| User Info
| Oh Oh, Another Possible MF Global? in forum [Market-Ticker]
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Jackl
Posts: 2253
Incept: 2008-01-17
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Why he try to commit suicide? Did he forget to pay his monthly bribe?
On a serious note, the market can't take another whole sale fleecing. No one will trust anyone with a rehypothecation clause.(Pretty much everybody.)
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Mj71
Posts: 118
Incept: 2009-03-14
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http://www.pfgbest.com/about/Quote:PFGBEST is a contender to be one of the largest and most successful retail futures and forex brokerages in the country. It has approximately $500 million in customer assets in segregated futures and forex accounts. Just big enough to hurt.
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Flaps10
Posts: 5359
Incept: 2008-10-17
seattle
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Just checked my mattress. Yup, I'm still liquid.
Forex, isn't that currency exchange?
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"Better to die on your feet than live on your knees"
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Obsidian
Posts: 2453
Incept: 2008-10-10
Eagle Mountain, Utah
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Quote:It hashad approximately $500 million in customer assets in segregated futures and forex accounts. Fixed.
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232-Th + n --> 233-Th --> 233-Pa --> 233-U.
Trolling is a art.
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Dakine2004
Posts: 9265
Incept: 2007-10-23
MD.MI.NC.SD.
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They took over IG Market accounts back in ~May 2011 - when IG said heck with U.S. FOREX accounts...
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Infidel
Posts: 5463
Incept: 2007-08-27
between here and there
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"DON'T BELIEVE THEM, DON'T FEAR THEM, DON'T ASK ANYTHING OF THEM." -ALEXANDER SOLZHENITSYN.
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Johnny
Posts: 1605
Incept: 2008-10-01
Kentucky
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I used them for a little while in '09. Not bad until there is a screwd up execution of a complex trade or a bad fill, which is when you really need a good broker. Their customer service sucked for fixing problems or sweating the little stuff...
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Flyanddive
Posts: 606
Incept: 2008-10-10
Detroit
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They really have to add the term Corzined to the dictionary me thinks.
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"I've seen people go into real poverty trying to pretend to be rich."
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Genesis
Posts: 131486
Incept: 2007-06-26
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Assuming it is as reported obviously the founder/CEO didn't make the proper campaign contributions.
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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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Flyanddive
Posts: 606
Incept: 2008-10-10
Detroit
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Anyone care to guess how safe accounts are in TD Ameritrade?
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"I've seen people go into real poverty trying to pretend to be rich."
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Fisticuffs
Posts: 1087
Incept: 2007-07-28
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FWIW, I have spoken with two Schwab brokers and they both told me that Schwab does not rehypothecate because the company was sued a few years ago for issues related to hypothecation.
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B(ern)ank(e)
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Ghopper
Posts: 2317
Incept: 2011-06-11
Staten Island, NY
Online
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The accounts are likely frozen so they can check whether Chase or Goldman need any of that money.
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T!
Posts: 157
Incept: 2007-12-03
Nevada
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http://forexmagnates.com/nfa-publishes-m....4.Pursuant to NFA Financial Requirements Section 4, PFG was required to maintain segregated funds of approximately $400 million as of July 5, 2012. 5.On or about June 29, 2012, PFG reported to NFA that it had approximately $400 million in segregated funds, of which more than $225 million were purportedly on deposit at U.S Bank. 6.On or about July 9, 2012, NFA received information indicating that PFG’s Chairman may have falsified bank records. 7.On July 9, 2012, NFA made inquiry with U.S. Bank and learned that rather than the $225 million that PFG had reported as being on deposit at U.S. Bank just days earlier, PFG had only approximately $5 million on deposit at U.S. Bank. 8.Further, NFA learned that, in contrast to purported bank confirmations submitted to NFA that sought to confirm U.S. Bank account balances as of February 2010 and March 2011, that reported balances of approximately $207 million and $218 million, respectively, PFG’s actual balances at U.S. Bank at those times was less than $10 million for each one of these months. 9.As of the date of this MRA, PFG has been unable to demonstrate to NFA that it has sufficient capital to meet its minimum adjusted net capital requirement or segregated funds to meet its obligations to customers. MORE AT LINK
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Flappingeagle
Posts: 1249
Incept: 2011-04-14
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Remember the old saying "I'm not paranoid, they really are watching me?" New version, "I'm not paranoid, brokers really do steal client's money!"
Gimmie three Hail Mary's Bank of Sealy's.
Bank of Sealy, Bank of Sealy, Bank of Sealy!
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Here are my predictions for everyone to see:
S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu.
"You can't build a house of cards on a shaking table." - Tony Johns
The January 2015 AMZN put at $130 (cost $4.25) will be a winner.
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Djloche
Posts: 3342
Incept: 2008-07-07
In the Mountains
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I wonder if there was an actual audit done of every banking related institution, how many would actually have the funds they say they have?
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"Just because the **** has not yet hit you in the face, does not mean that the **** has not hit the fan."
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Ishmael
Posts: 4803
Incept: 2008-02-25
Los Angeles to Oklahoma, at least temporarily for now!
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These guys probably did not lose their ass by rehypothecating but by trading their own accounts. We all know that gold and commodities are going to the moon so leverage up and load up. Wait, they did not go up but instead went downa and you are getting margin calls. Better grab some customer money. We know this is only a short term dip and soon it will be up and up and we will be able to repay our customer.
What, what do you mean we lost our customers money. Oh no, I do not have the political connections like Corzine so soon, I am going to be Bubba's white bitch! Ayyyyyyyyy!
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Hope is neither a good strategy or birth control methodology!
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Seberbach
Posts: 166
Incept: 2007-10-25
Ann Arbor, Mi.
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http://www.nfa.futures.org/basicnet/Case....A warning barely soon enough to escape the 90 day clawback if you took your money out end of Feb. start of March. I think I'll go check out more complaints and try to find a pattern. I hate the idea of being Long a brokerage account when it "goes to zero" without warning. No way to hedge it, either. How fair is that?
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Winstonsmith2009
Posts: 1061
Incept: 2009-08-05
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8 minutes old: UPDATE 3-US broker missing $220 mln in client funds; founder attempts suicide http://in.reuters.com/article/2012/07/10....Excerpt: The National Futures Association (NFA), an industry group that also plays a regulatory role, said it had issued an emergency order to effectively freeze PFGBest's operations after finding that a U.S. bank account the broker said contained $225 million in customer funds actually held only $5 million. "It appears that PFG does not have sufficient assets to meet its obligations to its customers," the NFA said. |
Spanktron9
Posts: 2881
Incept: 2009-03-13
Reality.
Online
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Uh, winstonsmith, that sounds like a BINGO!
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"Winter is coming." -Motto of House Stark
"Mo'lon La'be"- Leonidas
"Strong people are harder to kill than weak people, and more useful in general" - Mark Rippetoe
"Its like Calvinball."-MarvinMartian
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Asimov
Posts: 104696
Incept: 2007-08-26
East Tennessee Eastern Time
Online
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Oh christ. This one is going to be NASTY.
[Edit: Or maybe I should say "is going to make it nasty", just because it's showing that it's not an isolated issue.]
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It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
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Antone
Posts: 7862
Incept: 2008-02-03
Seditionia, USSA
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The last year has been tough for commodity traders iny state (i.e., FARMERS!).
This is a company I recognize.
Pitchfork time (pun intended and not intended)?
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As if anything has changed:
Wir sind gefickt.
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Xqqme
Posts: 632
Incept: 2009-01-09
Ohio
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And NOW they do something? From 12/09/08 Are there any connections between Wasendorf, Tony Rezko, or the indicted Illinois Governor? Time will tell. But for a firm that was allegedly started in a "basement" the fact that Wasendorf's firm, Peregrine, sues all of his clients that his company loses money on behalf, is surely a clue to be aware of that these guys are no different than many of the others that have lost the public trust. Which other companies, people, and politicians are next in line to be found liable in this unbelievable Chicago corruption? Continue reading at NowPublic.com: Does PFGBest have ties to Illinois Gov's Corruption Scandal? | NowPublic News Coverage http://www.nowpublic.com/tech-biz/does-p.... |
Bozonian
Posts: 19959
Incept: 2007-09-01
Saratoga Springs, New York
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The most expensive thing you can have is a closed mind. -- Geoffrey Filburt
Everything I write is my opinion and not to be considered proven fact. Nothing I write should be considered financial advice.
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Jackl
Posts: 2253
Incept: 2008-01-17
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Not as big is MFG, but still shows laws are being broken left and right. No regulatory bodies care until the money is GONE.
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