Posted on 08/04/2012 9:45:21 AM PDT by E. Pluribus Unum
Now, let's talk about all of you out there who are not permitted by your employer to liquidate your 401k. That decision rests with the PLAN ADMINISTRATOR, who is your employer, be it an individual or a board.
What kind soulless, psychopathic monster would refuse to let their own employees have access to their own money? What POSSIBLE reason could there be for a business owner or a board to refuse to fill out a few forms, sign at a few documents and just let people have their own money?
If your employer will not let you out of your 401k, you need to sit down and think long and hard about who you are working for, and why you are working for them, because they are, by definition, bad people.
Finally, what lesson can we learn from this? How about this: If you don't have access to something, if you cannot take physical possession of it, if all you have is someone telling you that they are taking care of your money, which you cannot touch or have access to - THEN IT ISN'T YOUR MONEY, AND IT NEVER WAS. In short, you have been conned.
If your employer won't let you liquidate your 401k, that means that your employer has CONNED YOU by telling you that they were paying you a wage of X, when in reality it was less than X by the amount of your 401k contribution amount. Go sit down and figure it out. Back out your 401K contributions off the top of your pay as if they never existed. THAT is your actual wage, if your employer refuses to let you out. Would you have ever agreed to work for that wage?
For those of you who come out on the other side of this collapse and war, you must always remember that if an asset is not FULLY liquid and available to you, then it isn't really yours at all, and you have to assume that all such arrangements are nefarious and must be rejected.
Bingo. If it gets to the point where the fed's start seizing 401k's, then they'll be going after bank accounts, real estate, farmlands, etc. too.
What is nuts is the things the big-government/big-corporate criminal enterprise are getting away with.
Good. Inflict the coup de grace now, while they are down, and do it without mercy. The acceptable path forward is in a world where the CME and NFA no longer exist, and a new paradigm is allowed to sprout, emerge and thrive over the deep, cold grave of these two entities. They are intrinsically unreformable - the rot is simply too deep.
CLICK HERE TO READ THE "LETTER TO CUSTOMERS" THE CME RELEASED YESTERDAY.
That is the sleaziest, filthiest, most wretched pile of degenerate lying crap those jackals have vomited out of their syphilitic, chancred pie holes yet. Please, let me explain.
In this letter the CME faux-laments the MF Global and PFG Best thefts, and claims that it cares deeply about customers and market integrity.
Bullshit, bullshit, bullshit.
The CME, last October and to this day, is sitting on an emergency slush fund which was created and funded for the SOLE PURPOSE of backstopping any FCM failures and thus fulfilling the CME's fiduciary duty as the "universal counterparty" and guarantor of every contract traded on the Exchange.
Do you know the size of this emergency fund?
Try EIGHT BILLION DOLLARS.
That's right. The CME could have EASILY backstopped, guaranteed and made completely whole every single MF Global account FIVE TIMES OVER given that Corzine stole $1.6 billion.
FIVE TIMES OVER.
PFG Best, at $225 million, would have been a popcorn flatulence to the CME.
And what, exactly did Terry Duffy and the rest of those psychopathic mafiosos do? Not a damn thing. Not only did they explicitly and criminally breach their fiduciary duty as the regulatory auditor of MF Global, and as the universal counterparty and guarantor, but in addition they actively cooperated in raping the MF Global customers by participating in the fraudulent bankruptcy filing which illegally put JP Morgan at the front of the line, and the customers at the end. There is no way that the CME didn't understand that the largest boutique FCM in the United States was a COMMODITY BROKERAGE and not a securities dealer, or that their army of lawyers just didn't understand the difference between Chapter 11 and Subchapter Four of the Chapter Seven Bankruptcy law, and the consequences. Fricking jackals.
This entire letter can be utterly destroyed with one very, very simple question:
Terry Duffy, will you tap the CME's emergency fund and make every MF Global and PFG Best customer whole by noon on Thursday?
Of course not. And that is the end of it, and that is why the CME must be euthanized RIGHT NOW.
Now the CME's volume is clearly drying up, and so the syphilitic pustules are trying to play Ike to the market's Tina Turner, begging Anna Mae to come back home for the next beating - and rest assured there will be more beatings. The Merc knows that the entire system is fraudulent and that more FCMs are as insolvent as MF Global and PFG Best. They know that the entire facade of "regulation", "oversight" and "auditing" is exactly that - a completely phony facade. The NFA is a con - a mafia front designed to shake down and destroy enemies and protect "friends".
Further, they are clearly so stupid that they don't realize that releasing a letter like this out of the blue does nothing but telegraph what deep, deep manure the CME is in. They're clearly trying to get as much "Muppet" money back in as they can before the poop hits the fan so that the salvage of the CME execs, JP Morgan and Goldman Sachs will be maximized.
For the love of all that is right in good in the universe, PLEASE pull out of the markets if you haven't already. End this. End it now. Boycott the CME not only to bring them down, but to protect yourself from the next "unfortunate and inexplicable misplacing" of customer funds. Pull your money out, stop trading and CRUSH the CME now. The sooner that happens, the sooner the market can start to maybe rebuild and establish a new, non-criminal path forward.
The rest of the article goes on to talk about how the NFA (National Futures Association) "missed" PFG Best's fraud, calling it "extremely complicated."I'm sorry, but Photoshopping bank statements is not "extremely complicated." It is in fact amateur hour, and so is not verifying through independent channels that the document you received that is allegedly a bank statement is actually authentic.
Ditto for tying back transactions through the journal -- or rather, not doing so. Bank statements don't exist in a vacuum. Every transaction in the business that moves actual money hits the bank statement in some form or fashion. To forge the entire journal to match a fictitious bank statement to a level of detail and care that would pass even the most-cursory of checks would be a monumental task -- and almost-certainly wasn't done.
We're not talking about someone stealing the petty cash here, where a receipt book can be "disappeared" so that the journal entries simply never exist. We're talking about transactions where CME margin postings are made nightly and customer account balances and statements are put together -- both are external references that can be verified if anyone bothers to look.
Now allow me to shed a little light and counter the argument that the mentally defective psychopathic criminals at the NFA are going to make before they make it. The NFA is going to claim that they never examine journals and merely do a cursory overview when they perform audits.
Bullshit, bullshit, bullshit.
Let me tell you about my 2008 audit. The auditors came here and requested every bank statement and every bill and invoice. No problem. They then checked, line by line, every single transaction against my journal. At one point they flipped out, and I mean flipped out, because we were booking my telephone bill in the month the bill was received and paid. Acting like this was some sort of crime, they insisted that the phone bill must be booked in the month that the telephony was "consumed". So, in order to generate the monthly month-end financial report that all IBs and FCMs have to generate before the 10th day of the following month, we were to "anticipate" what the phone bill received in July for telephony "consumed" in June would be, enter that estimate, and then go back after the phone bill came in July and "correct" and regenerate the June financial statement.
Now understand, the phone bill varied by less than $50 per month.
I relate this to prove that NFA auditors did and do indeed perform line-by-line hyper-detailed journal reconciliations. The problem is, they only audit, and then harass, small firms which their masters want to see eliminated and put out of business in very general terms, as well as those that aren't politically/mafia connected, or those they consider "enemies". I don't hesitate in saying this, fearing that readers will just read it as sour grapes on my part because of the enormous amount of feedback and horror stories I have received from other victims of the NFA criminal mafia over the last months. In fact, it has been somewhat of a minor consolation to know that this crap didn't just happen to me and that I wasn't some sort of anomaly in the business. It is good to know that you're not an island.
The NFA didn't audit PFG Best at all. They didn't even look at the journal. They simply generated a completely false audit report, signed off on PFG Best, and they did this because Wasendorf was part of the NFA mafia, and thus was protected and his fraud was enabled. The NFA didn't "make a mistake". They were 100% consciously COMPLICIT and are full CO-CONSPIRATORS in the fraud.
Finally, I have been contacted by a USDA fraud inspector who is interested in pursuing a qui tam action against the NFA for committing fraud against the CFTC by failing to audit FCMs. The CFTC actually falls under the broad auspices of the USDA. A qui tam action allows a private individual with knowledge of past or present fraud committed against the federal government to bring suit on the government's behalf. The USDA inspector's position is that the NFA has defrauded the CFTC. Here's the carrot: the qui tam party gets anywhere from ten to thirty percent of any damages awarded. The damages in the futures industry are already into the billions of dollars. Do the math. If I were an attorney, I would jump all over this and then place full-page ads in the Chicago Tribune and Wall Street Journal looking for former NFA auditors and employees who would be willing to spill the very, very large can of beans on that degenerate hive of villainy, and then offer them a cut of any qui tam proceeds.
The CME and the NFA need to be destroyed for the good of humanity and the management of these entities need to be criminally prosecuted and serve very hard, very long prison sentences.
Right - the system collapses (or collapses further might be more accurate).
If Zero is reappointed, I'll take out the max. loan from my 401K and put it to better use.
The people will do nothing. I don’t mean this cynically.
We did/do nothing about abortion. We did nothing about slavery until forced after two years of war. We did nothing to help the black man’s civil rights until forced by protests and rioting. We’re doing nothing to stop the homosexual agenda to pervert all morals.
Revolution over a 401k? Really? Go to jail for not paying taxes? Just leave it there and let them have it. Let them have your tax money and remain free to still feed your family. When the government collpases with what you can’t take with you anyhow, keep trying to find ways to feed your family and meet for prayer. They hold all the power here, so let them have it and forget them, except where you still have power to fight or drag your feet.
Who hasn’t lost the first half of their money already and maybe half the second half already since Bush1 - and if you have a home, you lost half of that - what’s more to lose - money. Keep the freedom and the family.
You’d pay it in court costs with the IRS to stay out of jail.
Those who have much, worry too much about how to protect it. Live poor in spirit - God Alone.
Sounds like Ann went total risk averse and doesn’t believe in investment (trusting other people with your money) to any degree. Not practical - a mechanic trusts you will pay him after he fixes your car. It’s not all candy bar - cash exchanges.
And you won't, in the mainstream media, until it is a fait accompli.
They called it "nationalizing" the 401(k)s.
Listen to this Mark Levin interview with Professor Theresa Gilarducci, professor of economics, who proposed to Congress that they should be nationalized.
No, it wouldn't. Nor would a gun grab. This nation is just too far gone to fight back as a whole. Only secession, conquest, and re-unification can take us back to the Constitutional order.
The stealth method would be a requirement for all 401Ks to invest a certain percentage in government bonds. It would fund the government’s spending without looking like theft.
Yes she has.
And somehow I dont think she’ll be invited to speak at Mitt’s coronation/convention
LOL!
At least she walks the walk
After MFGlobal she liquidated her own holding company and told investors to GTH out of the “market” because it was all rigged to come down like a house of cards
Ann calls Lindsey Graham a jackass and burns a koran ...LOL!
Watch more of her videos, she is a hoot
http://www.youtube.com/watch?v=78K9e5GGU5E&feature=related
I just had this vision of Ann Barnhardt as the next WH press secretary. She would have most of the press pool sobbing in the men’s room
dream on, I know
I agree. Even though we are on a socialist freefall, that is one area that even our legislators know would ignite the revolution.
And that is exactly what it is doing. Trouble is, as you can see from many commenters here, the absolute lawlessness in the market and the lack of recourse by investors who have been robbed of hundreds of thousands has been so ignored by the MSM that the average joe doesn’t know much about it. They have no idea, and won’t until all their money is stolen, that they have absolutely no power to do anything about it. The only power any of us have in the market is not to participate in it.
The slow devolution of the financial system is happening, the frog is starting to get uncomfortable in the pot.
BTTT
It is hard to fight the normalcy bias and take such drastic action. My investment advisor would think I was crazy pulling out 401k money, losing over half of it in taxes, penalties and future gains. But I remember there were a few freepers that where warning us about the housing bubble back in 2005 and 06 and the crowd was beating them down and in the end they were spot on.
I need to cash out my 401 K and pay a 40 % tax penalty.....?
Ok....
Love Ann but this seems like over reaction....
Congress may love the idea of “ borrowing “ our 401 k money.....but not going to happen....
>>Congress may love the idea of “ borrowing “ our 401 k money.....but not going to happen....<<
This is up there with the “survivalist” threads where people waste a lot of good money to create bunkers for after the revolution occurs and we will be living like Mad Max. They really think they are Lazarus Long and family and can weather the Collapse. It doesn’t even occur to these folks that the Armed Forces remnants will be the ones running things — a Weaver-type compound won’t have a chance in hell anyway.
Amusing but no one in their right mind really sees this (or the Collapse of Everything) as a probable scenario.
Congress- they made the rules.
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