Wednesday, November 2, 2011

The Bullshit Continues in Wall Street

This is another undisputed evidence that Occupy Wall Street protesters are right about the corruption and outright fraud going on for decades in the Financial Markets.
MF Global Senior Vice President Mark B. Sachs sent me a letter on Sept 23,2011 with an offer to open a new self-directed account, but never mentioned the fact that their financial status was weak ! Never included or discloused on the invitation letter.That is the kind of deceiving and misleading marketing going on in the US Brokerage business ! and this has been going on for decades. New traders BEWARE !

MF Global Holdings Ltd failed to protect customer accounts by keeping them separate from its own funds, said a top U.S. exchange regulator, another shock for commodity markets scrambling to contain fallout from the brokerage's bankruptcy.

The New York Times reported late on Monday that federal regulators discovered that hundreds of millions of dollars in customer money -- supposed to be segregated and protected from the rest of the business -- had gone missing. MF Global has caused the markets and all of their traders lots of heartburn and unessesary stress.

Can somebody help me understand how the CME clearing house is not backing up their members (traders and brokers) who had their accounts frozen and maybe destroyed ? Isn’t that the role of an Exchange to protect it’s membership ? I don’t get it, if the CME guarantees a members segregated account- how can it NOT be ultimately responsible? Another example of the regulators being asleep at the switch..!!!!!!!!!

How about we get this right ,first thing I keep reading that Jon Corzine destroyed his firm
it wasn’t his firm and wasn’t his personal piggy bank. I think this guy had a gambling problem only with other people money and the US Regulators never bother to monitor him!.

How does someone loose a avg of 2 billion dollars a month as CEO? Goldman gave him the boot years ago and so did the people of New Jersey ! for being a loser and why would anyone hire a guy with a track record like his.This is the massive bullshit going on in Wall Street for many years. He needs to spend some time in jail along side Bernard Madoff, Mr Corzine has destroyed the trust of so many people !

Also shows for all the millions of taxpayer dollars spent running the SEC and the CFTC, they are basically worthless corrupted agencies. Do they ever spot anything ahead of time when they could actually do something about it? ! The US still does’nt have any regulations in place to stop this theft. When are they going to start acting and stop condoning this sort of behaviour.

America WAKE UP !

Insight: MF Global clients face day of reckoning as margins call

Call it the mother of all margin calls: Up to 50,000 former customers of bankrupt broker MF Global must find Approx $1 billion in additional collateral almost overnight, or be forced out of their trades.

Come Friday, with the mass transfer of commodity trading accounts from Jon Corzine's fallen firm to six of its erstwhile rivals, margin clerks will be wrapping up a reckoning of how much additional money is needed to cover millions of positions. Clients who can't quickly meet their margin will have to liquidate, making for a tumultuous day's trade.

A court order to move the trades late on Wednesday brought only marginal relief to clients who have been essentially frozen out of their funds and positions since Friday. While accounts will now be transferred more quickly, only 60 percent of the collateral will be moved to the new brokers.

No comments:

Post a Comment