The American sheeple continue to graze and be herded towards the slaughterhouse as the banking cabal runs roughshod over our economic system, stealing $1.2 billion directly from customer accounts and using their power and wealth to conclude an investigation into the greatest fraud in history with a $5 billion foreclosure settlement. $5 billion is a rounding error for the criminal Wall Street banking predators. Where is the outrage? Where are the protests in the streets? Oh yeah. I forgot. American Idol was on last night. Nevermind.
09 February 2012
I did predict something like this would happen in about the second week of the scandal, didn’t I?Did you ever imagine that in America a major brokerage firm would blazenly steal over a billion dollars in customer funds and assets, and that no one would even be prosecuted?
And that the financiers would use the courts to just keep the money, and basically tell the broker’s customers to eat shit?
The money? Oh no, that’s just vaporized. Just a freak accident, practically an act of God. Very mysterious, but could not happen again. Protection? Sorry don’t know anything about that.
No one knows anything. Except that the financial system can’t be trusted, and that nothing in it is safe. But they are afraid to admit it.
Reuters Africa
ANALYSIS-Criminal probe trail going cold at MF Global
Thu Feb 9, 2012 10:54pm GMTFeb 9 (Reuters) – When commodities brokerage MF Global imploded, the FBI and federal prosecutors were quick to launch an investigation to pursue what seemed obvious to outspoken regulators and lawmakers: laws were broken and crimes were committed.
More than three months later, it is far from clear that anyone will face criminal charges over the disappearance of more than $600 million in customer money as MF Global spiraled towards bankruptcy in the brokerage’s final, frantic days in the last week of October.
So far, the MF Global investigation is not tracking the early progress of other high-profile financial scandals such as RefCo, where former Chairman Phil Bennett was arrested within days of the disclosure that the futures firm had been hiding losses for years.
Lawyers and people familiar with the MF Global investigation of the firm that was run by former Goldman Sachs head Jon Corzine say that even though the hunt is still on to find out whether or not officials at MF Global intended to pilfer customer money in a desperate bid to keep the brokerage from failing, the trail at this point is growing cold.
To date, scant evidence of criminal intent has emerged in company emails, no former or current employees have sought to cut a deal to provide testimony about potential wrongdoing and seasoned defense lawyers say they are not seeing the tell-tale signs of a hot criminal investigation.
A source familiar with the work of Louis Freeh, trustee for the MF Global holding company that filed for Chapter 11 bankruptcy protection, says investigators have yet to find evidence of fraud in the multi-faceted and complex investigation. (Perhaps stealing and then passing on stolen goods as your own does not qualify as fraud? And what is the MF Global trustee, Lous Freeh, who invokes attorney client privilege with MFG, doing running the investigation? – Jesse)
The source, who declined to be identified because Freeh’s office is still conducting its inquiry, says there was plenty of “chaos” at MF Global in its waning days, but “no evidence of fraud.” Freeh is a former Director of the Federal Bureau of Investigation…
Read the rest here.
Drei Groschen Oper – Die Moritat von Mackie Messer English translation.
 |
| Yes We Can! |
ron says:
The public is to fat dumb and happy.They well need a collapse to come out of their fat induced commas.Then theyll be dumb and dangerous.
Well-loved. Like or Dislike:
7 
0
10th February 2012 at 11:13 am
Hotrod says:
Are there no people who know how to use a deer rifle? WTF
Well-loved. Like or Dislike:
9 
0
10th February 2012 at 11:15 am
matt says:
This whole scenario is pathetic. There is less than .001% of our society that owns almost everything, including the banks, the corporations, the government and the media that tells you all is well. It’s like watching a high school honors student play Monopoly with a 2 year old.
Well-loved. Like or Dislike:
8 
0
10th February 2012 at 11:47 am
AWD says:
I think this crime is a little lower down on the scale of “crimes of the century”
The biggest crime, in my opinion, was Congress handing over $750 billion to the banks, after voters made their voices heard. The fucking criminals in Washington (mainly democrats Reid and Pelosi) did a back room deal. They should be tried and hung for treason.
The Fed handed over $6.6 trillion to banks. #2 in my book. Bernake should be tried and tortured to death.
MF Global is #3 so far. The .01% stealing from the 1%. They got what they deserved.
Like or Dislike:
1 
3
10th February 2012 at 11:53 am
Administrator says:
AWD
You are wrong.
Thousands of those customers were farmers who had accounts with MF Global to hedge their crop risk. These were not the 1%.
Well-loved. Like or Dislike:
6 
0
10th February 2012 at 11:56 am
Mr. Happy says:
Just curious, but why would Louis Freeh, a former top gun at the FBI take on Italian citizenship???
From Wikipedia: Freeh began his career as an agent of the FBI, and was later an assistant United States Attorney and a United States district court judge, the position he held when appointed FBI director. He is now a lawyer and consultant in the private sector. He acquired Italian citizenship on October 23, 2009
Well-loved. Like or Dislike:
5 
0
10th February 2012 at 12:02 pm
AWD says:
Yea, admin, farmers who get $75,000 in farm subsidies every year from the Fed.gov (I mean taxpayers).
Like or Dislike:
0 
5
10th February 2012 at 12:27 pm
Administrator says:
AWD
There is a difference between corporate farms and small farmers.
efarmer is going to kick your bony ass.
Like or Dislike:
4 
0
10th February 2012 at 12:42 pm
AWD says:
Bullshit, I know many, many small farmers around here getting between $50,000 and $75,000 per year, subsidized crop insurance, free loans, massive gravy train.
My ex-father-in-law: Farms 2000 acres (medium farm), gets $75,000 per year. That’s not a typo, and he makes $150,000 per year farming those 2000 acres. Crop prices have been high for years now thanks to Bernake and inflation. The dude makes more than I do farming. He earns it (at least the $150,000). WTF should I pay him subsidies? Total bullshit.
Like or Dislike:
2 
2
10th February 2012 at 12:58 pm
AWD says:
my ass ain’t boy, BTW.
I think I’ve seen the most perfect ass ever..
From “crime of the century” to chick’s asses in 10 short comments. typical TBP.
BTW, Corzine is the criminal of the century. And he got away with it…. truly amazing, what happens when you let the criminals run the legal system.
Well-loved. Like or Dislike:
8 
0
10th February 2012 at 1:24 pm
Bman says:
That is indeed one fine ass.
Well-loved. Like or Dislike:
7 
0
10th February 2012 at 1:36 pm
Administrator says:
AWD
For a second there I was wondering where you got pictures of Avalon.
Like or Dislike:
3 
0
10th February 2012 at 1:40 pm
efarmer says:
AWD,
I guess what I find is bizarre is you justifying theft from anyone, especially actual businesses.
And for the record, farmers have been calling for an end to all subsidies for over a year and no politician is listening. No one seems to listen when it involves a smaller government role in the lives of us all.
EF
Well-loved. Like or Dislike:
5 
0
10th February 2012 at 4:13 pm
efarmer says:
Admin,
I knew right away that wasn’t Avalon as her hips are higher and much more attractive.
EF
Like or Dislike:
1 
0
10th February 2012 at 4:13 pm
avalon says:
Good eye efarmer.
Like or Dislike:
4 
0
10th February 2012 at 4:58 pm
Administrator says:
MF Global Inc. trustee sees $1.6 billion gap
The Trustee, relying on the books and records of MF Global Inc., the investigation that has traced a majority of the cash transactions during the last week before the bankruptcy of MF Global Inc., and the claims process, currently believes there is at least a $1.6 billion gap between the value of the Trustee’s estimate of potentially allowable commodities claims and the assets that are currently under the Trustee’s control. This reconfigured estimate is expected to change over time as claims are processed and assets recovered, and depending on claims reconciliation and the ultimate outcome of claims the Trustee may contest, the estimated deficiency may rise or fall in significant amounts. The estimate applies to claims from commodities customers who traded on US exchanges, as well as commodities customers who traded on foreign exchanges, including approximately $700 million that the Trustee is disputing with the Joint Special Administrators of MF Global UK Limited.
The Trustee has returned approximately $3.9 billion in property from US depositories to former commodities customers in three bulk transfers since MF Global went into bankruptcy on October 31, 2011. Currently, the Trustee has approximately $1.4 billion in assets under his control, which is being held in reserve.
The Trustee and his staff continue to review and tabulate claims made by former MF Global Inc. commodities customers against the MF Global Inc. estate, which were submitted prior to the January 31, 2012 claims deadline.
Early estimates of the analysis of commodities claims show approximately 40% of the US commodity claims came from five states: California, Florida, Illinois, New York and Texas. Approximately 91% of all commodities claims seek less than $100,000, taking into account the previous return of 72% of the US segregated customer property to former retail customers with US futures positions.
Claims will be verified for accuracy and duplicate claims will be identified. Determination letters are being issued to former customers on a rolling basis. The determination letter will acknowledge receipt of the claim and provide information on whether the claim has been allowed, denied, reclassified or requires further reconciliation or information.
The Trustee is eager to make additional distributions to former MF Global Inc. customers as soon as possible. However, the Trustee is required by law to hold an appropriate reserve of funds until disputed claims are resolved either through negotiation or by the Court. At this time, the Trustee anticipates significant disputed claims against the MF Global Inc. estate by MF Global Holdings Ltd., MF Global UK Limited, and other entities. The Trustee will move to attempt to resolve these claims as quickly as possible, but it is uncertain how long resolution will take. Therefore, it is not known at this time when the Trustee will be legally able to make additional distributions.
While securities customers seeking to receive maximum protection under the Securities Investor Protection Act were asked to file claims by January 31, the claim registration period for securities customers does not close until June 2, 2012. The gap between securities claims values and assets under the Trustee’s control cannot be accurately estimated at this time.
The Trustee, relying on the books and records of MF Global Inc., the investigation that has traced a majority of the cash transactions during the last week before the bankruptcy of MF Global Inc., and the claims process, currently believes there is at least a $1.6 billion gap between the value of the Trustee’s estimate of potentially allowable commodities claims and the assets that are currently under the Trustee’s control. This reconfigured estimate is expected to change over time as claims are processed and assets recovered, and depending on claims reconciliation and the ultimate outcome of claims the Trustee may contest, the estimated deficiency may rise or fall in significant amounts. The estimate applies to claims from commodities customers who traded on US exchanges, as well as commodities customers who traded on foreign exchanges, including approximately $700 million that the Trustee is disputing with the Joint Special Administrators of MF Global UK Limited.
The Trustee has returned approximately $3.9 billion in property from US depositories to former commodities customers in three bulk transfers since MF Global went into bankruptcy on October 31, 2011. Currently, the Trustee has approximately $1.4 billion in assets under his control, which is being held in reserve.
The Trustee and his staff continue to review and tabulate claims made by former MF Global Inc. commodities customers against the MF Global Inc. estate, which were submitted prior to the January 31, 2012 claims deadline.
Early estimates of the analysis of commodities claims show approximately 40% of the US commodity claims came from five states: California, Florida, Illinois, New York and Texas. Approximately 91% of all commodities claims seek less than $100,000, taking into account the previous return of 72% of the US segregated customer property to former retail customers with US futures positions.
Claims will be verified for accuracy and duplicate claims will be identified. Determination letters are being issued to former customers on a rolling basis. The determination letter will acknowledge receipt of the claim and provide information on whether the claim has been allowed, denied, reclassified or requires further reconciliation or information.
The Trustee is eager to make additional distributions to former MF Global Inc. customers as soon as possible. However, the Trustee is required by law to hold an appropriate reserve of funds until disputed claims are resolved either through negotiation or by the Court. At this time, the Trustee anticipates significant disputed claims against the MF Global Inc. estate by MF Global Holdings Ltd., MF Global UK Limited, and other entities. The Trustee will move to attempt to resolve these claims as quickly as possible, but it is uncertain how long resolution will take. Therefore, it is not known at this time when the Trustee will be legally able to make additional distributions.
While securities customers seeking to receive maximum protection under the Securities Investor Protection Act were asked to file claims by January 31, the claim registration period for securities customers does not close until June 2, 2012. The gap between securities claims values and assets under the Trustee’s control cannot be accurately estimated at this time.
Like or Dislike:
1 
0
10th February 2012 at 8:43 pm
Persnickety says:
$400M increase, a rounding error among friends. What kind of hookers do you get for an extra $400M?
Like or Dislike:
2 
0
10th February 2012 at 8:58 pm