www.tfmetalsreport.com
Man, this last 36 hours has been no fun at all. But, at least I don't work for MFing Global. I feel awful for the good employees from the former Lind-Waldock. Sucks. It just plain sucks.
Sucks for me, too. In order to buy some out-of-the-money, 2012 gold and silver calls, I just sent them a check last week. My bank informed me this morning that they can't stop payment because the check has already cleared. Shit. That money is either gone for good or, at a minimum, tied up for a long time to come. For all of you who are clients of MFing Global because you had heard such good things about Lind through this website, I am truly sorry. Of course, none of us could have seen this coming but I feel terrible, nonetheless. I'll be doing some research on this end and, when I decide upon another futures/options broker, I'll be sure to let you know.
That is, IF I decide on another broker. Someone posted this on the previous thread. It's an email sent last night from a commodity broker named Ann Barnhardt and everyone here should take the time to read it:
"From commodities broker Ann Barnhardt:
Nutshelling the MF Global Collapse
Posted by Ann Barnhardt - October 31, AD 2011 11:14 AM MST
Yes, I called it late last week and strongly urged MF customers to make a hasty exit stage right, but I absolutely did not see what happened this morning coming. This is utterly unprecedented. The Chicago Mercantile Exchange issued an email circular this morning (I received mine at 8:39 am MDT) stating that all MF Global positions were limited to LIQUIDATION ONLY and all MF employees and brokers and traders were banned from the floor of the exchange.
1. As I mentioned last week, MF Global came to its present form back in 2005 when the then-biggest clearing firm, Refco, imploded and was bought by EDF Man. The new, huge firm was then renamed MF Global. When Refco imploded in 2005, NOTHING like this happened. It was a relatively smooth transition, trading was not interrupted, and most of the Refco employees were absorbed into the new company. There was absolutely NO interruption of customer access to positions.
2. Shutting off access of customers to their floor brokers and limiting them to liquidation-only is UNPRECEDENTED. If a big account did not have multiple clearing relationships, the risk exposure this morning for those firms is terrifying to ponder. I did not see this coming. The whole industry is pretty much in shock.
3. Let's not forget that a whole lot of people have just lost their jobs. All of the MF clerks, back office staff, everyone who worked for MF on Friday is now unemployed this morning. Those people matter. John Corzine views them as meaningless economic units who exist only to serve him and advance his power and increase his personal wealth, but John Corzine is an evil sociopath who should be permanently removed from society and imprisoned for the rest of his life so that he can do no more damage. Fricking jackal.
4. Speaking of Corzine, more info is coming out in the bankruptcy filings. First, Corzine stands to reap a $12.1 million severance package / golden parachute per the bankruptcy filing. But that isn't the worst. Corzine was hired by MF less than two years ago. He promptly went about loading the company up on European bonds. That in and of itself is damning enough. Remember, Corzine is Goldman Sachs. He knew EXACTLY what was going on in Europe and he knew that European paper was junk. But guess which European countries he loaded up on? Greece, Portugal, Italy and Ireland. The four little PIIGs. Corzine intentionally drove MF into the ground so that someone, and my money is on Goldman Sachs, could come in and buy the remains for 30 cents on the dollar or less. Watch the news. Watch and see who ends up buying the remnants of MF. If it isn't Goldman outright, I'll bet it is a "holding company" that is tied to Goldman. As an astute commenter over at ZeroHedge.com said last night, it looks like Corzine never really stopped working for Goldman. He just moved his office into MF Global's suite.
5. And now, ONE MORE TIME regarding the financial industry regulators in this country. Guys, they are evil, corrupt and incompetent. The regulatory bodies are run by evil, evil people at the top who are complicit in these goings-on. There is NO POSSIBLE WAY that MF Global could have passed any honest audit with the amount of exposure it was carrying in the European bond market. By the way, MF Global's audit would have fallen under the jurisdiction and oversight of the Chicago Mercantile Exchange itself AND the Commodity Futures Trading Commission on the Federal level. It is just impossible that the CME and the CFTC didn't know MF's position and risk exposure all along. The second tier in these regulatory agencies are a combination of evil, greedy and incompetent bureaucrats who could very well be classified as "useful idiots" who will do anything, say anything, or overlook anything just so long as their salary check clears the bank every month. The third tier are full-blown useful idiots - and by that I mean totally, completely and astoundingly unqualified and incompetent "foot soldiers", many of whom are affirmative action hires. When things like this happen (and there are other examples of massive ponzi schemes being ignored in recent history, like the Sentinel Management Group fiasco) what these regulatory bodies do is lay the blame for "missing" the red flags at the foot of the affirmative action hires who are the on-site auditors and who are made to sign off on the audits. Do you see this? Do you see the evil we are dealing with here?
6. And now here is a paragraph that everyone in the financial industry, but most particularly the futures industry, should send viral. Every Introducing Broker and Futures Commission Merchant in the world is being targeted for extinction by the megabanks. They want you GONE. Goldman, Citi, JP Morgan, etc. They are working with and through the financial regulatory bodies and with the Federal Government via such legislation as Dodd-Frank to force out of business every FCM and fold all of that business into the megabanks. IBs like me are also a target, but we IBs are meaningless guppies compared to whale-sized FCMs.
Corzine was SENT into MF Global with the objective of collapsing it and rolling the remains into Goldman (presumably). And he was paid eight figures to do it, AND promised SEC TREAS after Geithner. If you had said six months ago that the largest FCM in the U.S. would be taken down, everyone would have laughed in your face, but here we sit. The only question is, who is next? How long will an FCM like ADM last before looking at Dodd-Frank and saying, "Screw this. We're selling our clearing operations and we'll just go back to straight-up product merchandizing." Why shouldn't they? If the FCM profit center is made impossible by the government and the corrupt regulatory bodies, why would they continue to operate an FCM? Why not sell to Goldman or one of the other megabank entites and then do their exchange-traded hedge business through them as a customer? When will the old Chicago boutique firms be similarly forced out, either through regulation that makes their business impossible, or through outright sabotage as with Corzine and MF? None of you FCMs are safe. THEY WILL COME AFTER YOU AT SOME POINT. You have been targeted for extermination. Either you wake up to this fact and expose these regulatory bodies, megabanks and the Federal Government and fight them, or you are going to end up like MF, being bought by Goldman or one of the other fascist government-connected megabanks for pennies on the dollar. You have been warned.
7. This MF Global collapse is a small-scale (yes, that's right, SMALL-SCALE) foretaste of what is going to happen to the entire system. When I say get your money out of the market, out of paper instruments, and turn it into something real that is physically located on your property, that you can then stand in front of with an assault rifle and physically defend, I'M NOT KIDDING.
（路透芝加哥╱紐約1日電）美國金融交易主管官員說，明富環球控股公司（MF Global Holdings Ltd.）沒有將客戶與公司本身的資金分開，以保護客戶的帳戶。商品市場趕著控制明富環球破產所帶來的影響之際，這個消息又帶來另一次震撼。
CME集團（CME Group Inc ）主管杜諾惠（Craig Donohue）今天公布的這項消息指出，寇辛（Jon Corzine）的明富環球違反期貨經紀公司最重要的信條。
消息人士說，明富環球無法說明應該與其他資金分開的大筆客戶資金流向，主管機關正趕著過濾明富環球的帳戶。客戶帳戶資金短少的原因，包括這家公司是否竊取客戶資金或僅僅無法說出資金的下落，目前不明。
聽取這件事簡報的人士說，美國聯邦調查局（The Federal Bureau of Investigation）初步表示有意調查，釐清明富環球是否違反規定。
即使最後能找到客戶的資金，主管機關認為，明富環球違反規定，沒有將客戶資金放在獨立分離的帳戶。
「華爾街日報」報導，另一個主管機關美國商品期貨交易委員會（Commodity Futures Trading Commission）表決決定，向明富環球發出傳票，要求說明。
明富環球與寇辛都還沒有被控違法。
明富環球的首席律師齊曼（Ken Ziman）在曼哈頓的美國破產法院（U.S. Bankruptcy Court）說，明富環球的帳戶都可以查證。
齊曼在今天開始的明富環球首次破產庭訊上說，就管理階層所知，經紀帳戶「沒有短少」。
明富環球開始賣出客戶所持部位的程序可能很複雜，部分客戶擔心明富聲請破產可能卡住數百萬美元資金。接受訪問的經紀人、基金與律師說，其他客戶則預期要打官司。
加拿大投資業規範管理組織（ Investment Industry Regulatory Organization of Canada ）宣布暫停加拿大明富環球營業。交易商ASX公司說，明富環球垮台後澳洲農業期貨交易與ASX24平台選擇權交易暫停，但明天就會恢復。
根據美國商品期貨交易委員會（Commodity Futures Trading Commission）數據，明富環球8月31日客戶資產有73億美元。中央社（翻譯）
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