Recent content by shiphouse

Things that are being said are true in any business. The last guy said, how would you like a fresh surgeon out of school? That's what happens everywhere, it's July new crops of residences will be starting at hospitals all over the country turning minor surgeries into deaths. You either have an...

Vincent, thanks, ur answer sums it up. There is a cost to safe guarding assets, there is also a cost to segregation, why do u think prime brokers want to rehypothicate assets? Why do u think u.k. Does not have segregation rules, why do u think the likes of mf global and cough cough new edge are...

This just does not seem that hard. Why can't an fcm have sub accounts at their bank for each customer and provide full daily transparency to the customer on where their assets are at. Beyond that require that bank to send a statement to the customer daily and also allow electronic access to the...

What exactly is the point here? A company hires college graduates? The same can be said for any public accounting firm, bank, fortune 500 company. Are companies not supposed to hire graduates and if they do hire graduates how are they supposed to train them other than on the job? Is the solution...

Grand lux- that is idiotic. Life sentences? I guess I will call on that the next time one of my ctas loses money in a up market u moron. People are acting as if the nfa was complacent I this which is absurd. Why the blame is even on them and not the cftc, who has never actually performed an...

Lincoln and brocklanders, you are missing my point. People expect the regulators to protect their money and forsee fraud before it happens. Yet with regulators and public accounting firms as well (pwc, ey, etc,) all of the real work is being done by people with 5 or less years of experience. The...

Offer regulators significant bonuses, such as percentage of fraud uncovered or penalties imposed, and see how regulation changes. People will be taking there job more seriously and you will attract talent to the industry. The sec's whistle blowing scheme provides upside of employees or anybody...

With respect to to mf global, why has nobody pointed a finger at the cme? They had more onerous responsibility with respect to oversight than the cftc. Fraud can always be perpetrated and it is generally caught, I think it is naive to think regulation can happen in real time. And by the way...

Also let's not forget who actually committed the crime. I am shocked that people are not calling for his head along with the employees of the firms heads who had tomhave been complicent in the fraud. Either the son, CFO, various other operational staff were in on this or they were 10000 percent...

People are losing site of the fact that Nfa did uncover this. who ever prevented a fraud before it started? Anyone who invested in a cta or cpo that used these guys should be equally upset with them for not doing proper due diligence. Regulators are not the be all end all. I have yet to see...

Some questions/points I would ask are as follows: 1) Who were PFG’s auditors? Did they not verify the balances either? 2) While many of these FCM’s are private, should it be required that they have audits performed by reputable third party auditors which are in turn made available to...

What is the nature of the complaint? Equities needs to go through FINRA, Futures will go through NFA. NFA is generally good in responding, particullarly when it involves missaporpriation of funds, misrepresentations or churning customer accounts.

You have a tough road ahead of you if you thought that was negative advice. For what its worth in all reality you don't need a car in Chicago, especially as a twenty something. You are either going to be at work or out drinking and from the loop you can get anywhere worth going in Chicago...

Why don't you learn some humility and take a lesson from Monroe Trout? It is rumored that the guy drove a beat up hand me down Oldsmobile during his tenure in Chicago, all while developing a reputation as arguably one of the best traders our time. You’re not going to fool one person you...