Forum Post: -12/13/2011- Gerald Celente: The COMEX does not have the GOLD & The CME does not have the Money /// CME Knew of MF Global Fund Shortfall Before CFTC Regulators -11/24/2011-
Posted 13 years ago on Nov. 16, 2011, 1:09 p.m. EST by MonetizingDiscontent
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Gerald Celente: The COMEX does not have the GOLD & The CME does not have the Money
(((Video))) http://www.youtube.com/user/geraldcelente#p/u/1/j6RMpmSAUJQ
Uploaded Dec 13, 2011
Gerald Celente : "I do not think the COMEX has it ( The Gold) and I have been hearing stories coming out that what they are delivering isn't as its finest as it is supposed to be and I also do not believe that the CME Chicago Mercantile Exchange has the money to back what they are saying were going to do" Gerald Celente told RT America this 13 December 2011
"something is wrong here" he added.
(Gerald also discusses the escalating situation in & around Iran)
CME Knew of MF Global Fund Shortfall Before CFTC Regulators
-November 24, 2011-
Only days prior to the zombie financial broker that filed for bankruptcy, MF Global conducted “unexplained wire transfers” that brought on a $900 million shortfall in client funds. Customers like Gerald Celente learned that their accounts had been robbed. This is setting a precedent for -internal- bank runs as more big firms begin to go under.
This from BLOOMBERG: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/11/16/bloomberg_articlesLUQ7FP0YHQ0X.DTL ...“Examiners from CME Group Inc., the world’s largest futures exchange, found unexplained wire transfers at MF Global Inc. and a $900 million shortfall in client funds during the weekend the failing broker was talking with possible buyers, a person briefed on the matter said.”
On October 30th the CME had noticed these funds were missing, yet MF Global didn’t bother to inform the Commodity Futures Trading Commission until the following day after, which suggests that these transfers were made, “in a manner that may have been designed to avoid detection,” according to CME.
Jim Willie: JP Morgan Crashed MF Global to Avert COMEX Failure, European Derivatives Implosion (?)
(for the impatient, it begins just a little over halfway through the interview)
(((ListenHere))) http://bullmarketthinking.com/wp-content/uploads/2011/12/12062011willie.mp3
Terrence Duffy's Introduction at CME Group Press Conferecne with Mayor Daley
(((Video))) http://www.youtube.com/watch?v=m3XpfPXxjbw&feature=player_embedded
In this video CME Executive Chairman Terrence Duffy holds a press conference (last year) in which he clearly states that no “customer has ever lost a penny as a result of a clearing member default that CME Group.”
Duffy admitted that CME is the “guarantor of every transaction that happens in our markets." (and) "We have to guarantee the performance of each and every one of these contracts.” Duffy goes on to say that "To do this, we hold more than -$100 B I L L I O N- in collateral, to support the contracts that are being done on our markets"
MF Globals shortfall in client funds is 'only' 1.2 Billion.
(So,uhh.. where is that One HUNDRED BILLION in collateral now? oh nevermind)
Also in the video above, the CME boss claimed that the futures and options markets provide “a place of shelter for the most damaging parts of the economic crisis” and “function flawlessly, providing liquidity, transparency and central counterparty clearing services that continue to work throughout the crisis
::::::::::::More On Legal Stealing - The Infamous CFTC Rule 1.29::::::::::::
http://truthingold.blogspot.com/2011/11/more-on-legal-stealing-infamous-cftc.html
Wednesday, November 16, 2011
Obfuscate - transitive verb: Darken, to make obscure; Confuse; intransitive verb: to be evasive, unclear or confusing (Merriam Webster)
Time to cut to the chase. Let me just preface this with my belief that the missing $600 million from MF Global was money taken from segregated customer accounts and used by MF Global to satisfy a massive margin call issued by JP Morgan on MF Global proprietary accounts. I say JPM ultimately has the funds in question because if you have been following all of the news from the beginning, including the initial proclamation that the missing funds were found in the basement of JP Morgan followed by the slightly delayed statement of denial by JPM, then it makes sense to me that the dotted lines ultimately connect that missing money to JPM.
If the court rules that JP Morgan's claims are superior to that of the customers, whose assets were supposed to be in a segregated account and arguably should be treated with a greater degree of superiority and protection than that of a general creditor, then the MF Global bankruptcy is indeed a case of legal stealing.
Everyone is discussing this nefarious CFTC rule 1.29 and pointing to it like it's the culprit. In order to understand exactly what 1.29 is, it requires a review of the CFTC regulations with respect to "Safeguarding Customer Funds," which starts with rule 1.20 and includes the subsequent rules through 1.30, plus rule 1.32. A definitive summary of these rules can be found HERE... http://www.cftc.gov/ucm/groups/public/@internationalaffairs/documents/file/30-10guidance.pdf ...starting on page 8. Reading and understanding this is crucial to understanding the degree to which MF Global acted illegally and fraudulently and to understanding why my view is that the segregated customer funds should be treated as "superior" to any and all other creditor claims by the bankruptcy court.
The nefarious rule 1.29 simply says that any profits from customer funds which are hypothecated for purposes defined in 1.20-1.28 may be kept by the broker (FCM - Futures Commission Merchant aka commodities broker). Whether or not you agree or disagree with this ruling, and I disagree with it, the rules outlined in 1.20-1.28 set forth very specific procedures which must be followed in order to keep customer funds not only definitively segregated but clearly defined in terms of amount and market value. Here's some examples from the link:
-CONTINUE READING HERE-
http://truthingold.blogspot.com/2011/11/more-on-legal-stealing-infamous-cftc.html
::::::::The Koch Brothers and MF Global - Friends to the End::::::::
http://www.huffingtonpost.com/daniel-dicker/the-koch-brothers-and-mf-_b_1089906.html
“Both the Commodity Futures Trading Commission and the Chicago Mercantile Exchange were charged with overseeing MF Global, their clearing member. If we are to believe them, they had no idea of any difficulties within the firm before customer accounts went missing just a few days before the collapse. But someone clearly knew of the cratering positions and imminent collapse of MF Global, as billions of dollars of accounts were “coincidentally” withdrawn. And what do the Koch brothers say was the reason for these withdrawals? There's been no comment.”
::::::::Continue reading this article at::::::::
http://www.huffingtonpost.com/daniel-dicker/the-koch-brothers-and-mf-_b_1089906.html
I didn't remember hearing this on the news. Aren’t they the 8th in the world, size wise. Isn't this a huge deal that can have a serious domino effect?
So who eats it for this lost/theft?
::::::::Gerald Celente’s gold account was emptied by MF Global::::::::
http://www.youtube.com/watch?v=a_oGFEgDiig&feature=player_embedded
Gerald Celente founder and director at Trends Research Institute and publisher of the Trends Journal tells us how he has become a casualty of MF Global's bankruptcy to the tune of six figures! And while MF Global went belly up due to bad bets on European sovereign debt, Celente says the eurozone is next to go. Celente responds to Nouriel Roubini's forecasts of an exit from the eurozone. This after technocrats are installed in Rome and Athens to calm markets. Yet we see Italian and Spanish bond yields on the rise. Meanwhile, Spanish, French and Belgian CDS hit new records.