"The Entire System Has Been Utterly Destroyed By The MF Global Collapse"

Zero Hedge ^ | 11-17-2011 | Tyler Durden

[ak267]

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.

[avenir]

Yikes. Looks like they’ve got us surrounded!

[Mortrey]

Ann Barnhardt...without teleprompter. Best 40 minutes (and scariest) you’ll spend:
http://www.youtube.com/watch?feature=player_embedded&v=hGl3QPfB084
Then, watch “Why No Brokerage Account Is Safe”:
http://www.youtube.com/watch?v=GMI6JYX2e0Q&feature=relmfu

THEN, get your money OUT and take some TUMS.

[Stentor]

I think 401ks may be insured.

The purpose of insurance is to protect someone against an instance of failure. There isn't enough money to protect against total system collapse.

[Stentor]

Now that I think about it, this is probably the case.

Bank of America Deathwatch: Moves Risky Derivatives from Holding Company to Taxpayer-Backstopped Depository

[montag813]

P.S. Paulson gave it all back this year..

Paulson gave back $1.3 billion in 2011. He made $6+ billion in 2008-9.

[montag813]

This isn’t about futures markets being zero-sum games. This is about theft of client money by the execs of MF Global, who have yet to face criminal charges even though some $1.2 billion is “missing.”

$1.2 billion is NOTHING. Chump change. the "system" is not "destroyed" by an amount that Mike Bloomberg's 401k gains or loses every 3 months. Give me a break.

[aldabra]

Precedent was set with GM bond holders.

[EVO X]

Paulson gave back $1.3 billion in 2011. He made $6+ billion in 2008-9.

I didn't see any exact numbers, but the reports I saw implied he lost more than that. His 2 big funds lost somewhere around 50% and were supposedly around 11B to start the year.