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From Crossing Wall Street: For those of you who never got around to taking ancient Greek in college, the word of the day ishubris. Webster’s dictionary, 8th ed.: “Excessive pride or self-confidence, often entailing a loss of contact with reality and an overestimation of one’s own capabilities, especially on the part of those in positions of power.” That pretty much sums up the psychology behind the ongoing debacle that is Peregrine Financial, whose [...] “This ruling and precedent will be used by every brokerage, every bank, every insurance company and every pension fund to deny you your money when the financial system finally collapses, be it on Monday, or be it two years from now. DO YOU UNDERSTAND? You have GOT to GET OUT.” The National Futures Association is collusion with the Banksters, government and judiciary and have achieved their goal. The entire concept of [...] 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 [...] by Michael The cracks in the ice are getting bigger. At this point it is really hard to have much confidence in the global financial system at all. They told us that MF Global was an isolated incident. Well, the horrific financial scandal over at PFGBest is essentially MF Global all over again. They told us that we would not see a huge wave of municipal bankruptcies in the United States. [...] 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 [...] Update 2: PFGBest had $400MM in customer segregated funds at the end of April. Is JPMorgan about to “discover” another $400 million in Q2 “profits”? Update: PFGBest Plans ‘Several Hundred’ Layoffs, Spokeswoman Tells Dow Jones – Dow Jones. Sounds like a good idea in the facec of liquidation Just out from futures broker PFG Best to clients, where the owner’s suicide attempt apparently has led to a whole new MF Global spin [...] |
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