Posted on 11/17/2011 11:45:32 AM PST by tcrlaf
Presenting The First MF Global Casualty
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.
(Excerpt) Read more at zerohedge.com ...
"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.
Hang on to your hats, folks....
This item is viral on Wall Street.
Another damning money quote!!
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.
My educated guess is that Corzine will spend less time in jail than a jaywalker does.
Something stinks.
It’s only a matter of time before we get another government-sanctioned heist (a.k.a. Wall Street bailout) shoved down our throats. I can see and feel it coming already.
Un-flipping-believable....this pretty much says it all. Ann doesn’t mince words.
This is standard practice, if there is the appearance of impropriety by a firm, all the accounts are frozen.
My grandfather had one of his retirement accounts frozen for months, because the SEC found an irregularity in another fund at the same firm. They had to do a complete forensic accounting investigation of all monies the firm was responsible for, so ALL ACCOUNTS were frozen, not just the fund in question.
Its a good solid policy to find out what is going on, it sucks if you are one of the victims but if they didn’t there would be no way for them to figure out what happened.
Rush is mentionioning this now!
Rush is talking about this piece right now.
Rush on this now!
Beat him by 5 minutes!!
They certainly are a bunch of MFers, alright.
Rush said (about 15-20 minutes ago) that the whole world was on the brink of collapse.
You don't think Rush checks out FR for breaking news?
Rush said (about 15-20 minutes ago) that the whole world was on the brink of collapse.
This is the same women with brass ones that dared to show the map of the world and where all the cousins are marrying their cousins in the highest percentages. Hint, it ain’t the Amish....
And I feel fine.
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