MF Global 2.0 - PFGBest

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more.

Why not register an account and join the discussions? When you register an account and log in, you may enjoy additional benefits including no Google ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

B

benjamen

Yellow Jacket
Messages
1,574
Reaction score
9
Points
0
Location
Migratory
http://www.silverdoctors.com/mf-glo...gated-client-funds-missing-at-broker-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!"

 
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.
 
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...

:rotflmbo: when they will all learn...
 

"The market can stay irrational longer than you can stay solvent"
-J.M. Keynes
 
benjamen said:
"The market can stay irrational longer than you can stay solvent"
-J.M. Keynes
Click to expand...
...clearly, they are being irrational long enough in my view :rotflmbo:, I am hoping to stay solvent through all that farce, though, hope it will all work OK for me financially.
 
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.
 
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.
 
"segregated client funds"

Yeah. Right.

It's so much easier to steal money when it's all digital ones and zeros.
 
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.
 
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.
 
Last edited:
He's hospitalized in a coma last I read.

Edit: Grats on a big week, DoChen!
 
Last edited:
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:
From twitter:
 
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?
 
You must log in or register to reply here.
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more…