MF Global Looted Celente's/Other Customers' Accounts Via Internal Bank Run

[John_Back_From_The_Club_O]

MAN! RT has the hottest info babes!  Sorry, I let that slip out...

Gerald Celente RT America - 14 November 2011
http://www.youtube.com/watch?v=kt-mVWYvOm0&feature=youtu.be

[TahoeBlue]

MF Global’s Missing Funds May Be ‘Massive’ Ploy: CFTC’s Chilton

Yes - the whole story stinks - this is a draining the swamp story.

Think of the film "The Producers" - you sell a flop and grab the cash.  Stinks stink stinks,

http://blogs.reuters.com/breakingviews/2011/10/05/losing-luster-crunch-time-for-goldman-sachs/

TRIPLE THREAT- Only three men have run Goldman Sachs since 1994 — from left to right Jon Corzine, Henry Paulson and Lloyd Blankfein, who took over in 2006. REUTERS/Tim Shaffer, REUTERS/Larry Downing, REUTERS/Chip East

Among the candidates who ran for the Democratic presidential nomination, Soros financially supported John Kerry, Wesley Clark, Senator Bob Graham, and Howard Dean. He has been praised by Senator Hillary Clinton and contributed to her Senate campaign and political action committee.  He has also contributed to the political campaigns of Democratic Senators Tom Daschle, Carl Levin, John Corzine, Mary Landrieu, Debbie Stabenow, Charles Schumer, Joseph Biden, Patrick Leahy, Paul Sarbanes, Thomas Harkin, and Barbara Boxer. In 2002, Soros funded Al Gore for president and contributed $153,000 in "soft money" to the Democratic National Committee. Soros, who is also very close to Bill Clinton, was described by Clinton's Deputy Secretary of State Strobe Talbott as a "national treasure."

[Ragtop]

Was just listening to a Bob Chapman YouTube and he was saying a large gold investor lost all his $$$ in MF Global.

He refused to name the name, but said the guy was not a bad guy but a sensationalist (I thought of Jim Willie) and was a guy who always someone who told people to take possession of their gold.

Go to 9:30 in:

http://www.youtube.com/watch?v=8F1wpjPe7no

[John_Back_From_The_Club_O]

a guy who always someone who told people to take possession of their gold.

Apparently he tried.

[Ragtop]

yea

At least he did not tell the average person to trade futes

[larsonstdoc]

  Gerald said him and another 150,000 people lost their money.  Corzine and Company need to get what Maddof got or worse----how about the guillotine?

[larsonstdoc]

  Gerald is really giving it to Corzine on Alex's Prison Planet TV right now.  What an SOB Corzine is.  Gerald is telling us how Corzine lost his butt in Europe.

[larsonstdoc]

  They (MF Global) don't have the gold and silver to deliver.
                                       ----Gerald Celente

  Celente lost at least $100,000 in gold that he wanted delivered next month (Dec.).

[larsonstdoc]

   They (the bankers) are going to steal all our money.
                           ---Celente

[larsonstdoc]

  Gerald----keep only operating expenses in your bank.  All the res---hide it.

[larsonstdoc]

  Alex is going to pull his money out of his bank.

[larsonstdoc]

  I think we've found Ron Paul's VP---Celente.  He's got a great voice.

[larsonstdoc]

  Pull your money out of the banks.  Don't buy anything from the chain stores.  Don't buy a thing you don't need for Christmas.  Give rather than receive--in the Spirit of Christ. (paraphrase)
                                                                                    -----Celente

[larsonstdoc]

http://www.forbes.com/sites/jakezamansky/2011/11/15/mf-global-where-did-the-money-go/



MF Global: Where Did the Money Go?

When you’re a “Master of the Universe” like Jon Corzine, taking huge risks and betting billions of dollars on European government bonds is no problem—it’s fun! It’s what you do!

But when it comes to finding $600 million of missing client funds when your firm, MF Global, collapses into bankruptcy, that’s a different matter. Responsibly keeping track of client money, keeping accurate books and records—those are the basic skills that this Master of the Universe apparently lacks.

Indeed, acting prudently and putting your clients’ interests ahead of your own is kind of boring. And it is becoming painfully obvious that the Wall Street titans who ran MF Global can’t find $600 million.

As Rick Perry so memorably put it: Oops.

The drama of missing customer money that is unfolding from the wreckage of MF Global is enough to turn your stomach. Simply put, where on earth is the $600 million in MF Global customer funds?

According to a report in Tuesday’s Wall Street Journal [subscription required for full article], the hundreds of millions of dollars missing from MF Global accounts may have disappeared four days before the firm filed for bankruptcy at the end of October.

Regulators are trying to assess whether hundreds of millions of dollars in customer accounts were transferred in the week before the firm’s collapse. In a highly suspicious finding, regulators from the Commodity Futures Trading Commission say that those transfers were not recorded in MF Global’s general ledger.

“We’re still trying to assess how far back this goes,” said Thomas Smith, a CFTC official, according to the Journal. Mr. Smith made his comments on Monday before the Senate’s agricultural and banking committee.

The CFTC believes the missing money could still be somewhere inside MF Global, but admits that is a “remote possibility,” according to the Journal.

Here is the fundamental question: How, in late 2011, can we still have a system that allows this to happen?

The segregation of customer funds, a cardinal rule in our securities industry for the safety of investors, was of no importance at MF Global. And apparently, it had no real interest in keeping accurate books and records.

[larsonstdoc]

  They're going to have an economic martial law.
                                      ---Celente

[larsonstdoc]

  Wow.  The company Gerald was dealing with was bought by MF Global AND GERALD DIDN'T EVEN KNOW IT.  WHAT CROOKS.

[larsonstdoc]

  COMMODITY ACCOUNTS are not insured.
                                 ---Celente

[larsonstdoc]

  Great news for those that don't have Prison Planet TV---AJ will rebroadcast the Celente interview on tomorrow's show.

[larsonstdoc]

  Government for and by loan sharks.
                 ---AJ


   END OF INTERVIEW

[Rtruth]

MAN! RT has the hottest info babes!  Sorry, I let that slip out...

Gerald Celente RT America - 14 November 2011
http://www.youtube.com/watch?v=kt-mVWYvOm0&feature=youtu.be

In future use smaller positions and shorter time frames to add a greater margin of security. When your money is in the market you're playing russian roulette, this time he shot himself in the head! He can't blame anyone else. He knew it's a racquet, and yet he still traded thinking he was safe. No you're never safe when in the market. Even what you think are set rules don't always apply when you're gambling with the mafia.... Let me make you an offer you can't refuse ha ha ha

[Cryptvill]

Wow, that's insane.

[larsonstdoc]

http://online.wsj.com/article/SB10001424052970203503204577040472772072092.html?mod=googlenews_wsj


Purgatory for MF Global Customers


About 33,000 Account-Holders Can't Get to Their Cash: 'My Entire Business Has Come to a Halt'

 

As MF Global Holdings Ltd. was sinking in late October, trader Andrew Gochberg thought he was making all the right moves to protect himself if the securities firm failed.

 
MF Global's slide into bankruptcy has been a costly snarl for thousands of traders and brokers who did business through the securities firm. More than 30,000 accounts remain frozen. Colin Barr has details on The News Hub.

The 52-year-old Mr. Gochberg closed his trading positions at MF Global, leaving the entire balance of more than $1 million in what he thought was a protected account at the New York company.

That account was supposed to be kept separate from the securities firm's own money.

But after MF Global filed for bankruptcy protection last month following a series of credit downgrades and a plunge in its stock price, $600 million appeared to be missing from those supposedly safe accounts. The day of the filing, trading by MF Global customers was curtailed.

"My entire business has come to a halt," said Mr. Gochberg, who can't get to his cash. "I'm angry and I no longer have any confidence in our system."

More than two weeks after MF Global filed for Chapter 11, some 33,000 customers are stuck in a sort of purgatory, with no access to their cash until a trustee liquidating the securities firm says they can get it.


Scott Gettleman, shown here at the New York Mercantile Exchange, tried to withdraw nearly $100,000 from MF Global. The check bounced.


Statement from the Office of the Trustee for the Liquidation of MF Global Inc.
Late Tuesday night, the office of the trustee, James Giddens, in an apparent response to customer outcries, said he had sought court permission for a transfer of about 60% of the cash in about 21,000 customer accounts still frozen, or some $520 million. If he gains court approval, the statement said, distributions could be made within days. Earlier in the day, his office had acknowledged customer "frustration" and sought court approval to expedite a claims process.

A spokesman for the trustee said this week it is possible customers won't get all their money back, due to the apparent shortfall at MF Global.

Scott Gettleman, 39, an independent natural-gas trader on the New York Mercantile Exchange, has roughly $100,000 locked up in MF Global.

The day the company filed for bankruptcy protection, he says, an MF Global representative told him he needed to stop trading. Instinctively, he closed out his open positions so he wouldn't be affected by market movements.

"I did the responsible thing," he said. He then rushed to MF Global's offices, where a clerk gave him a check for most of his account. He deposited it immediately, but the check bounced. His bank charged him a $15 bounced-check fee.

With other savings, Mr. Gettleman has started trading through a new firm.

In the first few days after MF Global's collapse, analysts expressed relief that the bankruptcy wasn't as catastrophic as the 2008 failure of Lehman Brothers Holdings Inc., which rocked global financial markets.

For some investors, traders and brokers who bought and sold futures, options and other derivatives through MF Global, though, the firm's fall has been a disaster.

As of Tuesday, holders of the approximately 33,000 MF Global accounts with only cash or cash-like investments such as Treasurys can't get their hands on thousands or even millions of dollars each, even small chunks of it. That is money some say they need to make trades and pay their bills. It wasn't clear late Tuesday night whether the fate of some 12,000 account holders still remained unresolved.

In a court filing Tuesday afternoon, the trustee said his office has received 4,000 calls each week as former MF Global clients search for aid and answers.

Usually when a brokerage firm fails, accounts quickly get transferred. Business continues largely uninterrupted. In 2005, accounts at Refco Inc., another commodities and futures-trading firm, were moved out of bankruptcy to a firm that eventually became MF Global.

Also, customers have had confidence in the sanctity of funds in so-called segregated futures accounts, which hold customer cash and collateral to back up trades. These accounts are supposed to be walled off from a firm's capital.

So far, the trustee has approved only the transfer of accounts with active trades on the day the firm failed. But the trustee froze accounts with cash alone.

Kent Jarrell, the trustee spokesman, earlier had said that before funds can be distributed, the trustee needed to get a better handle on what is missing, which the office is independently investigating. "The amount of the apparent shortfall is not known at this time," the office's statement said Tuesday afternoon.


But late Tuesday night, in court documents, the trustee said that while he still is investigating the shortfall "he believes that the proposed distribution of approximately sixty percent is prudent and will not result in over-payments."

The limbo for the cash-only customers exposes a possible gap in investor protections, experts say. While stock traders enjoy some insurance-like protection on their accounts from the Securities Investor Protection Corp., there is no equivalent for commodities and futures traders.

[larsonstdoc]

http://www.reuters.com/article/2011/11/15/us-mfglobal-idUSTRE7AE09A20111115


Timing questions emerge on MF Global customer cash shortfall


(Reuters) - MF Global Holdings Ltd (MFGLQ.PK) may have faced a shortfall in customer funds even as far back as October 27, four days before the U.S. futures brokerage filed for bankruptcy protection, the Wall Street Journal said, citing people familiar with the situation.

Just hours before the bankruptcy filing, MF Global executives told regulators they believed a shortfall had somehow occurred, possibly starting on October 27 or October 28, the people told the paper.

Customer funds were found to be short by about $200 million on October 27, the paper said.

The CFTC is also examining whether hundreds of millions of dollars in customer accounts were transferred at MF Global during the week that began October 24, the paper said.

According to CFTC, the transfers were not recorded in the firm's general ledger reviewed by exchange officials, the paper said.

MF Global filed for bankruptcy after its bets on European sovereign debt unnerved investors, credit agencies, customers and counterparties, causing liquidity to disappear.

Thereafter, regulators are seeking to find some $600 million missing from the company's customer accounts.

A spokesman for MF Global said last week that the firm is cooperating with regulators and the bankruptcy trustee trying to find the missing money, according to the Journal.

[shipgeek]

  Gerald----keep only operating expenses in your bank.  All the res---hide it.

I'll go with that... but hiding it where??

Opening an account at the central Post Office in Zurich?

The Cayman Islands?

That could disappear too!!

Singapore??

What is your solution?

   

I never subsidized chain stores the Starbucks and all that other crap!!
I avoid them like the plague!!
I always supported small businesses giving my money to them.
I am not a christmas shopper.

I don't have a mobile phone. I learned to live without one.
Tell me how many people have no mobiles nowadays?
I must be one of the rare few without one.

Fuuuuuuuuuuuuu them!!!!

 

[Rtruth]

I'll go with that... but hiding it where??

Opening an account at the central Post Office in Zurich?

The Cayman Islands?

That could disappear too!!

Singapore??

What is your solution?

   

I never subsidized chain stores the Starbucks and all that other crap!!
I avoid them like the plague!!
I always supported small businesses giving my money to them.
I am not a christmas shopper.

I don't have a mobile phone. I learned to live without one.
Tell me how many people have no mobiles nowadays?
I must be one of the rare few without one.

Fuuuuuuuuuuuuu them!!!!

 

Just a thought.... The Rothchilds use a rule of 3....

33% in real estate so your primary residence first, , makes sense as they would increase in value over time

33% in fine art and collectables, again makes sense as they would increase in value over time. You can keep these in your house with insurance.

33% in precious metals. Probably the best idea is to bury the stuff somewhere.

I'm sure they have tons of digits on hard drives too but they're smart enough to know that's all that money is. Electronic BS.

[Optimus]

MF Global Looted Customers’ Accounts Via Internal Bank Run
Big players got warning ahead of time that financial broker was set to collapse
http://www.infowars.com/mf-global-looted-customers-accounts-via-internal-bank-run/

Paul Joseph Watson
Infowars.com
Wednesday, November 16, 2011

Days before the doomed financial broker filed for bankruptcy, MF Global conducted “unexplained wire transfers” that led to a $900 million shortfall in client funds, leading customers like Gerald Celente to learn that their accounts had been looted and setting the precedent for internal bank runs as more big firms go bust.
MF Global

According to Bloomberg, “Examiners from CME Group Inc., the world’s largest futures exchange, found unexplained wire transfers at MF Global Inc. and a $900 million shortfall in client funds during the weekend the failing broker was talking with possible buyers, a person briefed on the matter said.”

CME noticed the missing funds on October 30, but MF Global didn’t inform the Commodity Futures Trading Commission until the day after, suggesting that the transfers were made, “in a manner that may have been designed to avoid detection,” according to CME.

The suspicious cash movements are now being probed by the U.S. Justice Department.

MF Global trustee James Giddens said in a court filing yesterday that customers would get back 60 per cent of their account funds, prompting fury amongst clients, many of whom used their accounts for business collateral and living expenses.

Although individuals were burned by the broker’s downfall, larger clients were protected from the fallout because they had the miraculous fortune of withdrawing all their funds just weeks before the collapse.

“Both the Commodity Futures Trading Commission and the Chicago Mercantile Exchange were charged with overseeing MF Global, their clearing member. If we are to believe them, they had no idea of any difficulties within the firm before customer accounts went missing just a few days before the collapse. But someone clearly knew of the cratering positions and imminent collapse of MF Global, as billions of dollars of accounts were “coincidentally” withdrawn,” writes Huffington Post’s Daniel Dicker, noting how funds in accounts owned by the billionaire Koch brothers were withdrawn just in time, clearly suggesting that big players got a “heads up” that MF Global was going down.

Although the collapse of MF Global was assured when it came to light that the broker was heavily exposed to the European debt crisis, causing the broker’s stock price to plummet, Fox Business reports that numerous circumstances indicate the downfall was in the works weeks before, drawing attention to the fact that employees didn’t receive commissions for the third quarter and were fired two weeks before the firm filed for bankruptcy.

One of the victims of the scandal, popular trends forecaster Gerald Celente, joined Alex Jones on Infowars Nightly News to detail how a six figure sum was looted from his gold futures account, which, unbeknownst to Celente, was being held under the auspices of an MF Global subsidiary.

As the Financial Times reported, the hundreds of millions in looted funds from customers’ accounts later “turned up at JPMorgan Chase, the failed broker-dealer’s custody bank.”

Despite his account being fully funded, Celente was hit by a margin call as Chapter 11 trustees stepped in to take control of his funds, leaving his account empty thereby closing his positions and preventing him from taking physical delivery of his gold which was due in December. When Celente rejected demands to transfer more money into the account it was hastily closed.

Speaking with Alex Jones, Celente expressed his fury at the move, labeling it an example of “economic martial law,” and speculating that the real reason for the looting was because the broker never had the gold and silver to deliver in the first place.

Celente encouraged Americans to cash out of all gold ETFs and withdraw their funds from the bank because “they are going to steal all our money”.

The trends forecaster savaged MF Global CEO Jon Corzine, labeling him a “cheap SOB” who was responsible for the collapse because of his using customer funds to bet on losing European bonds.

“How come he’s not in jail, because he’s one of the white shoe boys from the Goldman Sachs crowd,” Celente fumed, going so far as to say Corzine “should have died” in his recent car accident.

Celente said that he had sufficient funds stored in a safe place that could not be looted and that if anyone did try to steal them and threaten his life he wouldn’t hesitate to ‘blow their brains out’.

Celente reiterated his plea to Americans to withdraw all their money from the banks and leave only operating capital in their accounts, warning that “the merger of state and corporate powers” has brought “fascism” to America.

[larsonstdoc]

  According to Celente,  150,000 people got raped by Corzine and MF Global.

  Celente did not even know that the company that he was dealing with was sold to MF Global.

  Hey Corzine---all that money you stole.  I hope it's enough to hire 1000Ss of bodyguards.

[larsonstdoc]

  
  Alex reporting that most of the stolen money was "restolen"by JP Morgan and it's scum leader Jammie Dimon.


  As Celente would say, Dimon is one of those guys that when you were in high school that you would like to beat up.

[Valerius]

Stick to Midas or ebay, I think.

[ekimdrachir]

Is Gerald Ok?

[larsonstdoc]

Is Gerald Ok?

   Yes but mad as hell.

[larsonstdoc]

  The system is collapsing.  Get your money out.
                                               -----Celente

[shipgeek]

Just caught Gerald Celente on Alex show right now - they are taking phone calls. Wish I could have logged in earlier but possibly couldn't. I love how Celente said all congressmen are corrupt. He said most all of them.

Great talk.

Bush and Cheney taking the country to war for false reasons, the Iraq WMDs...

wow... He is so right!!

 

[shipgeek]

Kleptocracy (Celente)

I love it!!

 

[chris jones]

Kleptocracy (Celente)

I love it!!

 

I'll bump that, its a breath of fresh air to hear the truth, especially so from a guy truly pizzed off and not hiolding back.. Real nice to say the FK least.

[L2Design]

Thats horrible..

I'm glad I have only $14 in my bank LOL

[shipgeek]

I'm glad I have only $14 in my bank LOL

Can't blame you.

Maybe I'll go out and spend all my money on some costly travel?

If it will all be amounting to peanuts why not?

 

[L2Design]

Can't blame you.

Maybe I'll go out and spend all my money on some costly travel?

If it will all be amounting to peanuts why not?

 

Here's my dream scuba trip to roatan honduras -- anthony keys resort!!! DO IT.. live it up now

http://www.youtube.com/user/L2design?feature=mhee#p/u/10/ebYm_m7gSU4

[chris jones]

 My clock is ticking, a relief in a way to know it was my responsibility to leave some security to  my familiy. I have accomplised that, my son daughter and grandchildren will survive, that has been my goal.
 I left the USA two decades past, I admit i could see the handwriting was on the wall, this was in the works, along with the fact I had a few moments in my life to bear witness to the future plans and goals of the globalists and their Goverment insiders. Those on this site who have known me for some time realize the extent of my  dissapointment and the conditions of my health due to military service. The genocide commited by their insane power mongering haunts me to this day.
 The excuses for human beings who have infiltrated this nation to the beckon call of the elitists are rabid, greedy, powermongering sociopathic vermen who hide behind either their fortunes or their stations of power.  In short this day and age has proven to be an open market for those who have placed power and money and their perversions far beyond whatever conscience they may have had. It suprises me that they beleive themsleves in a safe position, when only a small percentage of the NWO's are. In short they may feel protected but are expendable, one day when their usefullness has ended they too will be elimanted for the elites books. The golbal tribe is of a small margin to say the least.
  It is apparent for any man with with a moderate degree of individual free will and undisturbed independent thought process will accept the fairly tales and deceptions spun by these freaks in high places.

[Freeski]

Thats horrible..

I'm glad I have only $14 in my bank LOL

To cover the bank fees!