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

[Freeski]

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?

 

If I could start over, I'd put all excess money into land. Physical land. Most solid wealth ever.

[tritonman]

But land taxes may become prohibitive as townships and counties run out of revenue for day to day operations.  Raising taxes will be their only recourse unfortunately.

[tritonman]

http://www.huffingtonpost.com/daniel-dicker/the-koch-brothers-and-mf-_b_1089906.html
The Koch Brothers and MF Global - Friends to the End

Posted: 11/14/11 01:12 PM ET
So much about the collapse of MF Global, the international commodity firm, has revisited the worst sins of the 2008 financial meltdown. There's been outsized betting with other people's money using Wall Street created derivative instruments. Ongoing investigations now show that leverage in these wagers had even eclipsed the worst of the Lehman failure. As in 2008, there's been the total lack of oversight from regulatory agencies, as customer funds were diverted and used as collateral for Corzine's wagers and 50,000 accounts are now being moved without the cash that they came in with.

But perhaps the most stunning piece of news we're getting in the wake of the MF Global collapse is in the clients of the firm who managed to get away scot-free, with no freezing of accounts or capital -- particularly the accounts of the mega-cap independent oil company Koch Industries, run by the politically active Koch brothers.

A recent report in Reuters has described the billions of dollars of client accounts that were withdrawn from MF Global in the last few weeks before their collapse, including 8 accounts from Koch industries engaged in oil trade that were transferred to Mizuho Securities after years of a steady and profitable relationship with MF. The Reuters piece concentrates on the possibilities of legal "clawback" of client money if the bankruptcy does not allow remaining client accounts to be made whole.


//////Rest of this story is at the above link///////
///////// ///////////

[Freeski]

But land taxes may become prohibitive as townships and counties run out of revenue for day to day operations.  Raising taxes will be their only recourse unfortunately.

Just get some attack dogs, a few panthers and a whackload of DU June Bugs.

Nobody's coming on your property, uninvited.

[tritonman]

Alright, what in hells tarnation is a DU june bug??

[Freeski]

Alright, what in hells tarnation is a DU june bug??

Depleted Uranium (reinforced) bugs that can only crash land? You Americans don't have june bugs? Worst critter design ever, but entertaining!

Meet the June Bug, up close.
http://www.youtube.com/watch?v=h-n7Apy77ko

[tritonman]

Lol, yes we have June bugs just not the DU variety , er well, I mean that do not normally come that way anyway.
There is an army base about 120 miles from me so some could migrate from there I suppose.
Ya, they are pesky pricks in the heat of summer.  I get beaned in the head with them when out sky watching at night.
Then there are those freaking lady bugs another story all together.

[L2Design]

To cover the bank fees!

AHAHHAH BARELY!!!

OH and that guy that LEFT AMERICA two decades ago...

People like me will stay and fight for this country not run and hide. Sorry...

I lived in Macae Brazil for my husband work and its sucks in other countrys. Everything in my being
told me to go back and fight for my country.

[Freeski]

Lol, yes we have June bugs just not the DU variety , er well, I mean that do not normally come that way anyway.
There is an army base about 120 miles from me so some could migrate from there I suppose.
Ya, they are pesky pricks in the heat of summer.  I get beaned in the head with them when out sky watching at night.
Then there are those freaking lady bugs another story all together.

They (aka "them") say lady bugs are harmless, but I'm not so sure.

[tritonman]

They (aka "them") say lady bugs are harmless, but I'm not so sure.

Ya, I know whay ya mean man......
                                       

[Freeski]

People like me will stay and fight for this country not run and hide. Sorry...

+1

Never surrender!

[larsonstdoc]

http://mobile.bloomberg.com/news/2011-11-11/mf-global-clients-frustrated-as-bankruptcy-keeps-assets-and-options-frozen?category=%2Fnews%2Fmostread%2F


MF Global Clients: Few Options to Reach Cash
By Tiffany Kary
November 11, 2011 7:14 PM EST
     Click 'Queue' to read later
 
Ted Monjure, a 48-year-old Manhattan trader who has $27,252 frozen in a former MF Global Inc. account, said he’s considering pulling his money out of his three other trading accounts.
“I’m a high net-worth person, and I don’t want to see $1 million get smoked by another misunderstanding,” Monjure said, recounting how he had thought the Securities Investor Protection Corp. covered any losses due to a meltdown such as the one at MF Global. He’s now been told SIPC may not cover the money because it was in a futures account while he faces months of uncertainty as he files a claim seeking recoveries.
Monjure is one of many MF Global customers who can’t access cash from segregated accounts they once thought were as safe and accessible as bank deposits. Frustrated by a lack of legal options to reclaim frozen funds and dead-end inquiries to call centers and hotlines since MF Global’s Oct. 31 bankruptcy, many aren’t able to trade and say they’ve lost faith in retail brokerages and the regulatory system.
More than 150,000 customer accounts were frozen Oct. 31, with $5.45 billion affected, the day after a unit of the New York-based brokerage reported a “material shortfall” in customer funds that are required to be segregated under rules of the U.S. Commodity Futures Trading Commission.

Collapse
MF Global listed $39.7 billion in debt and $41 billion in assets and said it has about $26 million in cash in its Oct. 31 bankruptcy filing. Jon Corzine, the former co-chief executive officer of Goldman Sachs Group Inc. (GS), quit as MF Global’s CEO on Nov. 4. CFTC Chairman Gary Gensler has recused himself from the agency’s investigation.
About $593 million of MF customer funds are unaccounted for, according to a person with knowledge of regulatory probes of the firm’s collapse.
While the brokerage’s parent, MF Global Holdings Inc., filed for bankruptcy to apportion returns to creditors, a trustee, James W. Giddens, took over to liquidate the brokerage under SIPC.
SIPC is a private, government-sponsored company that insures brokerage accounts for up to $500,000 in securities, as much as $250,000 of which may be in cash, in case the brokerage goes bankrupt. While SIPC covers losses in stocks and bonds, it doesn’t cover commodity futures contracts unless defined as specific property under certain conditions.

Mayhem
MF Global’s bankruptcy, the eighth largest in U.S. history, is causing mayhem for customers that may surpass what brokerage customers of Lehman Brothers Holdings Inc. suffered. Though Lehman’s bankruptcy, the largest in U.S. history, sent the world financial system into a tailspin, its brokerage customers benefitted from Barclays Plc’s takeover of its accounts on Lehman’s second day in court.
A transfer of MF Global’s accounts to qualified clearing firms began almost immediately, with a lawyer for Giddens saying accounts with open positions would be moved with 60 percent of their collateral, leaving 40 percent to MF Global or other parties who might have legal claim to it. As of Nov. 10, dozens of customers said they still hadn’t gotten their funds, and ICE, or IntercontinentialExchange Inc., had written a letter to the bankruptcy court asking for immediate release of customer cash.
Giddens told commodities customers he can’t let them have any more of their collateral until a probe into the “complex cash movements” at the defunct brokerage establishes the size of any shortfall.

Just Customers
“We didn’t think we were just customers,” said David Rosen, a 32-year-old energy broker who works at the New York Mercantile Exchange. “We’re the ones in the pits providing liquidity so everyone around the world can trade these products.”
Rosen is organizing exchange members to consider their legal options, and said his group will look to recover money from the bankrupt estate before considering who else they might be able to sue.
The CME said in court papers it has $2.5 billion of MF Global’s total $5.45 billion in customer segregated funds on deposit. The effect of frozen collateral has already been felt; volume for agricultural futures contracts traded on the CME and CBOT was 705,273 on Oct. 31, less than the 867,591 30-day average, and down 71,106 from the prior day.

[Optimus]

MF Global Money Now “Missing” After Reports It Was Sent To JP Morgan
http://www.infowars.com/mf-global-money-now-missing-after-reports-it-was-sent-to-jp-morgan/

[larsonstdoc]

MF Global Money Now “Missing” After Reports It Was Sent To JP Morgan
http://www.infowars.com/mf-global-money-now-missing-after-reports-it-was-sent-to-jp-morgan/

  I'll bet it's missing---only to Gerald Celente and the rest of the people they screwed.

[chris jones]

 Larson, creds++ on you posts.++
 This reminds me , in a way, of the 2.3 trillion the Pentagon lost the day before 911, they are theiving in the open,w/ no real  fear of reprisals.
 This will drag on, and eventually ,MABY, a fine will be intitiated, regulatory commission my arse.   
           

[larsonstdoc]

http://barnhardt.biz/


  Here is one cool story.  Ann Barnhardt is a smart, attractive woman, who( more importantly) has the highest ethics.  Ann Barnhardt shut down her company--Barnhardt Capital Management---BECAUSE SHE IS HONEST AND A WOMAN OF HIGH INTEGRITY.  CHECK OUT WHY SHE SHUT DOWN HER COMPANY.  Awesome.  If Wall Street had 1% of her ethics, they wouldn't be in the trouble they are in.

Some of her blog entry is below.


BCM HAS CEASED OPERATIONS (PART 1)
POSTED BY ANN BARNHARDT - NOVEMBER 17, AD 2011 10:27 AM MST
Dear Clients, Industry Colleagues and Friends of Barnhardt Capital Management,
It is with regret and unflinching moral certainty that I announce that Barnhardt Capital Management has ceased operations. After six years of operating as an independent introducing brokerage, and eight years of employment as a broker before that, I found myself, this morning, for the first time since I was 20 years old, watching the futures and options markets open not as a participant, but as a mere spectator.

The reason for my decision to pull the plug was excruciatingly simple: I could no longer tell my clients that their monies and positions were safe in the futures and options markets – because they are not. And this goes not just for my clients, but for every futures and options account in the United States. The entire system has been utterly destroyed by the MF Global collapse. Given this sad reality, I could not in good conscience take one more step as a commodity broker, soliciting trades that I knew were unsafe or holding funds that I knew to be in jeopardy.

The futures markets are very highly-leveraged and thus require an exceptionally firm base upon which to function. That base was the sacrosanct segregation of customer funds from clearing firm capital, with additional emergency financial backing provided by the exchanges themselves. Up until a few weeks ago, that base existed, and had worked flawlessly. Firms came and went, with some imploding in spectacular fashion. Whenever a firm failure happened, the customer funds were intact and the exchanges would step in to backstop everything and keep customers 100% liquid – even as their clearing firm collapsed and was quickly replaced by another firm within the system.

Everything changed just a few short weeks ago. A firm, led by a crony of the Obama regime, stole all of the non-margined cash held by customers of his firm. Let’s not sugar-coat this or make this crime seem “complex” and “abstract” by drowning ourselves in six-dollar words and uber-technical jargon. Jon Corzine STOLE the customer cash at MF Global. Knowing Jon Corzine, and knowing the abject lawlessness and contempt for humanity of the Marxist Obama regime and its cronies, this is not really a surprise. What was a surprise was the reaction of the exchanges and regulators. Their reaction has been to take a bad situation and make it orders of magnitude worse. Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable. The risk exposure precedent that has been set is completely intolerable and has destroyed the entire industry paradigm. No informed person can continue to engage these markets, and no moral person can continue to broker or facilitate customer engagement in what is now a massive game of Russian Roulette.

I have learned over the last week that MF Global is almost certainly the mere tip of the iceberg. There is massive industry-wide exposure to European sovereign junk debt. While other firms may not be as heavily leveraged as Corzine had MFG leveraged, and it is now thought that MFG’s leverage may have been in excess of 100:1, they are still suicidally leveraged and will likely stand massive, unmeetable collateral calls in the coming days and weeks as Europe inevitably collapses. I now suspect that the reason the Chicago Mercantile Exchange did not immediately step in to backstop the MFG implosion was because they knew and know that if they backstopped MFG, they would then be expected to backstop all of the other firms in the system when the failures began to cascade – and there simply isn’t that much money in the entire system. In short, the problem is a SYSTEMIC problem, not merely isolated to one firm.

And so, to the very unpleasant crux of the matter. The futures and options markets are no longer viable. It is my recommendation that ALL customers withdraw from all of the markets as soon as possible so that they have the best chance of protecting themselves and their equity. The system is no longer functioning with integrity and is suicidally risk-laden. The rule of law is non-existent, instead replaced with godless, criminal political cronyism.

Finally, I will not, under any circumstance, consider reforming and re-opening Barnhardt Capital Management, or any other iteration of a brokerage business, until Barack Obama has been removed from office AND the government of the United States has been sufficiently reformed and repopulated so as to engender my total and complete confidence in the government, its adherence to and enforcement of the rule of law, and in its competent and just regulatory oversight of any commodities markets that may reform. So long as the government remains criminal, it would serve no purpose whatsoever to attempt to rebuild the futures industry or my firm, because in a lawless environment, the same thievery and fraud would simply happen again, and the criminals would go unpunished, sheltered by the criminal oligarchy.

To my clients, who literally TO THE MAN agreed with my assessment of the situation, and were relieved to be exiting the markets, and many whom I now suspect stayed in the markets as long as they did only out of personal loyalty to me, I can only say thank you for the honor and pleasure of serving you over these last years, with some of my clients having been with me for over twelve years. I will continue to blog at Barnhardt.biz, which will be subtly re-skinned soon, and will continue my cattle marketing consultation business. I will still be here in the office, answering my phones, with the same phone numbers. Alas, my retirement came a few years earlier than I had anticipated, but there was no possible way to continue given the inevitability of the collapse of the global financial markets, the overthrow of our government, and the resulting collapse in the rule of law.

As for me, I can only echo the words of David:

“This is the Lord’s doing; and it is wonderful in our eyes.”

With Best Regards-
Ann Barnhardt

[KazKru]

http://barnhardt.biz/


  Here is one cool story.  Ann Barnhardt is a smart, attractive woman, who( more importantly) has the highest ethics.  Ann Barnhardt shut down her company--Barnhardt Capital Management---BECAUSE SHE IS HONEST AND A WOMAN OF HIGH INTEGRITY.  CHECK OUT WHY SHE SHUT DOWN HER COMPANY.  Awesome.  If Wall Street had 1% of her ethics, they wouldn't be in the trouble they are in.

Definitely not your typical Wall Streeter....check this out, she ain't without her controversy >  http://www.youtube.com/watch?v=riSJcZC89Hc

[larsonstdoc]

Definitely not your typical Wall Streeter....check this out, she ain't without her controversy >  http://www.youtube.com/watch?v=riSJcZC89Hc

  I saw that when I was researching the story above.  She does tell it like it is.  She seeks the truth and tries to find it.  We are fortunate to have people that seek the truth--AJ, Chapman, Celente, Tarpley, Keiser and a few others.  BECAUSE THE MSM USUALLY DOESN'T TELL US THE TRUTH.  THE MSM IS SUPPRESSING THIS MF GLOBAL STORY!!!!

 

[larsonstdoc]

http://www.youtube.com/watch?v=evquaoWOubY


         What actually happened with MF Global - 15 Nov 2011 Trends Research Institute


   A video report by Gerald Celente about the MF's (Gerald's term) at MF Global.

[larsonstdoc]

  Max Keiser and Mike (MISH) Shedlock on the MF Global Crisis.

            The  entire report is great.  Max and MISH discuss MF Global at the 18 minute mark.

                       http://maxkeiser.com/2011/11/17/kr211-keiser-report-simple-thieves-honest-graft/

                [KR211] Keiser Report – Simple Thieves & Honest Graft

We discuss simple thieves and honest graft. In the second half of the show, Max Keiser interviews Mike ‘Mish’ Shedlock about the European debt crisis and the MF Global missing funds crisis.

[larsonstdoc]

http://bottomline.msnbc.msn.com/_news/2011/11/17/8860036-judge-oks-520-million-payout-to-mf-global-customers

  Looks like Corzine and his minions want to avoid federal prison.

Judge OKs $520 million payout to MF Global customers



The trustee liquidating MF Global Holdings Ltd's broker-dealer unit won court permission to distribute $520 million of cash, providing relief to customers whose accounts have been frozen since the futures brokerage went bankrupt.
The payout represents 60 percent of the $869 million that has been frozen across commodity customer accounts that contained only cash, the trustee James Giddens has said.
Some 22,000 customers will be entitled to share in the payout. Giddens has said he expects to make the payout by Nov. 21.
A bevy of regulators and government agencies are still searching for about $600 million worth of customers' funds that allegedly went missing as MF Global, which was led by former New Jersey Governor Jon Corzine, struggled to stay afloat amid bad bets on European debt.
The Wall Street Journal reported Thursday that federal prosectors in New York and Chicago have issued subpoenas in the probe. The newspaper cited people familiar with the case.
Neither MF Global nor anybody at the firm has been charged with wrongdoing.

[larsonstdoc]

http://www.huffingtonpost.com/2011/11/19/mf-global-lawsuit-bofa-goldman-banks_n_1102779.html


BofA, Goldman Sachs, Other Banks Sued Over MF Global's Collapse
First Posted: 11/19/11 10:51 AM ET Updated: 11/19/11 10:51 AM ET

(Jonathan Stempel) - Seven banks that helped MF Global Holdings Ltd sell bonds were sued by pension funds who said the bonds' offering prospectuses concealed problems that led to the futures brokerage's collapse.

The lawsuit was filed Friday afternoon in Manhattan federal court against units of Bank of America Corp, Citigroup Inc, Deutsche Bank AG, Goldman Sachs Group Inc, Jefferies Group Inc, JPMorgan Chase & Co and Royal Bank of Scotland Group Plc.

Other defendants include several officials associated with MF Global, including former Chief Executive Jon Corzine.

Friday's lawsuit may be one of the earliest efforts for investors to recover money from relatively deep-pocketed defendants that they believe may share in responsibility for MF Global's October 31 bankruptcy.

Bank of America spokeswoman Shirley Norton, Citigroup spokeswoman Danielle Romero-Apsilos and Jefferies spokesman Richard Khaleel declined to comment. The remaining banks did not immediately respond to requests for comment.

According to the complaint, the registration statements and prospectuses for about $900 million of MF Global note offerings this year omitted how the company was using high leverage, investing heavily in risky European sovereign debt, and not properly segregating client assets from its own.

[larsonstdoc]

http://online.wsj.com/article/SB10001424052970203611404577046572738699862.html?mod=googlenews_wsj



  MF Global---a bunch of shifty bankers.

MF Global Moved Clients' Funds to BNY Mellon

By AARON LUCCHETTI

MF Global Holdings Ltd. moved hundreds of millions of dollars in customer money from its U.S. brokerage unit to Bank of New York Mellon Corp. in August, more than two months before the securities firm filed for bankruptcy protection, according to people familiar with the matter.

There is no sign the move has anything to do with the estimated $600 million in missing customer money at MF Global that regulators have been hunting for since the Chapter 11 filing on Oct. 31.

But the shift came as U.S. securities regulators were requiring this summer that MF Global set aside more capital in its U.S. brokerage unit to cushion against possible losses from the firm's $6.3 billion bet on European sovereign debt.



MF Global Research Group to Join Guggenheim Partners
Around the same time, MF Global sharply reduced the amount of overseas customers assets it held in its U.S brokerage, according to regulatory records. Customer segregated funds in the unit overall declined to $7.3 billion from $8.8 billion, while Bank of New York's segregated customer funds increased to $500 million from $45 million the prior month.

MF Global's reduction in the customer funds it kept in its U.S. brokerage softened the blow of the increased capital requirements imposed by the Securities and Exchange Commission and the Financial Industry Regulatory Authority. That's the because the SEC requirements applied specifically to the U.S. brokerage.

The decision affected customers of MF Global outside the U.S., including in the U.K., according to people familiar with the situation. The money shifted to BNY Mellon remained in customers' segregated accounts, as required by U.S. rules, according to a person familiar with the matter. The money also was still under the MF umbrella and only housed at BNY Mellon.

[larsonstdoc]

  If you have been screwed by the MF's at MF Global, here are the ambulance chasers (lawyers) to help you.

                           http://mfglobal-lawsuit.com/

[larsonstdoc]

http://online.wsj.com/article/SB10001424052970203503204577036121546036502.html

  Funny how most of these articles about MF Global have some common words---Goldman Sachs and no allegations of wrong doing.
[/color][/size]

  MF Global's President (Corzine's Puppet) in the Headlights
[color]



Even before Jon S. Corzine had lured Bradley Abelow in September 2010 to serve as his top deputy at MF Global Holdings Ltd., the firm's chief executive was already saving key decisions for his trusted aide.

 
Even before Jon S. Corzine had lured Bradley Abelow in September 2010 to serve as his top deputy at MF Global, the firm's chief executive was already saving key decisions for his trusted aide. Aaron Lucchetti discusses on The News Hub.

"Jon would even say, 'Wait until Brad gets here,' " said Peter Forlenza, who served as MF Global's global head of equities until last week. "It was almost like there was a messiah coming, and he was going to clean everything up."

With MF Global now in bankruptcy court and Mr. Corzine having resigned, Mr. Abelow, who worked closely with his boss at the New Jersey statehouse and shared his Goldman Sachs pedigree, has been left to sort things out.

Mr. Abelow didn't respond to requests for comment. A spokesman for Mr. Corzine declined to comment.

Two weeks after MF Global's Oct. 31 Chapter 11 filing, Mr. Abelow, 53 years old, the firm's president and chief operating officer, is untangling a thicket of assets and dealing with creditors, customers and regulators who have grown increasingly frustrated with the firm's inability to find about $600 million in client money.

No allegations of wrongdoing have been made against Mr. Abelow. He is working to secure loans to keep the firm afloat as it winds down, while trying to sell businesses, securities, real estate and other assets as MF Global seeks to pay off creditors, people familiar with the matter said.

[kerrymti]

Thanks larsonstdoc.  It makes me sick to my stomach that everyone I talk to about this MF sh*t (the name "MF" has not escaped me either!), immediately looses interest.  Their eyes glaze over and they do not see the ramifications of this theft.  I believe people will look back at this episode and realize that this was one of the first stones thrown in the collapse.

[larsonstdoc]

Thanks larsonstdoc.  It makes me sick to my stomach that everyone I talk to about this MF sh*t (the name "MF" has not escaped me either!), immediately looses interest.  Their eyes glaze over and they do not see the ramifications of this theft.  I believe people will look back at this episode and realize that this was one of the first stones thrown in the collapse.

 We are fortunate that Gerald Celente will not let up on these crooks.  He was furious on the AJ Show yesterday (Friday, 11-18-11).

  I still cannot "double confirm " the story above that $520 million is going to be given back to the customers of MF Global.  It was written by MSNBC--the Goldman Sachs/ Obama Channel.

[larsonstdoc]

http://www.cnbc.com/id/45360952


  This story goes back and forth.  Yes we're gonna give the money back in one article and then an article like this one that says the customers have probably lost their money.  I BELIEVE THIS ONE!!!!


The MF Global Money Is Probably Gone: Source  
                                                                                                                                                                                 Hundreds of millions of dollars of customer funds missing from MF Global is probably just gone.

A lawyer briefed on the progress of the investigation being undertaken by various government regulators tells me that investigators now believe MF Global used customer money to make trades, such as buying sovereign debt securities.

Earlier this week, there was hope the money would turn out to be held as collateral in an account with one of MF Global's creditors, such as JP Morgan Chase [JPM  30.62     0.13  (+0.43%)      ] or Deutsche Bank [DB  36.57     0.54  (+1.5%)      ]. But that does not now seem to be the case.

"What the investigation is focusing on now is who, if anyone, knew it was client money," the lawyer tells me.

MF Global used customer funds in a variety of ways, he says. In the futures business, MF Global was allowed to use "idle" cash in customer accounts to make investments on its own behalf. It would buy bonds and keep the coupon on them. The higher the coupon, the more profitable this was for the company.

The firm would also "borrow" from its clients accounts, posting collateral such as U.S. Treasurys. But as the New York Times has reported, the firm stopped backing the loans from customer accounts sometime in October. Basically, they just took the cash out.

If this is right, it is probably impossible to recover the missing funds.

[Freeski]

  If you have been screwed by the MF's at MF Global, here are the ambulance chasers (lawyers) to help you.

                           http://mfglobal-lawsuit.com/

Why not? You should be fully reimbursed for being screwed. Plus damages!

[larsonstdoc]

Why not? You should be fully reimbursed for being screwed. Plus damages!

  Without question.

[larsonstdoc]

http://maxkeiser.com/2011/11/20/kr212-keiser-report-vampire-banker-hunter/


  MORE ON MF GLOBAL from Max Keiser.

  There is video of an old Cadilac in Pennsylvania that has a Keiser-Celente 2012 on the bumper.

  Max is so entertaining.  Laughing at the crooked scum banksters.

[Optimus]

MF Global Customer Accounts May Be Missing $1.2 Billion
http://cryptogon.com/?p=26095
November 21st, 2011

Via: Washington Post:

The amount of customer funds missing from accounts at the bankrupt brokerage MF Global “may be as much as $1.2 billion or more,” the trustee overseeing the firm’s liquidation said Monday.

That would be roughly double previous estimates of about $600 million.

In a statement, trustee James W. Giddens said the estimate is preliminary and “may well change.”

MF Global collapsed while under the leadership of Jon S. Corzine, who was previously governor of New Jersey, a U.S. senator, and the head of Goldman Sachs. MF Global made costly bets on European government bonds.

A variety of federal and industry authorities, including the FBI, have been trying to track down money that should have been kept in customer accounts.

“At present, the Trustee believes that even if he recovers everything that is at US depositories, the apparent shortfall in what MF Global management should have segregated at U.S. depositories may be as much as $1.2 billion or more,” the trustee said in the Monday statement.

[White_Zombie]

I could listen to Gerald Celente all day... This guy is right on the money!!!!! Go Gerald Go!!!!

[Freeski]

I could listen to Gerald Celente all day... This guy is right on the money!!!!! Go Ron Go!!!!

Fixed!

[larsonstdoc]

http://www.huffingtonpost.com/2011/11/23/mf-global-customers_n_1109662.html


  Jon Corzine , Ex-MF Global CEO, To Testify; Customers See Reason For Hope

 

(Nick Brown, Christopher Doering and Jonathan Stempel) - Former customers of MF Global Holdings Ltd got some good news on Tuesday, as the bankruptcy trustee secured more assets and the CME Group Inc expanded a guarantee to speed the return of frozen funds.

Meanwhile, Jon Corzine, who has been publicly silent since resigning as MF Global's chief executive on November 4, was asked to appear before Congress next month to explain how his futures brokerage, among the largest in the United States, collapsed into bankruptcy so fast.

Also on Tuesday U.S. Bankruptcy Judge Martin Glenn at a hearing in Manhattan approved the appointment of a bankruptcy trustee to oversee what remains of MF Global, wresting control from the remnants of its management team.

James Giddens, the trustee liquidating MF Global's broker-dealer unit, said he expects to soon recover $1.3 billion of assets from Bank of Montreal's Harris Bank unit, but these funds are not those missing from customer accounts.

Giddens still estimates the shortfall in customers' accounts at $1.2 billion - a figure the CME said on Tuesday was an overestimate. Giddens said the funds from Chicago-based Harris Bank will go toward repaying some customers who had feared the loss of more than 20 percent of their accounts.

[Catalina]

Tyranny derives from the oligarchy’s “mistrust of the people; hence they deprive them of arms, ill-treat the lower class, and keep them from residing in the capital. These are common to oligarchy and tyranny. — Aristotle

[larsonstdoc]

http://www.humanevents.com/article.php?id=47938



Claim: Clinton Collected $50K Per Month From MF Global


A former MF Global employee accused former president William J. Clinton of collecting $50,000 per month through his Teneo advisory firm in the months before the brokerage careened towards its Halloween filing for Chapter 11 bankruptcy.

Teneo was hired by MF Global’s former CEO Jon S. Corzine to improve his image and to enhance his connections with Clinton’s political family, said the employee, who asked that his name be withheld because he feared retribution.

“They were supposed to be helping Corzine improve his image as a CEO—I guess you can tell how that went,” he said. Corzine resigned as CEO and chairman November 4.

[Catalina]

The Gold "Rehypothecation" Unwind Begins: HSBC Sues MF Global Over Disputed Ownership Of Physical Gold

Essentially, this is at the heart of the whole commingling situation: was MF Global using rehypothecated client gold to satisfy liabilities? The thought alone should send shivers up the spine of all those gold "bugs" who have been warning about precisely this for years. Because the implications could be staggering.

http://www.zerohedge.com/news/gold-rehypotecation-unwind-begins-hsbc-sues-mf-global-over-disputed-ownership-physical-gold

[Freeski]

Tyranny derives from the oligarchy’s “mistrust of the people; hence they deprive them of arms, ill-treat the lower class, and keep them from residing in the capital. These are common to oligarchy and tyranny. — Aristotle

Immoral control freaks is what they are.

[White_Zombie]

Gerald needs to be on more often...