Forum Post: GERALD CELENTE: (((Video))) Trends In The News - Criminal Mafia Enterprise - CME Did Not Guarantee Oversight in MF Global Scandal

Gerald Celente: Uncovering what he a Smoking Gun Behind The MF GLOBAL Scandal

(((Video))) http://www.youtube.com/watch?v=6weHpFCrxdw&feature=player_embedded#!

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Celente: CME Did Not Guarantee Oversight in MF Global Scandal

It is very suspicious that weeks prior to MF Global’s fall billionaire investors like the Koch brothers had the miraculous foresight to withdraw all their money, prompting accusations that big players got a ‘heads up’... http://www.huffingtonpost.com/daniel-dicker/the-koch-brothers-and-mf-_b_1089906.html ...in advance of the firm’s collapse.

CME is now in the process of damage control. Earlier today (Nov 17th) the organization issued a press release... http://www.marketwatch.com/story/cme-group-statement-on-mf-global-segregation-violation-2011-11-17 ...stating “that it followed CFTC requirements and CME Rules and procedures in reviewing MF Global’s segregated funds statements and coordinating that review with the CFTC” and characterized reports that it was negligent as “inaccuracies.”

Terrence Duffy's Introduction at CME Group Press Conferecne with Mayor Daley

http://www.youtube.com/watch?v=m3XpfPXxjbw&feature=player_embedded

Trends forecaster Gerald Celente, who lost gold futures at MF Global in the six figure range, has discovered a video of CME Executive Chairman, Terrence Duffy, (Above Link) holding a press conference last year in which he unequivocally states that no “customer has ever lost a penny as a result of a clearing member default that CME Group.”

Duffy admits 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.” Obviously, this was not the case with MF Global and its clients.

The CME boss claims in the video 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,” a claim that turns out to be entirely fallacious, as Celente and others discovered after MF Global went belly up.

Duffy proudly admits that CME is “the guarantor of every transaction that happens in our markets” and guarantees “the performance of each and every one of these contracts which means facilitating the transfer of $800 trillion of risk. To do this, we hold more than $100 billion of collateral to support the transactions that are being done on our markets.”

However, as Gerald Celente notes, not “only have customers lost money, they’ve lost their futures positions. Secondly, and more important, CME did not honor its ‘guarantee’” to MF Global’s clients.

“This is big news that nobody has uncovered, and I’d like to break it, says Celente.

It is not certain at this point if CME’s role in the scandal will be highlighted. Authorities are attempting to track down MF Global client money lost in JP Morgan’s black hole and two “aggressive and high-profile federal prosecutors,” according to the Wall Street Journal... http://blogs.wsj.com/law/2011/11/17/the-am-roundup-mf-global-subpoenas-prop-8-more/ ...are using subpoenas to gather MF Global records.

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The Koch Brothers and MF Global - Friends to the End

http://www.huffingtonpost.com/daniel-dicker/the-koch-brothers-and-mf-_b_1089906.html

-11/14/2011-

“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 Huffington Post))) http://www.huffingtonpost.com/daniel-dicker/the-koch-brothers-and-mf-_b_1089906.html

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