRollingBearing View Post:
Steal a sandwich from 7-11 or smoke the wrong herb in the wrong place gets you in jail easily enough. Steal a billion? Well, let's see!
Whatever you do, don't drink raw milk...

As far as our country is concerned, I'm more and more convinced that we are, if not already have, passing the point of no return. Jefferson was right when he said that we will wake up as slaves on the continent that his generation conquered.


Originally Posted by KMS :
I just bought another rifle and 500 more rounds of 7.62. Just giving .02 to this conversation. And, I agree with you Ancona. It's hard to stomach all the B.S. anymore.

I remember years ago I was with my father riding west on I-275, having just turned off of I-75 out of Cincinnati, headed home to the 'burbs. It was summer time and it had been real dry again. The 'Greater Area' landfill run by a company called Rumpke was literally a mountain in the distance on the horizon and it had a small fire broken out on it. Just then the radio happened to be talking about the smoke from it causing some problems for local traffic. My dad turns to me a little and says, "I'm sorry, Paul." I asked him why he was sorry. He said, "For all the problems my generation will be leaving your generation to fix."

Fix indeed...
I'm assuming your father is a baby boomer. In my opinion they are quite possibly the worst generation. Not that the ones before them were that great since a generation doesn't raise itself. That being said, I think my generation and the subsequent ones will revert to a mindset and lifestyle that more closely resembles that of the downtrodden immigrants that were our ancestors.
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Old 11-23-2011, 11:19 AM   #6
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The story just gets "better" and "better":
Quote :
MF Global Inc. brokerage customers, who may be missing more than $1.2 billion from their accounts, won’t be allowed to form a committee to represent their interests in bankruptcy court, a judge ruled.
...
http://www.bloomberg.com/news/2011-1...l-rise-1-.html
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Old 01-03-2012, 06:38 AM   #7
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Quote :
Warren Pollock has interviewed the Commodity Customer Coalition's CEO James Koutoulas on MFGlobal and JPM's theft of MFG clients' segregated funds due to MFG rehypothecation.

Koutoulas states that the CME's Terry Duffy told him personally that the CME could have made MFG clients whole on their rehypothecated assets, but that the action would have set a $185 Billion precedent.
...
More: http://silverdoctors.blogspot.com/20...antee-mfg.html
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Old 01-03-2012, 08:34 AM   #8
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Mr Duffy doesn´t want to set a precedent, i.e. he expects more cases like MFG
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Old 01-03-2012, 10:04 AM   #9
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Yes, that's the implication. Caveat emptor paper claim bugs!
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Old 01-03-2012, 10:25 AM   #10
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Just means that more people will stay away from the Comex. It's not going to stop self clearing firms from taking physical delivery and it certainly wont stop the Chinese. If anything, they are screwing themselves over because it's scaring the public away from the futures market. That makes it much more difficult to steal their money.
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Old 01-03-2012, 10:30 AM   #11
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This should be ALL OVER THE NEWS!!!

But it will never see the light of day. Those in power [JPM et. al.] will quash any attempts at recovery, and sue the shit out of anyone who says too much or accuses JPM of theft.

He who has the gold, makes the rules, and since we all know JPM is above the law, I expect nothing but more of the same. unfortunately for JPM, et. al., they will have killed the goose that laid the golden egg. By refusing to make these people whole, they will have destroyed the remaining threads of trust that existed in paper. This story needs to be repeated over and over until every single retail investor pulls their money out and flees from the thieves.
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Old 01-03-2012, 01:52 PM   #12
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As we have seen with AIG, the ramifications of MF Global will be long in coming. Yes, TPTB have no interest in justice. It has taken me a long time, but finally I see that the psychopaths really are running just another tyranny. As they have for 4000 years. NONE of these SOBs are going to jail. NONE will get justice...

Each of us who does what we can to prepare and/or drop out of the game is one more point of light, one more person helping our country to become free, It's up to each of us! Waking up, one person at a time.

Gold and silver mean freedom. At least some. And the means to hide and defend it.

Molon labe. (Now I need to learn the ancient Greek word for "bitchez"...)
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Old 04-26-2012, 08:12 AM   #13
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Taibbi:
Quote :
...
Nobody disputes the fact that MF Global officials dipped into customer accounts and took over $1.6 billion of customer money. We not only know that company officials reached into customer accounts, we know they brazenly lied to bondholders, ratings agencies and investors about the firm's financial condition ("MF Global's capital and liquidity has never been stronger," wrote the CFO of MF Global’s holding company, on the same day Moody’s downgraded it to junk status).

We even know that eighteen days before the firm went bust, company officers discussed how quickly to return money to customers, and even contemplated, in writing, the possibility of not returning the money right away. This is from a risk-assessment document prepared by company officers entitled "Break the Glass":
Quote :
…Who do we want to be after the storm? How quickly do we want to send cash back to clients, what is the message if we do not send immediately, what is the strategy if we want to keep the customer and wait until the storm passes?
In the wake of the 2008 crash it’s often been said that one of the major problems in getting the public to grasp the crimes committed by banks and financial companies is the extreme complexity of the transactions used. The mortgage-backed-securities scam by itself was really just a common fraud scheme, but it was cloaked in the extremely complex verbiage and advanced math of derivatives transactions, which made it possible for bankers to bluff their way through an argument that no crimes had been committed.

But MF Global is different. This is not complicated at all. This is just stealing. You owe money, you don’t have the cash to cover it, and so you take money belonging to someone else to cover your debts. There’s no room at all here for an argument that this money was just lost due to a bad investment, an erroneous calculation based on someone's poor understanding of a complex transaction, etc. It’s straight-up embezzlement.
...
http://www.rollingstone.com/politics...erman-20120424
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Old 04-26-2012, 10:45 PM   #14
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I read a headline (not the link...) from the HuffPo, of all places, that the Trustee says the money has been located. If the owners don't start getting some of their money back really soon, expect BIG LAWSUITS quickly coming.

But, don't expect Eric Holder to round up Jon Corzine. "Three gets you Five" Corzine walks.

***

Other business. One o' youse above commented that George Soros is bigger than POS Corzine. I would have to agree. Soros has been involved in so much sleaze that it is REALLY hard to keep up with him. Even though he made $1 billion in one day shorting the UK Pound, that stunt leaves me unimpressed with him as a fit human being.

Even if Soros really stinks, has he been accused to have done ANYTHING illegal?

Corzine and Soros will walk it looks like. Grrr...
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Old 07-11-2012, 08:28 AM   #15
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Interesting coincidence:
http://www.silverdoctors.com/1-milli...vaults-monday/

"NO MENTION FROM THE CME OF THE MISSING 1.4 MILLION OUNCES OF REGISTERED SILVER THAT SIMPLY DISAPPEARED IN THE AFTERMATH OF THE MF GLOBAL BANKRUPTCY!
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 latest available info on this from the CME"

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Old 07-11-2012, 08:54 AM   #16
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Does anyone notice a [perhaps] pattern developing here? When we look at MFGlobal and the stolen goods, and we look at PFG, there was a clear manipulation at both companies that hid material wrongdoing and the regulators were asleep at the wheel, or they were complicit. If we see another one go down [things really do happen in threes after all] it will be apparent to me that the practice of comingling client dollars with firm dollars is common practice. It's kind of like "sweeps" for banks. After business hours, all of our demand deposits are "swept" in to the common pool and the number becomes an average rather than a hard number, since demand deposits constantly flux. Either way, they're stealing money and they are doing it with the seeming blessings of the CFTC.
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Old 07-11-2012, 09:09 AM   #17
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Originally Posted by ancona View Post:
Does anyone notice a [perhaps] pattern developing here? When we look at MFGlobal and the stolen goods, and we look at PFG, there was a clear manipulation at both companies that hid material wrongdoing and the regulators were asleep at the wheel, or they were complicit. If we see another one go down [things really do happen in threes after all] it will be apparent to me that the practice of comingling client dollars with firm dollars is common practice. It's kind of like "sweeps" for banks. After business hours, all of our demand deposits are "swept" in to the common pool and the number becomes an average rather than a hard number, since demand deposits constantly flux. Either way, they're stealing money and they are doing it with the seeming blessings of the CFTC.
...see your signature, ancona? The simplest answer is: it IS the common practice..
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Old 07-11-2012, 09:18 AM   #18
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Ah yes......simply apply Occams Razor
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Old 07-27-2012, 12:19 PM   #19
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That explains a few things:
http://www.breitbart.com/Big-Governm...der-s-Law-Firm

"MF Global was a client of Attorney General Eric Holder and Assistant Attorney General Lanny Breuer’s former law firm, Covington & Burling."

"MF Global’s trustee for the Chapter 11 bankruptcy retained as its general bankruptcy counsel Morrison & Foerester--the very law firm from which Associate Attorney General Tony West came to DOJ."

"the trustee overseeing MF Global’s bankruptcy is former FBI Director Louis Freeh. At Holder’s Senate confirmation hearing Freeh served as a character witness for Holder and revealed that Holder had previously worked for Freeh."
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Old 07-27-2012, 08:06 PM   #20
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Originally Posted by KMS View Post:
I just bought another rifle and 500 more rounds of 7.62. Just giving .02 to this conversation. And, I agree with you Ancona. It's hard to stomach all the B.S. anymore.

I remember years ago I was with my father riding west on I-275, having just turned off of I-75 out of Cincinnati, headed home to the 'burbs. It was summer time and it had been real dry again. The 'Greater Area' landfill run by a company called Rumpke was literally a mountain in the distance on the horizon and it had a small fire broken out on it. Just then the radio happened to be talking about the smoke from it causing some problems for local traffic. My dad turns to me a little and says, "I'm sorry, Paul." I asked him why he was sorry. He said, "For all the problems my generation will be leaving your generation to fix."

Fix indeed...
we stayed right by here (Tondo) for a while when I first got married. It "stunk". Americans don't have anything on asians on trash....

http://en.wikipedia.org/wiki/Smokey_Mountain

quote:
Smokey Mountain is a large rubbish dump in Manila, Philippines. Consisting of over two million metric tons of waste, it has operated for more than 40 years[1] and is known for decomposing at such high temperatures that it will catch fire, a fact from which the location derives its name. Indeed, fires at Smokey Mountain have caused many deaths.[2]
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