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Keyword: mfglobal

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  • Ann Barnhardt: I'm Calling For A General Financial Market Strike

    12/21/2011 7:04:01 AM PST · by sayuncledave · 26 replies ^ | December 20, 2011 | Ann Barnhardt
    I have received a few emails asking if I was still content with my decision to shut down my brokerage. Not only am I content, but after seeing the news that broke over the weekend, I am of the considered opinion that the entire financial blogging community should formally call for a general financial market strike. And I’m not kidding. A couple of things have happened regarding the MF Global mess that I don’t think got the attention they should have because they broke over the weekend. So let me fill you all in. First, all notions of personal property...

    12/20/2011 11:16:33 PM PST · by SatinDoll · 45 replies
    Barnhardt ^ | Dec. 20, 2011 | Ann Barnhardt
    I have received a few emails asking if I was still content with my decision to shut down my brokerage. Not only am I content, but after seeing the news that broke over the weekend, I am of the considered opinion that the entire financial blogging community should formally call for a general financial market strike. And I’m not kidding. A couple of things have happened regarding the MF Global mess that I don’t think got the attention they should have because they broke over the weekend. So let me fill you all in. First, all notions of personal property...
  • The Silver Rush at MF Global

    12/19/2011 1:02:17 PM PST · by Hojczyk · 38 replies
    Yahoo Finance ^ | December 19,2011 | Erin Arvedlund
    Investors are furious that they can't get back the gold and silver they stashed with the failed brokerage. It's one thing for $1.2 billion to vanish into thin air through a series of complex trades, the well-publicized phenomenon at bankrupt MF Global. It's something else for a bar of silver stashed in a vault to instantly shrink in size by more than 25%. That, in essence, is what's happening to investors whose bars of silver and gold were held through accounts with MF Global. The trustee overseeing the liquidation of the failed brokerage has proposed dumping all remaining customer assets—gold,...

    12/17/2011 10:24:32 PM PST · by Rabin · 1 replies ^ | July 16, 2009 | Office of the Press Secretary
    Thank you. It is good to see you. Hello, New Jersey! (Applause.) All right, everybody have a seat. Everybody have a seat. I want to begin by just making a few acknowledgements. First of all, I'm going to have a lot to say about this guy, but I just want everybody to know that one of my earliest supporters, somebody who had faith and confidence in me before I was a United States senator was the man standing next to me right here -- Jon Corzine. (Applause.)
  • Liquidation Of Customer Stored Gold And Silver Bullion From MF Global

    12/17/2011 8:38:03 PM PST · by blam · 97 replies
    TMO ^ | 12-17-2011 | Jesse
    Liquidation Of Customer Stored Gold And Silver Bullion From MF Global Commodities / Gold and Silver 2011 Dec 17, 2011 - 12:27 PM By: Jesse The bottom line is that apparently some warehouses and bullion dealers are not a safe place to store your gold and silver, even if you hold a specific warehouse receipt. In an oligarchy, private ownership is merely a concept, subject to interpretation and confiscation. Although the details and the individual perpetrators are yet to be disclosed, what is now painfully clear is that the CFTC and CME regulated futures system is defaulting on its obligations....

    12/15/2011 6:48:56 PM PST · by Razzz42 · 6 replies
    Armstrong Economics ^ | December 12th, 2011 | Martin Armstrong
    I have been getting a lot of emails asking what to do in the aftermath of MF Global. Quite frankly, it is a very difficult question to answer. This game of trading with other people’s money has got to stop. The NY Press will not expose the truth because their biggest client advertisers are the very firms doing this nonsense. Hedge Funds have suffered losses. Readers as far away as Singapore have their funds frozen when all they had were TBills on deposit. Farmers lost hedge positions. Anyone who wants to really compare the damage, it is 1000 times greater...
  • Cash & burn [more from the democrat Culture of Corruption]

    12/16/2011 11:38:10 AM PST · by BenLurkin · 8 replies
    nypost ^ | 8:25 AM, December 16, 2011 | JOSH MARGOLIN
    The Democratic senator who savaged Jon Corzine at a high-profile Capitol Hill hearing this week had another reason to go hard on her former colleague — she recently pressed him for campaign contributions but didn’t get any. “She would literally call once every two or three weeks,” one Corzine intimate said of Sen. Debbie Stabenow (DMich.). “She called all the time.” Stabenow, chair of the Senate Agriculture Committee, had blasted the former senator and New Jersey governor Tuesday for his failure to explain what happened to $1.2 billion in missing customer money from his bankrupt firm, MF Global. “This isn’t...
  • Records Reveal Contact Between Corzine and the Fed in MF Global's Final Days (Obama's fundraiser)

    12/15/2011 4:12:46 AM PST · by tobyhill · 12 replies
    Fox News ^ | 12/15/2011 | fox news
    It was a humiliating moment, but Jon Corzine was determined to put the best face on it. On Oct. 25 of last year -- six days before the stunning collapse of MF Global Holdings Ltd., the New York-based brokerage and commodities firm he headed -- Corzine released the company's dismal results for the second fiscal quarter of 2012. Revenue, he was forced to report, had declined from the same period the year before, from over $240 million to about $205 million; and selected losses for shareholders were estimated at $191.6 million, an increase of almost $100 million from the prior...
  • The Shocking Mystery That Will Deepen Like a Thriller

    12/15/2011 4:22:16 AM PST · by Kaslin · 19 replies ^ | December 15, 2011 | Jeff Carter
    ver read junk novels that are designed for the beach? Every summer, they churn out hundreds of paperback novels that people, most often women, read by the pool or ocean. The plot in these things is the same year after year, only the characters and descriptions of them change. Investment banking scandals are the same. No one involved with MF Global slept last night. Big time bankers are networked to the hilt. They derive a lot of their income from having a great personal network of contacts. Great investment bankers are super connectors. Apply that logic to what is happening...
  • Joe Scarborough's Softball Take on Jon Corzine: ' We Like Him' (But Ho Joe sure hates Newt)

    12/14/2011 4:01:04 PM PST · by tobyhill · 10 replies
    newsbusters ^ | 12/14/2011 | By Grant Dahl
    In a softball interview with Sen. Debbie Stabenow on MSNBC’s Morning Joe, host Joe Scarborough on Tuesday asked the Michigan Democrat if it was difficult for her to grill a friend and colleague, the former New Jersey Senator Jon Corzine, on the MF Global scandal. At one point, Scarborough enthused, "Senator Corzine. I like him a lot. We like him." Co-host Mika Brzezinski started out the interview by asking Stabenow on how they would be taking on the MF Global investigation. The Michigan senator essentially rattled off the hearing's witness list. Scarborough then interrupted, not to press Stabenow about what...
  • Exclusive: Regulators know where MF Global funds went (George Soros sweating bullets?)

    12/14/2011 5:47:41 PM PST · by jimbo123 · 17 replies
    Reuters ^ | 12/14/11 | Christopher Doering
    Regulators now have a more complete picture of money transfers in the final days of bankrupt brokerage MF Global, but must sort out which transactions were legitimate before more money can be released to customers, a top official told Reuters on Wednesday. Jill Sommers, who is heading the Commodity Futures Trading Commission's review of MF Global, said regulators "are far enough along the trail" that they know where the money went. "Now it's just finding out which ones of those transactions are legitimate and which ones of them are illegitimate," Sommers said.
  • Cooking Books at MF Global

    12/14/2011 10:41:07 AM PST · by Kaslin · 6 replies · 1+ views ^ | December 14, 2011 | Jeff Carter
    I think what MF Global and John Corzine did is called “cooking the books”.   Here is a link to the hearing.  Some may jump to Corzine’s defense.  If they cooked the books, then he lied at his Congressional Hearing, which is perjury. The question I have is this.  If someone had the lack of ethics to capriciously steal customer funds and fill a hole in their firm’s books-what makes you think they wouldn’t lie at a Congressional hearing to protect their own butt?The funny thing is that the $CME is giving an exact timeline of their data.  They can...
  • MF's Corzine said to know of customer fund misuse (Obama's friend and fundraiser lied to Congress)

    12/13/2011 8:11:38 PM PST · by tobyhill · 10 replies
    reuters ^ | 12/13/2011 | Alexandra Alper and Aruna Viswanatha
    The regulatory arm of CME Group has turned over interviews to the Justice Department that allege former MF Global chief Jon Corzine knew that the now-bankrupt brokerage firm used customer money to lend to a European affiliate, a CME executive said on Tuesday. The information is fourth-hand but is the strongest statement yet from a regulator that Corzine may have personally known customer funds were diverted for firm use. Federal investigators are probing why hundreds of millions of dollars in customer funds are missing, and whether the futures brokerage raided customer money to try to counter a liquidity crisis, a...
  • Presenting The Three Unscripted Sentences That May Have Cost Jon Corzine His Freedom

    12/13/2011 8:20:20 PM PST · by JustTheTruth · 24 replies
    Zero Hedge ^ | 12/13/2011 |
    Today, in advance of their sworn testimony, each witness to the Senate Agricultural Committee's MF Global hearing was requested to disclose what their prepared remarks would be. Sure enough, CME executive chairman Terry Duffy did that, and his prepared testimony can be found here. In and of itself there was nothing unexpected about said speech, the relevant section of which has been transcribed below. Where things got very ugly for Corzine, is when Duffy literally veered from the script, and added three unexpected sentences, catching everyone in the committee off guard (including those who had given up on the testimony...
  • Witness: Corzine knew about loan made with customer funds

    12/13/2011 4:20:38 PM PST · by ColdOne · 23 replies
    The Hill ^ | 12/13/11 | Peter Schroeder
    An executive of a financial exchange monitoring MF Global told senators Tuesday that Jon Corzine, the former head of the financial firm, knew that loans were improperly made with customer funds. The claim was made just minutes after Corzine professed his ignorance for how up to $1.2 billion in customer funds had gone missing. Terrence Duffy, the executive chairman of CME Group, the exchange that regulates MF Global, told the Senate Agriculture Committee that a CME auditor was told by an MF Global executive that Corzine knew that a loan was made to a European affiliate of the company, and...
  • The Collapse Of MF Global Basically Started On Corzine's Day 1

    12/12/2011 7:51:38 AM PST · by blam · 10 replies
    TBI ^ | 12-12-2011 | Ben Walsh
    The Collapse Of MF Global Basically Started On Corzine's Day 1 Ben Walsh Dec. 12, 2011, 8:36 AM Image: AP MF Global Client's Counsel Blasts Jon Corzine Calling His Prepared Testimony 'Cowardly' And A 'Cop-Out' Five Reasons Why Wall Street Enjoyed Today's Corzine HearingMF Global's Bankruptcy Trustee Finally Pinpointed The Shady Trades In Customer Accounts When Jon Corzine, on a visit to MF Global's Chicago office shortly after becoming CEO in 2010, Dealbook reported that he discovered that a young trader was successfully using a small account to trade the firm's capital, he was enthralled. With widening eyes, Corzine suspended...
  • Transcript for Ann Barnhardt Interview

    12/10/2011 9:59:38 PM PST · by Neil E. Wright · 26 replies · 1+ views
    Financial Sense ^ | December 10, 2011
    Jim Puplava: Joining me as my special guest on the program today is Ann Barnhardt, formerly of Barnhardt Capital Management. And Ann, you were a commodity broker for eight years and then you formed your own independent brokerage for six years. A couple of weeks ago you made the painful decision to shut your doors because you felt your clients’ money and positions were no longer safe. What led you to draw those conclusions?Ann Barnhardt: Well, obviously, it was the MF global collapse and more specifically the fall out after the MF Global collapse and the reaction by the CFTC, the SEC...
  • Corzine’s Testimony Came With Plenty of Caveats (George Soros, Obama fundraising...)

    12/10/2011 7:09:14 AM PST · by jimbo123 · 4 replies
    NY Times ^ | 12/10/11 | PETER J. HENNING
    MF Global’s former chief executive, Jon S. Corzine, was gingerly questioned by the House Agriculture Committee for almost three hours on Thursday, in the end saying little enlightening about the firm’s collapse or the customer money that has gone missing. It seems unlikely that anything at the hearing can be used against him by criminal and civil investigators, so in that sense the testimony was a victory for Mr. Corzine. Rather than invoke the Fifth Amendment to protect himself, Mr. Corzine couched his answers with enough caveats and denials of specific knowledge that it would be nearly impossible to claim...
  • Political ties win Corzine respect in Congress (fundraiser and personal contributor for RATS)

    12/10/2011 7:24:55 AM PST · by Libloather · 6 replies
    Yahoo ^ | 12/09/11 | Alexandra Alper
    Political ties win Corzine respect in CongressBy Alexandra Alper | Reuters – 15 hrs ago WASHINGTON (Reuters) - A day after Jon Corzine got politely grilled by lawmakers over the collapse of futures brokerage MF Global Holdings Ltd, questions remain over the role his deep political ties and generous donations will play as he gears up for another round of congressional scrutiny. Corzine, who resigned as chief of MF Global days after the firm filed for bankruptcy on October 31, has been a prominent fundraiser and personal contributor to Democrats. He personally donated $69,300 to Democratic causes this year alone,...
  • ‘I Simply Do Not Know Where the Money Is’

    12/10/2011 9:46:04 AM PST · by Para-Ord.45 · 24 replies ^ | December 8 2011 | Kevin D. Williamson
    “I simply do not know where the money is, or why the accounts have not been reconciled to date.” Let’s translate that Jon Corzine quote into Latin, engrave it in stone, and make it the official motto of Congress. Anybody remember that this Wall Street Democrat used to sit on the Senate committees on banking and the budget? Question: Why should we believe that the motives of people in (cough, cough) “public service” are different from the motives of people in the for-profit sector? Was Jon Corzine a rapacious self-seeker at Goldman Sachs, then a public-spirited man when he was...