Anyone pulling money out of MF Global?

Chicago_CTA · Nov 29, 2011

As we draw nearer to the Senate Agricultural Subcommittee hearing on Dec. 13th, and the Financial Services Committee on Dec. 15th, it will become increasingly important for us (traders, investors, managers, brokers, etc.), to exert pressure on US authorities to BRING CRIMINAL CHARGES against Jon Corzine and COO Brad Abelow.

It's really bothering me that every article I read affirms "Corzine has not been accused of any wrongdoing."

F--- THAT. This reads as theft, an any intransigence regarding not testifying will only make Corzine and Abelow look MORE GUILTY of theft & criminal malfeasance.

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Bringing criminal charges will be just as important as returning customer funds. Let's all prepare to do our part in the days/weeks to come.

-Chicago CTA

kinggyppo · Nov 29, 2011

Quote from Chicago_CTA:

As we draw nearer to the Senate Agricultural Subcommittee hearing on Dec. 13th, and the Financial Services Committee on Dec. 15th, it will become increasingly important for us (traders, investors, managers, brokers, etc.), to exert pressure on US authorities to BRING CRIMINAL CHARGES against Jon Corzine and COO Brad Abelow.

It's really bothering me that every article I read affirms "Corzine has not been accused of any wrongdoing."

F--- THAT. This reads as theft, an any intransigence regarding not testifying will only make Corzine and Abelow look MORE GUILTY of theft & criminal malfeasance.

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Bringing criminal charges will be just as important as returning customer funds. Let's all prepare to do our part in the days/weeks to come.

-Chicago CTA

Ironically if you went to your local 7/11 and took a bag of potato chips you would leave in handcuffs, what a fu&*in system. :mad:

MKTrader · Nov 29, 2011

Quote from kinggyppo:

Ironically if you went to your local 7/11 and took a bag of potato chips you would leave in handcuffs, what a fu&*in system.

Or refuse to pay for a minor traffic ticket or for your taxes (unless you're the Treasury Secretary, which also has its privileges).

dangerkitty · Nov 29, 2011

Quote from Chicago_CTA:
Bringing criminal charges will be just as important as returning customer funds. Let's all prepare to do our part in the days/weeks to come.
-Chicago CTA [/B]

That's exactly why I posted in retail firms subsection, the web address to send out letters to every elected official in your juridiction, it's.....

www.congress.org

This is not just a MF customer problem, this concerns every trader as the ramifications are that every trader could lose his segregated account and not be made whole.

Wallace · Nov 29, 2011

THE major problem is the lack of insurance

insurance: EU â¬20,000 . UK Â£50,000 . Canada C$1,000,000 . US $0

if anyone is to be lobbyed it's the brokers to provide clients with the guarantee
their funds are insured against loss

such insurance is over and above any regulation and whether or not funds were
'segregated', company funds were stolen or client funds were co-mingled etc
but, not to say that a right to funds wouldn't face a legal challenge from some
self interested party, as was the case with Refco and fx client accounts funds

"The Canadian Investor Protection Fund [CIPF] applied for a bankruptcy order for
MF Global Canada on Wednesday, November 2, 2011, after IIROC* suspended
MF Global Canadaâs membership rights and privileges on November 1, 2011."
http://www.advisor.ca/news/industry-news/court-approves-mf-global-client-payout-66482
* Investment Industry Regulatory Organization of Canada

Rodney King · Nov 29, 2011

A well-informed friend in the industry mentions that segregated funds claims are trading informally among some banks and hedgefunds, with the current market roughly 70 bid 75. The market shifts a bit as news stories come and go, but anyone with a sizable MF account who needs/wants immediate liquidity can offload his claim in this marketplace.

ammo · Nov 29, 2011

Quote from Chicago_CTA:

As we draw nearer to the Senate Agricultural Subcommittee hearing on Dec. 13th, and the Financial Services Committee on Dec. 15th, it will become increasingly important for us (traders, investors, managers, brokers, etc.), to exert pressure on US authorities to BRING CRIMINAL CHARGES against Jon Corzine and COO Brad Abelow.

It's really bothering me that every article I read affirms "Corzine has not been accused of any wrongdoing."

F--- THAT. This reads as theft, an any intransigence regarding not testifying will only make Corzine and Abelow look MORE GUILTY of theft & criminal malfeasance.

------------------------------------------------------------------------------------

Bringing criminal charges will be just as important as returning customer funds. Let's all prepare to do our part in the days/weeks to come.

-Chicago CTA

since he hasn't broken any laws,you will need to find out who rewrote the laws and attempt to persecute them on racketeering,collecting bribes,persecute those that paid the lawmakers,uncover that hornets nest and corzine will be locked up and die of a heart attack in prison in short order

Occam · Nov 29, 2011

Quote from Wallace:

THE major problem is the lack of insurance

insurance: EU â¬20,000 ...

â¬20,000?

That's almost a slap in the face to anyone who would want to trade professionally. If that's all someone cares to trade with (or aspires to trade with), they're almost certainly hobbyists -- few, if any, traders who earn a living at it could survive long-term with such a small account.

I'd say that the problem is that FCM's and B/D's engage in really risky activities and pull customer money into such activities.

Unless significantly stricter regulation and/or enforcement are imposed on futures firms, I'd say that confidence in the "segregated funds" system is going to be harmed, and on a generational time scale.

comintel · Nov 29, 2011

Quote from Occam:

â¬20,000? That's almost a slap in the face to anyone who would want to trade professionally. If that's all someone cares to trade with (or aspires to trade with), they're almost certainly hobbyists -- few, if any, traders who earn a living at it could survive long-term with such a small account.

I'd say that the problem is that FCM's and B/D's engage in really risky activities and pull customer money into such activities.

Unless significantly stricter regulation and/or enforcement are imposed on futures firms, I'd say that confidence in the "segregated funds" system is going to be harmed, and on a generational time scale.

Canada is one million dollars though. If it can be done there I do not see why it cannot be done in the U.S. also. As a matter of fact U.S. brokers like Interactive Brokers Canada and MF Global (formerly) that operate in Canada are members of this insurance plan so it must not be overly expensive to provide.

http://www.cipf.ca/HomePage.aspx

FreeMarketRider · Nov 29, 2011

Quote from ammo:

since he hasn't broken any laws,you will need to find out who rewrote the laws and attempt to persecute them on racketeering,collecting bribes,persecute those that paid the lawmakers,uncover that hornets nest and corzine will be locked up and die of a heart attack in prison in short order

+1

Looks like Canadian Accounts are getting placed with RBC
http://business.financialpost.com/2...ove-mf-global-canada-account-transfer-to-rbc/

Some of the missing funds may be in the UK
http://www.reuters.com/article/2011/11/29/us-mfglobal-idUSTRE7AS09S20111129

Looks like CFTC is fixing 1.25
http://www.reuters.com/article/2011/11/29/us-financial-cftc-meeting-idUSTRE7AS03J20111129

Looks like Corzine was swinging for the fences almost twice as hard as reported earlier. Not very inspiring.
http://www.businessweek.com/news/20...rope-bet-to-11-5-billion-as-board-balked.html