Forum Post: Trustee to Seize & Liquidate Even the Stored CUSTOMER Gold & Silver Bullion From MF Global
Posted 7 years ago on Dec. 11, 2011, 8:28 p.m. EST by MonetizingDiscontent
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
-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?"
-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: "Hypothecating"
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
(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
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."