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(Video#223) Keiser Report: -Möbius Strip of Fraud-

(((Video))) http://maxkeiser.com/2011/12/15/kr223-keiser-report-mobius-strip-of-fraud/

-December 15, 2011-

Max Keiser & co-host Stacy Herbert discuss re-hypothecating, Alec Baldwin’s cake and eating it too... (Max&Stacy's cake eating illustration helps put into perspective the last article on this post, by zero hedge) ...And, as Al Capone before him, JP Morgan’s Jamie Dimon complains of the thankless task of being a “public benefactor”. Trillions in Unhedged Rehypothecation Risk On JP Morgan's Balance Sheet

In the second half of the show, Max talks to Reggie Middleton http://boombustblog.com/ about German debt and MF Global.

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Waiting for the Perp Walk

If stealing $1.2 billion from client accounts and lying to Congress don’t get you thrown into jail, what will it take? Oh Yeah. Peacefully protesting in a public park against criminal bankers who are free to pillage and loot.

http://www.theburningplatform.com/?p=26378

-December 14th, 2011-

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Must Read: Presenting The MF Global Black Box: A Minute By Minute Breakdown Of The Doomed Broker's Last Week On Earth

http://www.zerohedge.com/news/must-read-presenting-mf-global-black-box-minute-minute-breakdown-doomed-brokers-last-week-alive

-12/15/2011-

In order to get to the bottom of every collapse (or death), a forensic analysis of the last minutes of any transition from life to death has to be perormed. So far, we have only had broad strokes of the key events in the last days of MF Global as obviously many of them will implicate the management team in gross criminal behavior. Until now, when...

...courtesy of the CME we have received a full breakdown of every key events in the chronology of MF Global's last days on earth, starting with October 24, and the rating agency downgrade of the futures broker (the same catalyst incidentally that started the AIG death spiral waterfall... and yet clueless pundits will tell you the ratings are totally irrelevant), and ending with the firm's filing for bankruptcy protection.

Anyone who has any interest in the MF Global collapse, which incidentally should be anyone who has capital in third party possession and thus has counterparty risk, should read this narrative from first to last bullet....

(((Source))) CME: http://financialservices.house.gov/UploadedFiles/CME_Group_Response.pdf

(((or Continue Reading this article Here))) http://www.zerohedge.com/news/must-read-presenting-mf-global-black-box-minute-minute-breakdown-doomed-brokers-last-week-alive

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Outside of Congressional Hearing, Jon Corzine Gets Served With Papers

Former New Jersey governor Jon Corzine, was served with papers today on Capitol Hill:

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

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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

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