PFG - What happens if you have accounts with them??

I love the idea of the clearinghouses holding the cash. And, if is aggregated that way, a consortium of the world's largest insurers could write a policy at a very modest rate at least for the CME where the risk is minimal -- too big to fail for sure.
 
Quote from Swan Noir:

It is my understanding that there is an advantage to depositing T Bills instead of cash even though you need some cash to meet the mark-to-market adjustments. Does this relate to that edge if it exists or is the edge just the interest income?
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From the conference call yesterday, the question was brought up about "property". They would be treated the same as those who put up cash in their margin accounts, sharing the same persentage of distributions that the trustee is able to make.

The little twist though, you'll have to pay in to the estimated amount of shortfall if you wanted the property back, such as a work of art you put up for margin. The T-Bills are fungible, those would probably be liquidated per the owners request. No idea about the interest though.

For what it's worth, the CCC just put up the recording of yesterdays conference call.
 
Here is an interesting article on the ONGOING madoff's case


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http://www.nydailynews.com/blogs/it...ff-trustee-not-focused-on-helping-the-victims






According to this article:


"prevent an out of control Trustee from reinjuring innocent victims."





the odds will be higher will happen in the PFG's case.




More proofs will be coming. stay tuned
 
Quote from emg:

According to this article:
"prevent an out of control Trustee from reinjuring innocent victims."

the odds will be higher will happen in the PFG's case.

More proofs will be coming. stay tuned [/B]
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We appreicate the heads up, something for the PFG people to be aware of going forward.

In our case with PFG, I feel comfortable with Ira Bodenstein as trustee, he has commodity experience, good background. The CCC has retained good counsel too, makes me feel like we've got a good solid chance at getting the maximum available of the assets what ever they may prove to be.

I feel better of this than MFG in the sense that we've got people in there looking out for our interests.
 
For those interested there's a senate hearing set, Wednesday, August 1, 2012, at 09:00 AM. The Committee will conduct a hearing to continue its ongoing examination into the collapse of financial firm MF Global as well as the recent collapse of Peregrine Financial Group.

There's always a live feed provided as well as a tape replay. The CCC has a link on their site for the hearing. http://customercoalition.org/

Senator Roberts provided some fireworks at the last hearing, I expect some serious questioning of both the MFG and PFG trustees, the NFA's Roth and CME's Duffy, CFTC's Gensler and Sommers.

I got violated in both MFG and PFG, both Senate Ag Committee Chairwoman Stabenow (D-MI) & Ranking Member Roberts (R-KS) are getting another letter from me as inept as that sounds, nevertheless.
 
For what it's worth, a letter to senators Stabinow and Roberts
Good morning,

I got violated in both MFG and PFG.

The recovered MFG money, 80% of account balance, got transferred to PFG, now bankrupt, my account is zero.

You have the key people responsible for oversight, CFTC, NFA, FIA and the CME appearing in your hearing on Wednesday, August 1st.

The buck must stop now, period. The grand promises of self regulation and oversight ring hollow to me as these people are not backing up their words; rather we’re getting excuses as hollow as my account balance.

The industry needs to be held accountable, backstop their words with action, restore the losses of MFG and PFG to the clients to make them whole, provide serious oversight and formulate an actionable plan that will prevent future MFG’s and PFG’s from crushing our lives.

I have watched every minute of the hearings so far in these matters; I now expect serious questioning, no punches pulled and straight answers given, nothing less will be accepted.

Many thousands of us are depending on you, thank you for representing us.
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When you say you got transferred from MFG to PFG I assume you elected to go there. If, alternatively, the CME or some other entity simply moved your account without proper due diligence there might be an angle there.

Quote from dangerkitty:

For what it's worth, a letter to senators Stabinow and Roberts
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Quote from Swan Noir:

When you say you got transferred from MFG to PFG I assume you elected to go there. If, alternatively, the CME or some other entity simply moved your account without proper due diligence there might be an angle there.
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I was part of a bulk move from MFG to RJO, then I transfered it to PFG. I could trade right off my Genesis Trade Navigator charting software. I will say that I really liked that, been using the TN for years ever since my graduation from paper charts.

Senator Roberts is pretty hard core about protecting the farmers and ranchers in Kansas, should be an interesting hearing on Wednesday as he does not mince words in the senate hearings.
 
Quote from luckyluciano:

You got 80% back from your MFG account? That's fantastic! What are the chances of us getting that percentage back from PFG? I fear less than 50%.
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For the persentage on PFG, keep you eyes on the comodity customer collalition site, per the last phone conference, the estimated timeline for the trustee was about 2 weeks to issue a pro-rata persentage to the SIP "property" holders (which will of course be on the low side) giving them the option to liquidate or buy their property back. Granted, there was only 11 SIP holders involved but that'll give all of us a rough idea of where the low point is at.

On MFG, we still may secure more than the 80%, have to see how things wrap up but it may take a while with claw backs, lawsuits and such. The head hunters are offering between 88% and 93% on the MFG claims.
 
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