MF GLOBAL - Part Deux?

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MF GLOBAL - Part Deux? - 7/9/2012 4:42:00 PM

Yachtie

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Remember when the entire segregated account fiasco was supposedly fixed in the aftermath of the November 2011 MF Global bankruptcy, and where regulators: the CFTC, the SEC, the CME, and anyone you asked, swore up and down this would never happen again? Turns out that 7 months later, the spirit of MFGlobal has struck again and it's name is PFGBest, as we suggested first 3 hours ago when we broke the story. From the just filed affidavit by Lauren Brinati who is working with the National Futures Association, which in turn has just filed notice prohibiting PFGBest from operating futher, and freezing all of its accounts:

On July 9, 2012, NFA made inquiry with US Bank and learned that rather than the $225 million that PFG had reported as being on deposit at US Bank just days earlier, PFG had only approximately $5 million on deposit at U.S. Bank.

The money has now officially vaporized.

Rut Roh!!!!!

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RE: MF GLOBAL - Part Deux? - 7/9/2012 4:58:00 PM

RottenJohnny

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Time for some good, ol' fashioned regulation.

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RE: MF GLOBAL - Part Deux? - 7/9/2012 4:59:59 PM

SilverMark

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Evidently, the President of PFGBest, is in critical condition after a suicide attempt.

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RE: MF GLOBAL - Part Deux? - 7/9/2012 5:12:42 PM

RottenJohnny

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quote:

ORIGINAL: SilverMark

Evidently, the President of PFGBest, is in critical condition after a suicide attempt.

I'll accept self-regulation.

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RE: MF GLOBAL - Part Deux? - 7/10/2012 6:29:53 AM

tj444

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well,.. the saying fool me once.. etc.. applies, imo..

why would anyone believe everything was all "fixed" in a country where the sleazoid banks and big biz runs the govt?

and as i understand it, European firms are under stricter laws and not allowed to do what US firms have been getting away with but with the new law coming into effect shortly (FATCA), it means any US citizens that want to deal with a non-US commodity firm likely will have a hard time finding a firm that will comply with those new US reporting requirements and take on American clients.. which means imo, the US govt has screwed its American citizens once again..

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RE: MF GLOBAL - Part Deux? - 7/10/2012 11:55:38 AM

Moonhead

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quote:

ORIGINAL: SilverMark

Evidently, the President of PFGBest, is in critical condition after a suicide attempt.

Cunt should have tried harder, then.

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RE: MF GLOBAL - Part Deux? - 7/10/2012 4:00:38 PM

Yachtie

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More info -

According to a just released Reuters report, the head of MFG(lobal) part 2, PFG, whose story we broke yesterday, Russell Wasendorf Sr. "intercepted and forged bank documents for more than two years to cover up hundreds of millions of dollars in missing money, a person close to the situation."

And while crime happens all the time, what is truly stunning is that as we reported previously, the CFTC gave the firm a clean bill of health in its January inspection of Peregrine Financial Group. That's 6 months ago. The CFTC, as a reminder, was it regulator. The entity whose sole charge is to make sure that firms at least have real, not rehypothecated, cash in their segregated client bank accounts. PFG never did for the past two years. And somehow the CFTC missed this. MF Global was a warning shot, and the CFTC missed it entirely. And not only that but 2 months later ir pronounced PFG clean.

Cur Congressional banana hearings, witch trials, and more fingerpointing which will result in more of the same: a former Goldmanite in charge of the CFTC, and virtually no hope that anything in these broken capital markets will ever be fixed until the big reset finally sweeps all this toxic garbage away.

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