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

reply to post by SavedOne

Funny?
We have outright fraud in our economic system, and it is funny?
Celente made a mistake. Even HE didn't recognize the depth of the corruption. But, it is not funny.
Celente helped me out tremendously, and I feel for him.

Originally posted by SurrealisticPillow
We have outright fraud in our economic system, and it is funny?

No, what is funny is that this moron never practiced what he preached and obviously did not believe the crap he was feeding everyone. I've said all along he was doing it for the money (doom sells!) and now he's proven that to be the case. Anyone who listens to this puke needs to have their head examined.

Originally posted by MrWendal

Originally posted by jondave
what does "MF" collapse mean?

MF Global was/is a company.

MF Global
MF Global Wiki Page

I say "was/is" because I have no idea what is going on with this firm. I recently heard of them from a Geral Celente interview. Apparently, he is now one of their victims.

[...]

Got to be the most irritating bubblehead TV news person I've seen recently. I mean I am laughing out loud at this woman as she "newsreads" or whatever the frack she is doing here.

It's sad to see gerald's mopy face with all the doom he's saying, I disliked some of his earlier rants where he sounded so superior. Welp, there you go.

But this TV lady here, RussiaTimes at its irritating best. I would almost choose a US TV talking head dummy over this chick. Ugh. "Sorry for what happened to you! Next up, a kitten up a tree! Stay tuned!"

But she's so good and irritating at her job, dismissing the subject, showing the world how to be an idiot, that she could, maybe, even get a job doing newsbytes in the US. Well since the Marxist garbage chute smells the same in any language.

the act of a brokerage stealing your account is not a new issue...as the Gerald Celente event seems to suggest.


back in 1980 i bought 57 shares if INTEL for a retirement account at the brokerage ILJ

in Dec 1990 they finally sent a statement that INTEL split 2-1 & my account now held 114 shares of Intel


I moved to AZ for the next 7 years and had the mail remain sent to the SC address
but even though
INTEL stock split 8 more times and my retirement account should be more than 14,500 shares or ~$118k by year 2k...


the account to this day cannot be located..
.ILJ brokerage merged into Wachovia..
.Wachovia in turn was mergerd into Wells Fargo


all this time the account shares were held by the forever changing brokers as a Street Name account, so they were allowed to use the shares in their futures and options trading as if the 'Owned' the stock share...

I had a silly notion that my stocks sat in a private protected account and collected annual dividends and stock splits and were my sole property... well the only way that works is to have shares issued to your own name and not the brokers'....


so now-a-days i have different, company sponsered stock accounts in my legal name with certificates issued in my name


and i am still in the process of having Wells Fargo -Wachovia bank/investments
-and ILJ brokerage to find out where the 14k plus shares vanished to

reply to post by jondave

The MF Global (formerly Man Financial by way of spin off from E.D. & F. Man, the centuries old commodity dealer) collapse and more important, loss of customer segregated funds, is serious because it illuminates the inability of regulators (CME, CFTC, NFA and SEC since they were a public company) along with internal accounting (criminal) and custodial banking (negligent) failures to safeguard the funds of the hedgers and speculators. The CME has done a great job at protecting against counter party risk of defaults in trades but was complicit in this case in that it knew of "irregularities" at MFGX before they were made public. The segregation of customer funds from the operating and investing capital of the respective clearing firms is required by law and the untouchability of same has been sacrosanct. Not only have account holders had their excess funds subject to being siphoned off but some traders with positions were then subject to margin calls and loss of their trading positions. In addition others, who were fortunate enough to close out their accounts or transfer excess funds out of their MF Global accounts in the time leading up to the collapse, are also vulnerable to having those funds "clawed back" by the trustees and those funds shared by the pool of investor victims.

This is such a blow to the system that meaningful reform must be taken immediately: 1) anyone in a position of accounting and financial control who makes such transfers or who knows about such transfers who does not alert regulatory authorities and their supervisors (including CFO, CIO, and CEO) will face felony charges and heavy fines (greater than may be currently on the books)....stricter regulations for the custodial banks and annual (or more frequently now) industry audits (CFTC, NFA) should also follow; 2) the umbrella of protection for security accounts (SIPC) needs to be expanded to include commodity and derivatives trading (futures, options) accounts. Segregated means just that....keep your paws off of customer money. Simultaneous with the introduction of new legislation to protect investors (and hedgers and speculators) would be the image of Jon Corzine being handcuffed and hauled off to jail to send a message to other firms contemplating or getting by with "borrowing" customer funds every now and then that this is a serious matter endangering the viability of our financial system.

reply to post by St Udio

Re the loss of INTC stock and subsequent splits and dividends: You certainly have a case and a good attorney may even see a Class Action here as I doubt that your situation is unique.

reply to post by SavedOne


You clearly didnt watch any of the video's or read any of the other info available about this.

He used this account to trade gold with. They took the money that was reserved for a delivery of gold and closed his account down.

Could happen to you as well when your bank decides to go under.

Might wanna consider what it means if they simply steal 6 figures worth of money from a well known face in the media who sure aint gonna stay silent about it.

Gerald Celente was robbed by MF Globa! l When GOLD isn't a safe investment it's over folks! Take cover!!!

Originally posted by SurrealisticPillow
reply to post by SavedOne

 

Funny?
We have outright fraud in our economic system, and it is funny?
Celente made a mistake. Even HE didn't recognize the depth of the corruption. But, it is not funny.
Celente helped me out tremendously, and I feel for him.

It's very funny this problem arose entirely because of humans. If we wished it there would be no money or economy tomorrow and everyone could be self sufficient and have a burning desire for knowledge, exploration and the future stability of the human species in a violent universe. Instead we let physical representations of the idea of goods or services RUIN us. Humans KILL eachother for f***ing money. We're in this together and if some of us fail for our ignorance and greed then we all should.

reply to post by jaxnmarko


I think you might be confused as to the difference between "regulations" which "regulate" and "laws" which "define acceptable social/economic activities."

This is an issue that should be resolved by removing the regulations which catalyze this kind of heinous economic activity. For example, "sound money" principles would nullify the blind cries for salvation through regulations.

Regulations have only served to restrain true growth and are simply subverted by thieves who bend regulations to their desires. This is a repeat of gun control or software dongles, in basic premise. It does nothing but harm the honest user as the dishonest are dishonest and will obtain their corruptible prize regardless.

However, organizing our economy in a simple and honest manner would cut off the possibility of "imaginary" scams that are so rampant in our regulated system. Keep in mind, it is the regulated system that is failing the 99%, not "sound money" (which we abandoned 2 generations ago).

reply to post by MCL1150

re Gerald Celente: He is very defensive from attacks by the "gold bugs" trying to humiliate him for being "taken for investing in paper gold (at the expense of holding physical bullion)". Celente did not get taken by investing with some "fly by night" outfit operating out of a florida "boilerroom" (ie, Global Precious Metals?) he supposedly was in a contract with the intent to take delivery....that may or may not be true. But there is nothing wrong with having a core physical position and using the futures market as a proxy to trade with easier access of market entry and exit, greater leverage and greatly reduces transaction costs. He might have been trading gold futures to hedge his position when it was vulnerable and add to it for a trade when it was trending higher (with the option to take delivery if he holds a long contract into the delivery period). He might also have been trading other futures contracts (silver, euro fx, stock index futures, treasury bond contracts or a myriad of agricultural contracts). The institution of trading futures (with the economic rationale of transferring risk from producers to speculators) has been around for a long time and relatively unmarred until now. While on the subject of risks of investing in gold...I am surprised that there are not more stories of people holding physical gold or silver getting robbed (no one talks much about those risks).

The entire system hasn't collapsed though.

Wal-Mart is still open, the gas stations are still open, etc.

Companies typically put their liabilities into other companies in order to protect themselves from any negative consequences their actions may lead to.

I would even venture to guess that more than half of the corporations in existence are merely pawns or other expendable pieces like knights, rooks, bishops, etc used to protect the other companies (kings and queens) from themselves.

I will agree that the "entire system" collapsed when the gas stations are no longer open, and Wal-Mart closes it's doors.

Also, for the whole system to collapse, city governments and state governments and national governments must collapse as well.

Is the military out of commission? Are state police forces and other agencies still in operation?
This is very important to consider and in my estimation, the system has not collapsed yet.

The system will collapse when the mass population stops believing in it, which hasn't quite happened yet.

Originally posted by pajoly
reply to post by jefwane

 

The royals are now visibly under siege and have begun to eat their own. What a glorious day. The more wealthy who crumble under the weight of their own moral and ethical depletion, the brighter the sunshine and the more pure the air for the rest of us.

edit on 17-11-2011 by pajoly because: (no reason given)

The only way for the people to win is for the elites to start going at eachother.

and given the nature of their morals...or lack there of , it would seem only a matter of time before those at the " bottom of the top" start to be treated like us common folk....and then once when goes down, somebody always HAS TO BE the bottom guy who the elites turn on and then another and another until there is only a few hundred or thousand of the elite left in this world.....

Then we need to make sure this stuff doesn't happen for another 5,000 years.

reply to post by jefwane


It won't be news worthy until they rob everyone blind and THEN they will " warn" them....

Hopefully we are failing forwards.

Originally posted by SavedOne
No, what is funny is that this moron never practiced what he preached and obviously did not believe the crap he was feeding everyone. I've said all along he was doing it for the money (doom sells!) and now he's proven that to be the case. Anyone who listens to this puke needs to have their head examined.

You only missed the part where his advice was correct. Yes, he was a moron that did not follow his own advice, and he suffered because he didn't follow his own advice. Those that didn't follow his advice (including himself) are the ones that should have had their heads examined. It was clear since 3 years ago that everything was going to collapse and they were borrowing time.

reply to post by SavedOne


and reasonably intelligent investor, or person for that matter, knows not to put all your eggs in one basket. And I highly doubt celente put all of his eggs into MF global....

you really think he doesnt have any investments in hard metals?

reply to post by jefwane


First this COLLAPSE was started under Clintons congress, then Bushes congress made it worst, with all the infomation WE as voters have, lets put the blame where it belongs, CONGRESS they have inside infomation on stock deals, and who's, who yet no jobs, and yet Obama is always out of the Country when these long wolf terrorist happen, yet you want 4 more years of this BULL***T, vote, yes, vote its costing US, you, me our familys, yet they want war in IRAN, THINK ???????

reply to post by St Udio


This is how its done, lost paper work, on their side, but the real crime is you, (no disrepect), for not keeping track of your paper work over the years, they sell, your paper, without 60 day notice, on the up coming merge, then when you get the notice you owe more, when you complain, they can't find your account, when they ask you for your account info, some can't find there own paperwork, and they WIN, that time because the company that sold your paper,and or it's officers cant be found. WAKE UP- PEACE

Remember, most congresscritters are/were successful businessmen before they became politicians, bringing their business ethos and morals to Congress. Those are geared entirely to personal profit at the expense of the whole.

Business is far more corrupt and inefficient than government; it never fails to amuse/baffle/depress me when people think that bringing more self-interested businessmen near piles of public cash is a great idea.

Tell me again where the pallet loads of cash sent into Iraq got off to?

When you don't keep track, of your own paperwork, thats when problems start, I have paper that goes back to 1979, and thats been a money saver, BIG money, always save anything to do with your, car, and bank, credit cards, have stocks save those 1099's, and tax returns, you will need then under health care reform, yes thats right, irs was given the right to look at tax returns of people who don't have health insurance and tax your boss for not having health insurance for you, and that big and little companys, vochers anyone