Where Are The (Legally-Imposed) Guillotines?
The Market Ticker ® - Commentary on The Capital Markets
Posted 2012-07-09 23:51
by Karl Denninger
in Editorial
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Where Are The (Legally-Imposed) Guillotines?
 

This makes twice, and it also makes a mockery of so-called "regulation" and "compliance."

Late Monday, the National Futures Association, the futures industry's self-regulatory body, said it has taken an emergency enforcement action against broker PFGBest's parent company, Peregrine Financial Group Inc., as well as a unit, Peregrine Asset Management Inc. Under the emergency enforcement action, the firm isn't allowed to accept any funds or place trades for customers.

It also can't release funds, so if you have money there.....

In its action, the NFA said PFGBest had about $5 million on deposit at U.S. Bank despite maintaining it had more than $225 million on deposit. Moreover, the NFA believes that when PFGBest reported bank balances of more than $200 million in February 2010 and March 2011, in fact it had less than $10 million for each one of these months. Mr. Wasendorf "may have falsified bank records," the NFA said.

May have?

How the **** does a company claim to have $200 million on deposit when in fact it has less than $10 million and nobody cross-checks that claimed money on deposit with the institution where it is to insure that the company is not lying?

Again, WHAT THE ****?

Look, this is pretty basic stuff.  It appears that as far back as February the money was missing and nobody in the so-called "regulatory" apparatus caught them?

ROUGHLY HALF OF THE CUSTOMER ASSET BASE APPEARS TO BE GONE AND IT APPEARS IT HAS BEEN GONE FOR AT LEAST FOUR TO FIVE MONTHS!

And please tell me that 2010 and 2011 year is a misprint, because if not the money has been gone for more than two years.

There have to be dozens of people who had direct knowledge of this and willfully cooperated or looked the other way.  It's impossible for the facts to be otherwise.

You think any brokerage is safe?  Any futures merchant?  Any account -- anywhere?

How? 

Nobody has gone to prison for any of this crap! 

NOBODY!

Not one of the schemes or scams related to 2008, subprime, robosigning, money laundering for drug gangs, Jefferson County (ok, ok, some of the locals in the county went to jail -- but no banksters did) MF Global, LIBOR, dozens of additional scams and schemes and now this.

I WANT TO KNOW WHERE THE DAMNED POLITICIANS ARE THAT WILL STAND UP AND DEMAND THAT EVERYONE INVOLVED IN THIS CRAP -- ALL OF IT -- GO STRAIGHT TO A 100 YEAR DATE WITH BUBBA.  AND YES, THIS INCLUDES (BUT IS NOT LIMITED TO) THE CENTRAL BANKSTERS LIKE BERNANKE WHO KNEW DAMN WELL THAT LIBOR WAS BEING FUDGED AND DID NOTHING.

NO, I WILL NOT "MOVE ON."  NO, I WILL NOT "LOOK FORWARD."  TO SUCH ENTREATIES I RESPOND WITH TWO WORDS: "**** YOU."

I DEMAND JUSTICE FOR THOSE WHO HAVE BEEN SCREWED BLIND REPEATEDLY.

You want my damn vote, you want my support, you want me in the markets and you want me to invest, generate economic activity and consume then those of you in government from the federal level on down are going to do this and you are going to do it RIGHT DAMN NOW.

This isn't a negotiation.

It's a demand and I call upon all 330 million Americans to rise and speak this IDENTICAL demand in concert.

It's time.

Discussion below (registration required to post)
 

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User Info Where Are The (Legally-Imposed) Guillotines? in forum [Market-Ticker]
Mtdm
Posts: 211
Incept: 2009-07-23
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Check your timeline... the NFA release says Feb 2010 and March 2011, so that should be
Quote:
TWENTY-EIGHT TO TWENTY-NINE MONTHS


It's inconceivable that the Chairman is the only person who was party to this fraud. And it's inconceivable that there will not be perp walks here. And yet... I harbor no expectations for any perp walks.


P.S. And no, this wasn't a typo by the WSJ. Here's the original link to the NFA letter... http://www.nfa.futures.org/BasicNet/Case....

Reason: Added postscript with URL
Kylafoon
Posts: 2458
Incept: 2009-02-05
Gold
Zombie Portal Lookout
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I bought the "Stop the Looting - Start Prosecuting" bumper sticker
two years ago. It is now old and faded. Corzine has walked, Blankfien
has walked, Dimon has walked, and the list goes on.
There is such a hideous evil that has descended upon us.

Total, complete, wide scale wealth destruction is almost here.

I hope the ones who ahve prepared are prepared enough.

May God be with us.

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"...But whenever we see things done wildly, but taken tamely, then the State is growing insane..." - Gilbert Keith Chesterton 1910

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008
Fraudster
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The system cannot be saved at this point. The corruption and rot run too deep. The system has become sclerotic and unreformable. We have a master class that has now reached the point where they can act openly and blatantly. We have an underclass peasantry that won't do anything. In fact, more than that they label you a kook if you talk out against the status quo. We are just going to have to pray and hope that something better comes out of the other side of the paradigm shift that is coming (I won't hold my breath on that one).

I have to say, I don't get how any of you "trade" in the "markets". How about taking your nut and going home. How can you complain about the fraud in the financial markets and then enable said fraud by engaging in trading?

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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte

"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov

Eli
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Amen brother,

**** these guys, we are consumed by evil to the core. I'm done hoping for the right thing to be done.

My only hope now is in God and that he will be with me for what we are all about to go through.

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If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell

Eaglewwit
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Sorry Karl, the rubicon was crossed a long ago. This **** is past saving.
Mezcal
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...

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"God knows who is a counter-party to whom in the mammoth international cluster**** of accounting fraud that passes for a commerce in capital."
Kunstler, 13 June 2011

Frat
Posts: 1935
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A lament I've said over the past 4 - 5 years to my brother seems apropos here; it's usually used in reference to when he gets tired of my bitching and says something like "Go ahead then Rambo, start shooting." My response:


"There's not enough ammo, and I have no idea where to start."


For any .gov dip**** reading, no, that's not a direct threat to any man, woman, or thing in-between that you libtards consider a "normal" gender-bending freak. It's just a random statement, so **** off.


Karl, as many above have said - it's hopeless at this point. I admire and appreciate your dedication for NOT DROPPING IT all these years.... I just at my core consider myself to be a realist - and realistically, we're ****ED.

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We're ****ed. Where's Henry Bowman when you need him?
Andysvw
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All I want is equal justice. Not a penny more or less will do. All them ****in lawyers talk about Justice. Judges without integrity? The very foundation of society. This is mad max right now. It will only get worse until we have equal justice. They lost the note six ****ing times. Ignorance of the LAW is no excuse.

Our judges are claiming to be ignorant of the Law they hold in such high regard?

MAN THAT IS TOUGH TO HEAR. But the truth is like that,,,
Jal
Posts: 512
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I'm so glad that we have the web and some concerned citizens.

If it wasn't for the distribution of knowledge by the web ...

I would still think that we are living in the only land where law and order prevail.
Fraudster
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Then you, Jal, are delusional. No offense intended brother. After (or perhaps before) the debacle with the GM bondholders there has to be the presumption that we live in a lawless society.

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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte

"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov

Tinfoil
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Howard Beale says: "All I know is that first, you've got to get mad."
Best damm movie speech:

http://www.americanrhetoric.com/MovieSpe....


Eaglewwit
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Come on, we all know that this is a big smiley

J6P does not give a ****. The stock market will continue to levitate and no one will question anything.

Sorry for the reality check.
Clawback
Posts: 85
Incept: 2009-11-08

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I expect we WILL see some perp walks and prosecutions. These guys are chump change. But Jon Corzine...? Not so much.
Morla
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Frat wrote..
Karl, as many above have said - it's hopeless at this point. I admire and appreciate your dedication for NOT DROPPING IT all these years.... I just at my core consider myself to be a realist - and realistically, we're ****ED.
A good man doesn't need violence. I fall back again on dead philosophers:

http://jessescrossroadscafe.blogspot.com....

Martin Luther King wrote..
There’s a civil war going on. There is a schizophrenia, as the psychologists or the psychiatrists would call it, going on within all of us. And there are times that all of us know somehow that there is a Mr. Hyde and a Dr. Jekyll in us. And we end up having to cry out with Ovid, the Latin poet, "I see and approve the better things of life, but the evil things I do." We end up having to agree with Plato that the human personality is like a charioteer with two headstrong horses, each wanting to go in different directions. Or sometimes we even have to end up crying out with Saint Augustine as he said in his Confessions, "Lord, make me pure, but not yet." We end up crying out with the Apostle Paul, "The good that I would I do not: And the evil that I would not, that I do." Or we end up having to say with Goethe that "there’s enough stuff in me to make both a gentleman and a rogue."

There’s a tension at the heart of human nature. And whenever we set out to dream our dreams and to build our temples, we must be honest enough to recognize it.

And this brings me to the basic point of the text. In the final analysis, God does not judge us by the separate incidents or the separate mistakes that we make, but by the total bent of our lives. In the final analysis, God knows that his children are weak and they are frail. In the final analysis, what God requires is that your heart is right. Salvation isn’t reaching the destination of absolute morality, but it’s being in the process and on the right road.
In other words, it's not your job to fix this world, just get your heart right, that's all you can do. The rest are going to do what the rest are unfortunately going to do. If it makes you feel any better, they know not what they do.

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Fear of govt IS the government.. Statism is a pack of unbacked threats; If govt gets out of control, ignore it and go about life as you see fit. Where's your crown, King Nothing?

Morla
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That said, in practical terms I agree, this is not going to get solved by the status quo. Change will come as real change tends to, by absolute crushing necessity. Was it Nietzsche who said the main lesson of history is that humans learn nothing from history?

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Fear of govt IS the government.. Statism is a pack of unbacked threats; If govt gets out of control, ignore it and go about life as you see fit. Where's your crown, King Nothing?
Andysvw
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All of them! Just like they would put it on me if I did it.

Jal
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Off topic???

Evan Kenney has been refused to be a rep. at the convention.

Law and Order rules ... hehehe where!!!
http://www.bing.com/videos/watch/video/g....
The Rachel Maddow Show:   GOP fear of Ron Paul supporters creates rift
Evan Kenney, former Massachusetts Republican delegate and Ron Paul supporter who removed by the state GOP from the Republican delegation to Tampa, talks with Rachel Maddow about his support for Ron Paul and his desire to represent "real Republicans" at the national convention.
Killben
Posts: 205
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KD,

Again I request you to consider running for President.

Why?

America needs a leader who really cares to bring it back on track
America needs a leader with passion like yours
America needs a leader who will do what is the just thing .. lock up the banksters and Central banksters
America needs a leader who understands what needs to be done
America needs a leader who wants a just society

In short, America NEEDS YOU!

Will you run?
Blurtman
Posts: 563
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It's time for a new Declaration of Independence.
Inline

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I have a reading comprehension problem and the owner banned me for repeatedly displaying it after being warned.
Etz
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WHERE THE DAMNED POLITICIANS ARE THAT WILL STAND UP AND DEMAND THAT EVERYONE INVOLVED IN THIS CRAP -- ALL OF IT -- GO STRAIGHT TO A 100 YEAR DATE WITH BUBBA.

You're joking right?

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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.

Andysvw
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We have one already. We need justice.
Azcaliente
Posts: 45
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Arizona
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"It also can't release funds, so if you have money there....."

Yes, it is going to be interesting to see what happens. Fortunately, I only have a few thousand in my account there, but, I didn't plan on it possibly being lost by the brokerage failing. I always thought that I was the most dangerous person to my account balance. We will see what happens next.

Morla
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Quote:
Again I request you to consider running for President.
I'd vote for you Karl, but tell me is it considered rude to take out falling piano insurance on you before inauguration day? I'd need to hedge against unexpected funeral flowers expense..

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Fear of govt IS the government.. Statism is a pack of unbacked threats; If govt gets out of control, ignore it and go about life as you see fit. Where's your crown, King Nothing?
Fraudster
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So after MF Global you guys still have money in a brokerage? Well nobody can cry poor mouth, because MF Global put you on warning, and anything after that is voluntary sex. Sorry.

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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte

"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov

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