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PFG Is Now MFG(lobal) Part 2 As $220 Million In Segregated Client Money Has Just Vaporized
ZeroHedge ^ | 07/09/2012 | Tyler Durden

Posted on 07/09/2012 5:24:26 PM PDT by Stentor

Remember when the entire segregated account fiasco was supposedly fixed in the aftermath of the November 2011 MF Global bankruptcy, and where regulators: the CFTC, the SEC, the CME, and anyone you asked, swore up and down this would never happen again? Turns out that 7 months later, the spirit of MFG has struck again, only this time with one letter switched: it is now known as PFG, as we suggested first 3 hours ago when we broke the story.

(Excerpt) Read more at zerohedge.com ...


TOPICS: Business/Economy; Crime/Corruption; News/Current Events
KEYWORDS: 2012election; election2012; kenyanbornmuzzie; mfglobal; mittromney; pfg; pfgbest; suicideattempt
Like Agatha Christie's Ten Little Indians.
1 posted on 07/09/2012 5:24:29 PM PDT by Stentor
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To: Stentor

You speak gibberish.
I do not not your words ( CFTC, SEC, CME, MFG ) which is not familiar words.

Could you speak clear understandable English?

If not English then Spanish Swedish or even German so I could understand your gibberish.


2 posted on 07/09/2012 5:34:34 PM PDT by jongaltsr
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To: jongaltsr

You speak gibberish.

I do not understand your words ( CFTC, SEC, CME, MFG ) which are not familiar words in my lexicon.

Could you speak clear understandable English?

If not English then Spanish Swedish or even German so I could understand your gibberish.


3 posted on 07/09/2012 5:36:38 PM PDT by jongaltsr
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To: jongaltsr

Urinate up a rope. Clear?


4 posted on 07/09/2012 5:48:59 PM PDT by Stentor (Former free citizen of the US. Currently subject of the same.)
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To: jongaltsr
SEC = Securities and Exchange Commission
CME = Chicago Mercantile Exchange
MFG = MF Global (not sure about the MF but had you left money with them the MF might be appropriate]

CFTC NO CLUE

5 posted on 07/09/2012 5:50:11 PM PDT by nomorelurker
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To: nomorelurker

CFTC=Commodities Futures Trading Commission - maybe?


6 posted on 07/09/2012 5:51:55 PM PDT by Think free or die
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To: Stentor

From the articles I have read the amount of “missing” customer money is more than $400 million.


7 posted on 07/09/2012 5:58:37 PM PDT by Kenny500c
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To: nomorelurker
MFG = MF Global (not sure about the MF but had you left money with them the MF might be appropriate]

MFG = Mann Financial Global. Mann Financial was a small commodities broker that for more than 100 years catered to farmers and others to find their wealth in the futures markets. Corzine was installed as CEO after he lost his bid for a second term as NJ governor. He took the firms money, bet big, lost the bet and STOLE the depositors money to pay off the leverage. Corzine walks the streets today.

This was a once in a lifetime event and under the current regulations could never happen again.

Well, it just did.

8 posted on 07/09/2012 6:02:12 PM PDT by Wingy (Don't blame me. I voted for the chick. I hope to do so again.)
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To: Kenny500c

This is just down the road, should be “interesting”.


9 posted on 07/09/2012 6:10:53 PM PDT by Freedom4US
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To: Stentor

This is the type of stuff that goes on in a banana republic.


10 posted on 07/09/2012 6:45:53 PM PDT by vbmoneyspender
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To: Think free or die

You are correct.


11 posted on 07/09/2012 7:10:48 PM PDT by Free Vulcan (Election 2012 - America stands or falls. No more excuses. Get involved.)
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To: Stentor

Let’s see if JPM’s profits for last quarter suddenly take a $220m turn toward the black.


12 posted on 07/09/2012 7:19:39 PM PDT by RobertClark (Be prepared, be polite, be professional and have a plan to kill everyone you meet.)
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To: Stentor

Are there any connections between Wasendorf, Tony Rezko, or the indicted Illinois Governor?

Time will tell.

But for a firm that was allegedly started in a “basement” the fact that Wasendorf’s firm, Peregrine, sues all of his clients that his company loses money on behalf, is surely a clue to be aware of that these guys are no different than many of the others that have lost the public trust.

Which other companies, people, and politicians are next in line to be found liable in this unbelievable Chicago corruption?

Continue reading at NowPublic.com: Does PFGBest have ties to Illinois Gov’s Corruption Scandal? | NowPublic News Coverage http://www.nowpublic.com/tech-biz/does-pfgbest-have-ties-illinois-govs-corruption-scandal#ixzz20BNGaxwW


13 posted on 07/09/2012 7:31:08 PM PDT by griswold3 (Big Government does not tolerate rivals.)
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To: Stentor; blam; ex-Texan; SunkenCiv; neverdem; SJackson; SAJ; dennisw
Thanks, Stentor.

Like, *PING*, dudes.

14 posted on 07/09/2012 8:15:54 PM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: grey_whiskers
Thanks.

UH-OH: $220 Million May Be Missing From Brokerage Whose CEO Reportedly Tried To Commit Suicide

15 posted on 07/09/2012 8:32:24 PM PDT by blam
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To: RobertClark
Let’s see if JPM’s profits for last quarter suddenly take a $220m turn toward the black.

Or a nice silver delivery to their alleged COMEX stash.

16 posted on 07/10/2012 6:00:58 AM PDT by Stentor (Former free citizen of the US. Currently subject of the same.)
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To: Think free or die; grey_whiskers
Exactly right (well, technically it's "Commodity", not "Commodities", but who really cares?). Another toothless tiger agency of the goobermint, this one created by Tom Foley's agriculture bill in 1974.

Staffed mostly by political cronies and chair-polishing pencil pushers, the CFTC have failed utterly in the principal missions as defined by law: protecting the capital of traders and preventing mkt manipulation.

17 posted on 07/10/2012 7:53:20 AM PDT by SAJ (What is the next tagline some overweening mod will censor?)
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To: jongaltsr

1. The poster is not the author of the article
2. FR has lots of articles with technical jargon posted.
3. We don’t want every article posted to be dumbed down to the lexicon of the typical layman.


18 posted on 07/10/2012 8:00:17 AM PDT by steve86 (Acerbic by nature not nurture TM)
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To: grey_whiskers; blam
Methinks blam is onto something . . . See # 15

LOL !

19 posted on 07/10/2012 10:16:14 AM PDT by ex-Texan (The Time to "Wake Up" is Over !)
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To: steve86

Thanks. I almost never post but this story is about the center of the abscess that is our financial system.


20 posted on 07/10/2012 11:14:12 AM PDT by Stentor (Former free citizen of the US. Currently subject of the same.)
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To: Stentor

“I almost never post but this story is about the center of the abscess that is our financial system.”

####

The government-sponsored, venal criminality that went down with GM should have opened everyone’s eyes to the scale on which our once vaunted financial system has been compromised.

I STILL do not understand the lack of outrage and outcry...


21 posted on 07/10/2012 11:19:15 AM PDT by EyeGuy (Armed, judgmental, fiscally responsible heterosexual.)
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To: EyeGuy
I STILL do not understand the lack of outrage and outcry...

I don't even know if weeks long ATM "glitches" like RBS or Ulster bank or having to line up for government cheese will do it. You can apparently fool all of the people all of the time.

22 posted on 07/10/2012 12:34:18 PM PDT by Stentor (Former free citizen of the US. Currently subject of the same.)
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To: grey_whiskers; blam; Stentor; SunkenCiv; neverdem; SJackson; SAJ; dennisw; Nachum; ...
Blam is correct again . . .

US Brokerage PFG Files for Bankruptcy

Excerpt:

US futures broker Peregrine Financial Group, which has been accused of fraud, has filed for Chapter 7 bankruptcy, meaning it will be liquidated.

Its accounts were frozen on Monday following the attempted suicide of its founder, Russell Wasendorf Sr. * * *

23 posted on 07/11/2012 3:02:30 AM PDT by ex-Texan (The Time to "Wake Up" is Over !)
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To: ex-Texan

A den of thieves. Corzine has some incriminating material that would hurt Obama and Democrats ...otherwise he would be indicted by now


24 posted on 07/11/2012 3:55:34 AM PDT by dennisw
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