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Thread: MF Global Bank Run

  1. #1
    stoneFree
    Guest

    MF Global Bank Run

    Apparently it must fall on me to start a thread on the recent bankruptcy of commodities broker MF GLOBAL. This was pretty big deal, IMHO, for it gives a glimpse into the matrix, the grand illusion. Briefly, after their bets on European sovereign debt went south, MF Global's custodial bank (JP Morgan Chase) choked them and down they went taking $1.2 billion in cash & precious metal from 40,000 segregated customer accounts. Perhaps no big deal to you, unless you had an account there:

    Like Gerald Celente http://www.youtube.com/watch?feature...2q4gsbNI#t=40s

    Or how about Ann Barnhardt who closed her brokerage in response:
    http://www.youtube.com/watch?v=18A698QQex0

    Jim Willie's take is that “Comex was ready to default on gold and silver in November, and rather than honor the notices for delivery, JP Morgan stole the funds in the accounts that were calling for delivery…" The Public Will Not Wake-up Until At Least 1 Million Private Accounts Are Stolen

    And I guess you already knew the stock market is a rigged game.

    This scandal also brought a new term into public view - rehypothecation. That isn't in my Black's Law but "hypothecation" is: [SCAN]
    Good background on that here: http://newsandinsight.thomsonreuters...ation_scandal/

    And finally, an excellent piece (12/27/11) by Gonzalo Lira: http://gonzalolira.blogspot.com/2011...how-close.html

    Many of you already know how this theft can take place and no one found guilty. Because from a technical, legal point of view it's probably all legal. The customer accounts were full of private Federal Reserve credit. Customers didn't own them but were merely beneficial users. That doesn't make it right but does blow a gaping hole into the grand illusion - that most Americans own what they think, that they're using their own money and hold highest title to everything bought with it.
    Last edited by stoneFree; 03-29-12 at 04:12 AM.

  2. #2
    Exciting thread!!

    Wonderfully supported opening post too!

  3. #3
    Quote Originally Posted by stoneFree View Post
    Apparently it must fall on me to start a thread on the recent bankruptcy of commodities broker MF GLOBAL. This was pretty big deal, IMHO, for it gives a glimpse into the matrix, the grand illusion. Briefly, after their bets on European sovereign debt went south, MF Global's custodial bank (JP MoFo Chase) choked them and down they went taking $1.2 billion in cash & precious metal from 40,000 segregated customer accounts. Perhaps no big deal to you, unless you had an account there:

    Like Gerald Celente http://www.youtube.com/watch?feature...2q4gsbNI#t=40s

    Or how about Ann Barnhardt who closed her brokerage in response:
    http://www.youtube.com/watch?v=18A698QQex0

    Jim Willie's take is that “Comex was ready to default on gold and silver in November, and rather than honor the notices for delivery, JP Morgan stole the funds in the accounts that were calling for delivery…" The Public Will Not Wake-up Until At Least 1 Million Private Accounts Are Stolen

    And I guess you already knew the stock market is a rigged game.

    This scandal also brought a new term into public view - rehypothecation. That isn't in my Black's Law but "hypothecation" is: [SCAN]
    Good background on that here: http://newsandinsight.thomsonreuters...ation_scandal/

    And finally, an excellent piece (12/27/11) by Gonzalo Lira: http://gonzalolira.blogspot.com/2011...how-close.html

    Many of you already know how this theft can take place and no one found guilty. Because from a technical, legal point of view it's probably all legal. The customer accounts were full of private Federal Reserve credit. Customers didn't own them but were merely beneficial users. That doesn't make it right but does blow a gaping hole into the grand illusion - that most Americans own what they think, that they're using their own money and hold highest title to everything bought with it.
    Recall that in 1933 gold was seized by powers of eminent domain.

    If things become more sour, don't be surprised if pensions or accounts are seized or retirement funds that were not subject to tax all of the sudden are .....

    Might want to go light on paper and heavy on items that one can touch ....

  4. #4
    stoneFree
    Guest
    3/28/2012, JP Morgan Lawyer Diane Genoa Exposes Corruption at JPM, MF Global & the CFTC

    http://www.roadtoroota.com/public/855.cfm

  5. #5
    stoneFree
    Guest
    Edith O'Brien Declines to Answer Questions From House Panel

    http://www.bloomberg.com/news/2012-0...use-panel.html

  6. #6
    stoneFree
    Guest
    It appears we may have a direct hit on bankster Jon CORZINE, MF Global's former chairman and CEO.

    http://www.reuters.com/article/2012/...8AD1EH20121114

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