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musclehead
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« on: November 06, 2011, 08:37:55 AM » |
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listening to the investment guys yesterday talking about this situation, so another brokerage firm goes Tango Uniform, so what. this is the 8th largest bankruptcy in our nations history, and beyond what that might entail there may be some shenanigans that are just unacceptable.
the story goes like this MF Global positions it's proprietary funds to take a ultra risky position on European debt. (where are the federal watch dogs that are supposed to prevent firms from making these risky investments? probably still watching porn like last time on their government issued computers) they took a 45 to 1 margin on the debt of Spain, Ireland and a few others. if the debt would have gone down they would have made out like bandits, it went up and at a 45 to 1 ratio they lost out fast and hard the rules are that these kind of investments are only to be risked at 2 to 1. this is when they filed for bankruptcy and the federal agency in charge of protecting customer funds swooped in to seize the assets. they moved the securities to other brokerage firms but they couldn't find the cash.
the plot thickens, MF global claims that it's just an accounting error they have it somewhere. somehow 600 million dollars is missing and the radio crew I was listening to say that's not possible even with a huge firm like MF that doesn't have individual investors they cater to large institutional investors a million here or there but 600 mil? not likely, which is to say it has been stolen from the customers and used to temporarily balance MF's books in an attempt to shore up until maybe the crisis goes the other way and they make money (stolen is their words, not mine) if this turns out to be true they said this is the first time a firm has used customer money in this way, they are supposed to protect the customers money at the expense of their own.
maybe you should ask your brokerage firm if they have proprietary funds they invest alongside of yours. if so you might want to move them, but more then likely your funds are fine and will not be stolen.
the guys I was listeing to, they don't have a political flavor, they are the money guys and aren't painting this with any political stripe, that's ok, I'll do it.
the CEO of MF during these hinky maneuvers is John Corzine, sound familiar? former governor of NJ some guy named Chris Christie beat him out of the elections last year. Corzine the lib democrat was happily running New jersey into a decayed state, billions of dollars left the state over the past decade along with the businesses that was trying to hang onto their money. now we have a company that has allegations of impropriety and it all will come out eventually. this whole deal stinks of holier than thou, smarter then thou liberalism. Corzine has said he doesn't know anything about it, we'll see........
this is why wall street leaves a bad taste in our mouths, I'm surprised we're not hearing a 'too big to fail' speech from the Prez and murmurs of a bail out.
just remember there are a fair share of libs on wall street, they are NOT all evil republicans.
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'in the tunnels uptown, the Rats own dream guns him down. the shots echo down them hallways in the night' - the Boss
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The Anvil
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« Reply #1 on: November 06, 2011, 09:17:53 AM » |
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Yeah cuz it's totally liberals running Wall Street.  |
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Boxer rebellion, the Holy Child. They all pay their rent.
But none together can testify to the rhythm of a road well bent.
Saddles and zip codes, passports and gates, the Jones' keep.
In August the water is trickling, in April it's furious deep.
1997 Valk Standard, Red and White.
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musclehead
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« Reply #2 on: November 06, 2011, 01:22:54 PM » |
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didn't say that, now did I?
got money in the market? might want to take a short position for now.
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'in the tunnels uptown, the Rats own dream guns him down. the shots echo down them hallways in the night' - the Boss
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The Anvil
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« Reply #3 on: November 06, 2011, 01:36:41 PM » |
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didn't say that, now did I? No, but I'm not sure why you decided to pick that needle from the needlestack. I'd list all of the financial Casey Jones's that are called "conservatives" but I think my fingers would fall off and I need them. |
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Boxer rebellion, the Holy Child. They all pay their rent.
But none together can testify to the rhythm of a road well bent.
Saddles and zip codes, passports and gates, the Jones' keep.
In August the water is trickling, in April it's furious deep.
1997 Valk Standard, Red and White.
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Chattanooga Mark
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« Reply #4 on: November 06, 2011, 02:45:27 PM » |
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No political party has a lock on greed or corruption or honesty and integrity. it's sad to me that so many still think one party is actually better than the other.
Oh Well, Marketing to the masses in sound bites works once again.
Mark
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...do justice, love kindness, walk humbly... The Bible: Read, Apply, Repeat 2012 Victory Cross Country Tour, in all its pearl white beauty www.bikersforchrist.org |
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BF
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« Reply #5 on: November 06, 2011, 03:17:46 PM » |
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There's a film that everyone needs to see. It's called "The Inside Job". It's an eye opener...and it's a partisan problem...they're all guilty regardless of party......
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I can't help about the shape I'm in I can't sing, I ain't pretty and my legs are thin But don't ask me what I think of you I might not give the answer that you want me to  |
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musclehead
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« Reply #6 on: November 06, 2011, 03:52:00 PM » |
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didn't say that, now did I? No, but I'm not sure why you decided to pick that needle from the needlestack. I'd list all of the financial Casey Jones's that are called "conservatives" but I think my fingers would fall off and I need them. I 'picked it out' because it just hit the news. so it's a current event. also if the allegations are correct it's a first in wall street history (again according to the investment guys ) where customer funds are used to cover bad investments by the firm. go ahead hit me over the head with all the conservatives that have snatched the candy from the proverbial baby. just give me one if there are too many to list.......... |
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« Last Edit: November 06, 2011, 05:40:46 PM by musclehead »
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'in the tunnels uptown, the Rats own dream guns him down. the shots echo down them hallways in the night' - the Boss
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musclehead
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« Reply #7 on: November 06, 2011, 05:46:26 PM » |
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No political party has a lock on greed or corruption or honesty and integrity. it's sad to me that so many still think one party is actually better than the other.
Oh Well, Marketing to the masses in sound bites works once again.
Mark
generally speaking both sides of the political football have chaff that needs sorted out. I'm on the Repulican side, but I'm a conservative first. your not going to have a hard time convincing me republicans have problems. there are many 'repubs' that are big government, they need to go. conservative isn't a political party, except in NY weirdly enough. according to what I've heard the progressive movement was started by Teddy Roosevelt (R) |
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'in the tunnels uptown, the Rats own dream guns him down. the shots echo down them hallways in the night' - the Boss
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