This is so outrageous! A
Now, lets think about this for a moment........ Would any customer be stupid enough to stay with MF Global at this point and even give them more money to invest for them? DUH........ Unless they are complete idiots, I can't imagine any customer would hand over money to MF Global for more investments, when their other money has already been stolen by the Wall Street broker!
The only thing I can even comprehend about this.. is the Judge has given MF Global 2 weeks to shred all evidence of files and stealing people's money!
This does not make the least bit of sense, unless the Judge is corrupt. Whose money did the Judge give to MF Global, taxpayers? Why would a Judge give a company 8 million dollars when that company is 2.2 Billion in debt?! Even someone who is asleep has to wonder about this.
Here is a post I did today with about research on MF Global,
In the post linked above, it shows MF Global was the number one trader on the Comex for futures.
A friend of mine talked to his futures broker today. That broker said MF Global was not that big in futures of metals on the Comex. As I read the article to my friend linked at the top from CNN about the Judge giving MF Global 8 million dollars, I read a sentence when it all came clear to me (in my opinion) of who is really behind the shorts on the Comex.
Here is a sentence from the CNN article, where I believe it is the circle of shorts on the Comex.
JP Morgan holds the bulk of MF Global's debt, about $1.2 billion, while Deutsche Bank has another $1 billion.
Right there, says JP Morgan has loaned MF Global 1.2 billion. MF Global is a futures broker and the number one futures trader on the Comex.... so..... was JP Morgan the one financing MF Globals shorts of metals? Everyone has always thought JP Morgan was the shorts broker, but could MF Global actually have been the shorts of metals and JP Morgan the money backer?
So, this bankruptcy Judge for some reason found it in his heart to give 8 million to MF Global so they can stay in business 2 more weeks!
Is this so regulators and the FBI can't just go in and take all the files immediately.... so MF Global can destroy them? Is this so CME and JP Morgan can figure out what to do with all the short positions on the Comex, before metals go wild? Is this so all the well connected politicians can get their money out?
Funny how Jon Corzine is/was a huge Obama bundler of political campaign money.
With this obviously corrupt Judge allowing MF Global/Corzine to stay in business for 2 more weeks, it seems no one is going to go to jail. As soon as Corzine and the other executives walked into that court today, they should have been taken away in handcuffs and arrested. Instead Judge Glenn Martin found they should get money to stay in business. This just does not make sense in any way shape or form, unless there has been a pay off or helping to cover up crimes!
Gosh, I wonder if a Judge would do that for me, if I ever stole hundreds of millions of dollars from people?
From CNN article:
NEW YORK (CNNMoney) -- MF Global executives pled in bankruptcy court Tuesday for access to enough money to keep the company afloat.
Judge Glenn Martin awarded the bankrupt brokerage firm $8 million, which should last MF Global until Nov. 14, according to a bankruptcy court representative.
An attorney for the brokerage firm had asked "to have a little bit of a lifeline to do some work, to see if we can survive."
Will some wake up from this event? I won't hold my breath but can only hope a few will say WTF! when they read Judge Glenn Martin gave a corrupt Wall Street broker money, who had stolen hundreds of millions of dollars to stay in business.
UPDATE 11/2/11
In the filing embedded on the page is some interesting information, especially this: to me this goes with what I wrote above... are they the ones behind all the shorts of metals with JP Morgan being the money backer? This matches the fact they are listed as the number one futures broker on the Comex. Paragraphs from the document embedded below:
. Commodities.
11. MF Global provides clients execution services for transactions relating to derivative contracts, including futures, options, forward sale agreements and other types of instruments based on the price of metals and industrial materials. Metal derivatives are traded on exchanges and in the OTC markets. MF Global is one of 12 designated ring-dealing members of the world’s larges metals exchange, the London Metal Exchange.
12. MF Global also executes trades in the energy derivatives market,including futures, options, swaps, and forwards on a range of energy products, including crude oil, natural gas, heating oil, gasoline, propane, electricity and other energy commodities. MFGlobal is an active market participant in both exchange-listed and OTC-traded energy derivatives,and has been consistently ranked as one of the leading providers by volume of clearing and execution services on both the New York Mercantile Exchange and ICE Futures Europe.
13. MF Global also delivers its clients targeted hedging and risk managementsolutions and helps clients locate trading opportunities in a broad array of agricultural commodities markets. MF Global provides trade execution services for a wide range of OTC and listed agricultural commodities markets, including the grain and oilseed futures and optionsmarkets and for soft commodities, such as coffee, cocoa, and sugar, on exchanges in NorthAmerica, Europe and Asia Pacific
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Amazing - 11/2/11 - Not one morning show has mentioned MF Global, nor a News Cable network. It is all about Cain, Kim Kardashian, and ridiculous stories that have no meaning in the whole scheme of things. One of the biggest news stories and actually impacts people they are completely SILENT on!
If they're in the hole USD 700 mln they can't close their commodities' positions unless they sign notes everywhere, and they have to foot the HUGE fee for the liquidator, for which they will have no provision (most unusual!) so they might have to go out and borrow that, with permission from the Court. I'd say JPM has an interest in (1) chosing the liquidator and (b)holding the note.
ReplyDelete...so, go borrow from the Judge...those funds will be sold once a signature appears, underwritten, rated (haha), leveraged at 10, 20, 30, 40,?...and sold...and so it goes...round and round, when the music stops?...nobody knows....but, if you don't have a chair?....you are screwed....in the end the bankruptcy goes to Meyro affiliate, anywho...MFXS
ReplyDeleteWe had a trading account at MFG. It transferred to RJ O'Brien. But the futures positions were transferred at market. This took the open equity out of our position and left it in the still frozen part of the account. The problem is, if the losing positions of the Comex Metal shorts are transferred the same way then their losses stayed in the frozen accounts. MFG/JPM need the delay to allow December contracts to go into the delivery period in the mispriced condition. That way the losses will get pooled and taken out of the MFG customers accounts. And JPM will not have to report massive trading losses on their financials.
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