Welcome login | signup
Language en es fr
OccupyForum

Forum Post: Trustee to Seize & Liquidate Even the Stored CUSTOMER Gold & Silver Bullion From MF Global

Posted 12 years ago on Dec. 11, 2011, 8:28 p.m. EST by MonetizingDiscontent (1257)
This content is user submitted and not an official statement

Trustee to Seize & Liquidate Even the Stored CUSTOMER Gold and Silver Bullion From MF Global

http://jessescrossroadscafe.blogspot.com/2011/12/attempt-to-seize-and-liquidate-customer.html
-December 17th, 2011-

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. This did not even happen in the big failures like Lehman and Bear Sterns in which the customer accounts were kept whole and transferred before the liquidation process...

(((Continue Reading this article Here))) http://jessescrossroadscafe.blogspot.com/2011/12/attempt-to-seize-and-liquidate-customer.html

-TheKeiserReport- "Capitalism Without Capital?"

(((Video#226))) http://maxkeiser.com/2011/12/22/kr226-keiser-report-capitalism-without-capital/
-December 22, 2011-

After after revealing that the Lizard King is back, Max&Stacy discuss MFGlobal (the article at the top of this page), the radical redistribution of gold and silver property in the US and the radical experiment in the UK to have capitalism without capital.

Along the way COMEX and LBMA comes up in conversation. (Are they insolvent? Do they have the gold/silver?) Todays topics also including "Pension-Tapeworms" and SEC's lawsuit against Fannie & Freddie.

Max explains that their bonuses are based on their entire balance sheet, including the off-balance sheet items that they don't disclose at the quarterly SEC requirement, so their off balance sheet items might be worth 100 or 150 billion dollars...

...I'll leave the rest of that to Max to tell you...

But In the second half of the show, Max talks to Professor Steve Keen... http://debunkingeconomics.com/ ...about the UK’s financial sector debt which is at least 4 times as large as US financial sector debt before the global financial crisis began.


Max Keiser Discusses: "Hypothecat​ing"

(((Video))) http://www.youtube.com/watch?v=EXerNqaJse4&feature=player_embedded

runs about 2 & 1/2 minutes

-December 14, 2011-

The Denials Begin: Interactive Brokers Is First To Claim It Has Not Engaged In Commingling Rehypothecation

http://www.zerohedge.com/news/denials-begin-interactive-brokers-first-claim-it-has-not-engaged-commingling-rehypothecation

-12/11/2011-

(Tyler Durden) Now that the rehypothecation bogeyman... http://www.zerohedge.com/news/why-uk-trail-mf-global-collapse-may-have-apocalyptic-consequences-eurozone-canadian-banks-jeffe ...has been let loose, and the question of just how many paper (and apparently physical http://www.zerohedge.com/news/gold-rehypotecation-unwind-begins-hsbc-sues-mf-global-over-disputed-ownership-physical-gold ) ...assets have been double, triple, and n-counted http://www.zerohedge.com/news/shadow-rehypothecation-infinte-leverage-and-why-breaking-tyrrany-ignorance-only-solution (where n can be a number up to "infinity") by the infinitely daisy-chained modern global financial system in which one's liability is someone else's asset....apparently up to infinity times, the next logical step was for the firms named in the original Reuters article... http://newsandinsight.thomsonreuters.com/Securities/Insight/2011/12_-_December/MF_Global_and_the_great_Wall_St_re-hypothecation_scandal/ ...to step up and begin denials they had anything to do with anything.

Sure enough, below is the first (of many) such response, by Interactive Brokers, claiming it has been greatly misunderstood and unlike MF Global, it has done nothing wrong at all. Of note is that IB was simply one of many brokers mentioned in the Reuters piece, where we read that:

"Engaging in hyper-hypothecation have been Goldman Sachs ($28.17 billion re-hypothecated in 2011), Canadian Imperial Bank of Commerce (re-pledged $72 billion in client assets), Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging), Oppenheimer Holdings ($15.3 million), Credit Suisse (CHF 332 billion), Knight Capital Group ($1.17 billion),Interactive Brokers ($14.5 billion), Wells Fargo ($19.6 billion), JP Morgan($546.2 billion) and Morgan Stanley ($410 billion)."
(((Continue Reading Here))) http://www.zerohedge.com/news/denials-begin-interactive-brokers-first-claim-it-has-not-engaged-commingling-rehypothecation

Why The UK Trail Of The MF Global Collapse May Have "Apocalyptic" Consequences For The Eurozone, Canadian Banks, Jefferies And Everyone Else

http://www.zerohedge.com/news/why-uk-trail-mf-global-collapse-may-have-apocalyptic-consequences-eurozone-canadian-banks-jeffe

-12/07/2011-

when one truly digs in, MF Global exposes the 2011 equivalent of the 2008 AIG: virtually unlimited leverage via the shadow banking system, in which there are practically no hard assets backing the infinite layers of debt created above, and which when finally unwound, will create a cataclysmic collapse of all financial institutions, where every bank is daisy-chained to each other courtesy of multiple layers of "hypothecation, and re-hypothecation."

(((Read the entire article Here))) http://www.zerohedge.com/news/why-uk-trail-mf-global-collapse-may-have-apocalyptic-consequences-eurozone-canadian-banks-jeffe

20 Comments

20 Comments


Read the Rules
[-] 1 points by MonetizingDiscontent (1257) 12 years ago

oh, i would never ever use precious metals as collateral. I would just buy the dips, hold it, and -forget- about it. just that simple. Good to meet you BlueRose =)

[-] 1 points by BlueRose (1437) 12 years ago

The Mormons lost $50 million in a gold scheme recently.

[-] 0 points by Jflynn64 (337) 12 years ago

Puffy should be managing their money. He has made 14% annualized for 30 years.

[-] -1 points by Jflynn64 (337) 12 years ago

They should be investing in your grandmothers retail store and they wouldn't have lost money. We need to eliminate risk and guarantee returns. Where is the government in this?

[-] 1 points by MonetizingDiscontent (1257) 12 years ago

::::::::::::How George Soros Ended Up With MF Global’s Client Money::::::::::::

http://profitimes.com/free-articles/how-george-soros-ended-up-with-mf-global%E2%80%99s-client-money/

-December 18, 2011-

A warning to former MF Global segregated account holders: If the news has already been more than you can bear, please do not read this post — it may really push you over the edge


[-] 1 points by economicallydiscardedcitizen (761) 12 years ago

Overheard at a holiday cocktail party between executives at firms mentioned above: "My Ponzi scheme is bigger than yours and Madoff's and we pride ourselves on doing God's work." And as a cocktail server who is also an OWS protester overheard it too, she muttered to the bartender "Yeah, Lloyd does God's work allright creating out of NOTHING!"

[Removed]

[-] 1 points by TheMaster (63) 12 years ago

Jon Corzine is obama's pal.

[-] 1 points by MonetizingDiscontent (1257) 12 years ago

lmao

::::::::::::::::THE MORAL HAZARD RING::::::::::::::::

(((illustration))) http://maxkeiser.com/2011/12/14/the-moral-hazard-ring/

-December 14, 2011-

[-] 1 points by MonetizingDiscontent (1257) 12 years ago

Who Gave Permission To A Bankrupt MF Global To Sell Italian Bonds To JPM At A 5% Discount To Market Value?

http://www.zerohedge.com/news/who-gave-permission-bankrupt-mf-global-sell-italian-bonds-jpm-5-discount-market-value

-12/13/2011-

We already knew previously that shortly after it filed for bankruptcy, George Soros bought $2 billion in Italian bonds from the bankrupt MF Global. One thing we did not know was the terms of the purchase.

Today, the WSJ has disclosed... http://online.wsj.com/article/SB10001424052970204336104577094702485491024.html ...another facet of the bankruptcy which like Lehman will expose gigabytes of dirt on the corrupt US financial system. Namely, that after liquidating, MF sold Italian bonds - the culprit that ultimately led to the bank's bankruptcy - to none other than JP Morgan and "one large hedge fund."So far so good. Where it gets disturbing is that as the WSJ discloses,

"buyers paid about 89 cents on the dollar for the Italian bonds, compared with a market price of about 94 cents at the time, according to the trader who bought them...Today, those bonds trade at more than 96 cents, according to Tradeweb."

Our question is first, why did the bankrupt MF Global estate proceed to unload post-filing assets and under whose discretion: after all the company had entered bankruptcy, and it is up to the estate, which includes bondholders and other stakeholders to determine what assets and under what conditions, can be liquidated.

Did MF Global believe that the same exemption from the law that it apparently thought was applicable to its pre-petition, was also valid under bankruptcy? Because if the firm did not get prior-permission form a bankruptcy judge to liquidate these assets, this is an act far worse than commingling and even the firesale of Lehman's US Brokerage to Barclays for pennies on the dollar - this is flaunting bankruptcy law front and center.

Secondly, and perhaps just as important, who on the estate agreed to give JPM a 5% explicit discount to what the article notes was a fair price that is 5% higher and which by definition would have had bidders at that price.

We hope someone in the Senate will take a quick look at this note, and the related WSJ article, and ask Messrs Corzine et al to provide some much needed clarity on this topic.

(((View this article Here))) http://www.zerohedge.com/news/who-gave-permission-bankrupt-mf-global-sell-italian-bonds-jpm-5-discount-market-value


[-] 1 points by GirlFriday (17435) 12 years ago

Nobody knows nothing, and nobody knows what bloody went wrong. Everybody is sure that it wasn't them.

[Deleted]

[-] 0 points by Scout (729) 12 years ago

Ann Barnhardt says the futures market is finished !!

http://matrixsentry.wordpress.com/2011/12/16/ann-barnhardt-explaining-decoupling/

Because no one can trust them any more - in fact who can you trust ? We have had the " Fraudclosure " debacle regarding mortgage fraud and now this. I am sure it would have been better to have the Gambino's in the White House. because at least they had honour. Someone would have been " whacked " for this by now !

[-] 1 points by MonetizingDiscontent (1257) 12 years ago

Hey thats a great article scout, thanks for that. The more I hear from her the more I admire her, she's an honest broker. Probably fairly rare thing these days.

I'm going to add that article Here: http://occupywallst.org/forum/the-entire-system-has-been-utterly-destroyed-by-th/


::::::::::::An Interview with Ann Barnhardt: "Monumental Market Disorder?"::::::::::::

(((Audio))) http://www.youtube.com/watch?v=LPPxOP3na5o&feature=player_embedded

-December 16, 2011-

Warren Pollock interviews Ann Barnhardt of Barnhardt Capital Management. Ann shut the doors of her brokerage because she felt customer capital was no longer safe.

Ann gives us her opinions on the stability and conduct of markets, regulators, potential for systems and currency collapse, the failure of regulators, and on gold & silver.

Other cutting topics not previously covered include the need to barter as the system fails and the mathematical impossibility of correcting the over-leveraged financial mess now coming to conclusion thereby creating a future full of "monumental market disorder."


[-] 0 points by Scout (729) 12 years ago

yes but she has given up as a broker now because of this debacle and is going back to cattle trading!

And see this video with Gerald Celente

http://www.youtube.com/watch?v=-MrYmxuz0ik&feature=player_embedded#!

[-] 0 points by economicallydiscardedcitizen (761) 12 years ago

With their hubris surely while guys like Blankfein spout that they are "Doing God's work" inwardly they may be thinking, "Yep, and we're bigger than God too" so, by an "act of God" ironically they may get justice where justice is due in ways that can be stranger than fiction...

[-] 0 points by economicallydiscardedcitizen (761) 12 years ago

..."assets have been double, triple and 'n' counted where 'n'=INFINITY'

Thank you for collecting this important information. I wonder how long before there is a massive run on assets as more small/individual investors learn of these things? The CFTC & CME can't hide this powder keg for too long before it blows...

[-] 0 points by economicallydiscardedcitizen (761) 12 years ago

MF Global is truly a 'Lawyer's Banquet' or at least it will be when it's all over.

[-] 0 points by Scout (729) 12 years ago

yes indeed ....in fact eveyone will have a banquet apart from the small investor and i bet they will be having a laugh about him/ her at the banquet ! A mugs game....! Buy gold guns and ammunition

[-] 0 points by Jflynn64 (337) 12 years ago

HA HA, we are coming to get those from those and there is nothing you can do about it. Watch the election, boy.