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The Entire System Has Been Utterly Destroyed By The MF Global Collapse
Zerohedge ^ | 11-17-11 | Tyler Durden

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 ...


TOPICS: Business/Economy
KEYWORDS: collapse; corruption; corzine; democratcorruption; democrats; liberalfascism; mfglobal; nodemocrats2012; obama; socialistdemocrats; theft
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The MONEY QUOTE you won't be seeing on MSNBC, or any other major Non-FOX US Network:

"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....

1 posted on 11/17/2011 11:45:44 AM PST by tcrlaf
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To: tcrlaf

This item is viral on Wall Street.


2 posted on 11/17/2011 11:47:59 AM PST by NativeNewYorker (Freepin' Jew Boy)
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To: tcrlaf

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.


3 posted on 11/17/2011 11:48:20 AM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: tcrlaf

My educated guess is that Corzine will spend less time in jail than a jaywalker does.

Something stinks.


4 posted on 11/17/2011 11:48:45 AM PST by cvq3842
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To: cvq3842

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.


5 posted on 11/17/2011 11:51:40 AM PST by jpl (The government spent another half a million bucks in the time it just took you to read this tagline.)
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To: tcrlaf

Un-flipping-believable....this pretty much says it all. Ann doesn’t mince words.


6 posted on 11/17/2011 11:52:13 AM PST by Jane Long (Soli Deo Gloria!)
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To: tcrlaf
"The first step in community organization is community disorganization."

-- Saul Alinsky

7 posted on 11/17/2011 11:52:33 AM PST by pgyanke (Republicans get in trouble when not living up to their principles. Democrats... when they do.)
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To: blam; TigerLikesRooster
So far, so good...


8 posted on 11/17/2011 11:53:17 AM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: tcrlaf

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.


9 posted on 11/17/2011 11:53:42 AM PST by HamiltonJay
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To: tcrlaf

Rush is mentionioning this now!


10 posted on 11/17/2011 11:56:03 AM PST by infool7 (Let us water the tree...)
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To: tcrlaf

Rush is talking about this piece right now.


11 posted on 11/17/2011 11:56:10 AM PST by Libloather (The epitome of civility.)
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To: tcrlaf; All

Rush on this now!
Beat him by 5 minutes!!


12 posted on 11/17/2011 11:57:20 AM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: Travis McGee; tcrlaf; Kartographer
Are You Prepared For What’s Coming?
13 posted on 11/17/2011 11:57:33 AM PST by blam
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To: tcrlaf

They certainly are a bunch of MFers, alright.


14 posted on 11/17/2011 11:58:43 AM PST by dfwgator (I stand with Herman Cain.)
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To: infool7

Rush said (about 15-20 minutes ago) that the whole world was on the brink of collapse.


15 posted on 11/17/2011 11:59:10 AM PST by blam
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To: tcrlaf
Beat him by 5 minutes!!

You don't think Rush checks out FR for breaking news?

16 posted on 11/17/2011 11:59:10 AM PST by Libloather (The epitome of civility.)
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To: infool7

Rush said (about 15-20 minutes ago) that the whole world was on the brink of collapse.


17 posted on 11/17/2011 11:59:30 AM PST by blam
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To: NativeNewYorker

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....


18 posted on 11/17/2011 11:59:51 AM PST by taildragger (( Palin / Mulally 2012 ))
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To: blam
that the whole world was on the brink of collapse.

And I feel fine.

19 posted on 11/17/2011 12:00:54 PM PST by dfwgator (I stand with Herman Cain.)
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To: Libloather
I beat your post by seven seconds but if you count the egregious spelling error, I must concede the win to you since activating the spell checker would have cost me at least 10 seconds
20 posted on 11/17/2011 12:04:13 PM PST by infool7 (Let us water the tree...)
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To: tcrlaf

God bless Ann.


21 posted on 11/17/2011 12:04:35 PM PST by Mortrey (Impeach President Soros)
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To: tcrlaf
Alarmist or a canary? I also wonder if we will soon hear of an investigation into the operations of Barnhardt Capital Management.
22 posted on 11/17/2011 12:06:06 PM PST by Truth29
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To: tcrlaf

Umm, gee, I thought everything changed when the US government told secured bond holders of GM and Chrysler to get stuffed. Guess I was wrong.


23 posted on 11/17/2011 12:06:11 PM PST by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, or the jobs that go with it.)
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To: infool7

Black clouds cover the horizon, the lightening is flashing and there is the distant sound of thunder! The storm flags are going up, will you heed them?

I am very aware that if it’s the great end that there is nothing I can do to stop or change it, but history is full of instances and times when man or nature have caused such a calamity that people have cried out and begged God to end it all.

The bible has many verse such as this:

A prudent man sees danger and takes refuge, but the simple keep going and suffer for it.
NIV Proverbs 22:3

This verse and others are there for a reason and I urge all to take heed of them, because we are clearly on the edge. Everyday there is a new story about the ‘Yutes’ who grow more restless everyday and when you add the fact that because of the economy people are already on edge it won’t take much to set things off.

Reminds me of one of my favorite quotes:

“Star Trek: Deep Space Nine: The Siege of AR-558 (#7.8)” (1998)
Quark: Let me tell you something about Hew-mons, Nephew. They’re a wonderful, friendly people, as long as their bellies are full and their holosuites are working. But take away their creature comforts, deprive them of food, sleep, sonic showers, put their lives in jeopardy over an extended period of time and those same friendly, intelligent, wonderful people... will become as nasty and as violent as the most bloodthirsty Klingon. You don’t believe me? Look at those faces. Look in their eyes.

Today we have ‘yutes’ who roam our streets who are with out morals, without respect for law or life itself. They will look are you with the same ‘doll eyes’ a shark does before he eats you and they will feel no more compassion than the shark does.

That will be the test of many. Most preppers I know are Christian people and they will hesitate to do what they might have to do to stop the ‘yutes’. On the other hand the ‘yutes’ won’t think twice nor lose a minute of sleep, in fact they will smile and laugh about it.

For those who are just starting or are old hands at prepping you may find my Preparedness Manual helpfull. You can download it at:

http://www.tomeaker.com/kart/preparedness1i.pdf

For those of you who haven’t started already it’s time to prepare almost past time maybe. You needed to be stocking up on food guns, ammo, basic household supplies like soap, papergoods, cleaning supplies, good sturdy clothes including extra socks, underwear and extra shoes and boots, a extra couple changes of oil and filters for your car, tools, things you buy everyday start buying two and put one up.

If you like to read more about what SHTF in Bosnia was like take a look at this post on Bosnia War Survivor Selco’s Blog at:

http://shtfschool.com/

“There is no greater disaster than to underestimate danger. Underestimation can be fatal.”

As the LDS say “When the emergency is upon us the time for preparedness has past.”


24 posted on 11/17/2011 12:07:21 PM PST by Kartographer (".. we mutually pledge to each other our lives, our fortunes, and our sacred honor.")
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To: Mortrey

Obama/Corzine - one Voice!!!


25 posted on 11/17/2011 12:08:42 PM PST by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: Libloather

While Rush and Sean will mention many of the websites they read they will never mention this one. The reason Rush brought this topic up is he was reading it here after it was posted. I have seen this happen many times with him even where he will say what a Freeper said as part of his dialogm

Basically if you read FR you will know where he and Sean get a lot of their content from.


26 posted on 11/17/2011 12:09:34 PM PST by stockpirate (Real hero's don't wear capes, they wear dog tags.)
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To: infool7
I must concede the win to you

What did I win? A NEW CAR!

27 posted on 11/17/2011 12:10:18 PM PST by Libloather (The epitome of civility.)
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To: stockpirate

In some regards FR’s strength is that it remains unremarked upon, while being the among the most potent forums in the world. And that “among” can be counted on one hand.


28 posted on 11/17/2011 12:14:18 PM PST by bvw
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To: blam

“Are You Prepared For What’s Coming?”

What? Me Worry? We do have SNAP now, doncha know. The Lord Government will provide.

Right????


29 posted on 11/17/2011 12:14:46 PM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: Libloather

I don’t know about a car but if you are in town when the SHTF I could spare a cigar and a shot of Jameson.


30 posted on 11/17/2011 12:20:31 PM PST by infool7 (Let us water the tree...)
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To: Libloather
What did I win? A NEW CAR!

No much better, a MAJOR AWARD!


31 posted on 11/17/2011 12:24:30 PM PST by McGruff (Hold the House, retake the Senate.)
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To: McGruff

32 posted on 11/17/2011 12:26:46 PM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: infool7

Remember the “ Boy Scout Motto” “ Be Prepared” It has always saved my bacon.


33 posted on 11/17/2011 12:26:56 PM PST by BooBoo1000 ("Think for yourself")
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To: infool7

Remember the “ Boy Scout Motto” “ Be Prepared” It has always saved my bacon.


34 posted on 11/17/2011 12:26:56 PM PST by BooBoo1000 ("Think for yourself")
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To: infool7

Remember the “ Boy Scout Motto” “ Be Prepared” It has always saved my bacon.


35 posted on 11/17/2011 12:27:14 PM PST by BooBoo1000 ("Think for yourself")
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To: GlockThe Vote

FromZerohedge:

“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.”

Department Of Homeland Security is on your a**. Have fun in Guantanimo you terrorist.

-Hussein Obama el Presidente


36 posted on 11/17/2011 12:28:19 PM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: Travis McGee
When financial reality finally catches up to the dream world in which many of us have been living, it will do so not with a gradual dawning, but rather with the searing shock of a bucket of ice water to the face.

Your metaphorical boat will go over the falls, not merely because it can no longer be driven back under its own power - it's too late for that - but because its passengers will either attempt to blink away peril, or else blindly head into the direction of disaster, rather than away from it.

If anyone plans on future "voyages", now is the time to make your own escape plans. The crew won't help you. They're too busy saving themselves. And here's the kicker: I'm an optimist. Many of us will make it. But they had better hear the bells ringing, and they are pealing loudly, right now.

37 posted on 11/17/2011 12:32:41 PM PST by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: tcrlaf

When she said “the entire system has been utterly destroyed” she meant the futures and options systems in which she operated.

Too much of the money in those markets has always been funny. Good riddance, at least for a while.


38 posted on 11/17/2011 12:38:20 PM PST by bvw
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To: andy58-in-nh
When financial reality finally catches up to the dream world in which many of us have been living, it will do so not with a gradual dawning, but rather with the searing shock of a bucket of ice water to the face.

You mean the dream world where we have searing ice water?

LOL....but I know what you mean.

39 posted on 11/17/2011 12:39:56 PM PST by edpc (Wilby 2012)
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To: tcrlaf

40 posted on 11/17/2011 12:40:10 PM PST by Donald Rumsfeld Fan ("Science is the belief in the ignorance of experts." Richard Feynman father of Quantum Physics)
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To: Libloather

I must concede the win to you
What did I win? A NEW CAR!


Yes you did. Jay, tell us about it;

IT’S A BRAND NEW YUGO !!!!


41 posted on 11/17/2011 12:42:13 PM PST by maine yankee (I got my Governor at 'Marden's')
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To: infool7; McGruff
...but if you are in town when the SHTF I could spare a cigar and a shot of Jameson.

Leg lamp or alcohol and tobacco. Hmmmmmm. OK, I'll go with the liquor and Macanudo. Besides, who really needs two leg lamps?

42 posted on 11/17/2011 12:43:39 PM PST by Libloather (The epitome of civility.)
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To: tcrlaf
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


43 posted on 11/17/2011 12:44:23 PM PST by Donald Rumsfeld Fan ("Science is the belief in the ignorance of experts." Richard Feynman father of Quantum Physics)
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To: tcrlaf
ATTENTION ALL FREEPERS: Videos of Ann Barnhardt on YouTube are an absolute must view. After watching them with my wife I turned to her and said “Hun, I may need a divorce”. You should start with this one: http://www.youtube.com/watch?v=6xqtYkd2gCs Enjoy!
44 posted on 11/17/2011 12:45:13 PM PST by Desron13
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To: tcrlaf

The S appears to be hitting the proverbial fan. Get your money out of the markets. Store food, water, and copper-jacked lead.


45 posted on 11/17/2011 12:48:34 PM PST by backwoods-engineer (Any politician who holds that the state accords rights is an oathbreaker and an "enemy... domestic.")
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To: tcrlaf
Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate. This is unfathomable.

It is, unfortunately, entirely fathomable - the banksters must be protected at all costs. No bankster shall be allowed to lose money. They must always be made whole despite their follies and crimes.

46 posted on 11/17/2011 12:49:29 PM PST by Paine in the Neck (Where's he getting these ideas? He's not smart enough to be that stupid all by himself.)
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To: tcrlaf

Miss Barnhardt also recently announced her refusal henceforth to pay taxes on her income. The IRS tends to take a dim view of such announcements. And I’m sure the photo with the pink M16 is making a real impression with the U.S. Marshals.

She’s right about almost everything, of course, but since when does that matter? Dynamic entry + Kangaroo court = ADX Florence.


47 posted on 11/17/2011 12:50:56 PM PST by Space Patrol Hoppa
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To: tcrlaf; stephenjohnbanker; Ernest_at_the_Beach; SierraWasp; Liz; tubebender; BOBTHENAILER; ...

Ann Barnhardt appears to an honest person, but she is at least a couple of decades late with her statement and actions.

As the Pelosi’s, George $orea$$’s, Opecker Princes and ???? made big money shorting the market and gaming futures with their created insider knowledge, the rest of us have been hung out to dry after being soaked with our market losses on the latest insider created boom/bust cycle treadmill.

With their self created insider knowledge, the Pelosi’s, SoreA$$es, Opecker Princes, and ???? have been able to short what had been winners just before the new downside happening became public and with futures get into the new winners before the rest of us.

While the rest of us chased the old insider winners in the stock market or our mutual fund managers did it for us. We or our investment managers bought/owned the mutual/stocks/etfs latest dying positive cycle with our money just in time to lose big time. So we lost again inspite of all the great financial advise for the so called investment gurus.


48 posted on 11/17/2011 12:51:36 PM PST by Grampa Dave (ILLEGAL IMMIGRATION IS DESTROYING AMERICA-LOOK AT WHAT IT DID TO THE WHITE HOUSE!)
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To: edpc
I plead "artistic license", I guess. But have you ever fallen (or jumped) into the ocean when the water temperature is in the low 30s? It burns, man. Then you just get numb.

Or maybe that was the alcohol offered after having been dared to act like a friggin' polar bear. ;-)

49 posted on 11/17/2011 12:53:48 PM PST by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: andy58-in-nh

Never tried it myself. Probably didn’t have enough “anti-freeze” in me to make the attempt.


50 posted on 11/17/2011 12:59:20 PM PST by edpc (Wilby 2012)
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