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breitbart.com
The Securities and Exchange Commission (SEC) has named an attorney for the now-defunct MF Global as its top legal officer.
Geoffrey Aronow, who previously served on the board of the National Capital Area Chapter of the American Civil Liberties Union (ACLU), represented MF Global CFO Christine Serwinski when the brokerage firm raided customer accounts and vaporized $1.6 billion in client funds.
In a statement, the SEC praised Aronow’s “passion for investor protection” and said he will [...]
“China will be buying less U.S. Treasurys, or so it seems. The country’s only major credit ratings agency, Dagong Global Credit, put U.S. debt on their negative watch list.”
http://www.forbes.com/sites/kenrapoza/2012/12/26/fiscal-cliff-has-china-credit-agency-lowering-u-s-debt/
The reason the downgrade by Dagong Global Credit is important is it helps to show the amount if spending by the current administration the past 2 years, as well as how much further the U.S. is digging itself into a deeper debt [...]
From Azizonomics:
Priorities are a b#$%^.
The United States won’t prosecute Corzine for raiding segregated customer accounts, but will happily convene a Grand Jury in preparation for prosecuting Julian Assange for exposing the truth about war crimes.
From the New York Times:
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 [...]
The investigation into the collapse of Iowa brokerage firm Peregrine Financial Group is notable for one name that has not yet turned up: JPMorgan Chase.
JPMorgan, the country’s biggest bank, held customer accounts for Peregrine, doing business as PFGBest. But in alleging that Peregrine took customer money, the National Futures Association and Commodity Futures Trading Commission have claimed that customer money is missing not from a JPMorgan account, but from a [...]
CEDAR RAPIDS, Iowa – The chief executive of an Iowa-based brokerage firm admitted in a tell-all suicide note that he carried out an elaborate fraud scheme in which he embezzled at least $100 million from customers over two decades, federal investigators said Friday.
FBI agents arrested Peregrine Financial Group Inc. Russell Wasendorf Sr. at a local hospital Friday and he appeared in federal court later in the day on charges of [...]
BRUSSELS (AP) — The European Commission has been providing legal advice to others who are considering possible scenarios should Greece leave the euro, a European Union spokesman said.
Olivier Bailly said Tuesday that, legally, limits could be imposed on movement of people and money across national borders within the EU if it’s necessary to protect public order or public security — but not on economic grounds.
“Some people are working on scenarios,” he said, but refused to confirm or identify which organizations [...]
EU SOURCES HAVE DISCUSSED IMPOSING CAPITAL CONTROLS AS WORST CASE SCENARIO IF GREECE LEAVES EUROZONE – RTRS
IMPOSING BORDER CHECKS, LIMITING ATM WITHDRAWALS ALSO PART OF WORST-CASE SCENARIO PLANNING – EU SOURCES – RTRS
SUSPENSION OF SCHENGEN ALSO DISCUSSED
Major Italian Bank Freezes All Customer Accounts
On May 31st Bank Network Investments discretely posted an announcementon their website that they would be freezing all of their customers accounts for 1 month freeze on citing financial [...]
Excerpt:
In fact, they continued, “a number of federal prosecutors have expressed doubts” that MF Global “intentionally misused customer money.” Apparently, the current theory is that it was all just a big accident, the chaos of those final days causing the firm’s executives to tap into customer funds without realizing it.
Excuse me while I roll my eyes. Of course there isn’t a smoking gun. As a general rule, financial professionals tend [...]
by rcwhalen blog
This week in The Institutional Risk Analyst we published a comment on the ongoing financial genocide at MF Global, “MF Global: Where’s the Cash?” http://us1.irabankratings.com/pub/IRAstory.asp?tag=515
The comment correctly identifies the location of the “missing” $1.6 billion as JP Morgan Chase and other bank custodians of MF Global. The trouble is that even though we now know where the missing customer money has gone, namely JPMorgan, there is little chance that the defrauded customers [...]
The trustee overseeing MF Global’s liquidation has come out and confirmed that the amount of customers’ funds of the failed brokerage are now expected to be at least $1.6 billion. This gap has now risen from the previous estimate of $1.2 billion. This is the biggest financial crime perhaps in history far worse than Madoff. This is the outright theft of client funds that nobody is being called to account [...]
The trustee overseeing MF Global’s liquidation said Friday that the shortfall between the funds under his control and the amount customers of the failed brokerage are expected to claim is at least $1.6 billion.
The gap estimated by the court-appointed trustee, James Giddens, compares with his previous estimate of $1.2 billion. Giddens said in a statement Friday that the new estimate is based on his investigation and it could change again.
Giddens [...]
Dishonest actions by staff to gain a benefit by theft or deception had risen 41pc in twelve months, according to CIFAS, anti-fraud organisation.
Dishonest bank staff are increasingly preying on their elderly customers, new fraud figures have shown.
CIFAS, an anti-fraud organisation whose members include most major banks and building societies, said that there had been an “alarming increase” in the level of fraud committed by employees, with a third of it [...]
The following email was sent to our employees today:
Subject: Important – Security
Dear Zappos Employees -
Please set aside 20 minutes to carefully read this entire email.
We were recently the victim of a cyber attack by a criminal who gained
access to parts of our internal network and systems through one of our
servers in Kentucky. We are cooperating with the FBI to undergo an
exhaustive investigation.
Because of the nature of the investigation, the information [...]
By JOE LIGHT
As the MF Global Holdings Inc. bankruptcy proceedings drag on, some customers who had brokerage accounts at the firm are becoming increasingly doubtful that they will get all of their money back.
Tom Forester, who manages the $232 million Forester Value fund, says his wife, who was an MF Global customer, has yet to see all of her funds returned.
Mr. Forester’s fund, which uses options to hedge market risk, isn’t an MF [...]
As mentioned in my Last Post, the recent MF Global bankruptcy has now set a precedent stock investors and managers simply cannot ignore. MFG is a widely misunderstood bankruptcy, which many believe affected the futures market only. What most people don’t know, is that MFG was a clearinghouse for stocks as well. I was lucky enough to speak with an agent at the SIPC last week, who informed me that 800 [...]
From Bloomberg:
Jon Corzine, the former chief executive officer of MF Global Holdings Ltd., knew that the company made a loan out of segregated customer accounts before it went bankrupt, CME Group Inc. chairman Terrence Duffy told the U.S. Senate.
Duffy, whose company is MF Global’s regulator and principal exchange, faced questions about a shortfall of some $1.2 billion in missing customer funds. CME and Commodity Futures Trading Commission staff had been [...]
Please Listen Here
Podcast Powered By Podbean
Kerry Lutz Interviews Martin A. Armstrong
The Financial Survival Network
Martin Armstrong is back on the show to talk about what’s really happening to the world financial markets. He explains how flimsy the entire Euro structure was from the get-go. He advised the leaders to unify Europe both monetarily and fiscally, but they rejected that advice, rightly believing that theexpanded European Union would never have been approved. [...]
This is why I removed all my assets from the “financial markets” nearly three years ago. Ok, I was a tad early, so sue me.
MF Global’s Customer Assets – STOLEN – And Nothing You Hold In This System Is Safe
This is a scandal of the first order, and a severe test for the Obama Justice Department, the regulatory agencies, and the exchanges. This is a great crime, undeniably premeditated, and [...]
WASHINGTON (AP) — A Senate panel has voted to subpoena former Sen. Jon Corzine to testify about his role leading MF Global.
The trading firm filed for bankruptcy on Oct. 31 after a disastrous bet on European debt. Nearly $1.2 billion is estimated to be missing from customer accounts.
Sen. Debbie Stabenow, chairman of the Senate Agriculture Committee, said Corzine’s testimony at the Dec. 13 hearing is essential to learn what happened. [...]
By Byron Acohido, USA TODAY
Sony’s troubles with hackers continue. Reuters has just reported that Sony Ericsson’s Canadian eShop website was shut down by hackers, with personal data stolen from 2,000 more customers.
Earlier this week Sony disclosed that 8,500 Greek user accounts had been compromised and its sites hit in Thailand and Indonesia. That, of course, follows last month’s granddaddy denial of service attack and theft of personal [...]
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