"The Entire System Has Been Utterly Destroyed By The MF Global Collapse"

athlonmank8 · Nov 18, 2011

Sounds like she's finding someone to blame, when looking the the mirror would have saved some time.

fickletrader · Nov 18, 2011

I don't know why this MF Global theft seems to be funny to some of you. It should not be taken lightly by anybody.

zdreg · Nov 18, 2011

MF is a tipping point but history will show that there were many tipping points. the media will take one or two of them and memorialize it in the public's mind.

braincell · Nov 18, 2011

Hmm, ok what EU debt exposure is she talking about?
Is it likely that she really does have some insight into other firms debt exposure or she's just using that as an excuse for shutting down?

I didn't care much about the rest of the post, just that.

Crispy · Nov 18, 2011

Quote from AK100:

She makes some good points but charges $27 a round turn and makes it sound like her clients are getting a great deal.

Hmmm, hard to take a broker seriously who charges such an outrageous amount.

She is not a electronic broker pushing minimal margin up day traders.

She`s a broker with years of experience in Cattle futs and cash mkt. Believe it or not some people pay up for advice.

RedDuke · Nov 18, 2011

Quote from bwolinsky:

... Jon Corzine will serve at least a 5 year jail term when he's convincted, and if he squeals maybe he'll get a little less jail time. I'm sure he'll say they just made the wrong bet but there isn't any question that they know WHAT THE FUCK SEGREGATION MEANS, FUCKING POS ASS HOLE!

I am not so sure that he will serve time. According to everything I read, it is legal under current framework for FCMs to use customer's segragated funds as a margin for certain assets trading. EU sovereign debt fits that criteria.

rew · Nov 18, 2011

Quote from nutmeg:

Specifically, they froze customers out of their accounts WHILE THE MARKETS CONTINUED TO TRADE, refusing to even allow them to liquidate.

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Help me out here. You can't access your funds, you could take a loss on your trade(s) and possibly have a margin call yourself?

Yes, and that has already happened to many MF Global customers. Their accounts were transferred to other brokerages. But much of their assets were missing or in frozen accounts. So they were hit with instant margin calls. It's a fucking mess.

MKTrader · Nov 18, 2011

Quote from RedDuke:

I am not so sure that he will serve time. According to everything I read, it is legal under current framework for FCMs to use customer's segragated funds as a margin for certain assets trading. EU sovereign debt fits that criteria.

So why was the CFTC even concerned, then:

"According to the CFTC, a self-regulatory organization like CME Group 'must provide âimmediate notificationâ when âa member has failed to segregate or has misused customersâ funds,' according to Harris."

http://www.bloomberg.com/news/2011-...-mf-global-disclosure-goldman-sachs-says.html

rew · Nov 18, 2011

Quote from RedDuke:

I am not so sure that he will serve time. According to everything I read, it is legal under current framework for FCMs to use customer's segragated funds as a margin for certain assets trading. EU sovereign debt fits that criteria.

Yes, what's really criminal about this country is what's legal.

jem · Nov 18, 2011

the real issue is whether the rest of the industry has been leveraging customer funds as well.

If they have been, her warning about the industry will be memorable.