| User Info
| Clawback Risk: Here It Comes! in forum [Market-Ticker]
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Iou
Posts: 1025
Incept: 2009-03-16
The Twilight Zone
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Quote:It is my considered opinion that the firms who make such arguments, and their executives, deserve to be SHOTdismantled. FIFY
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"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."- Frédéric Bastiat
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Mj71
Posts: 118
Incept: 2009-03-14
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I can imagine it only taking a handful of large individual investors to have a few million clawed back before all the players take their balls and go elsewhere. Unbelievable.
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Sean
Posts: 1766
Incept: 2009-04-21
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Looks like Ann Barnhardt is right!
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* I think Ann Barnhardt is more and more right. God help us!
* Progressives / Marxists / Communists are many things, STUPID and IMPATIENT are not two of them.
* A hot civil war is coming.
* And people wonder why I prep!
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Eli
Posts: 7203
Incept: 2007-09-10
Online
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Ha, the USA is a criminal enterprise ruled by our bankster overlords. If we happen to get a President who actually starts prosecuting them they will remove him and install a puppet.
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If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell
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Trades50
Posts: 4215
Incept: 2007-10-30
Land of Tax and Spend
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The bankers are surely in control. Just like the bankers that took over Italy and Greece. If things get bad the bankers take over to make sure they get theirs. Just like the Mafia.
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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
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Oldno7
Posts: 2138
Incept: 2008-11-14
RECALL STATE USA
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Is this only a problem for option accounts? I would think if you only have a standard brokerage account with investments in MF or ETF there should be no problem but ETN's might. Mine at present are with Schwab. If they don't put a stop to this it could be mattress time.
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IT'S THE SPENDING STUPID The US must become less a government of men, and more a government of LAW.
When people lose everything and have nothing left to lose they lose it -Gerald Celente
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Attilahooper
Posts: 1924
Incept: 2007-08-28
New York, by way of Montreal Canada.
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I've come to the belief that Osama Bin Laden hit the wrong buildings. I guess it's up to us to finish the job eh ?
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Jwm_in_sb
Posts: 1041
Incept: 2009-04-16
California Desert
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I don't know about anyone else here but this absolutely the most alarming development in this whole string of events starting back in fall 2007.
Like I've said recently before, law enforcement and the .mil have some serious choices to make soon.....because that is the only way this all stops.
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Genesis
Posts: 130747
Incept: 2007-06-26
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Oldno7:  Please remember that some of the worst-****ed people at MF were out of the market entirely at the time of the collapse and had only cash at the firm.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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C130gunship
Posts: 95
Incept: 2010-06-28
Corinth, TX
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“Find dark glasses that go black in the case of a crisis and a towel to suck on.” Douglas Adams famous advice in The Hitchhikers Guide to the Galaxy.
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Jwm_in_sb
Posts: 1041
Incept: 2009-04-16
California Desert
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Is claw-back a regularly applied part of bankruptcy or is it being abused here? Opinions????
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Genesis
Posts: 130747
Incept: 2007-06-26
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It is always a potential risk in a bankruptcy where the bankrupt entity did something just prior to the BK that is ruled an attempt to screw people.
The problem with the current case is that segregated funds (e.g. customer margin deposits and free cash) are not investments in the firm and thus should have priority standing in a bankruptcy as they are effectively an escrow.
For this reason I would call this particular event an abuse -- but in the general case clawbacks are a regular if relatively-seldom-used part of bankruptcy.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Oystercatcher
Posts: 15
Incept: 2010-05-08
california
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I seem to recall some speculation that because stocks and bonds were looking less desirable as investments that the smart money would move over to commodities. However the sharks circle around wherever the fish congregate so it shouldn't be a surprise that the commodity markets are ripe for the next round of ripoffs.
mf global is just the beginning
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R2judge
Posts: 576
Incept: 2008-04-13
Burbank CA
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How long until the banks declare that depositors are simple creditors and their FDIC savings and checking accounts can be clawed back?
Everyone talks about banking runs, but what if this MF global thing results in runs on brokerages some day in the not too distant future?
What brokerages are really likely safe to have one's money at? Are all seriously suspect? I don't really like the idea that i may need to turn accounts into actual cash and store paper money some where, because there is no one to trust any more. I don't trade for a living, but what about those who do?
One has to have an account to be able to trade.
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Genesis
Posts: 130747
Incept: 2007-06-26
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R2: You're beginning to understand the problem...
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Xqqme
Posts: 626
Incept: 2009-01-09
Ohio
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So will Bill Clinton have to return the $50K/mo paid by MFG?
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Genesis
Posts: 130747
Incept: 2007-06-26
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Of course not..... 
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Bagbalm
Posts: 4259
Incept: 2009-03-19
Just North of Detroit
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Oldno7 - I guess you will just have to sit and wait to see if they steal your money too. I mean, what else can you do?
Sort of like seeing the Jews and Gypsies hauled away and wondering if they intend to do it to anyone else. Leave Germany? Nah - I'd rather die...Somebody might think I'm a nut case.
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Jwm_in_sb
Posts: 1041
Incept: 2009-04-16
California Desert
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Ah but wouldn't the $ paid to Clinton be a better example of the claw-back function?Hence the ticker right?
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Tallystick
Posts: 2230
Incept: 2009-09-20
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jamie.dimon@jpmchase.com
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Truthseeker
Posts: 8476
Incept: 2007-10-07
NorCal
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R2 wrote..How long until the banks declare that depositors are simple creditors and their FDIC savings and checking accounts can be clawed back? What Jamie Dimon has just suggested is only a WHISKER away from that. Karl (and Anne Barnhardt and Gerald Celente) has been absolutely correct about this. The EVENT of the collapse was horrific. The CME/SEC response has compounded the problem horribly. What it now portends is abysmal.
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"...But people better realize that the worst-case scenario could actually happen.9/11 happened. This can happen. An economic 9/11, the likes of which we've never seen." Gerald Celente
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Ben
Posts: 6205
Incept: 2009-10-09
The Distant, Glorious, Past
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"How long until the banks declare that depositors are simple creditors and their FDIC savings and checking accounts can be clawed back?"
This is why BOA put 77T of derivatives into their banking arm. When the CDS' detonate, the creditors will use the 2005 BK update to go to the head of the line, and clawback any and all monies in your accounts that were frozen, or that you took out if you figured out the fuse was lit.
By placing the 77T there, they are holding the country, Congress and policy hostage. If things don't go as they want, the CDS' are triggered and everyone loses their savings to the CDS' (other huge banks) holders.
It is quite a mess, isn't it?
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"Why are you going to learn French?"
"Because I'm going to France," says Joe.
"I'm from the future. You should go to China."
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Jwm_in_sb
Posts: 1041
Incept: 2009-04-16
California Desert
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Ben, if they really attempt to do that, it WILL ignite a civil war and validate OWS .
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Steelhead23
Posts: 2042
Incept: 2008-09-09
Portland OR
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Quote:It is my considered opinion that the firms who make such arguments, and their executives, deserve to be dismantled. Were I Warren Buffet and had a billion or two tied up in BAC, I might support this royal reaming of other people. In the end, I trust the U.S. justice system to make sense of this. Bankruptcy is a rich area of law, but I cannot imagine a just system that would give creditors the ability to clawback other people's money from a bankrupt enterprise. But if BAC didn't attempt to get their money back, their stockholders would be*****ed.
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"Give me control of a nation's money and I care not who makes it's laws" —Mayer Amschel Bauer Rothschild Benjamin Bernanke
For-profit commercial banks are a menace and should be eradicated
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