MF Global

A Run On The Global Banking System – How Close Are We?

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From the article:

As I write this, a lot of investors whom I know personally—who are sophisticated, wealthy, and not at all the paranoid type—are quietly pulling their money out of all brokerage firms, all banks, all equity firms. They are quietly trading out of their paper assets and going into the actual, physical asset.

Note that they’re not trading into the asset—they’re simply exchanging their paper-asset for the real thing.

Sounds familiar, doesn’t it?

Prepare for collapse.

– A Run On The Global Banking System—How Close Are We? (Gonzalo Lira, Dec. 27, 2011):

Nine weeks after its bankruptcy, the general public still hasn’t quite realized the implications of the MF Global scandal.

Once he looks down, then he’ll begin to fall.

My own sense is, this is the first tremor of the earthquake that’s coming to the global financial system. And how the central banks and financial regulators treated the “Systemically Important Financial Institutions” that had exposure to MF Global—to the detriment of the ordinary, blameless customer who got royally ripped off in its bankruptcy—is both the template of how the next financial crisis will be handled, and an accelerator that will make the next crisis happen that much sooner.

So first off, what happened with MF Global?

Read moreA Run On The Global Banking System – How Close Are We?

Stolen MF Global Client Funds Traced Back To … JP Morgan

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See also:

– Max Keiser And Gerald Celente On MF Global Bankruptcy Implications – The JP Morgan Connection – Goldman Sachs – CME (‘Chicago Mafia Exchange’) – Gold, Silver – Syria, Iran – Entire Financial System Collapsing, One Big Global Ponzi Scheme – False Flag, WW III – Bank Holiday, Economic Martial Law – ‘YOUR MONEY ISN’T SAFE’

– JP Morgan Crashed MF Global to Avert COMEX Failure, They Stole All The Accounts That Were Going To Take Delivery – (Jim Rogers: QE Has Never Stopped – QE 3 Is Operation Twist)

– Who Gave Permission To A Bankrupt MF Global To Sell Italian Bonds To JP Morgan At A 5% Discount To Market Value?

– The Great Wall Street Rehypothecation Scandal: ‘Engaging In Hyper-Hypothecation Have Been … JP Morgan($546.2 Billion) And Morgan Stanley ($410 Billion)’

– The Gold ‘Rehypothecation’ Unwind Begins: HSBC Sues MF Global Over Disputed Ownership Of Physical Gold

– Jon Corzine: ‘Don’t know’ Where MF Global Customers’ $1.2 Billion Went (Video)

– Bill Clinton Collected $50,000 Per Month From MF Global

– Gerald Celente: ‘IT’S FASCIST. CAN’T YOU SEE IT?’ – ‘It’s A TAKEOVER’ – ‘Hail Obama!’ – ‘The United States Has Become One Big Warsaw Ghetto’


Jon S. Corzine, former chief of MF Global, testifying before a House financial services subcommittee about the firm’s collapse.

– E-Mail Clues in Tracking MF Global Client Funds (New York Times, Dec. 20, 2011):

Federal authorities investigating the collapse of MF Global have uncovered e-mails that detail the transfers of money in the firm’s last days, including transfers that contained customer money, according to people close to the investigation.

One e-mail chain refers to the transfer of roughly $200 million that MF Global owed JPMorgan Chase on Oct. 28 — the firm’s last business day before it filed for bankruptcy. In that chain, a senior official in the firm’s Chicago office was told to make the transfer, said the people close to the investigation who requested anonymity because the inquiry was still open.

That official, Edith O’Brien, a treasurer at MF Global, is considered a “person of interest” in the investigation, said two of the people, who added that authorities expected to interview her in the coming days. It was not clear who had directed Ms. O’Brien, whose job was to oversee the customer money, to make the Oct. 28 transfer. The roughly $200 million that JPMorgan Chase received is said to be entirely customer money.

Ms. O’Brien has hired a prominent criminal defense lawyer, Reid H. Weingarten of Steptoe & Johnson, according to one of the people. Ms. O’Brien has not been accused of any wrongdoing. And there is no indication that she had reason to suspect that the money being transferred included customer money.

Read moreStolen MF Global Client Funds Traced Back To … JP Morgan

Max Keiser And Gerald Celente On MF Global Bankruptcy Implications – The JP Morgan Connection – Goldman Sachs – CME (‘Chicago Mafia Exchange’) – Gold, Silver – Syria, Iran – Entire Financial System Collapsing, One Big Global Ponzi Scheme – False Flag, WW III – Bank Holiday, Economic Martial Law – ‘YOUR MONEY ISN’T SAFE’

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YouTube Added: 17.12.2011

Description:

In this edition of the show Max interviews Gerald Celente from Trendsjournal.com.

Gerald Celente is a trends forecaster who was recently defrauded by MF Global run by former New Jersey governor, Jon Corzine, who was also former head of Goldman Sachs.

When MF Global collapsed, client cash was taken and apparently transferred to creditors, like JP Morgan.

This commingling of funds has violated the very foundation of the futures market and we talk to Celente about whether he will ever invest money with a brokerage again?

JP Morgan Crashed MF Global to Avert COMEX Failure, They Stole All The Accounts That Were Going To Take Delivery – (Jim Rogers: QE Has Never Stopped – QE 3 Is Operation Twist)

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Gerald Celente (not only) on MF Global:

– Gerald Celente: ‘IT’S FASCIST. CAN’T YOU SEE IT?’ – ‘It’s A TAKEOVER’ – ‘Hail Obama!’ – ‘The United States Has Become One Big Warsaw Ghetto’

– Gerald Celente Endorses Ron Paul For President – ‘The Entire Economic System Is Collapsing’ – ‘Fascism Has Come To America In Every Form’ (Video – Nov. 29, 2011)

Jim Rogers on QE 3:

– Jim Rogers: QE NEVER STOPPED – The Fed Is Lying About QE 3 – Rising Money Supply Proves There Is QE 3 – On MF Global (Video)

For your information.

– Explosive Interview Jim Willie “JP Morgan Crashed MF Global to Avert COMEX Failure, they stole all the accounts that were going to take delivery” (Sherry Questioning All, Dec. 13, 2011):

This is an absolutely Explosive Interview Silver Doctors has that Jim Willie of the Golden Jackass
did with Bull Market Thinking.

Silver Doctor has allowed me to reproduce the transcript of what they have on the page in regards to what Jim Willie said about MF Global.

If this is true then this is completely Explosive and the Comex and JP Morgan stole everyone’s money to avoid a default!  But don’t expect the government to hold them accountable, especially since the Judge assigned the trustee for MF Global that is a counsel for JP Morgan.

Portions of Jim Willie’s interview with Bull Market Thinking:

The YouTube videos of the interview are at the bottom.

We had a COMEX system failure in November.  COMEX was ready to default on gold and silver in November.  Rather than honor delivery demands in gold and silver- JP Morgan simply stole the money in the accounts that were going to stand for delivery.  They had their pockets picked while they were standing in line at the delivery window.  Notices of delivery were replaced at stolen accounts!

Read moreJP Morgan Crashed MF Global to Avert COMEX Failure, They Stole All The Accounts That Were Going To Take Delivery – (Jim Rogers: QE Has Never Stopped – QE 3 Is Operation Twist)

Who Gave Permission To A Bankrupt MF Global To Sell Italian Bonds To JP Morgan At A 5% Discount To Market Value?

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– Who Gave Permission To A Bankrupt MF Global To Sell Italian Bonds To JPM At A 5% Discount To Market Value? (ZeroHedge, Dec. 13, 2011):

We already knew previously that shortly after it filed for bankruptcy, George Soros bought $2 billion in Italian bonds from the bankrupt MF Global. One thing we did not know was the terms of the purchase. Today, the WSJ has disclosed another facet of the bankruptcy which like Lehman will expose gigabytes of dirt on the corrupt US financial system. Namely, that after liquidating, MF sold Italian bonds – the culprit that ultimately led to the bank’s bankruptcy – to none other than JP Morgan and “one large hedge fund.”So far so good. Where it gets disturbing is that as the WSJ discloses, “buyers paid about 89 cents on the dollar for the Italian bonds, compared with a market price of about 94 cents at the time, according to the trader who bought them…Today, those bonds trade at more than 96 cents, according to Tradeweb.” Our question is first, why did the bankrupt MF Global estate proceed to unload post-filing assets and under whose discretion: after all the company had entered bankruptcy, and it is up to the estate, which includes bondholders and other stakeholders to determine what assets and under what conditions, can be liquidated. Did MF Global believe that the same exemption from the law that it apparently thought was applicable to its pre-petition, was also valid under bankruptcy? Because if the firm did not get prior-permission form a bankruptcy judge to liquidate these assets, this is an act far worse than commingling and even the firesale of Lehman’s US Brokerage to Barclays for pennies on the dollar – this is flaunting bankruptcy law front and center.

Secondly, and perhaps just as important, who on the estate agreed to give JPM a 5% explicit discount to what the article notes was a fair price that is 5% higher and which by definition would have had bidders at that price. We hope someone in the Senate will take a quick look at this note, and the related WSJ article, and ask Messrs Corzine et al to provide some much needed clarity on this topic.

Jim Rogers: QE NEVER STOPPED – The Fed Is Lying About QE 3 – Rising Money Supply Proves There Is QE 3 – On MF Global (Video)

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YouTube Added: 22.11.2011

The Great Wall Street Rehypothecation Scandal: ‘Engaging In Hyper-Hypothecation Have Been … JP Morgan($546.2 Billion) And Morgan Stanley ($410 Billion)’

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– The Denials Begin: Interactive Brokers Is First To Claim It Has Not Engaged In Commingling Rehypothecation (ZeroHedge, Dec. 10, 2011):

Now that the rehypothecation bogeyman has been let loose, and the question of just how many paper (and apparently physical) assets have been double, triple, and n-counted (where n can be a number up to “infinity”) by the infinitely daisy-chained modern global financial system in which one’s liability is someone else’s asset….apparently up to infinity times, the next logical step was for the firms named in the original Reuters article (‘MF Global and the great Wall St re-hypothecation scandal’) to step up and begin denials they had anything to do with anything. Sure enough, below is the first (of many) such response, by Interactive Brokers, claiming it has been greatly misunderstood and unlike MF Global, it has done nothing wrong at all. Of note is that IB was simply one of many brokers mentioned in the Reuters piece, where we read that

“Engaging in hyper-hypothecation have been Goldman Sachs ($28.17 billion re-hypothecated in 2011), Canadian Imperial Bank of Commerce (re-pledged $72 billion in client assets), Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging), Oppenheimer Holdings ($15.3 million), Credit Suisse (CHF 332 billion), Knight Capital Group ($1.17 billion),Interactive Brokers ($14.5 billion), Wells Fargo ($19.6 billion), JP Morgan($546.2 billion) and Morgan Stanley ($410 billion).“

Sure enough, we predicted a firm would have to promptly step up and “deny all charges.” To wit: “Oh Jefferies, Jefferies, Jefferies. Barely did you manage to escape the gauntlet of accusation of untenable gross (if not net) sovereign exposure, that you will soon, potentially as early as tomorrow, have to defend your zany rehypothecation practices.” As it turns out Jefferies, and all the other mentioned banks tried to avoid this festering can of worms by completely ignoring the topic… until Interactive Brokers’ response now demands that every single named bank has to do the same and come out with an outright explanation of why it has billions in hyper-hypothecation, or else not journalists and bloggers, but the market itself will suddenly start asking questions. Something tells us it will not be nearly as easy enough for the others to deny all charges… Incidentally, if this indeed becomes “the next big thing”, what the potential collapse of (re) hypothection means is that PBs will be unable to lend out shares anymore, in effect collapsing stock shorting as there is one giant short stock recall/forced buy in. Ironicaly the unwind of the biggest market fraud could result in the entire market pulling one last “Volkswagen“style hurrah, before all hell breaks loose.

From Interactive Brokers

Read moreThe Great Wall Street Rehypothecation Scandal: ‘Engaging In Hyper-Hypothecation Have Been … JP Morgan($546.2 Billion) And Morgan Stanley ($410 Billion)’

Eric Sprott Fights PM Manipulation Fire With Fire: Calls Silver Producers To Retain Silver Produced As ‘Cash’

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See also:

– Eric Sprott To Buy $1.5 BILLION In PHYSICAL Silver

Flashback:

– James G. Rickards of Omnis Inc.: Get Your Gold Out Of The Banking System

– US DEPARTMENT OF HOMELAND SECURITY HAS TOLD BANKS – IN WRITING – IT MAY INSPECT SAFE DEPOSIT BOXES WITHOUT WARRANT AND SEIZE ANY GOLD, SILVER, GUNS OR OTHER VALUABLES IT FINDS INSIDE THOSE BOXES!

– Eric Sprott Fights PM Manipulation Fire With Fire: Calls Silver Producers To Retain Silver Produced As “Cash”

In what is likely the most logical follow up to our post of the day, namely the news of the lawsuit between HSBC and MF Global over double-counted gold, or physical – not paper – that was “commingled” via rehypothecating or otherwise, we present readers with the monthly note by Eric Sprott titled “Silver Producers: A Call to Action” in which the Canadian commodities asset manager has had enough of what he perceives as subtle and/or not so subtle manipulation of the precious metal market, and in not so many words calls the silver miners of the world “to spring to action” and effectively establish supply controls to silver extraction to counteract paper market manipulation in the paper realm by treating their product as a currency and retaining it as “cash”. To wit: “instead of selling all their silver for cash and depositing that cash in a levered bank, silver miners should seriously consider storing a portion of their reserves in physical silver OUTSIDE OF THE BANKING SYSTEM. Why take on all the risks of the bank when you can hold hard cash through the very metal that you mine? Given the current environment, we see much greater risk holding cash in a bank than we do in holding precious metals. And it serves to remember that thanks to 0% interest rates, banks don’t pay their customers to take on those risks today.” And the math: “If silver miners were therefore to reinvest 25% of their 2011 earnings back into physical silver, they could potentially account for 21% of the approximate 300 million ounces (~$9 billion) available for investment in 2011. If they were to reinvest all their earnings back into silver, it would shrink available 2011 investment supply by 82%. This is a purely hypothetical exercise of course, but can you imagine the impact this practice would have on silver prices?” And there you go: Sprott ‘reputable’ entity to propose to fight manipulation with what is effectively collusion, which in the grand scheme of things is perfectly normal – after all, all is fair in love and war over a dying monetary model. Who could have thought that the jump from “proletariats” to “silver miners” would be so short.

From Eric Sprott

Silver Producers: A Call to Action

Read moreEric Sprott Fights PM Manipulation Fire With Fire: Calls Silver Producers To Retain Silver Produced As ‘Cash’

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

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Gerald Celente:

– Gerald Celente: ‘IT’S FASCIST. CAN’T YOU SEE IT?’ – ‘It’s A TAKEOVER’ – ‘Hail Obama!’ – ‘The United States Has Become One Big Warsaw Ghetto’

– Gerald Celente Endorses Ron Paul For President – ‘The Entire Economic System Is Collapsing’ – ‘Fascism Has Come To America In Every Form’ (Video – Nov. 29, 2011)

Flashback:

– James G. Rickards of Omnis Inc.: Get Your Gold Out Of The Banking System

– US DEPARTMENT OF HOMELAND SECURITY HAS TOLD BANKS – IN WRITING – IT MAY INSPECT SAFE DEPOSIT BOXES WITHOUT WARRANT AND SEIZE ANY GOLD, SILVER, GUNS OR OTHER VALUABLES IT FINDS INSIDE THOSE BOXES!

– The Gold “Rehypothecation” Unwind Begins: HSBC Sues MF Global Over Disputed Ownership Of Physical Gold (ZeroHedge, Dec. 9, 2011):

That paper gold, in the form of electronic ones and zeros, typically used by various gold ETFs, or anything really that is a stock certificate owned by the ubiquitous Cede & Co (read about the DTCC here), is in a worst case scenario immediately null and void as it is, as noted, nothing but ones and zeros on some hard disk that can be formatted with a keystroke, has long been known, and has been the reason why the so called gold bugs have always advocated keeping ultimate wealth safeguards away from any form of counterparty risk. Which in our day and age of infinite monetary interconnections, means virtually every financial entity. After all, just ask Gerald Celente what happened to his so-called gold held at MF Global, or as it is better known now: “General Unsecured Claim”, which may or may not receive a pennies on the dollar equitable treatment post liquidation. What, however, was less known is that physical gold in the hands of the very same insolvent financial syndicate of daisy-chained underfunded organizations, where the premature (or overdue) end of one now means the end of all, is also just as unsafe, if not more. Which is why we read with great distress a just broken story by Bloomberg according to which HSBC, that other great gold “depository” after JP Morgan (and the custodian of none other than GLD) is suing MG Global “to establish whether he or another person is the rightful owner of gold worth about $850,000 and silver bars underlying contracts between the brokerage and a client.” The notional amount is irrelevant: it could have been $0.01 or $1 trillion: what is very much relevant however, is whether or not MF Global was rehypothecating (there is that word again), or lending, or repoing, or whatever you want to call it, that one physical asset that it should not have been transferring ownership rights to under any circumstances. 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.

Read moreThe Gold ‘Rehypothecation’ Unwind Begins: HSBC Sues MF Global Over Disputed Ownership Of Physical Gold

Jon Corzine: ‘Don’t know’ Where MF Global Customers’ $1.2 Billion Went (Video)

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Gerald Celente (not only) on MF Global:

– Gerald Celente: ‘IT’S FASCIST. CAN’T YOU SEE IT?’ – ‘It’s A TAKEOVER’ – ‘Hail Obama!’ – ‘The United States Has Become One Big Warsaw Ghetto’

– Gerald Celente Endorses Ron Paul For President – ‘The Entire Economic System Is Collapsing’ – ‘Fascism Has Come To America In Every Form’ (Video – Nov. 29, 2011)

– Corzine: ‘Don’t know’ where MF Global customers’ $1.2B went (USA Today, Dec. 8, 2011):

Former MF Global chief executive Jon Corzine apologized “to all those affected” by the brokerage’s collapse Thursday as he told a congressional committee he doesn’t know what happened to $1.2 billion in missing customer funds.

Testifying under subpoena at a House Agriculture Committee hearing, Corzine, a former Democratic U.S. senator and ex-Goldman Sachs chief, portrayed himself as stunned about the massive shortfall that emerged as regulators and federal investigators began probing MF Global’s Oct. 31 bankruptcy.

“I simply do not know where the money is, or why the accounts have not been reconciled to date,” said Corzine, 64, in his first public comments since his resignation was announced four days after the bankruptcy filing.

Read moreJon Corzine: ‘Don’t know’ Where MF Global Customers’ $1.2 Billion Went (Video)

Bill Clinton Collected $50,000 Per Month From MF Global

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MF Global ‘details’ (Must-listen!):

– Gerald Celente: ‘IT’S FASCIST. CAN’T YOU SEE IT?’ – ‘It’s A TAKEOVER’ – ‘Hail Obama!’ – ‘The United States Has Become One Big Warsaw Ghetto’ (Video)

– Claim: Clinton Collected $50K Per Month From MF Global (Human Events, Dec. 5, 2011):

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.

Read moreBill Clinton Collected $50,000 Per Month From MF Global

Gerald Celente: ‘IT’S FASCIST. CAN’T YOU SEE IT?’ – ‘It’s A TAKEOVER’ – ‘Hail Obama!’ – ‘The United States Has Become One Big Warsaw Ghetto’

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A MUST-SEE!

And watch Joe Biden in the second video!

See also:

– The Federal Reserve And The $16 Trillion Bankster Bailout

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post

When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News

There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
– CNBC

Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal

A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist


YouTube Added: 03.12.2011


YouTube Added: 03.12.2011

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– Constitutional lawyer (Yale Law School graduate) & Founder Of Oath Keepers Stewart Rhodes: Senate Bill Declares War On Americans (Video)

– Wired: U.S. Senate Wants The Military To Lock You Up Without Trial

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– InfoWars: Senate Bill Would Allow US Military To Indefinitely Detain Americans Without Charge Or Trial Anywhere In The World

– Mother Jones: Is the US Getting Domestic Indefinite Military Detention (Also For US Citizens And Legal Permanent Residents) For Thanksgiving?

It Gets More Bizarre: MF Global Mixed Funds, Transferred Abroad

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Gerald Celente on MF Global (MUST-LISTEN!!!):

– Gerald Celente Endorses Ron Paul For President – ‘The Entire Economic System Is Collapsing’ – ‘Fascism Has Come To America In Every Form’ (Video – Nov. 29, 2011):

– Exclusive: MF Global mixed funds, transferred abroad (Reuters, Dec. 3, 2011):

WASHINGTON – Regulators investigating the collapse of MF Global have determined that the firm combined money between securities and futures accounts owned by customers, and transferred funds outside the country to at least one entity, a source said on Friday.

“The further we get into (the investigation) the more complex it is … but we’re making progress,” the source said, adding that the commingling and transferring of money is making it harder for regulators to determine what money belongs where.

MF Global took futures segregated money and put it into the account for customer securities, essentially mixing futures and securities that were both owned by customers, said an official familiar with the matter.

Until now, it was believed that only customer futures accounts were affected.

The source also told Reuters that MF Global had been using customer funds for “several days if not weeks” rather than just a few days before the firm collapsed.

Regulators had previously thought the firm was using customer funds on the Thursday and Friday before it filed for bankruptcy on October 31.

CME Group, the Chicago exchange where MF Global traded, said it had reviewed the company’s books a week before the bankruptcy and found no issues with the customer money.

Read moreIt Gets More Bizarre: MF Global Mixed Funds, Transferred Abroad

Gerald Celente Endorses Ron Paul For President – ‘The Entire Economic System Is Collapsing’ – ‘Fascism Has Come To America In Every Form’ (Video – Nov. 29, 2011)

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He endorses Ron Paul at 22:45.

A COMPLETE MUST-LISTEN!

I recommend you don’t miss one minute!


YouTube Added: 30.11.2011

See also:

– Gerald Celente – Trends Journal: URGENT-Special Report: Got Effed By MF Global. Who’s Going To Eff You?

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post

When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News

There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
– CNBC

Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal

A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist

Gerald Celente – Trends Journal: URGENT-Special Report: Got Effed By MF Global. Who’s Going To Eff You?

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If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post

When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News

There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
– CNBC

Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal

A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist

Prepare for collapse.

Before:

– And Now: $1.2 Billion Or More Missing From MF Global Customer Accounts

– RED ALERT: ‘The Entire System Has Been Utterly Destroyed By The MF Global Collapse’ – Barnhardt Capital Management, The First MF Global Casualty

– $600 Million Missing From MF Global Accounts (Reuters, Nov. 16, 2011) – Gerald Celente Just Got Burned By MF Global Bankruptcy: Gold Future Positions And Account Closed, Money Gone (RT, Nov. 14, 2011 – Video)

The following was sent to me by a reader.

By Gerald Celente (www.TrendsJournal.com):

KINGSTON, NY, 28 November 2011 — The MF Global bankruptcy has more far reaching implications than are currently being acknowledged. Not simply an isolated instance of corporate mismanagement resulting in disastrous and irreparable effects on options and commodity futures markets, the MF bankruptcy – the eighth-largest in US history – is a harbinger of much worse to come.

Don’t be taken in by today’s stock market bounce that’s based on the belief that Europe is coming closer to resolving its debt crisis, and that strong US Black Friday retail sales are a sign recession has been averted.

The European debt crisis is a long term-trend with no quick fixes. And the retail surge is no more than a flash mob spending spree hyped by a corporate media. The more they hype it and the more consumers spend, the more advertising space the media sells to retailers.

The MF meltdown, however, is symptomatic of a global economic system on the verge of collapse. No financial sector will escape unscathed: banks, brokerages, hedge funds, insurance companies, stocks and stock markets are all at risk.

When the evidence is pieced together, it proves how corrupt, bankrupt and dishonest the financial/political cabal that runs America is, and reveals the complicity of the media in covering up their masters’ misdeeds.

How I got Effed by MF Global, And Why it is Important to You I’ve been trading and buying gold since 1978. I am not a “speculator.” I buy coins and bullion as well as futures contracts. My involvement with MF Global went like this:

And Now: $1.2 Billion Or More Missing From MF Global Customer Accounts

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See also:

– RED ALERT: ‘The Entire System Has Been Utterly Destroyed By The MF Global Collapse’ – Barnhardt Capital Management, The First MF Global Casualty

– $600 Million Missing From MF Global Accounts (Reuters, Nov. 16, 2011) – Gerald Celente Just Got Burned By MF Global Bankruptcy: Gold Future Positions And Account Closed, Money Gone (RT, Nov. 14, 2011 – Video)

– MF Global customer accounts may be missing $1.2 billion, trustee says (Washington Post, Nov. 21, 2011):

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.

Read moreAnd Now: $1.2 Billion Or More Missing From MF Global Customer Accounts

RED ALERT: ‘The Entire System Has Been Utterly Destroyed By The MF Global Collapse’ – Barnhardt Capital Management, The First MF Global Casualty

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Again, prepare, prepare, prepare yourself for the greatest financial collapse in (known) world history.

“By failing to prepare, you are preparing to fail.”
– Benjamin Franklin

“When I tell people to prepare themselves for a dirty war, they ask me: “America against whom?” I tell them that for sure they will find someone.”
– Famous investor Marc Faber

See also:

– $600 Million Missing From MF Global Accounts (Reuters, Nov. 16, 2011) – Gerald Celente Just Got Burned By MF Global Bankruptcy: Gold Future Positions And Account Closed, Money Gone (RT, Nov. 14, 2011 – Video)

– ‘Call It The Mother Of All Margin Calls’: Up To 50,000 MF Global Customers Face Liquidation

Flashback:


Apocalyptic New York – The scene above was done in 1997, four years before the destruction of the Twin Towers. Other recognizable skyscrapers are the Chrysler Building and the Citigroup center.

– The Cathedral of St. John the Divine depicts the destruction of New York & Wall Street as described in the Book of Revelation (Nov. 25, 2009):

“I predict that within 2 years all of this will become very obvious to everyone.”

And now … (MUST-READ!)

– “The Entire System Has Been Utterly Destroyed By The MF Global Collapse” – Presenting The First MF Global Casualty (ZeroHedge, Nov. 17, 2011):

Presented without comment, merely to confirm that the market as we know it, no longer exists.

BCM Has Ceased Operations (source)

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.

Read moreRED ALERT: ‘The Entire System Has Been Utterly Destroyed By The MF Global Collapse’ – Barnhardt Capital Management, The First MF Global Casualty

$600 Million Missing From MF Global Accounts (Reuters, Nov. 16, 2011) – Gerald Celente Just Got Burned By MF Global Bankruptcy: Gold Future Positions And Account Closed, Money Gone (RT, Nov. 14, 2011 – Video)

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See also:

– MF Global may return funds, CFTC urges vigilance (Reuters, Nov. 16, 2011):

The amount represents 60 percent of the $869 million of cash that had been frozen, Giddens said in papers filed late Tuesday in U.S. bankruptcy court in Manhattan. A transfer could be made “within days” of court approval, Giddens said.

Commodities traders and exchanges have clamored for the release of the money. They contend that the freeze punished customers who amassed the cash by liquidating their trading positions prior to MF Global’s bankruptcy.

Customers may still get a payout even as investigators continue their pursuit of about $600 million that has gone missing from accounts of MF Global.

– MF Global Trustee Targets Distributions Beyond $520 Million (BusinessWeek, Nov. 16, 2011)

– MF Global trustee seeks cash release (Market Watch, Nov. 16, 2011)


YouTube Added: 14.11.2011

‘Call It The Mother Of All Margin Calls’: Up To 50,000 MF Global Customers Face Liquidation

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– Insight: MF Global clients face day of reckoning as margins call (Reuters, Nov. 3, 2011):

Call it the mother of all margin calls: Up to 50,000 former customers of bankrupt broker MF Global must find some $1 billion in additional collateral almost overnight, or be forced out of their trades.

Come Friday, with the mass transfer of commodity trading accounts from Jon Corzine’s fallen firm to six of its erstwhile rivals, margin clerks will be wrapping up a reckoning of how much additional money is needed to cover millions of positions. Clients who can’t quickly meet their margin will have to liquidate, making for a tumultuous day’s trade.

Read more‘Call It The Mother Of All Margin Calls’: Up To 50,000 MF Global Customers Face Liquidation