The Israel Deception

Is the return of Israel in the 20th century truly a work of God, or is it a result of a cosmic chess move to deceive the elect by the adversary?

Showing posts with label mf global. Show all posts
Showing posts with label mf global. Show all posts

Wednesday, October 24, 2012

Corzine defense attempts to cry innocent by saying he lost money too

Former Goldman Sachs chief and Governor of New Jersey Jon Corzine is trying hard to act like an innocent victim in the ongoing MF Global fraud scandal.  In a recent hearing on Oct. 23, lawyers for the failed CEO attempted to get all inquiries and charges thrown out of court by intimating that he must be innocent of fraud since he lost money too when he bought company shares just a few months before the bankruptcy.



Indeed, the investors' claim that Mr. Corzine participated in a fraud "makes no sense" because, just two months before the company collapsed, he bought over 50,000 shares of MF Global stock on the open market. His lawyers argue Mr. Corzine's stock purchase belies the investors' claim that he sought to defraud them.

 As lawyers for the banks that underwrote MF Global's securities noted, trading firms can go under without fraud.

 "Companies sometimes fail because of unsuccessful business strategies," said lawyers for the underwriters. "However regrettable that reality, courts long have taught that such failures alone do not give rise to claims under the federal securities laws."

To date, neither Mr. Corzine nor others at MF Global have been charged with a crime. - Wall Street Journal via Zerohedge

Indeed, it is unlikely that Corzine will ever be charged with any wrongdoing, especially in lieu of the fact that the failed financier is one of President Obama's chief campaign contributors, and has helped the administration numerous times as an adviser and fundraiser.

Friday, August 24, 2012

States to go after Corzine as Obama administration refuses to prosecute the insider

Recently, the Obama administration and agencies the President runs reported they will not be prosecuting Jon Corzine for the known theft of over $1 billion in customer money at MF Global.  The former Governor of New Jersey, and former head of Goldman Sachs, is a long time insider and campaign contributor to Obama, which easily reveals why the fraud scandal is allowed to get off scott free.



However, the states themselves, and the constituents they represent are not planning on letting Corzine off so easily.  In a recent interview with Rick Santelli on Aug. 21, James Koutoulas said that all 50 states are looking into the legal process to go after Corzine for his actions.

Thursday, August 16, 2012

Jon Corzine: Steal a hundred dollars go to prison, steal $1 billion and you get a hedge fund

In a continuation of our storyline regarding why Americans and investors should get completely out of the financial markets, news today broke that the CEO of MF Global is mulling over creating a hedge fund, just months after stealing over $1 billion of his customers money.


In what should be the biggst non-news of the day, the NYT is reporting that not only will Jon Corzine not face any criminal prosecution for vaporizing hundreds of millions in client money (which subsequently condensed in the JPM middle office), but will in fact be launching ... wait for it... a hedge fund. "A criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives. - Zerohedge

Corzine, once head of Goldman Sachs, Governor of bankrupt New Jersey, CEO of MF Global, and campaign promoter of President Barack Obama, is taking his theft and fraudulent roadshow to its next stop.

We sincerely hope no one with half a brain will even think of investing money in this potential ponzi scheme for the should be incarcerated.

Tuesday, July 10, 2012

Futures investors Corzined again as PFGBest caught for using customer money

After the MF Global fraud and debacle, a new verb was introduced into the Lexicon of American finance.  To have your segregated funds stolen and used fraudulently by a broker or investment bank is now considered to be Corzined.



In a not so shocking event which came to light on Jul 8, futures investors who held accounts with PFGBest awoke to discover than the firm had not only spent all their money, but was completely insolvent as investors discovered yet another corrupt firm gambled away their savings.

PFGBest, which used to be the old Alaron Trading, has stolen at least $220 million of customer funds, which is fully HALF the entire customer asset base. The firm's owner attempted suicide this morning in the parking lot outside of the corporate HQ in Iowa.

While claiming to have over $200 million in bank accounts, it turned out that PFGBest only had $10 million at most. And they had been short NINETY-FIVE PERCENT of their seg funds for at least five months, and it may be closer to two years. The reportage on the timelines is very fuzzy. - Ann Barnhardt

The former futures broker predicted rightly that MF Global was not the only one to steal segregated funds to gamble on their own risky investments.  And as more and more investors in the corrupt U.S. markets discover the ponzi scheme of being Corzined, the sooner Americans will determine that the adage of if you don't hold, you don't own it is the standard for assets today.

Thursday, May 24, 2012

PBS Frontline: A view of the MF Global Fraud and Jon Corzine's gambling psyche

In the world of politics and finance, the ones who normally make it to the top are those who have psychopathic traits.  Psychopathy is defined by the lack of emotions, and the inability to understand the difference between right and wrong, moral or immoral behaviors.  This is one of the reasons why many CEO's can change lives so easily during times of layoffs without having a second thought, and how politicians can make policy that affects millions of people without feeling remorse when their decisions go wrong.



The psychopath also never apologizes unless their own personal life or lifestyle is at stake, which makes the entire MF Global fraud scandal so much more intriguing as the former CEO Jon Corzine, has never apologized for his actions, nor felt any real remorse for the over $1 billion dollars of customer funds used and lost in the reckless pursuit of high stakes gambling.

The key indicator of a psychopath, according to researcher Jonathan Zap during his time on Coast to Coast AM on Feb 25th, is the need to take massive risks, with both lives and money, to receive even the most miniscule amount of euphoria, since these people lack the ability to feel emotion in day to day living as normal people do.

On May 22nd, PBS Frontline did an hour long expose of the MF Global scandal, and on the history of Jon Corzine as an individual who wielded charisma, risk, and power like one uses a salt shaker to season their meal.


Watch Six Billion Dollar Bet on PBS. See more from FRONTLINE.


Watch Six Billion Dollar Bet on PBS. See more from FRONTLINE.

In the end, Jon Corzine, as during his days with Goldman Sachs, in the Senate and Governorship positions in politics, and finally at MF Global, did everything to benefit himself, and to feed the ever demanding need for risk and excitement, without a thought or care for anyone who was hurt or destroyed through his actions.

Monday, January 30, 2012

MF Global: Vaporize is the new banking term for stealing

The trustee for the MF Global bankruptcy has coined a new term to describe the theft of customer money and accounts.  Instead of using the criminal term stealing, or the legal term re-hypothication, the word Vaporized is being given by court appointed trustees for the whereabouts of private accounts and customer cash.

"As the sprawling probe that includes regulators, criminal and congressional investigators, and court-appointed trustees grinds on, the findings so far suggest that a "significant amount" of the money could have "vaporized" as a result of chaotic trading at MF Global during the week before the company's Oct. 31 bankruptcy filing, said a person close to the investigation." - Wall Street Journal


TO what end MF Global's actions and the subsequent court findings may have for future brokerage firms is uncertain at this time, but the old axiom of, "if you don't hold it, you don't own it' works everlastingly.

Thursday, January 26, 2012

Warren Pollock joins Gerald Celente in predicting a bank holiday soon

Max Kaiser did a recent interview with former Wall Street executive Warren Pollock on the state of the economy, and what he foresees in the near future for the government and monetary system.

In the interview, the economic blogger made the prediction that "they are setting themselves up for a bank holiday"

Max Kaiser:  Weve gone over the MF Global story, tell us what you think is the bigger picture from MF Global


Warren Pollock:  Right now we are watching law being changed to selective interests... the interests of JP Morgan, Goldman Sachs, and the banking cartel.  And what they're trying to do right now is set themslves up for a bank holiday.  And what they're saying is, their speculation will always be subsidized by customer funds.

You can watch the entire interview here thanks to MyTube22T.

Friday, January 6, 2012

Ann Barnhardt reports the Fiancial System is ready to topple

Commodities broker Ann Barnhardt spoke recently with investment strategist Jim Puplava on the state of the financial system in the after-effects of MF Global.  Ann intoned that the entire system is teetering on the brink, and is a house of cards ready to topple.

You can listen to the entire interview by going to Financial Sense.

Gold has bottomed and cleaned out its liabilities from the MF Global scandal

Gold has been steadily climbing since the beginning of 2012, and many of the reasons behind its 20% retraction have finally been flushed out of the markets.  The effects on the futures and gold markets after the MF Global scandal, coupled with the rise in the dollar compared to other world currencies, were the main antagonists forcing gold liquidations across the globe.

In spite of some short-term fixes, there remains no real resolution to the sovereign debt issues in many European countries. We're certainly not spending less money in the US, and now we're bailing out Europe via currency swaps with the European Central Bank. Shouldn't gold be rising?
Yes, but nothing happens in a vacuum. There are some simple explanations as to why gold remains in a funk.
  1. The MF Global bankruptcy, the seventh-largest in US history, forced a high degree of liquidation of commodities futures contracts, including gold. Many institutional investors had to sell whether they wanted to or not. This is similar to why big declines in the stock market can force funds and other large investors to sell some gold to raise cash for margin calls or meet redemption requests.
  2. The dollar has been rising. Money fleeing the Eurozone has to go somewhere, and some of it is heading into US bonds, which means first converting the foreign currency into dollars.
  3. It's tax-loss selling season, something that's also impacting gold stocks. Funds and individual investors are selling underwater positions for tax purposes. Funds also sell their big winners to lock in gains for the year and dress up quarterly reports.
These forces have all acted to depress the gold price.  - Jeff Clark of Casey Research



Courtesy of Casey Research

Now that most of these market forces have receded, gold is slowly moving back up towards $1700.  Additionally, the more Europe and the US continue in crisis, the more the chances of central bank easing become assured.  Once that happens, then the upper reaches of QE3 will move the price of gold to new records, make fools of many analysts who jumped at the chance to claim the gold bull market as over.

Thursday, December 22, 2011

Ann Barnhardt speaks with Peter Schiff on her call for a general strike on the financial markets

Commodities manager Ann Barnhardt recently closed down her business thanks to the MF Global scandal, theft, and overall destruction of the futures markets.  Not one to simply lick her wounds and sit on her laurels, she set a course of action in motion, and is calling for a complete and general strike by all businesses and Americans on the financial markets.

On December 21st, Ann spoke with Peter Schiff on this, and on the ramifications of the future of commodities and agriculture because of MF Gloabal.

Sunday, December 18, 2011

Gold: If you don't hold it then it could be open for confiscation by trustees

In the aftermath of the MF Global theft and scandal, a new discovery is surfacing in the legal capabilities of bankruptcy trustees.

The right to confiscare property, even if it is owned by clear deed or receipt by a customer not associated with the failed company.

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.   - Jessie’s Café Americain

With MF Global, we first learned the diabolical consequence of Re-Hypothicaton.  Now, the other shoe drops and the system is showing its bite and is claiming the right and power to take legitimate private property, albeit the gold and silver investors own and have stored in warehouses.

The old axiom every investor should know:  If you don't hold it, you don't own it.

Cant wait for the owners to sue the CME and the judge awards them fiat currency, while the exchanges get to keep your gold.

Commodities exchange blames MF Global for lack of charitable giving this year

The Chicago Mercantile Exchange (CME) Group has decided that because of the MF Global theft of customer accounts in the commodities realm, they will have to skip their normal donations to charity this Christmas to instead focus on paying back clients who had their money and accounts stolen, and subsequent contracts defaulted.

CME Group Inc, which has given $22 million to Chicago-area schools and charities over the past five years, has stopped making grants through its main foundation, citing the collapse of MF Global Holdings Inc.
Investigators are still searching for hundreds of millions of dollars of customer funds that CME says were improperly siphoned off Pin the brokerage's final days to plug its escalating liquidity needs. - Hartford Courant

Lets just hope the CME doesnt think those who lost tons of money to the greed of Wall Street are to be seen as charity, and that repayment is voluntary, or simply a good tax write-off.

Tuesday, December 13, 2011

Jon Corzine lied about knowledge of customer funds according to CME Exec

Now the fun starts as everyone involved in MF Global start throwing each other under the bus.  In a Reuters story today, an Executive from the Chicago Mercantle Exchange (CME) initmated that Jon Corzine lied under oath, and that he indeed had knowledge of where the missing customer money went to.

An auditor with CME Group was told that former MF Global chief Jon Corzine knew about loans backed by customer segregated accounts that were made to a European affiliate of the firm, a CME executive said on Tuesday.
CME Executive Chairman Terrence Duffy said his company has provided this information to the Justice Department and the Commodity Futures Trading Commission.
Duffy, testifying to the Senate Agriculture Committee, said a CME auditor participated in a phone call during which an MF Global employee indicated that Corzine knew of the lending, which was likely made in the last couple of days prior to MF Global's Oct. 31 bankruptcy.
The loan was for roughly $175 million, Duffy said. - Reuters via Zerohedge

Now the question becomes... how long will it take Corzine to start his own bus throwing to save his pathetic bacon?

Corzine to go before Senate for another round of I dont Know

Former MF Global CEO Jon Corzine is appearing before the Senate today for a followup hearing on the loss and theft of customer accounts with the now bankrupt company.

Expect nothing less than a continuation of 'I Don't Know' to be uttered from the lips of the Goldman Sachs and Washington insider as the dog and pony show simply moves up the Hill so Democrats can get ther airtime in.

Thursday, December 8, 2011

Corzine to tell Congress he knows nothing in Congressional hearing today

Former MF Global CEO Jon Corzine has already pulled out the Angelo Mozillo card, and issued a testimonial letter that he knows nothing about the loss of money at MF Global, and especially the losses to individual customer accounts.

Corzine Testimony


As we now logically, the chances of Corzine being completely ignorant to the workings of his own company are between slim and none, but the onus of course is on Congress and the incompetent US regulators to prove otherwise.  Back in 2008, fraudulent CEO's got away with their actions, and chances are likely, Corzine will skate through once again because of his massive leverage with the Obama administration.

And once again, investors who trusted the system will be out $1.2 billion dollars with little or no compensation.

Monday, December 5, 2011

MF Global lawsuit bypasses company and goes straight to Jon Corzine

Since the CFTC, Attorney General, Obama administration, and every regulator refuses to touch Jon Corzine after the MF Global theft and scandal rocked the commodities world, two former employees have bypassed a lawsuit agains the company and went straight for the man himself on failed fudiciary responsibility.

And as of today, two former employees have proceeded to sue Jon Corzine as fins.com reports. "Two former employees of MF Global have filed a class-action lawsuit against the firm's former Chief Executive Jon Corzine, other senior executives and board directors on behalf of themselves and current and former employees who acquired stock in the company while Corzine led the firm. The lawsuit, filed in the United States District Court for the Southern District of New York, alleges that the defendants provided false information regarding the company's financial condition and made statements that artificially inflated the stock price." Jon Corzine and the board breached their fiduciary duty to their employees and destroyed their careers and retirement savings," Jacob Zamansky, lead counsel for the plaintiffs, said in an email. - Zerohedge

The debate between Bernie Madoff and Jon Corzine comes down to who is protected by the powers that be and who isn't.  Bernie had the hammer brought down on him, while Corzine to this point has been touched with kid gloves.  However, for employees who lost everything because of the massive fraud implemented by the former CEO, they could care less about his political connections and appear to want to make him pay in civil court, which is outside the jurisdiction of his friends Biden and Obama.

Friday, December 2, 2011

MF Global CEO and friend to the Obama administration called to testify before Congress

Well, the only question left for the American people besides 'show me the money' in the MF Global theft and scandal is whether Congress will actually hold former CEO Jon Corzine accountable, or if this is just another Mozilla dog and pony show in front of the cameras.

Lest we forget of course, Jon Corzine is as vested an insider as they come, and is extremely tied to the Obama administration as an economic advisor, and campaign fundraiser... so if any charges do come against the corrupt Goldman Sachs CEO, governor of New Jersey, and all around friend to Obama, the pardon card may already be sitting there letting the ink dry.

Monday, November 21, 2011

The MF Global Ponzi Scheme and why they fell while others still operate

Here is another side I am hearing about regarding MF Global.

All of the banks and financial institutions today have offshore hedge funds, or two sets of books. When the regulators come by to do their cyclical assessments, all the toxic assets get moved to the hedge funds, or off the standard books and into a holding company, making them look solvent, or even good.

What happened perhaps with MF Global, is that they were inspected by a regulator and didn't have TIME to move their primarily accounting offshore. Thus, regulators saw the MF Global ACTUAL numbers, and TSHTF.

It also caught them red handed in a ponzi scheme... as they had been using customer money for awhile, and since most investors keep their accounts long-term, they only had to payoff individuals on an occasional basis, which meant they could channel enough money from elsewhere.

Except Corzine had leveraged the company 50-1, and bought billions in Euro trash bonds. Now, here is the REAL conspiracy theory.

No economist or financier with half a brain would be buying these, except that MF Global was a primary dealer. Guess who probably FORCED them to take on these toxic and worthless assets?

The Fed. As a means to covertly bailout the ECB, which is lockstep with the FED and all other central banks anyway.  Corzine is a former head of Goldman Sachs, and pure and simply, is a tool of the central bank.

I don't know which regulator broke protocol and caught MF Global with their pants down... usually the regulators give institutions ENOUGH err... ahem... warning they are coming over, and enough time to fudge the books to offshore, but this is probably why you are not seeing any real investigations or indictments yet.

The Fed is running this show, and Obama, Geithner, and Holder and bought and paid for tooks as well of the kleptocracy.

Thursday, November 17, 2011

South Park shows what happens if you invested with MF Global

This clip is an oldie but goodie, and shows just how quickly investing in the US or European financial system can lead to the loss of your hard earned money.

Just ask Gerald Celente and his recent exploits with MF Global.

Tuesday, November 8, 2011

Obama and MF Global: Corzine prosecution improbable as President has fundraiser with insider

With the growing scandal for Job Corzine grows in his work at bankrupt MF Global, the question of whether the Obama Administration would actually seek prosecution against his former campaign contributer seemed unlikely despite the growing evidence.

Now it almost appears improbable.  Especially with the news that after the bankruptcy hit last week, President Obama is holding a fundraising dinner at the behest of the primary lawyer for the MF Global bankruptcy.

Monday night, Obama will attend a private fundraiser hosted by Dwight Bush, president of Urban Trust Bank, and his wife Antoinette, a partner at the international law firm Skadden, Arps, Slate, Meagher, and Flom. Skadden is the firm hired to handle the bankruptcy of MF Global, the large Wall Street firm headed by Jon Corzine, former governor of New Jersey and a strong ally of President Obama.
Tickets for the event are at least $17,900 per person.
 The Center for Responsive Politics calls Skadden “a clearinghouse for donors to the Democratic Party.” - Daily Caller

Hey Occupy Wall Street... it's about time to move over to 1600 Pennsylvania Avenue if you truly want to find the 1%er who is keeping the rich safe and secure from the same justice system that puts you in jail.